<SEC-DOCUMENT>0000950123-11-062480.txt : 20110628
<SEC-HEADER>0000950123-11-062480.hdr.sgml : 20110628
<ACCEPTANCE-DATETIME>20110628172751
ACCESSION NUMBER:		0000950123-11-062480
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		31
CONFORMED PERIOD OF REPORT:	20101231
FILED AS OF DATE:		20110628
DATE AS OF CHANGE:		20110628

FILER:

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

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12610
		FILM NUMBER:		11936688

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GRUPO TELEVISA S A DE CV
		DATE OF NAME CHANGE:	19931001
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>c19172e20vf.htm
<DESCRIPTION>FORM 20-F
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 20-F</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


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




<DIV align="center" style="font-size: 14pt; margin-top: 10pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

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

<DIV align="center" style="font-size: 18pt; margin-top: 10pt"><B>FORM 20-F</B>
</DIV>


<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 10pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD> <B>REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g)&nbsp;OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>


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


<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 10pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT style="font-family: Wingdings">&#254;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD><B>ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2010</B></TD>
</TR>
</TABLE>
</DIV>


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


<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 10pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT style="font-family: Wingdings">&#111;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>


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


<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 10pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><B>SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>


<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 10pt">
<TR style="font-size: 10pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<!-- xbrl,dc -->
<TR valign="top">
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><B>Date of event requiring this shell company report</B></TD>
</TR>
</TABLE>
</DIV>
<!-- /xbrl,dc -->


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


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>COMMISSION FILE NUMBER 1-12610</B>
</DIV>
<DIV align="center" style="font-size: 24pt; margin-top: 10pt"><B>Grupo Televisa, S.A.B.</B>
</DIV>

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


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

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

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

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">Securities registered or to be registered pursuant to Section 12(b) of the Act:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Title of each class</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Name of each exchange on which registered</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="1" align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">A Shares, without par value (&#147;A Shares&#148;)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">New York Stock Exchange (for listing purposes only)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">B Shares, without par value (&#147;B Shares&#148;)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">New York Stock Exchange (for listing purposes only)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">L Shares, without par value (&#147;L Shares&#148;)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">New York Stock Exchange (for listing purposes only)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Dividend Preferred Shares, without par value (&#147;D Shares&#148;)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">New York Stock Exchange (for listing purposes only)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Global Depositary Shares (&#147;GDSs&#148;), each representing five Ordinary Participation Certificates
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">New York Stock Exchange</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>(Certificados de Participaci&#243;n Ordinarios) </I>(&#147;CPOs&#148;)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">CPOs, each representing twenty-five A Shares, twenty-two
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">New York Stock Exchange (for listing purposes only)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">B Shares thirty-five L Shares and thirty-five D Shares</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">Securities registered or to be registered pursuant to Section 12(g) of the Act:<BR>
None.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:<BR>
None.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">The number of outstanding shares of each of the issuer&#146;s classes of capital or common stock as of December&nbsp;31, 2010 was:
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">111,058,270,615 A Shares<BR>
51,165,517,589 B Shares<BR>
81,399,628,851 L Shares<BR>
81,399,628,851 D Shares
</DIV>

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


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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Indicate by check mark whether the registrant (1)&nbsp;has filed all reports required to be filed by
Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12&nbsp;months (or for
such shorter period that the registrant was required to file such reports), and (2)&nbsp;has been
subject to such filing requirements for the past 90&nbsp;days. <FONT style="white-space: nowrap">Yes <FONT style="font-family: Wingdings">&#254;</FONT> No <FONT style="font-family: Wingdings">&#111;</FONT></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Indicate by check mark whether the registrant has submitted electronically and posted on its
corporate Web site, if any, every Interactive Data File required to be submitted and posted
pursuant to Rule&nbsp;405 of Regulation&nbsp;S-T (&#167;232.405 of this chapter) during the preceding 12&nbsp;months
(or for such shorter period that the registrant was required to submit and post such files).
<FONT style="white-space: nowrap"><FONT style="font-family: Wingdings">&#111;</FONT> Yes <FONT style="font-family: Wingdings">&#111;</FONT> No</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer,
or a non-accelerated filer. See definition of &#147;accelerated filer and large accelerated filer&#148; in
Rule&nbsp;12b-2 of the Exchange Act. (Check one):
</DIV>

<DIV align="center">
<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>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Large accelerated filer <FONT style="font-family: Wingdings">&#254;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Non-accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Indicate by check mark which basis of accounting the registrant has used to prepare the financial
statements included in this filing:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top" nowrap>U.S. GAAP <FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>International Financial Reporting Standards as issued by the International Accounting Standards Board <FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>Other <FONT style="font-family: Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">If &#147;Other&#148; has been checked in response to the previous question, indicate by check mark which
financial statement item the registrant has elected to follow. Item&nbsp;17 <FONT style="font-family: Wingdings">&#111;</FONT> Item&nbsp;18 <FONT style="font-family: Wingdings">&#254;</FONT>
</DIV>


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


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




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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="C19172tocpage"></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="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px"><A href="#C19172101"><B>Part I</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&nbsp;</B></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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C19172102">Item&nbsp;1. Identity of Directors, Senior Management and Advisers</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4&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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C19172103">Item&nbsp;2. Offer Statistics and Expected Timetable</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4&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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C19172104">Item&nbsp;3. Key Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4&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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#C19172105">Selected Financial Data</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4&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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#C19172106">Dividends</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7&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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#C19172107">Exchange Rate Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7&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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#C19172108">Risk Factors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9&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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#C19172109">Forward-Looking Statements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19&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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C19172110">Item&nbsp;4. Information on the Company</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21&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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#C19172111">History and Development of the Company</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21&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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#C19172112">Capital Expenditures</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21&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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#C19172113">Business Overview</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22&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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C19172114">Item&nbsp;5. Operating and Financial Review and Prospects</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58&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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#C19172115">Preparation of Financial Statements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58&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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#C19172116">Results of Operations</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58&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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C19172117">Item&nbsp;6. Directors, Senior Management and Employees</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86&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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C19172118">Item&nbsp;7. Major Stockholders and Related Party Transactions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97&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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#C19172119">The Major Stockholders</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97</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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#C19172120">Related Party Transactions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98&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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C19172121">Item&nbsp;8. Financial Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101</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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C19172122">Item&nbsp;9. The Offer and Listing</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101</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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#C19172123">Trading History of CPOs and GDSs</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101</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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#C19172124">Trading on the Mexican Stock Exchange</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102</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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C19172125">Item&nbsp;10. Additional Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#C19172126">Mexican Securities Market Law</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#C19172127">Bylaws</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107</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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#C19172128">Enforceability of Civil Liabilities</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115</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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#C19172129">Material Contracts</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#C19172130">Legal Proceedings</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>117</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:30px; text-indent:-15px"><A href="#C19172131">Exchange Controls</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>117</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:30px; text-indent:-15px"><A href="#C19172132">Taxation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>117</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:30px; text-indent:-15px"><A href="#C19172133">Documents on Display</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>121</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="#C19172134">Item&nbsp;11. Quantitative and Qualitative Disclosures About Market Risk</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>122</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="#C19172135">Item&nbsp;12. Description of Securities Other than Equity Securities</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>126</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 align="center"><DIV style="margin-left:15px; text-indent:-15px"><A href="#C19172136"><B>Part II</B></A></DIV></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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C19172137">Item&nbsp;13. Defaults, Dividend Arrearages and Delinquencies</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>127</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="#C19172138">Item&nbsp;14. Material Modifications to the Rights of Security Holders and Use of Proceeds</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>127</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="#C19172139">Item&nbsp;15. Controls and Procedures</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>127</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="#C19172140">Item&nbsp;16.A. Audit Committee Financial Expert</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>127</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="#C19172141">Item&nbsp;16.B. Code of Ethics</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>127</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="#C19172142">Item&nbsp;16.C. Principal Accountant Fees and Services</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>128</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="#C19172143">Item&nbsp;16.D. Exemptions from the Listing Standards for Audit Committees</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>128</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="#C19172144">Item&nbsp;16.E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>129</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="#C19172145">Item&nbsp;16.F. Change in Registrant&#146;s Certifying Accountant</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>131</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="#C19172146">Item&nbsp;16.G. Corporate Governance</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>131&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 align="center"><DIV style="margin-left:15px; text-indent:-15px"><A href="#C19172147"><B>Part III</B></A></DIV></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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C19172148">Item&nbsp;17. Financial Statements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>133</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="#C19172149">Item&nbsp;18. Financial Statements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>133</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="#C19172150">Item&nbsp;19. Exhibits</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>133</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>
<!-- End Table Body -->
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c19172exv4w19.htm">Exhibit 4.19</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c19172exv4w20.htm">Exhibit 4.20</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c19172exv4w21.htm">Exhibit 4.21</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c19172exv4w22.htm">Exhibit 4.22</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c19172exv4w23.htm">Exhibit 4.23</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c19172exv4w24.htm">Exhibit 4.24</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c19172exv4w25.htm">Exhibit 4.25</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c19172exv4w26.htm">Exhibit 4.26</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c19172exv4w27.htm">Exhibit 4.27</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c19172exv4w28.htm">Exhibit 4.28</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c19172exv4w29.htm">Exhibit 4.29</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c19172exv4w30.htm">Exhibit 4.30</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c19172exv4w31.htm">Exhibit 4.31</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c19172exv4w32.htm">Exhibit 4.32</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c19172exv4w33.htm">Exhibit 4.33</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c19172exv4w34.htm">Exhibit 4.34</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c19172exv4w35.htm">Exhibit 4.35</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c19172exv4w36.htm">Exhibit 4.36</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c19172exv4w37.htm">Exhibit 4.37</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c19172exv4w38.htm">Exhibit 4.38</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c19172exv4w39.htm">Exhibit 4.39</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c19172exv4w40.htm">Exhibit 4.40</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c19172exv8w1.htm">Exhibit 8.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c19172exv12w1.htm">Exhibit 12.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c19172exv12w2.htm">Exhibit 12.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c19172exv13w1.htm">Exhibit 13.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c19172exv13w2.htm">Exhibit 13.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c19172exv23w1.htm">Exhibit 23.1</A></FONT></TD></TR>
</TABLE>
</DIV>
<DIV align="left">
<!-- /TOC -->
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We publish our financial statements in accordance with Mexican Financial Reporting Standards
(<I>Normas de Informaci&#243;n Financiera</I>), or Mexican FRS, which differ in some significant respects from
generally accepted accounting principles in the United States, or U.S. GAAP, and accounting
procedures adopted in other countries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Unless otherwise indicated, (i)&nbsp;information included in this annual report is as of December
31, 2010 and (ii)&nbsp;references to &#147;Ps.&#148; or &#147;Pesos&#148; in this annual report are to Mexican Pesos and
references to &#147;Dollars,&#148; &#147;U.S. Dollars,&#148; &#147;U.S. dollars,&#148; &#147;$,&#148; or &#147;U.S.$&#148; are to United States
dollars.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In this annual report, &#147;we,&#148; &#147;us,&#148; &#147;our&#148; or &#147;Company&#148; refer to Grupo Televisa, S.A.B. and,
where the context requires, its consolidated entities. &#147;Group&#148; refers to Grupo Televisa, S.A.B. and
its consolidated entities.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="left">
<A name="C19172101"></A>
</DIV>

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

<DIV align="left">
<A name="C19172102"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;1.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Identity of Directors, Senior Management and Advisers</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Not applicable.
</DIV>
<DIV align="left">
<A name="C19172103"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;2.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Offer Statistics and Expected Timetable</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Not applicable.
</DIV>
<DIV align="left">
<A name="C19172104"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;3.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Key Information</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left">
<A name="C19172105"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following tables present our selected consolidated financial information as of and for
each of the periods indicated. This information is qualified in its entirety by reference to, and
should be read together with, our audited consolidated year-end financial statements. The following
data for each of the years ended December&nbsp;31, 2006, 2007, 2008, 2009 and 2010 has been derived from
our audited consolidated year-end financial statements, including the consolidated balance sheets
as of December&nbsp;31, 2009 and 2010, the related consolidated statements of income, changes in
stockholders&#146; equity and cash flows for the years ended December&nbsp;31, 2008, 2009 and 2010, and the
accompanying notes appearing elsewhere in this annual report. Beginning on January&nbsp;1, 2008, we
discontinued recognizing the effects of inflation in our consolidated financial statements in
accordance with Mexican FRS. Accordingly, our financial information through December&nbsp;31, 2007 is
stated in Mexican Pesos in purchasing power as of December&nbsp;31, 2007. The financial information as
of and for the years ended December&nbsp;31, 2008, 2009 and 2010 is not directly comparable to prior
periods due to the recognition of inflation effects in financial information in prior periods. Our
financial information for the years ended December&nbsp;31, 2008, 2009 and 2010 maintained the inflation
adjustments recognized in prior years in our consolidated stockholders&#146; equity, and the
inflation-adjusted amounts for nonmonetary assets and liabilities at December&nbsp;31, 2007 became the
accounting basis for those assets and liabilities beginning on January&nbsp;1, 2008 and for subsequent
periods. This data should also be read together with &#147;Operating and Financial Review and
Prospects&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The exchange rate used in translating Pesos into U.S. Dollars for calculating the convenience
translations included in the following tables is determined by reference to the interbank free
market exchange rate, or the Interbank Rate, as reported by Banco Nacional de M&#233;xico, S.A., or
Banamex, as of December&nbsp;31, 2010, which was Ps.12.3576 per U.S. Dollar. This annual report contains
translations of certain Peso amounts into U.S. Dollars at specified rates solely for the
convenience of the reader. The exchange rate translations contained in this annual report should
not be construed as representations that the Peso amounts actually represent the U.S. Dollar
amounts presented or that they could be converted into U.S. Dollars at the rate indicated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our consolidated year-end financial statements have been prepared in accordance with Mexican
FRS, which differ in some significant respects from U.S. GAAP. Note 23 to our consolidated 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, 2010, 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, 2008, 2009 and 2010 and stockholders&#146; equity at December&nbsp;31, 2009 and 2010. 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.
</DIV>
<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="22" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="22"><B>(Millions of Pesos or millions of U.S. Dollars)(1)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>(Mexican 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="left">Ps.</TD>
    <TD align="right">        39,358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">        41,562</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">        47,972</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">        52,353</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">        57,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">4,682</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">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">15,128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,157</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,583</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,261</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">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">831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,973</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,029</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">245</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consolidated net income</DIV></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">8,731</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,583</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,516</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">689</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Controlling interest net income</DIV></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">7,804</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,683</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">622</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Controlling interest net income per CPO(3)</DIV></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">2.77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.75</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">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">329,580</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">329,304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">326,850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash dividend per CPO(3)</DIV></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">0.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">Shares outstanding (in millions, at year end)(4)</DIV></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">328,393</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">327,231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">325,023</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">&nbsp;

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="22" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="22"><B>(Millions of Pesos or millions of U.S. Dollars)(1)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>(U.S. GAAP)(5)</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"><B>Income Statement Data:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">        39,358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">        41,562</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">        47,972</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">        52,353</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">        57,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">4,682</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">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">14,492</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,176</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consolidated net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,917</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,167</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,049</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,561</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,623</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">698</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income attributable to the non-controlling interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">609</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">934</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">919</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">575</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">833</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income attributable to the controlling interest</DIV></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">8,130</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,986</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,790</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">630</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income attributable to the controlling interest per <BR>
CPO(3)</DIV></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">2.89</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.79</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">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">329,580</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">329,304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">326,850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shares outstanding (in millions, at year end)(4)</DIV></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">328,393</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">327,231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">325,023</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>(Mexican FRS)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="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 temporary investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">        16,405</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,480</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,583</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,941</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,695</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Temporary investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,825</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,321</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,902</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,447</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">845</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">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">122,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126,568</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136,471</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,043</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 <BR>
payable(6)</DIV></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">2,270</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,469</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119</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">18,464</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,307</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,631</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,983</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,763</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Customer deposits and advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">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">18,688</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,913</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,083</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,544</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital stock issued</DIV></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">10,061</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,020</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,020</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">811</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total stockholders&#146; equity (including non-controlling interest)</DIV></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">47,252</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,858</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,196</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>(U.S. GAAP)(5)</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 cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">        15,461</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">        25,480</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">        33,583</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">        29,941</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">        20,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">1,695</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">91,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103,728</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127,966</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131,344</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142,725</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,550</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current portion of long-term debt and other notes <BR>
payable(6)</DIV></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">2,270</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,469</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119</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">18,464</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,307</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,631</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,983</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,763</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Controlling interest stockholders&#146; equity</DIV></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">41,539</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,357</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,283</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,583</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-controlling interest stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,688</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,655</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,269</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,830</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">553</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,487</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,235</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,808</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,696</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,112</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,136</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>(Mexican FRS)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash Flow Data(15):</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash provided by operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">        22,258</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">        15,136</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">        16,865</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">1,365</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash used in investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,884</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,052</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27,274</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,207</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash (used in) provided by financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,886</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,641</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,435</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase (decrease)&nbsp;in cash and cash equivalents</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">7,620</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,663</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,018</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(730</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>(U.S. GAAP)(5)</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"><B>Cash Flow Data:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash provided by operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,851</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,328</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,122</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash (used in) provided by financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,088</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,395</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">522</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,833</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">359</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash used in investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,216</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(294</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,884</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,052</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27,274</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,207</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase (decrease)&nbsp;in cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">237</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,418</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,488</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,558</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,973</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(726</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>(Mexican FRS)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Other Financial Information:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital expenditures(8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">         3,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">         3,878</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">         6,627</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">         6,531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">        12,494</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">1,011</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Other Data (unaudited):</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average prime time audience share (TV broadcasting)(9)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">69.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">69.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">71.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">69.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">68.0</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">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">35.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#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">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">174</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138</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">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">22,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,700</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 Sky subscribers (in thousands at year end)(11)</DIV></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">1,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,960</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,044</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 <BR>
end)(12)</DIV></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">844</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,159</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 Cablem&#225;s RGUs (in thousands at year <BR>
end)(12)(13)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,170</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,562</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 TVI RGUs (in thousands at year end)(12)(14)</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">425</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">555</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" style="font-size: 10pt; margin-top: 10pt"><B>Notes to Selected Consolidated Financial Information:</B>

</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>Except per <I>Certificado de Participaci&#243;n Ordinario</I>, or CPO, average audience share, average rating, magazine circulation, employee, subscriber and Revenue Generating Units, or RGUs. Amounts in Mexican Pesos for the years ended
December&nbsp;31, 2006 and 2007 are stated in Mexican Pesos in purchasing power as of December&nbsp;31, 2007, in accordance with Mexican FRS. Beginning on January&nbsp;1, 2008, we discontinued recognizing the effects of inflation in our financial
information in accordance with Mexican FRS.</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 through December&nbsp;31, 2007, gain or loss from monetary position. See Note 18 to our consolidated 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 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
consolidated year-end financial statements. In April and December&nbsp;2009, our stockholders approved the payment of a dividend of Ps.1.75 and Ps.1.35 per CPO, respectively. No dividend payment was approved by our stockholders during
2010.</TD>
</TR>

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">





<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">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>As of December&nbsp;31, 2006, 2007, 2008, 2009 and 2010, we had four classes of common stock: A Shares, B Shares, D Shares and L Shares. 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.<BR><BR  style="font-size: 3pt">

The number of CPOs and shares issued and outstanding for financial reporting purposes under Mexican FRS and U.S. GAAP is different than the number of CPOs issued and outstanding for legal purposes, because under Mexican 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.<BR><BR  style="font-size: 3pt">


As of December&nbsp;31, 2010, for legal purposes, there were approximately 2,399.3&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 consolidated 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 consolidated 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 consolidated year-end financial statements.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>See &#147;Operating and Financial Review and Prospects &#151; Results of Operations &#151; Liquidity, Foreign Exchange and Capital Resources &#151; Indebtedness&#148; and Note 8 to our consolidated 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 U.S. Dollar equivalent amounts set forth in &#147;Information on the Company &#151; Capital Expenditures&#148; are translated into Mexican Pesos at
the 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 annual report, &#147;prime time&#148; in Mexico is 4:00 p.m. to 11:00&nbsp;p.m., seven
days a week, and &#147;weekday prime time&#148; is 7:00 p.m. to 11:00&nbsp;p.m., Monday through Friday. Data for all periods reflects the average prime time audience share and ratings nationwide as published by the Mexican subsidiary of the
Brazilian Institute of Statistics and Public Opinion, or <I>Instituto Brasile&#241;o de Opini&#243;n P&#250;blica y Estad&#237;stica</I>, or IBOPE. The Mexican subsidiary of IBOPE is referred to as IBOPE AGB Mexico in this annual report. For further information
regarding audience share and ratings information and IBOPE AGB Mexico, see &#147;Information on the Company &#151; Business Overview &#151; Television &#151; Television Broadcasting&#148;.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(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>Sky commenced operations in Mexico in 1996, and in Central America and the Dominican Republic in 2007. The figures set forth in this line item represent the total number of gross active residential and commercial subscribers for
Innova, S. de R.L. de C.V., or Innova, at the end of each year presented. For a description of Innova&#146;s business and results of operations and financial condition, see &#147;Information on the Company &#151; Business Overview &#151; DTH Ventures
&#151; Mexico and Central America&#148;.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(12)</TD>
    <TD>&nbsp;</TD>
    <TD>An RGU is defined as an individual service subscriber who generates recurring revenue under each service provided by Empresas Cablevisi&#243;n, S.A.B. de C.V., or Cablevisi&#243;n, Cablem&#225;s, S.A. de C.V., or Cablem&#225;s, and Televisi&#243;n
Internacional, S.A. de C.V., or TVI, (pay television, or 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, Cablem&#225;s and TVI given that these businesses provide other services in addition to pay-TV. See &#147;Operating and Financial
Review and Prospects &#151; Results of Operations &#151; Total Segment Results &#151; Cable and Telecom&#148; and &#147;Information on the Company &#151; Business Overview &#151; Cable and Telecom&#148;.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(13)</TD>
    <TD>&nbsp;</TD>
    <TD>Beginning June&nbsp;2008, we started to consolidate Cablem&#225;s, a significant cable operator in Mexico, operating in 49 cities.</TD>
</TR>

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">





<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">(14)</TD>
    <TD>&nbsp;</TD>
    <TD>Beginning October&nbsp;2009, we started to consolidate TVI, a leading provider of triple-play services in northern Mexico.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(15)</TD>
    <TD>&nbsp;</TD>
    <TD>Through December&nbsp;31, 2007, under Mexican FRS, the changes in financial position for operating, financing and investing activities, were presented through the statements of changes in financial position. On January&nbsp;1, 2008,
Mexican FRS NIF B-2, &#147;Statement of Cash Flows&#148; became effective on a prospective basis. Therefore, we have included the statement of cash flows for the years ended December&nbsp;31, 2008, 2009 and 2010. Due to the adoption of Mexican FRS
NIF B-2, &#147;Statement of Cash Flows&#148;, the 2008, 2009 and 2010 information is not directly comparable to 2007 and prior years. The criteria for determining net cash provided by, or used in, operating, investing and financing activities
under the new Mexican FRS NIF B-2, &#147;Statement of Cash Flows&#148; is different from that used in prior years.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left">
<A name="C19172106"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Decisions regarding the payment and amount of dividends are subject to approval by holders of
a majority of the A Shares and B Shares voting together, generally, but not necessarily, on the
recommendation of the Board of Directors, as well as a majority of the A Shares voting separately.
Emilio Azc&#225;rraga Jean indirectly controls the voting of the majority of the A Shares and, as a
result of such control, both the amount and the payment of dividends require his affirmative vote.
See &#147;Major Stockholders and Related Party Transactions &#151; The Major Stockholders&#148;. The amounts in
this section are presented in nominal historical figures and therefore have not been restated in
constant currency units due to a change in Mexican FRS whereby beginning on January&nbsp;1, 2008 we
discontinued recognizing the effects of inflation on our results. On March&nbsp;25, 2004, our Board of
Directors approved a dividend policy under which we currently intend to pay an annual regular
dividend of Ps.0.35 per CPO. On April&nbsp;28, 2006 at a general stockholders&#146; meeting, our stockholders
approved a cash distribution to stockholders for up to Ps.1,104&nbsp;million, equivalent to
Ps.0.00299145 per share, or Ps.0.35 per CPO. On April&nbsp;27, 2007, at a general stockholders&#146; meeting,
our stockholders approved a cash distribution to stockholders for up to Ps.4,401&nbsp;million, which
includes the payment of an extraordinary dividend of Ps.1.10 per CPO, which is in addition to our
ordinary dividend of Ps.0.35 per CPO, for a total dividend of Ps.1.45 per CPO, equivalent to
Ps.0.01239316239 per share. On April&nbsp;30, 2008, at a general stockholders&#146; meeting, our stockholders
approved a cash distribution to stockholders for up to Ps.2,276.3&nbsp;million, which includes the
payment of an extraordinary dividend of Ps.0.40 per CPO, which is in addition to our ordinary
dividend of Ps.0.35 per CPO, for a total dividend
of Ps.0.75 per CPO, equivalent to Ps.0.00641025641 per share. On April&nbsp;30, 2009, at a general
stockholders&#146; meeting, our stockholders approved a cash distribution to stockholders of up to
Ps.5,204.6&nbsp;million, which includes the payment of an extraordinary dividend of Ps.1.40 per CPO,
which is in addition to our ordinary dividend of Ps.0.35 per CPO, for a total dividend of Ps.1.75
per CPO, equivalent to Ps.0.014957264957 per share. In addition to the dividend payment approved by
our stockholders on April&nbsp;30, 2009, and based on a proposal by our Board of Directors, on December
10, 2009, at a general stockholders&#146; meeting, our stockholders approved a cash distribution to
stockholders for up to Ps.4.0&nbsp;billion, which includes the payment of an extraordinary dividend of
Ps.1.0 per CPO, which is in addition to our ordinary dividend of Ps.0.35 per CPO, for a total
dividend of Ps.1.35 per CPO, equivalent to Ps.0.011538461538 per share. The dividend
payment approved on December&nbsp;10, 2009 would have generally been paid in April&nbsp;2010. We did not make
a payment of any additional dividends during 2010. On April&nbsp;29, 2011, at a general stockholders&#146;
meeting, our stockholders approved a cash distribution to stockholders for up to Ps.1,036.7
million, which represents the payment of our ordinary dividend of Ps.0.35 per CPO, equivalent to
Ps.0.002991452991 per share. All of the recommendations of the Board of Directors related to the
payment and amount of dividends were voted on and approved at the applicable general stockholders&#146;
meetings. The agreements related to some of our outstanding indebtedness contain covenants that
restrict, among other things, the payment of dividends, under certain conditions.
</DIV>
<DIV align="left">
<A name="C19172107"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Since 1991, Mexico has had a free market for foreign exchange and, since 1994, the Mexican
government has allowed the Peso to float freely against the U.S. Dollar. There can be no assurance
that the government will maintain its current policies with regard to the Peso or that the Peso
will not depreciate or appreciate significantly in the future.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table sets forth, for the periods indicated, the high, low, average and period
end Mexican Official FIX Rate, or FIX Rate, published by the Mexican Central Bank, expressed in
Pesos per U.S. Dollar. The rates have not been restated in constant currency units and therefore
represent nominal historical figures.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Period</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Average(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Period End</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.4809</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.4303</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.9034</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.8116</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.2676</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.6639</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.9274</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.9157</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.9183</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.9180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.1455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.8325</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.3650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.5969</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.4983</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.0659</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.1819</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.1575</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.6287</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.3496</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011
(through June 24, 2011)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.2619</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.5023</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.8966</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.8822</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">January</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.2619</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.0239</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.1258</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.1519</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">February</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.1900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.9937</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.0703</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.1062</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.0981</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.9084</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.9992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.9084</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">April</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.8533</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.5278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.7184</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.5278</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">May</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.7660</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.5023</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.6533</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.5780</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June
(through June 24, 2011)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.9591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.6277</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.8057</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.8822</TD>
    <TD>&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>Annual average rates reflect the average of the daily exchange rate during the relevant period.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The above rates may differ from the actual rates used in the preparation of the financial
statements and the other financial information appearing in this Form 20-F.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In the past, the Mexican economy has had balance of payment deficits and decreases in foreign
exchange reserves. While the Mexican government does not currently restrict the ability of Mexican
or foreign persons or entities to convert Pesos to U.S. Dollars, we cannot assure you that the
Mexican government will not institute restrictive exchange control policies in the future, as has
occurred from time to time in the past. To the extent that the Mexican government institutes
restrictive exchange control policies in the future, our ability to transfer or to convert Pesos
into U.S. Dollars and other currencies for the purpose of making timely payments of interest and
principal of indebtedness, as well as to obtain foreign programming and other goods, would be
adversely affected. See &#147;Key Information &#151; Risk Factors &#151; Risk Factors Related to Mexico &#151;
Currency Fluctuations or the Devaluation and Depreciation of the Peso Could Limit the Ability of
Our Company and Others to Convert Pesos into U.S. Dollars or Other Currencies, Which Could
Adversely Affect Our Business, Financial Condition or Results of Operations&#148;.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">On June
24, 2011 the FIX Rate was Ps.11.8822 per U.S.$1.00.
</DIV>

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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="left">
<A name="C19172108"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>The following is a discussion of risks associated with our company and an investment in our
securities. Some of the risks of investing in our securities are general risks associated with
doing business in Mexico. Other risks are specific to our business. The discussion below contains
information, among other things, about the Mexican government and the Mexican economy obtained from
official statements of the Mexican government as well as other public sources. We have not
independently verified this information. Any of the following risks, if they actually occur, could
materially and adversely affect our business, financial condition, results of operations or the
price of our securities.</I>
</DIV>

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


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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Most of our operations and assets are located in Mexico. As a result, our financial condition,
results of operations and business may be affected by the general condition of the Mexican economy,
the devaluation or appreciation of the Peso as compared to the U.S. Dollar, Mexican inflation,
interest rates, regulation, taxation, social instability and other political, social and economic
developments in or affecting Mexico over which we have no control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Mexico Has Experienced Adverse Economic Conditions, Which Could Have a Negative Impact on Our
Results of Operations and Financial Condition</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Mexico has historically experienced uneven periods of economic growth. Mexican gross domestic
product, or GDP, increased 1.2% in 2008, decreased by 6.1% in 2009 and increased by an estimated
5.4% in 2010. Mexican GDP growth surpassed Mexican government forecasts in 2010 and, according to
Mexican government forecasts, Mexican GDP is expected to increase by approximately 3.8% in 2011. We
cannot assure you that these estimates and forecasts will prove to be accurate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Mexico was adversely affected by the global economic crisis that started in the summer of
2007. The country&#146;s main economic indicators were negatively affected, including a rise in
unemployment, decline of interest rates, higher inflation and a devaluation of the Peso against the
U.S. Dollar. This global economic downturn and/or any future economic downturn, including downturns
in the United States and Europe, could affect our financial condition and results of operations.
For example, demand for advertising may decrease both because consumers may reduce expenditures for
our advertisers&#146; products and because advertisers may reduce advertising expenditures and demand
for publications, cable television, direct-to-home, or DTH, satellite services, pay-per-view
programming, telecommunications services and other services and products may decrease because
consumers may find it difficult to pay for these services and products.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Developments in Other Emerging Market Countries or in the U.S. May Adversely Affect the Mexican
Economy, the Market Value of Our Securities and Our Results of Operations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The market value of securities of Mexican companies, the economic and political situation in
Mexico and our financial condition and results of operations are, to varying degrees, affected by
economic and market conditions in other emerging market countries and in the United States.
Although economic conditions in other emerging market countries and in the United States may differ
significantly from economic conditions in Mexico, investors&#146; reactions to developments in any of
these other countries may have an adverse effect on the market value or trading price of securities
of Mexican issuers, including our securities, or on our business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our operations, including the demand for our products or services, and the price of our
securities, have also historically been adversely affected by increases in interest rates in the
United States and elsewhere. Economic downturns in the United States often have a significant
adverse effect on the Mexican economy and other economies globally, which in turn, could affect our
financial condition and results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our profitability is affected by numerous factors, including changes in viewing preferences,
priorities of advertisers and reductions in advertisers&#146; budgets. Historically, advertising in most
forms of media has correlated positively with the general condition of the economy and thus, is
subject to the risks that arise from adverse changes in domestic and global economic conditions,
consumer confidence and spending. The demand for our products and services in Mexico, the U.S. and
in the other countries in which we operate may be adversely affected by the tightening of credit
markets and economic downturns. As a global media company, we depend on the demand from customers
in Mexico, the U.S. and the other countries in which we operate, and reduced consumer spending that
falls short of our projections could adversely impact our revenues and profitability.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Uncertainty in Global Financial Markets Could Adversely Affect Our Financing Costs and Exposure to
Our Customers and Counterparties</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The global financial markets continue to be uncertain, and many companies have limited access
to funding. This risk has been exacerbated by concerns over the higher levels of public debt, wider
fiscal deficit and recent credit rating downgrades on public debt of European countries such as the
Republic of Ireland, Greece, Portugal, and Spain and the risk of a potential downgrade and credit
deterioration of the U.S. economy. It is uncertain how long the effects of this global financial
stress in the markets will persist and what impact it will have on the global economy in general,
or the economies in which we operate, in particular, and whether slowing economic growth in any
such countries could result in decreased consumer spending affecting our products and services. If
access to credit tightens further and borrowing costs rise, our borrowing costs could be adversely
affected. Difficult financial markets may also adversely affect some of our customers. In addition,
we enter into derivative transactions with large financial institutions, including contracts to
hedge our exposure to interest rates and foreign exchange, and we could be affected by severe
financial difficulties faced by our counterparties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Currency Fluctuations or the Devaluation and Depreciation of the Peso Could Limit the Ability of
Our Company and Others to Convert Pesos into U.S. Dollars or Other Currencies, Which Could
Adversely Affect Our Business, Financial Condition or Results of Operations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A significant portion of our indebtedness and a significant amount of our costs are U.S.
Dollar-denominated, while our revenues are primarily Peso-denominated. As a result, decreases in
the value of the Peso against the U.S. Dollar could cause us to incur foreign exchange losses,
which would reduce our net income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Severe devaluation or depreciation of the Peso may also result in governmental intervention,
or disruption of international foreign exchange markets. This may limit our ability to transfer or
convert Pesos into U.S. Dollars and other currencies for the purpose of making timely payments of
interest and principal on our indebtedness and adversely affect our ability to obtain foreign
programming and other imported goods. The Mexican economy has suffered current account balance
payment of deficits and shortages in foreign exchange reserves in the past. While the Mexican
government does not currently restrict, and for more than 15&nbsp;years has not restricted, the right or
ability of Mexican or foreign persons or entities to convert Pesos into U.S. Dollars or to transfer
other currencies outside of Mexico, there can be no assurance that the Mexican government will not
institute restrictive exchange control policies in the future. To the extent that the Mexican
government institutes restrictive exchange control policies in the future, our ability to transfer
or convert Pesos into U.S. Dollars or other currencies for the purpose of making timely payments of
interest and principal on indebtedness, including the notes, as well as to obtain imported goods
would be adversely affected. Devaluation or depreciation of the Peso against the U.S. Dollar or
other currencies may also adversely affect U.S. Dollar or other currency prices for our debt
securities or the cost of imported goods.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>High Inflation Rates in Mexico May Decrease Demand for Our Services While Increasing Our Costs</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Mexico historically has experienced high levels of inflation, although the rates have been
lower for more than 20&nbsp;years. The annual rate of inflation, as measured by changes in the Mexican
National Consumer Price Index, or NCPI, was 6.5% in 2008, 3.6% in 2009, 4.4% in 2010 and is
projected to be 3.9% in 2011. An adverse change in the Mexican economy may have a negative impact
on price stability and result in higher inflation than its main trading partners, including the
United States. High inflation rates can adversely affect our business and results of operations in
the following ways:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>inflation can adversely affect consumer purchasing power, thereby adversely affecting consumer and advertiser demand
for our services and products; and</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the extent inflation exceeds our price increases, our prices and revenues will be adversely affected in &#147;real&#148; terms.</TD>
</TR>

</TABLE>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Mexico historically has had, and may continue to have, high real and nominal interest rates.
The interest rates on 28-day Mexican government treasury securities averaged 7.7%, 5.5%, and 4.4%
for 2008, 2009, and 2010, respectively. High interest rates in Mexico could increase our financing
costs and thereby impair our financial condition, results of operations and cash flow.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Political Events in Mexico Could Affect Mexican Economic Policy and Our Business, Financial
Condition and Results of Operations</B>
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Changes in laws, public policies and government programs may occur in the future. Such changes
may have a material adverse effect on the Mexican economic and political situation, which in turn,
may adversely affect our business, financial condition and results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In July&nbsp;2009, new members were elected to the <I>C&#225;mara de Diputados</I>, or the Chamber of
Representatives, local Congress of some states, and Governors of six states, among other offices.
As a result of these elections, the <I>Partido Revolucionario Institucional </I>or PRI, acquired a
significant majority in the Chamber of Representatives. The lack of party alignment between the
Chamber of Representatives and the President could result in deadlock and prevent the timely
implementation of political and economic reforms, which in turn could have a material adverse
effect on Mexican economic policy. It is also possible that political uncertainty may adversely
affect Mexico&#146;s economic situation. The new members of Congress have focused on important legal
reforms, which have not been and may not be approved, including labor reforms. See &#147;&#151; Existing
Mexican Laws and Regulations or Changes Thereto or the Imposition of New Ones May Negatively Affect
Our Operations and Revenue&#148;. The effects on the social and political situation in Mexico could
adversely affect the Mexican economy, including the stability of its currency. We cannot ascertain,
at this time, how any material adverse effect on Mexican economic policy, Mexico&#146;s economic
situation, the stability of Mexico&#146;s currency or market conditions may affect our business or the
price of our securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Mexico
has Experienced a Period of Increased Criminal Activity and Such Activities Could Adversely
Affect Our Financing Costs and Exposure to Our Customers and Counterparties</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Mexico
has experienced a period of increased criminal activity and violence,
primarily due to organized crime. These activities, their  escalation and the violence
associated with them could in the future have a negative impact on the business environment in which we operate,
and therefore on our financial condition and results of operations.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Mexico&#146;s <I>Ley Federal de Competencia Econ&#243;mica</I>, or Mexico&#146;s Federal Antitrust Law, and related
regulations may affect some of our activities, including our ability to introduce new products and
services, enter into new or complementary businesses or joint ventures and complete acquisitions.
See &#147;Information on the Company &#151; Business Overview &#151; Investments &#151; Alvafig&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In addition, Mexico&#146;s Federal Antitrust Law and related regulations or conditions imposed by
the <I>Comisi&#243;n Federal de Competencia</I>, CFC, or Mexican Antitrust Commission, may adversely affect our
ability to determine the rates we charge for our services and products or the manner in which we
provide our products or services. Approval of the Mexican Antitrust Commission is required for us
to acquire certain businesses or enter into certain joint ventures. There can be no assurance that
in the future the Mexican Antitrust Commission will authorize certain acquisitions or joint
ventures related to our businesses, the denial of which may adversely affect our business strategy,
financial condition and results of operations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">
The Mexican Antitrust Commission may also impose conditions that
could adversely affect some of our activities, our business strategy,
our financial condition and results of operations.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">See &#147;Information on the Company &#151; Business Overview &#151; Regulation &#151; Mexican Antitrust Law&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Existing Mexican Laws and Regulations or Changes Thereto or the Imposition of New Ones May
Negatively Affect Our Operations and Revenue</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Existing laws and regulations, including among others, tax laws, could be amended, the manner
in which laws and regulations are enforced or interpreted could change, and new laws or regulations
could be adopted. Such changes could materially adversely affect our operations and our revenue.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Certain amendments to the existing <I>Ley Federal de Radio y Televisi&#243;n</I>, or Radio and Television
Law, and the <I>Ley Federal de Telecomunicaciones</I>, or Telecommunications Law, have been enacted. In
May&nbsp;2006, several members of the Senate of the Mexican Federal Congress filed a complaint before
the Supreme Court of Justice of Mexico, seeking a declaration that such amendments were
unconstitutional and therefore null and void. This complaint was resolved by the Supreme Court of
Justice in June&nbsp;2007, declaring several provisions of the amendments to the Radio and Television
Law and to the Telecommunications Law unconstitutional and therefore null and void. Among the
provisions declared as unconstitutional by the Supreme Court of Justice are the ones referred to in
former Article&nbsp;28 of the Radio and Television Law, pursuant to which holders of concessions had the
ability to request authorization to provide additional telecommunications services within the same
spectrum covered by a current concession without having to participate in a public bid to offer
such services pursuant to a concession and Article&nbsp;16 of the Radio and Television Law, pursuant to
which concessions were granted for a fixed term of 20&nbsp;years with the possibility to renew such
concessions by obtaining from the <I>Secretar&#237;a de Comunicaciones y Transportes</I>, or SCT, a
certification of compliance with the obligations under the concession. As a result of the Supreme
Court of Justice&#146;s ruling, once the transition to digital television and digital radio broadcasting
is completed, if we want to provide additional telecommunications services within the same spectrum
granted for digital television or digital radio broadcasting, respectively, we will have to follow
the provisions of Article&nbsp;24 of the Telecommunications Law to obtain the concession therefor. Also,
there is uncertainty as to how radio and television concessions will be renewed in the future,
since the Supreme Court of Justice&#146;s ruling has resulted in requiring the renewal of the
concessions to be subject to a public bid process, with a right of preference over other
participating bidders given to the incumbent concessionaire. Additionally, some members of the
Mexican Federal Congress have expressed their intent to propose a new Radio and Television Law,
which could affect, among other things, the framework for granting or renewing concessions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In September&nbsp;2010, Mexico&#146;s President Felipe Calderon Hinojosa, published through the SCT in
the <I>Diario Oficial de la Federaci&#243;n</I>, or the Official Gazette of the Federation, a decree
establishing the actions to be taken to expedite the transition to digital television and digital
radio broadcasting, which intends to end analog broadcasting at some point between 2011 and 2015
(referred to in this annual report as the 2010 Decree).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The 2010 Decree modifies the release published by the SCT in July&nbsp;2004 which established
procedures and set forth other applicable provisions for the transition to digital television. The
constitutionality of the 2010 Decree has been challenged before the Supreme Court of Justice of
Mexico by the Mexican Federal Congress, alleging that Mexico&#146;s President Felipe Calderon Hinojosa,
pursuant to the Radio and Television Law, overstepped his authority when issuing the 2010 Decree,
and that the 2010 Decree therefore is unconstitutional. The dispute is
currently pending resolution by the Supreme Court of Justice of Mexico.
</DIV>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We believe we have been operating our business in compliance with the provisions of the
Constitutional Amendment; however, we have filed legal actions contesting certain provisions of the
Constitutional Amendment.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">At this time, the Constitutional Amendment has not had an impact on the results of our radio
and television businesses, however we are unable to predict what impact, if any, the Constitutional
Amendment may have on our operating results in the future. We cannot predict the outcome of the
legal actions brought by the Company against the Constitutional Amendment. A decrease in paid
advertising of the nature described above could lead to a decrease in our television or radio
revenues.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Article&nbsp;15-A of the <I>Ley del Seguro Social</I>, or the Social Security Law, could materially
adversely affect our financial condition and results of operations. Such Article&nbsp;15-A, amended in
July&nbsp;2009, provides that a company that obtains third party personnel services from personnel
services providers and which receives such personnel services on any of the company&#146;s premises is
jointly bound to comply with the obligations related to social security that have to be fulfilled
by such personnel services providers for the benefit of their respective employees. Such Article
15-A, as amended, also establishes the obligation that the Company sends a list to the <I>Instituto
Mexicano del Seguro Social</I>, or the Social Security Mexican Institute, of all agreements entered
into with personnel services providers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In December&nbsp;2009, the Mexican Government enacted certain amendments and changes to the Mexican
tax laws related to income tax, value added tax and excise tax that became effective as of January
1, 2010. The main provisions of these amendments and changes are as follows: (i)&nbsp;the corporate
income tax rate was increased from 28% to 30% for the years 2010 through 2012, and will be reduced
to 29% and 28% in 2013 and 2014, respectively; (ii)&nbsp;under certain circumstances, the deferred
income tax benefit derived from tax consolidation of a parent company and its subsidiaries is
limited to a period of five years; therefore, the
resulting deferred income tax has to be paid starting in the sixth year following the fiscal
year in which the deferred income tax benefit was received; (iii)&nbsp;the payment of this tax has to be
made in installments of 25% in the first and second year, 20% in the third year and 15% in the
fourth and fifth year; (iv)&nbsp;taxpayers paid in 2010 the first installment of the cumulative amount
of the deferred tax benefits determined as of December&nbsp;31, 2004; (v)&nbsp;revenues from
telecommunications and pay-TV services (except access to Internet services, interconnection
services between public networks of telecommunications and public telephone services) became
subject to a 3% excise tax; (vi)&nbsp;the excise tax rate on gaming (including bets and drawings) was
increased from 20% to 30%; and (vii)&nbsp;the general value added tax rate was increased from 15% to
16%, and the rate on the border region was increased from 10% to 11%. We believe that the new
provisions for the tax consolidation regime have a retroactive application and we are therefore
challenging the constitutionality of these new provisions.
</DIV>

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We have four classes of common stock: A Shares, B Shares, D Shares, and L Shares. Until June
17, 2009, approximately 45.6% of the outstanding A Shares, 2.7% of the outstanding B Shares, 2.8%
of the outstanding D Shares and 2.8% of the outstanding L Shares of the Company were held through a
trust, or the Stockholder Trust, including shares in the form of CPOs. On June&nbsp;17, 2009, the
Stockholder Trust was terminated and the shares and CPOs which were formerly held through such
trust, were delivered to the corresponding beneficiaries. The largest beneficiary of the
Stockholder Trust was a trust for the benefit of Emilio Azc&#225;rraga Jean, or the Azc&#225;rraga Trust.
Such trust currently holds 44.3% of the outstanding A shares, 0.1% of the outstanding B shares,
0.1% of the outstanding D shares and 0.1% of the outstanding L shares of the Company. As a result,
Emilio Azc&#225;rraga Jean controlled until June&nbsp;17, 2009, the voting of the shares held through the
Stockholder Trust, and currently controls the vote of such shares through the Azc&#225;rraga Trust. The
A Shares held through the Azc&#225;rraga Trust constitute a majority of the A Shares whose holders are
entitled to vote because non-Mexican holders of CPOs and GDSs are not permitted by law to vote the
underlying A Shares. Accordingly, and so long as non-Mexicans own more than a minimal number of A
Shares, Emilio Azc&#225;rraga Jean will have the ability to direct the election of 11 out of 20 members
of our Board of Directors, as well as prevent certain actions by the stockholders, including
dividend payments, mergers, spin-offs, changes in corporate purpose, changes of nationality and
amendments to the anti-takeover provisions of our bylaws. See &#147;Major Stockholders and Related Party
Transactions &#151; The Major Stockholders&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>As Controlling Stockholder, Emilio Azc&#225;rraga Jean Will Have the Ability to Limit Our Ability to
Raise Capital, Which Would Require Us to Seek Other Financing Arrangements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Emilio Azc&#225;rraga Jean has the voting power to prevent us from raising money through equity
offerings. Mr.&nbsp;Azc&#225;rraga Jean has informed us that if we conduct a primary sale of our equity, he
would consider exercising his pre-emptive rights to purchase a sufficient number of additional A
Shares in order to maintain such power. In the event that Mr.&nbsp;Azc&#225;rraga Jean is unwilling to
subscribe for additional shares and/or prevents us from raising money through equity offerings, we
would need to raise money through a combination of debt or other forms of financing, which we may
not obtain, or if so, possibly not on favorable terms.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Under Mexican law, we need concessions from the SCT to broadcast our programming over our
television and radio stations, cable and DTH satellite systems and to provide telephony services.
In July&nbsp;2004, in connection with the adoption of a release issued by the SCT for the transition to
digital television, all of our television concessions were renewed until 2021. The expiration dates
for the concessions for our radio stations range from 2015 to 2016 except for the concessions of 3
radio stations, which renewal applications were timely filed before the SCT but are still pending
due to the Supreme Court&#146;s ruling on the amendments to the Radio and Television Law. (See &#147;&#151; Risk
Factors Related to Mexico &#151; Existing Mexican Laws and Regulations or Changes Thereto or the
Imposition of New Ones May Negatively Affect Our Operations and Revenue&#148;). We are unable to predict
when we will obtain the renewal to such concessions. The expiration dates of our Cable and
Telecommunications concessions range from 2013 to 2038 and our DTH concessions expire in 2020 and
2026. The expiration dates for the concessions for our telephone services range from 2018 to 2026.
Cablevisi&#243;n obtained a telecommunications concession, which expires in 2029, and its concession to
transmit an over-the-air UHF restricted television service through channel 46 which expired on
November&nbsp;17, 2010 (the &#147;Channel 46 Concession&#148;). We filed for a renewal of the Channel 46
Concession and in February&nbsp;2010 the SCT notified Cablevisi&#243;n that it would not be renewed; however,
we are contesting the resolution of the SCT. In the past, the SCT has typically renewed the
concessions of those concessionaires that comply with the requisite procedures set forth for
renewal under Mexican law and on the respective concession title; however, in connection with
our television and radio concessions, there is uncertainty as to how radio and television
concessions will be renewed in the future, since the Supreme Court ruling has resulted in requiring
the renewal of the concessions to be subject to a public bid process, with a right of preference
over other participating bidders given to the incumbent concessionaire.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Under Mexican law, we need a permit, or Gaming Permit, from the <I>Secretar&#237;a de Gobernaci&#243;n</I>, or
Mexican Ministry of the Interior, to operate our gaming business. The operation of our gaming
business may be terminated or interrupted if the Mexican Government does not renew or revokes our
Gaming Permit. The Gaming Permit was granted to us on May&nbsp;25, 2005 and the expiration date is May
24, 2030. We are unable to predict if we will obtain a renewal of the Gaming Permit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">See &#147;&#151; Risk Factors Related to Mexico &#151; Existing Mexican Laws and Regulations or Changes
Thereto or the Imposition of New Ones May Negatively Affect Our Operations and Revenue&#148;.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We face competition in all of our businesses, including television advertising and other media
businesses, as well as our strategic investments and joint ventures. In particular, we face
substantial competition from TV Azteca, S.A. de C.V., or TV Azteca. See &#147;Information on the Company
&#151; Business Overview &#151; Television &#151; Television Industry in Mexico&#148; and &#147;Information on the
Company &#151; Business Overview &#151; Television &#151; Television Broadcasting&#148;. In addition, the
entertainment and communications industries in which we operate are changing rapidly because of
evolving distribution technologies, including online and digital networks. Our principal
competitors in the gaming industry are Corporaci&#243;n Interamericana de Entretenimiento, S.A.B. de
C.V., or CIE, and Grupo Caliente S.A. de C.V., or Grupo Caliente.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The telecommunications industry in Mexico has become highly competitive and we face
significant competition. Cable operators, who were already authorized to provide bidirectional data
and internet broadband services and who have been recently authorized by the Mexican government to
also provide voice services, including Voice over Internet Protocol, or VoIP, pose a risk to us. As
the cable operators&#146; telephony income may be seen as incremental revenue, the price reduction and
the vast coverage may prevent us from growing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In October&nbsp;2006, the Mexican federal government enacted a new set of regulations known as
Convergence Regulations, or <I>Acuerdo de Convergencia de Servicios Fijos de Telefon&#237;a Local y
Televisi&#243;n y/o Audio Restringidos que se Proporcionan a Trav&#233;s de Redes P&#250;blicas Al&#225;mbricas e
Inal&#225;mbricas</I>. The Convergence Regulations allow certain concessionaires of telecommunications
services to provide other services not included in their original concessions. Cable television
providers may be allowed to provide internet and telephone services if certain requirements and
conditions are met. In addition, telephone operators, such as Tel&#233;fonos de M&#233;xico, S.A.B. de C.V.
or Telmex, may be allowed to provide cable television services if certain requirements and
conditions are met. We believe that we may face significant competition from new entrants providing
telephony services or cable television services, including cable television providers and telephone
operators. See &#147;Information on the Company &#151; Business Overview &#151; Cable and Telecom&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">At the end of 2008, DISH, a competitor in the DTH market, launched its services in Mexico.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">At the beginning of 2009, TV Azteca began offering HiTV, a television service which consists
of the transmission of digital television channels through the technology known as Digital
Terrestrial Television, or DTT, in Mexico City and its metropolitan area using the radioelectric
spectrum in the mirror concessions granted to them pursuant to the release issued by the SCT for
the transition to digital television. HiTV currently offers approximately 20 channels and charges
for the decoder box, a fact which we believe constitutes a pay-TV service. The Mexican Fiscal
Court, or the <I>Tribunal Federal de Justicia Fiscal y Administrativa</I>, is currently reviewing the
legality of this service since the mirror concessions should be used to replicate the analog
channel signals. We are uncertain as to how this service may affect our pay-TV business in the
event it is considered legal. In addition, the decoder box that TV Azteca is utilizing to allow
viewers to access its HiTV channels also allows the viewers access to our digital over-the-air
networks without our permission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our future success will be affected by these changes, which we cannot predict. Consolidation
in the entertainment, telecommunications and broadcast industries could further intensify
competitive pressures. As the pay-TV market in Mexico matures, we expect to face competition from
an increasing number of sources, including emerging technologies that provide new services to
pay-TV customers and require us to make significant capital expenditures in new technologies and
exclusive content. Developments may limit our access to new distribution channels and exclusive
content, may require us to make significant capital expenditures in order to have access to new
digital and other distribution channels or may create additional competitive pressures on some or
all of our businesses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>The Seasonal Nature of Our Business Affects Our Revenue and a Significant Reduction in Fourth
Quarter Net Sales Could Impact Our Results of Operations</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our business reflects seasonal patterns of advertising expenditures, which is common in the
television broadcast industry, as well as cyclical patterns in periodic events such as the World
Cup, the Olympic Games and political elections. We typically recognize a disproportionately large
percentage of our television broadcasting advertising net sales in the fourth quarter in connection
with the holiday shopping season. For example, in 2008, 2009 and 2010 we recognized 31.3%, 31.3%,
and 30.3% respectively, of our net sales in the fourth quarter of the year. Accordingly, a
significant reduction in fourth quarter advertising revenue could adversely affect our business,
financial condition and results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DIRECTV Has Certain Governance and Veto Rights Over Some Operations of Innova</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We own a 58.7% interest in Innova, our DTH venture in Mexico, Central America and the
Dominican Republic. The balance of Innova&#146;s equity is indirectly owned by The DIRECTV Group, Inc.,
or DIRECTV, through its subsidiaries DTH (Mexico) Investment, LTD, DIRECTV Latin America Holdings,
Inc., or DIRECTV Holdings, and DIRECTV Latin America LLC, or DTVLA. Although we hold a majority of
Innova&#146;s equity and designate a majority of the members of Innova&#146;s Board of Directors, DIRECTV has
certain governance and veto rights in Innova, including the right to block certain transactions
between us and Innova.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Loss of Transmission or Loss of the Use of Satellite Transponders Could Cause a Business
Interruption in Innova, Which Would Adversely Affect Our Net Income</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Media and telecom companies, including Innova, rely on satellite transmissions to conduct
their day-to-day business. Any unforeseen and sudden loss of transmission or non-performance of the
satellite for Innova can cause huge losses to Innova&#146;s business. The unforeseen loss of
transmission may be caused due to the satellite&#146;s loss of the orbital slot or the reduction in the
satellite&#146;s functional life.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The size of the business interruption impact for Innova in the case of a satellite loss
exceeds the insurance we have acquired to cover this risk. In order to reduce the possibility of
financial consequences resulting from an unforeseen loss of transmission, Innova entered into an
agreement to launch a backup satellite jointly with Sky Brasil Servicos Ltda., or Sky Brasil, which
was launched in the first quarter of 2010. We cannot predict the extent of losses to Innova in the
case of current or new satellite loss or the effectiveness of any alternative strategy.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>The Results of Operations of Broadcasting Media Partners, Inc. and GSF Telecom Holdings, S.A.P.I.
de C.V., May Affect Our Results of Operations and the Value of Our Investments in Those Companies</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In December&nbsp;2010, we made a substantial investment in Broadcasting Media Partners, Inc., or
BMP, the parent company of Univision Communications, Inc., or Univision. However, we do not control
and do not consolidate the results of BMP. Most of our investment in BMP is currently held in the
form of convertible debentures. Our conversion of the debentures into shares of common stock of BMP
is subject to certain conditions, and any delay in such conversion could materially affect the
value of the debentures. After the conversion, we will remain a minority equity holder of BMP. The
results of operations of BMP and Univision may affect the value of our investment in BMP and our
results of operations. The business, financial condition and results of operations of Univision
could be materially and adversely affected by risks including, but not limited to: (i)&nbsp;failure to
service debt, (ii)&nbsp;cancellation, reductions or postponements of advertising, (iii)&nbsp;possible strikes
or other union job actions, (iv)&nbsp;changes in the rules and regulations of the U.S. Federal
Communications Commission, or FCC, (v)&nbsp;an increase in the cost of, and decrease in the supply or
quality of, programming, (vi)&nbsp;an increase in the preference among Hispanics for English-language
programming, (vii)&nbsp;competitive pressures from other broadcasters and other entertainment and news
media and (viii)&nbsp;the impact of new technologies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In April&nbsp;2011, we made a substantial investment for the acquisition of equity and convertible
debentures issued by GSF Telecom Holdings, S.A.P.I. de C.V., or GSF, which indirectly owns 100% of
the outstanding shares of Grupo Iusacell, S.A. de C.V., or Iusacell. However, we do not control and
do not consolidate the results of GSF. Most of our investment in GSF is currently held in the form
of debentures mandatorily convertible into shares of stock of GSF. The conversion of the GSF
convertible debentures is subject to  regulatory approval, and any
delay in the issuance of such approval would give rise to increased conversion costs and a
prolonged conversion timeframe, which could materially affect the value of the debentures. After
the mandatory conversion, we will still not be a majority owner of GSF and will share governance
rights with the other owner. The results of operations of GSF and Iusacell may affect the value of
our investment in GSF and our results of operations. The business, financial condition and results
of operations of Iusacell could be materially and adversely affected by risks including, but not
limited to: (i)&nbsp;technology becoming obsolete, (ii)&nbsp;the inability to renew concessions and existing
arrangements for roaming and other services, (iii)&nbsp;litigation being resolved against Iusacell, (iv)
the dependence on revenues from subsidiaries to repay debt, (v)&nbsp;the loss of subscribers as a
result of changes in the telecommunications industry and (vi)&nbsp;changes in the regulatory
environment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">There can be no assurance that the results of operations of BMP, GSF and their respective
subsidiaries will be sufficient to maintain or increase the value of our investments in such
companies, or that such results will not materially and adversely affect our results of operations.
</DIV>

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


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

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Non-Mexicans May Not Hold A Shares, B Shares or D Shares Directly and Must Have Them Held in a
Trust at All Times</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Non-Mexicans may not directly own A Shares, B Shares or D Shares, but may hold them indirectly
through a CPO trust, which will control the voting of the A Shares and B Shares. Under the terms of
the CPO Trust, a non-Mexican holder of CPOs or GDSs may instruct the CPO Trustee to request that we
issue and deliver certificates representing each of the shares underlying its CPOs so that the CPO
Trustee may sell, to a third party entitled to hold the shares, all of these shares and deliver to
the holder any proceeds derived from the sale.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to Mexican law, our bylaws provide that non-Mexican holders of CPOs and GDSs may not
ask their government to interpose a claim against the Mexican government regarding their rights as
stockholders. If non-Mexican holders of CPOs and GDSs violate this provision of our bylaws, they
will automatically forfeit the A Shares, B Shares, L Shares and D Shares underlying their CPOs and
GDSs to the Mexican government.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Non-Mexican holders of GDSs are not entitled to vote the A Shares, B Shares and D Shares
underlying their securities. The L Shares underlying GDSs, the only series of our Shares that can
be voted by non-Mexican holders of GDSs, have limited voting rights. These limited voting rights
include the right to elect two directors and limited rights to vote on extraordinary corporate
actions, including the delisting of the L Shares and other actions which are adverse to the holders
of the L Shares. For a brief description of the circumstances under which holders of L Shares are
entitled to vote, see &#147;Additional Information &#151; Bylaws &#151; Voting Rights and Stockholders&#146;
Meetings&#148;.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Certain provisions of our bylaws could make it substantially more difficult for a third party
to acquire control of us. These provisions in our bylaws may discourage certain types of
transactions involving the acquisition of our securities. These provisions may also limit our
stockholders&#146; ability to approve transactions that may be in their best interests and discourage
transactions in which our stockholders might otherwise receive a premium for their Shares over the
then current market price, and could possibly adversely affect the trading volume in our equity
securities. As a result, these provisions may adversely affect the market price of our securities.
Holders of our securities who acquire Shares in violation of these provisions will not be able to
vote, or receive dividends, distributions or other rights in respect of these securities and would
be obligated to pay us a penalty. For a description of these provisions, see &#147;Additional
Information &#151; Bylaws &#151; Antitakeover Protections&#148;.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In situations where we request that The Bank of New York Mellon, the depositary for the
securities underlying the GDSs, ask GDS holders for voting instructions, the holders may instruct
the depositary to exercise their voting rights, if any, pertaining to the deposited securities. The
depositary will attempt, to the extent practical, to arrange to deliver voting materials to these
holders. We cannot assure holders of GDSs that they will receive the voting materials in time to
ensure that they can instruct the depositary how to vote the deposited securities underlying their
GDSs, or that the depositary will be able to forward those instructions and the appropriate proxy
request to the CPO Trustee in a timely manner. For stockholders&#146; meetings, if the depositary does
not receive voting instructions from holders of GDSs or does not forward such instructions and
appropriate proxy request in a timely manner, if requested in writing from us, it will provide a
proxy to a representative designated by us to exercise
these voting rights. If no such written request is made by us, the depositary will not
represent or vote, attempt to represent or vote any right that attaches to, or instruct the CPO
Trustee to represent or vote, the shares underlying the CPOs in the relevant meeting and, as a
result, the underlying shares will be voted in the manner described under &#147;Additional Information
&#151; Bylaws &#151; Voting Rights and Stockholders&#146; Meetings &#151; Holders of CPOs&#148;. For CPO Holders&#146;
meetings, if the depositary does not timely receive instructions from a Mexican or non-Mexican
holder of GDSs as to the exercise of voting rights relating to the underlying CPOs in the relevant
CPO holders&#146; meeting, the depositary and the custodian will take such actions as are necessary to
cause such CPOs to be counted for purposes of satisfying applicable quorum requirements and, unless
we in our sole discretion have given prior written notice to the depositary and the custodian to
the contrary, vote them in the same manner as the majority of the CPOs are voted at the relevant
CPOs holders&#146; meeting.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>The Interests of Our GDS Holders Will Be Diluted if We Issue New Shares and These Holders Are
Unable to Exercise Preemptive Rights for Cash</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Under Mexican law and our bylaws, our stockholders have preemptive rights. This means that in
the event that we issue new Shares for cash, our stockholders will have a right to subscribe and
pay the number of Shares of the same series necessary to maintain their existing ownership
percentage in that series. U.S. holders of our GDSs cannot exercise their preemptive rights unless
we register any newly issued Shares under the U.S. Securities Act of 1933, as amended, or the
Securities Act, or qualify for an exemption from registration. If U.S. holders of GDSs cannot
exercise their preemptive rights, the interests of these holders will be diluted in the event that
we issue new Shares for cash. We intend to evaluate at the time of any offering of preemptive
rights the costs and potential liabilities associated with registering any additional Shares. We
cannot assure you that we will register under the Securities Act any new Shares that we issue for
cash. In addition, although the Deposit Agreement provides that the depositary may, after
consultation with us, sell preemptive rights in Mexico or elsewhere outside the U.S. and distribute
the proceeds to holders of GDSs, under current Mexican law these sales are not possible. See
&#147;Directors, Senior Management and Employees &#151; Long-Term Retention Plan&#148; and &#147;Additional
Information &#151; Bylaws &#151; Preemptive Rights&#148;.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Under Mexican law, the protections afforded to minority stockholders are different from those
in the U.S. In particular, the law concerning fiduciary duties of directors is not well developed,
there is no procedure for class actions or stockholder derivative actions and there are different
procedural requirements for bringing stockholder lawsuits. As a result, in practice, it may be more
difficult for our minority stockholders to enforce their rights against us or our directors or
major stockholders than it would be for stockholders of a U.S. company.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The <I>Ley del Mercado de Valores</I>, or the Mexican Securities Market Law, provides additional
protection to minority stockholders, such as (i)&nbsp;providing stockholders of a public company
representing 5% or more of the capital stock of the public company, an action for liability against
the members and secretary of the Board and relevant management of the public company, and (ii)
establishing additional responsibilities on the audit committee in all issues that have or may have
an effect on minority stockholders and their interests in an issuer or its operations.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We are organized under the laws of Mexico. Substantially all of our directors, executive
officers and controlling persons reside outside the U.S., all or a significant portion of the
assets of our directors, executive officers and controlling persons, and substantially all of our
assets, are located outside of the U.S., and some of the parties named in this annual report also
reside outside of the U.S. As a result, it may be difficult for you to effect service of process
within the United States upon these persons or to enforce against them or us in U.S. courts
judgments predicated upon the civil liability provisions of the federal securities laws of the U.S.
We have been advised by our Mexican counsel, Mijares, Angoitia, Cort&#233;s y Fuentes, S.C., that there
is doubt as to the enforceability, in original actions in Mexican courts, of liabilities predicated
solely on U.S. federal securities laws and as to the enforceability in Mexican courts of judgments
of U.S. courts obtained in actions predicated upon the civil liability provisions of U.S. federal
securities laws.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
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<DIV align="left">
<A name="C19172109"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This annual report and the documents incorporated by reference into this annual report contain
forward-looking statements. We may from time to time make forward-looking statements in reports to
the Securities and Exchange Commission, or SEC, on Form 6-K, in annual reports to stockholders, in
prospectuses, press releases and other written materials and in oral statements made by our
officers, directors or employees to analysts, institutional investors, representatives of the media
and others. Examples of these forward-looking statements include, but are not limited to:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements of our plans, objectives or goals, including those relating to anticipated
trends, competition, regulation and rates;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our current and future plans regarding our online and wireless content division, Televisa
Interactive Media, or TIM;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements concerning our current and future plans regarding our investment in Grupo de
Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V., or GTAC;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements concerning our current and future plans regarding our gaming business;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements concerning our current and future plans regarding the fixed telephony service
provided by Empresas Cablevisi&#243;n, S.A.B. de C.V., or Cablevisi&#243;n;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements concerning our transactions with Univision and our current and future plans
regarding our investment in BMP, the parent company of Univision;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements concerning our current and future plans regarding our investment in GSF, the
controlling company of Iusacell;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements concerning our series of transactions with DIRECTV, and News Corporation, or
News Corp.;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements concerning our transactions with NBC Universal&#146;s Telemundo Communications
Group, or Telemundo;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements concerning our plans to build and launch a new transponder satellite;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements or assumptions underlying these statements.</TD>
</TR>

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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


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



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Words such as &#147;believe&#148;, &#147;anticipate&#148;, &#147;plan&#148;, &#147;expect&#148;, &#147;intend&#148;, &#147;target&#148;, &#147;estimate&#148;,
&#147;project&#148;, &#147;predict&#148;, &#147;forecast&#148;, &#147;guideline&#148;, &#147;may&#148;, &#147;should&#148;, &#147;will&#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: 10pt; text-indent: 4%">Forward-looking statements involve inherent risks and uncertainties. We caution you that a
number of important factors could cause actual results to differ materially from the plans,
objectives, expectations, estimates and intentions expressed in these forward-looking statements.
These factors, some of which are discussed under &#147;Key Information &#151; Risk Factors&#148;, include
economic and political conditions and government policies in Mexico or elsewhere, inflation rates,
exchange rates, regulatory developments, customer demand and competition. We caution you that the
foregoing list of factors is not exclusive and that other risks and uncertainties may cause actual
results to differ materially from those in forward-looking statements. You should evaluate any
statements made by us in light of these important factors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Forward-looking statements speak only as of the date they are made, and we do not undertake
any obligation to update them in light of new information, future developments or other factors.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="left">
<A name="C19172110"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;4.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Information on the Company</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left">
<A name="C19172111"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Grupo Televisa, S.A.B. is a <I>sociedad an&#243;nima burs&#225;til, </I>or limited liability stock corporation,
which was organized under the laws of Mexico in accordance with the <I>Ley General de Sociedades
Mercantiles, </I>or Mexican Companies Law. Grupo Televisa was incorporated under Public Deed Number
30,200, dated December&nbsp;19, 1990, granted before Notary Public Number 73 of Mexico City, and
registered with the Public Registry of Commerce in Mexico City on Commercial Page <I>(folio mercantil)</I>
Number 142,164. Pursuant to the terms of our <I>estatutos sociales, </I>or bylaws, our corporate existence
continues through 2105. Our principal executive offices are located at Avenida Vasco de Quiroga,
No.&nbsp;2000, Colonia Santa Fe, 01210 M&#233;xico, D.F., M&#233;xico. Our telephone number at that address is
(52) (55)&nbsp;5261-2000.
</DIV>
<DIV align="left">
<A name="C19172112"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The table below sets forth our actual capital expenditures, permanent investments and
acquisitions for the years ended December&nbsp;31, 2008, 2009 and 2010 and our projected capital
expenditures for the year ended December&nbsp;31, 2011. For a discussion of how we intend to fund our
projected capital expenditures, investments and acquisitions for 2011, as well as a more detailed
description of our capital expenditures, investments and acquisitions in prior years, see
&#147;Operating and Financial Review and Prospects &#151; Results of Operations &#151; Liquidity, Foreign
Exchange and Capital Resources &#151; Liquidity&#148; and &#147;Operating and Financial Review and Prospects &#151;
Results of Operations &#151; Liquidity, Foreign Exchange and Capital Resources &#151; Capital Expenditures,
Acquisitions and Investments, Distributions and Other Sources of Liquidity&#148;.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,(1)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2011</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Actual)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Actual)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Actual)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Forecast)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14"><B>(Millions of U.S. Dollars)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital expenditures(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">478.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">499.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">1,011.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">850.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">La Sexta(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BMP(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,255.0</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">GTAC(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Iusacell(6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,602.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other acquisitions and investments(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">137.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">10.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">390.9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total capital expenditures and investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" style="border-bottom: 3px double #000000">U.S.$</TD>
    <TD align="right" style="border-bottom: 3px double #000000">679.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" style="border-bottom: 3px double #000000">U.S.$</TD>
    <TD align="right" style="border-bottom: 3px double #000000">558.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" style="border-bottom: 3px double #000000">U.S.$</TD>
    <TD align="right" style="border-bottom: 3px double #000000">2,328.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" style="border-bottom: 3px double #000000">U.S.$</TD>
    <TD align="right" style="border-bottom: 3px double #000000">2,881.7</TD>
    <TD>&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>Amounts in respect of some of the capital expenditures,
investments and acquisitions we made in 2008, 2009 and 2010 were
paid for in Mexican Pesos. These Mexican Peso amounts were
translated into U.S. Dollars at the Interbank Rate in effect on
the dates on which a given capital expenditure, investment or
acquisition was made. As a result, U.S. Dollar amounts presented
in the table immediately above are not comparable to: (i)&nbsp;data
regarding capital expenditures set forth in &#147;Key Information &#151;
Selected Financial Data&#148;, which is presented in Mexican Pesos
and, in the case of data presented in U.S. Dollars, is translated
at a rate of Ps.12.3576 to one U.S. Dollar, the Interbank Rate as
of December&nbsp;31, 2010, and (ii)&nbsp;certain data regarding capital
expenditures set forth under &#147;Operating and Financial Review and
Prospects &#151; Results of Operations &#151; Liquidity, Foreign Exchange
and Capital Resources &#151; Capital Expenditures, Acquisitions and
Investments, Distributions and Other Sources of Liquidity&#148;.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Reflects capital expenditures for property, plant and equipment,
in all periods presented. Includes U.S.$183.3&nbsp;million in 2008,
U.S.$239.0&nbsp;million in 2009 and U.S.$438.5&nbsp;million in 2010 for the
expansion and improvement of our Cable and Telecom segment;
U.S.$114.0&nbsp;million in 2008, U.S.$128.8&nbsp;million in 2009 and
U.S.$436.6&nbsp;million in 2010 for the expansion and improvement of
our Sky segment and, U.S.$39.6&nbsp;million in 2008, U.S.$17.5&nbsp;million
in 2009 and U.S.$12.5&nbsp;million in 2010 for our Gaming business;
and U.S.$141.9&nbsp;million in 2008, U.S.$114.0&nbsp;million in 2009, and
U.S.$123.4&nbsp;million in 2010 for our Broadcasting Television
segment and other businesses. The actual amount for 2010 includes
an accrual of U.S.$111.0&nbsp;million related to our investment in a
new 24-transponder satellite that was launched in the first
quarter of 2010, which was paid in cash in the first quarter of
2011. The forecast amount for 2011 totalling U.S.$850&nbsp;million
includes capital expenditures of U.S.$435&nbsp;million and U.S.$270
million for the expansion and improvements of our Cable and
Telecom and Sky segments, respectively, and the remaining
U.S.$145&nbsp;million is for our Television Broadcasting segment and
other segments.</TD>
</TR>

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

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

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<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">





<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">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>In 2008 and 2009 we made capital contributions related to our
interest in La Sexta (40% in 2008 and 40.5% in 2009) in the
amount of U.S.$63.4&nbsp;million (&#128;44.4&nbsp;million) and U.S.$49&nbsp;million
(&#128;35.7&nbsp;million), respectively. In 2010, we made short-term loans
related to our 40.5% in La Sexta in the principal amount of
U.S.$29.2&nbsp;million (&#128;21.5&nbsp;million). In the first quarter of 2011,
we made a capital contribution related to our interest in La
Sexta with the principal amount of the short-term loans made by
us in 2010, and our interest in La Sexta increased from 40.5% to
40.8%. Currently, we do not have commitments for additional
capital contributions in La Sexta.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>In 2010, we made investments of U.S.$1,255.0&nbsp;million in cash in
BMP, the parent company of Univision, in exchange for a 5% equity
stake of the outstanding common stock of BMP and U.S.$1,125
million aggregate principal amount of debentures due 2025 bearing
interest at an annual rate of 1.5%, that are initially
convertible at our option into additional shares currently
equivalent to a 30% equity stake in the common stock of BMP,
subject to certain conditions and regulations.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>In 2010, we made a capital contribution related to our 33.3%
interest in GTAC in the amount of U.S.$4.3&nbsp;million (Ps.54.7
million). Additionally, in 2010, we provided long-term financing
to GTAC in the principal amount of U.S.$29.0&nbsp;million (Ps.372.1
million) under a credit facility related to our interest in GTAC.
In 2011, we have commitments to make additional capital
contributions related to our 33.3% interest in GTAC in the amount
of U.S.$13.4&nbsp;million (Ps.159&nbsp;million) and provide additional
long-term financing to GTAC in the principal amount of U.S.$24.9
million (Ps.296.1&nbsp;million) under a credit facility related to our
interest in GTAC.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>In the second quarter of 2011, we made an investment of U.S.$37.5
million in equity and U.S.$1,565&nbsp;million in convertible debt of
Iusacell as described in the following sentences. Upon conversion
of the debt, which is subject to the approval of the Mexican
Antitrust Commission, our equity
participation in Iusacell will be 50%. The convertible debt of
Iusacell was divided into two tranches, the Series&nbsp;1 Debentures
and the Series&nbsp;2 Debentures. The Series&nbsp;1 Debentures are the
364,996 registered unsecured debentures of GSF, par value
U.S.$1,000 each, representing in the aggregate U.S.$365.0 million,
issued against the payment we made in cash on April&nbsp;7, 2011. The
Series&nbsp;2 Debentures are the 1,200,000 registered unsecured
debentures of GSF, par value U.S.$1,000 each, representing in the
aggregate U.S.$1,200.0 million, payable in cash by us no later than
October&nbsp;31, 2011 (in a single up-front installment or in multiple
installments). As of June&nbsp;28, 2011, U.S.$600.0 million of the
amount payable in respect of the Series&nbsp;2 Debentures had been
paid, and U.S.$600.0 million remains to be paid no later than
October&nbsp;31, 2011.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>In 2008, we invested U.S.$100.0&nbsp;million in an additional issuance
of long-term notes of Alvafig, which proceeds were used by
Alvafig to acquire shares representing approximately 11% of
Cablem&#225;s&#146; aggregate capital stock, and
made additional capital contributions in Volaris, the low-cost
carrier airline in Mexico, in the amount of U.S.$12.0&nbsp;million,
among others. In 2009, we made investments in Volaris, for an
aggregate amount of U.S.$5.0&nbsp;million, and in other companies in
which we hold a non-controlling interest for an aggregate amount
of U.S.$5.5&nbsp;million. In the first half of 2011, we agreed with
the other stockholders of Cablem&#225;s the terms for us to acquire
all of their equity interest in Cablem&#225;s for an aggregate amount
of U.S.$390.9&nbsp;million (Ps.4,603.0&nbsp;million), which was paid with
cash and 24.8&nbsp;million CPOs issued by us on April&nbsp;29, 2011.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In 2008, 2009 and 2010, we relied on a combination of operating revenues, borrowings and net
proceeds from dispositions to fund our capital expenditures, acquisitions and investments. We
expect to fund our capital expenditures in 2011 and potential
investments and/or acquisitions going forward through a combination of cash from operations, cash on hand and/or borrowings. The amount of
borrowings required to fund these cash needs in 2011 will depend upon the timing of cash payments
from advertisers under our advertising sales plan.
</DIV>
<DIV align="left">
<A name="C19172113"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Grupo Televisa, S.A.B., is the largest media company in the Spanish-speaking world based on
its market capitalization 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 2010, our broadcast television channels had an average sign-on
to sign-off audience share of 69.6%. We produce pay-TV 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 2010, we
exported 74,209 hours of programming to approximately 58 countries, excluding the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We believe we are the most important Spanish-language magazine publisher in the world, as
measured by circulation, with an annual circulation of approximately 138&nbsp;million magazines
publishing 165 titles in approximately 20 countries.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We own 58.7% of Sky, a DTH satellite television provider in Mexico, Central America and the
Dominican Republic. We are also a shareholder in three Mexican cable companies, Cablevisi&#243;n,
Cablem&#225;s and Televisi&#243;n Internacional, S.A. de C.V. and its subsidiaries, collectively TVI. We own
51% of Cablevisi&#243;n and 50% of TVI. We also owned 58.3% of Cablem&#225;s.
As of June 17, 2011, we own 100% of Cablem&#225;s. See &#147;Business
Strategy &#151; Continue Building Our Pay Television Platforms &#151;
Cable&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We
also own Esmas.com, one of the leading digital entertainment web
portals in Latin America, a gaming business which includes bingo parlors, a 50% stake in a radio company that as of December 31, 2010 reached 75% 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: 10pt; text-indent: 4%">We also own an unconsolidated equity stake in La Sexta, a free-to-air television channel in
Spain, and in OCESA, one of the leading live entertainment companies in Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In December&nbsp;2010, we made a substantial investment in BMP, the parent company of Univision,
the leading Spanish-language media company in the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In April&nbsp;2011, we made a substantial investment for the acquisition of equity and convertible
debentures issued by GSF, which indirectly owns 100% of the outstanding shares of Iusacell.
Iusacell is a provider of telecommunications services primarily engaged in the provision of mobile
services throughout Mexico.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We intend to leverage our position as the largest media company in the Spanish-speaking world
to continue expanding our business while maintaining profitability and financial discipline. We
intend to do so by maintaining our leading position in the Mexican television market, by continuing
to produce high quality programming and by improving our sales and marketing efforts while
maintaining high operating margins. We were able to withstand the economic downturn as well as the
depreciation of the Mexican Peso of 2008 as a result, in part, of our cost cutting plan, which we
put into effect in the last quarter of 2008. For more information on our cost cutting plan, see
&#147;Operating and Financial Review and Prospects&#148;.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We intend to continue to expand our business by developing new business initiatives and/or
through business acquisitions and investments in Mexico, the United States and elsewhere.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Continuing to Produce High Quality Programming. </I></B>We aim to continue producing the type of high
quality television programming that has propelled many of our programs to the top of the national
ratings and audience share in Mexico. In 2009 and 2010, our networks aired 68% and 67%,
respectively, of the 200 most-watched television programs in Mexico, according to IBOPE AGB Mexico.
We have launched a number of initiatives in creative development, program scheduling and on-air
promotion. These initiatives include improved production of our highly rated telenovelas, new
comedy and game show formats and the development of reality shows and new series. We have improved
our scheduling to be better aligned with viewer habits by demographic segment while improving
viewer retention through more dynamic on-air graphics and pacing. We have enhanced tune-in
promotion both in terms of creative content and strategic placement. In addition, we plan to
continue expanding and leveraging our exclusive Spanish-language video library, exclusive rights to
soccer games and other events, as well as cultural, musical and show business productions.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In April&nbsp;2008, we began broadcasting more than 1,000 hours per year of NBC Universal&#146;s
Telemundo&#146;s original programming on Channel 9. We currently, and through December&nbsp;2011, pay
Telemundo a fixed license fee for the broadcast of Telemundo&#146;s programming on our Channel 9
Network. Beginning January&nbsp;2012, we will pay Telemundo a license fee based on a percentage of all
revenues generated from sales related to Telemundo programming. In addition, since 2010 we
distribute, via Sky and Cablevisi&#243;n, a new pay-TV channel in Mexico produced by Telemundo
principally featuring Telemundo branded content. See &#147;&#151; Television &#151; Programming &#151;
Foreign-Produced Programming&#148;. As a result of the strategic alliance agreement entered into with
Telemundo, we distribute Telemundo content in Mexico on an exclusive basis across multiple
platforms including broadcast television, pay television and our emerging digital platforms. In
October&nbsp;2008, we entered into license agreements to distribute Telemundo&#146;s original content through
digital and wireless platforms in Mexico. As part of the agreements, Telemundo provides us with
Telemundo&#146;s original content, including its highly popular telenovelas currently broadcast on our
Channel 9, on all of our digital platforms including Esmas.com. Moreover, we also offer mobile wall
papers, ring tones and text messaging services based on Telemundo branded content to mobile phone
subscribers in Mexico through our mobile business unit Esmas
M&#243;vil, the leading mobile premium content provider in Mexico. The agreements complement and
are part of the strategic alliance to distribute Telemundo&#146;s original content in Mexico across
multiple platforms, including broadcast television, pay-TV and emerging digital platforms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Improving Our Sales and Marketing Efforts. </I></B>Over the past few years we have improved our
television broadcasting advertising sales strategy by: (i)&nbsp;introducing a cost per rating point
basis pricing system; (ii)&nbsp;implementing differentiated pricing by quarter, by channel and by time
of day; (iii)&nbsp;reorganizing our sales force into teams focusing on each of our divisions; (iv)
emphasizing a compensation policy for salespeople that is performance-based, with variable
commissions tied to year-end results for a larger portion of total compensation; and (v)&nbsp;continuing
to provide our customers with increased opportunities for product integration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Maintaining High Operating Segment Income Margins. </I></B>Our television broadcasting operating
segment income margins for 2009 and 2010 were 47.9% and 47.1%, respectively. We intend to continue
maintaining high television broadcasting operating segment income margins by increasing revenues
and controlling costs and expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Advertising Sales Plan. </I></B>Our sales force is organized into separate teams, each of which
focuses on a particular segment of our business. We sell commercial time in two ways: upfront and
scatter basis. Advertisers that elect the upfront option lock in prices for the upcoming year,
regardless of future price changes. Advertisers that choose the upfront option make annual
prepayments, with cash or short-term notes, and are charged the lowest rates for their commercial
time, given the highest priority in schedule placement, and given a first option in advertising
during special programs. Scatter advertisers, or advertisers who choose not to make upfront
payments but rather advertise from time to time, risk both higher prices and lack of access to
choice commercial time slots. We sell advertising to our customers on a cost per rating point
basis, whereby our television advertisers are billed for actual minutes used, and the amount billed
per minute is based on the price per rating point and actual ratings delivered. This pricing
alternative allows an advertiser to purchase advertising time based on the actual ratings of the
television programs during which its advertisements are aired. We do not have commitments with
advertisers to achieve a certain rating upon broadcast and therefore do not provide any future
price adjustments if a certain rating is not met. For a description of our advertising sales plan,
see &#147;Operating and Financial Review and Prospects &#151; Results of Operations &#151; Total Segment Results
&#151; Advertising Rates and Sales&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We
currently sell a significant portion of our available television
advertising time. We use the remaining
portion of our television advertising time primarily to  satisfy our legal obligation to the Mexican
government to provide up to 18 minutes per day of our broadcast time between 6:00 a.m. and midnight
for public service announcements and 30 minutes per day for public programming (referred to in this
annual report as Official Television Broadcast Time), and our remaining available television
advertising time to promote, among other things, our products. We sold approximately 62%, 57%, and
63% of total available national advertising time on our networks during prime time broadcasts in
2008, 2009 and 2010, respectively, and approximately 49%, 47%, and 50% of total available national
advertising time during all time periods in 2008, 2009 and 2010, respectively. See &#147;Operating and
Financial Review and Prospects &#151; Results of Operations &#151; Total Segment Results &#151; Television
Broadcasting&#148;.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>DTH. </I></B>We believe that Ku-band DTH satellite services offer an enhanced opportunity for
expansion of pay television services into cable households seeking to upgrade reception of our
broadcasting and in areas not currently serviced by operators of cable or multi-channel,
multi-point distribution services. We own a 58.7% interest in Innova, or Sky, our venture with
DIRECTV. Innova is a DTH company with services in Mexico, Central America and the Dominican
Republic with approximately 3.04&nbsp;million subscribers, of which 149,899 were commercial subscribers
as of December&nbsp;31, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Intelsat, our primary satellite service provider, has reported that its satellite IS-9 is
estimated to have its end of life reduced to October&nbsp;2012, and that it anticipates a replacement
satellite, IS-21, to start service in the third quarter of 2012.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In December&nbsp;2007, Sky and Sky Brasil reached an agreement with Intelsat Corporation and
Intelsat LLC to build and launch a new 24-transponder satellite, IS-16, for which service will be
dedicated to Sky and Sky Brasil over the satellite&#146;s estimated 15-year life. The satellite will
provide back-up for both platforms, and will also double Sky&#146;s current capacity. Sky plans to use
this extra capacity for High Definition, or HD, and other value-added services. The satellite was
manufactured by Orbital Sciences Corporation and was launched in the first quarter of 2010. For a
description of our satellites, see &#147;&#151; Property, Plant and Equipment &#151; Satellites&#148;.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>offering high quality programming, including rights to our four over-the-air broadcast channels,
exclusive broadcasts of sporting events, such as the World Cup, selected matches of the Mexican
Soccer League and the Spanish Soccer League, including La Liga and La Copa del Rey, the NFL Sunday
Ticket, NBA Pass, MLB Extra Innings, the NHL, WTA, bullfighting from Spain, world equestrian
games, marathons, diamond league, XFL, Carling Cup and Rolex World Cup Jumping;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>capitalizing on our relationship with DIRECTV and local operators in terms of technology,
distribution networks, infrastructure and cross-promotional opportunities;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>capitalizing on the low penetration of pay-TV services in Mexico;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>expanding our DTH services in Central America and the Caribbean;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>providing superior digital Ku-band DTH satellite services and emphasizing customer service quality;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>providing competitive HD experience and expanding our programming offer; and</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>continuing to leverage our strengths and capabilities to develop new business opportunities and
expand through acquisitions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Pay Television Networks. </I></B>Through our 16 pay-TV brands and 30 national and international feeds,
we reached more than 26&nbsp;million subscribers throughout Latin America, the United States, Canada,
Europe and Asia Pacific in 2010. Our pay-TV channels include, among others, three music, four
movie, seven variety and entertainment channels, one 24-hour news channel, Foro TV, and one sports
channel, Televisa Deportes Network, or TDN, which offers 24-hour-a-day programming 365&nbsp;days a year.
TDN features more than eight hours a day of proprietary content, including editorial content, story
coverage, commentary and transmission of national and international soccer tournaments, basketball,
golf, volleyball, wrestling, boxing and extreme sports. The content is available in standard
definition and includes the exclusive transmission and retransmission of certain matches of the
Mexican first division soccer tournament, as well as additional matches broadcast simultaneously;
the Spanish soccer cup, including exclusive transmission of two matches per week; Noticiero
Televisa Deportes; the 2010 soccer World Cup; the UFC Ultimate Fighting Championship; and much
more. This pay-TV sports channel resulted from a licensing agreement that Televisa has entered into
with Barra Deportiva, S.A. de C.V., the new independent producer formed from the association of
Televisa and Deportes y Medios Panamericana, S.A. de C.V. owned by Estadio W. We hold a 49% full
voting stake in Barra Deportiva, S.A. de C.V. In addition to our investment in BMP in December
2010, we sold to Univision our entire interest in TuTv, LLC, or TuTv, our former venture with
Univision through which we distributed pay-TV channels within the United States, which represented
50% of TuTv&#146;s capital stock, for an aggregate cash amount of U.S.$55&nbsp;million. See &#147;&#151; Univision&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Cable. </I></B>We are a shareholder in two Mexican cable companies, Cablevisi&#243;n and TVI, and we have
recently merged Cablem&#225;s into the Company. With a subscriber base of over 668,985 cable television,
or video subscribers (all of which were digital subscribers), as of
December&nbsp;31, 2010 and over 2.21
million homes passed as of December&nbsp;31, 2010, Cablevisi&#243;n, the Mexico City cable system in which we
own a 51% interest, is one of the most important cable television operators in Mexico.
Cablevisi&#243;n&#146;s strategy aims to increase its subscriber base, average monthly revenues per
subscriber and penetration rate by:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>continuing to offer high quality programming;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>continuing to upgrade its existing cable network into a broadband bidirectional network;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>maintaining its 100% digital service in order to stimulate new subscriptions,
substantially reduce piracy and offer new value-added services;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increasing the penetration of its high-speed and bidirectional internet access and
other multimedia services as well as providing a platform to offer internet protocol,
or IP, and telephony services;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>continuing the roll out of advanced digital set-top boxes which allow the transmission
of high definition programming and recording capability; and</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>continuing to leverage our strengths and capabilities to develop new business
opportunities and expand through acquisitions.</TD>
</TR>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Cablevisi&#243;n has introduced a variety of new multimedia communications services over the past
few years, such as interactive television and other enhanced program services, including high-speed
internet access through cable modem as well as IP telephony. As of December&nbsp;31, 2010, Cablevisi&#243;n
had 299,157 cable modem, or broadband subscribers compared to 250,550 at December&nbsp;31, 2009. The
growth we have experienced in Cablevisi&#243;n has been driven primarily by the conversion of our system
from analog to digital format. Accordingly, Cablevisi&#243;n has concluded its plan to switch its analog
subscriber base to the
digital service. In addition, Cablevisi&#243;n introduced video on demand, or VOD, services and, in
May&nbsp;2007, received governmental approval to introduce telephony services. In July&nbsp;2007, Cablevisi&#243;n
began to offer IP telephony services in certain areas of Mexico City, and as of December&nbsp;31, 2010,
it had 190,441 IP telephone lines in service, or voice subscribers. As of December&nbsp;31, 2010,
Cablevisi&#243;n offers the service in every area in which its network is bidirectional.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Cablem&#225;s operates in 49 cities. As of December&nbsp;31, 2010, the Cablem&#225;s cable network served
997,239 cable television, or video subscribers, 360,049 high-speed internet, or broadband
subscribers and 205,180 IP-telephony lines, or voice subscribers, with approximately 2.89&nbsp;million
homes passed. In May&nbsp;2008, we converted all of our convertible long-term notes into 99.99% of the
capital stock of Alvafig, the holding company of a 49% interest in the voting stock of Cablem&#225;s.
The conversion was authorized by the Mexican Antitrust Commission subject to compliance with
certain conditions. The initial two conditions that have already been met, and that going forward
must be complied with on a continuous basis, are: (1)&nbsp;to make available, subject to certain
conditions, our over-the-air channels to pay-TV operators on non-discriminatory terms (&#147;must
offer&#148;) and (2)&nbsp;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 (&#147;must carry&#148;). There are other conditions
that have been met as confirmed by the
Mexican Antitrust Commission, including the termination of the Stockholder Trust which took place
on June&nbsp;17, 2009.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On April 1, 2011, we announced an agreement reached with the minority stockholder of
Cablem&#225;s to obtain the 41.7% equity interest in Cablem&#225;s that we did not own. The acquisition
of that equity stake resulted from a series of capital distributions, the capitalization of certain
debt and receivables, and the subsequent merger of Cablem&#225;s into the Company in exchange for
24.8 million CPOs which were issued in connection with that transaction. The execution of the
merger agreement between Cablem&#225;s and the Company was authorized at our stockholders&#146;
meeting held on April 29, 2011, and regulatory approvals for the
merger were obtained on February&nbsp;24, 2011 and June 17, 2011.

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In March&nbsp;2006, our wholly-owned subsidiary, Corporativo Vasco de Quiroga, S.A. de C.V., or
CVQ, acquired a 50% interest in TVI. TVI is a telecommunications company offering pay-TV, data and
voice services in the metropolitan area of Monterrey and other areas in northern Mexico. As of
December&nbsp;31, 2010, TVI had 1.40 million homes passed, served more than 301,698 cable television, or
video subscribers, 147,268 high-speed internet, or broadband subscribers and 106,129 telephone
lines, or voice subscribers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">CVQ notified the Mexican Antitrust Commission of its intent to acquire a 50% interest in TVI,
and after appealing the decision of such authority at the first stage of the process, in February
2007, the Mexican Antitrust Commission authorized the intended acquisition, subject to compliance
with certain conditions related to our ability to determine the rates we charge for our services
and products, and the manner in which we provide these services and products. We believe that as of
this date, CVQ has complied on a regular basis with all of such conditions. See &#147;Key Information &#151;
Risk Factors &#151; Risk Factors Related to Mexico &#151; Mexican Antitrust Laws May Limit Our Ability to
Expand Through Acquisitions or Joint Ventures&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The
cable market in Mexico continues to consolidate. We have and will continue to be
interested in making further investments and/or acquisitions,
directly or indirectly of assets that will complement our
telecommunications strategy, either through debt or equity instruments.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">With a total approximate circulation of 138&nbsp;million magazines during 2010, 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 165 titles; 104 are wholly-owned and produced in-house and the 61 remaining
titles are licensed from world renowned publishing houses, including Spanish language editions of
some of the most prestigious brands in the world. Editorial Televisa distributes its titles to
approximately 20 countries, including Mexico, the United States and countries throughout Latin
America.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We believe that Editorial Televisa leads at least 18 of the 20 markets in which we compete in
terms of readership.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Increasing Our International Programming Sales Worldwide and Strengthening Our Position in the
Growing U.S.-Hispanic Market</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We license our programs to television broadcasters and pay-TV providers in the United States,
Latin America, Asia, Europe and Africa. Excluding the United States, in 2010, we licensed 74,209
hours of programming in approximately 58 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: 10pt; text-indent: 4%">In November&nbsp;2005, the government of Spain granted a concession for a nationwide free-to-air
analog television channel and two nationwide free-to-air digital television channels to La Sexta, a
consortium that includes Televisa, which holds a 40.7680% equity interest therein; Grupo Globomedia
and the Mediapro Group, which control a 51.978% equity interest, indirectly, through their interest
in GAMP Audiovisual, S.A., or GAMP; and since November&nbsp;2006, Gala Desarrollos Comerciales, S.L. or
Gala, which holds a 7.254% equity interest which it acquired from GAMP. La Sexta began broadcasting
in March&nbsp;2006. Through our investment in La Sexta, we believe we are able to capitalize on the size
of Spain&#146;s advertising market, as well as the potential synergies between the country&#146;s
entertainment market and our current markets. For a description of our arrangements with La Sexta,
see &#147;&#151; Investments &#151; La Sexta&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The U.S.-Hispanic population, estimated to be 50.5&nbsp;million, or approximately 16% of the U.S.
population, according to U.S. Census estimates published in March&nbsp;2011, is currently one of the
fastest growing segments in the U.S. population, with the growth among Hispanics responsible for
over half of the U.S. population gains between 2000 and 2010. The U.S. Census Bureau projects that
the Hispanic population will be approximately 21% of the U.S. population by the year 2025.
Hispanics are expected to account for U.S.$1.5 trillion of U.S. consumer spending, or 10.5% of the
U.S. total disposable income, by 2015, outpacing the expected growth in total U.S. consumer
expenditures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We intend to leverage our unique and exclusive content, media assets and long-term
associations with others to benefit from the growing demand for entertainment among the
U.S.-Hispanic population.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We supply television programming for the U.S.-Hispanic market through Univision, the leading
Spanish-language media company in the United States. In exchange for this programming, during 2008,
2009 and 2010, Univision paid us U.S.$146.5&nbsp;million, U.S.$143.0&nbsp;million and U.S.$156.1&nbsp;million,
respectively, in royalties. In December&nbsp;2010, we completed a net cash investment of U.S.$1.2
billion in Univision and certain other transactions related to that investment and to the Program
License Agreement, or PLA, between Televisa Internacional, S.A. de C.V. and Univision. For a
description of our arrangements with Univision, see &#147;&#151; Univision&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Until December&nbsp;2010, we maintained a joint venture, TuTv, with Univision through which we
operated and distributed a suite of Spanish-language television channels for digital cable and
satellite delivery in the United States. In addition to our investment in BMP in December&nbsp;2010, we
sold to Univision our entire interest in TuTv, our former venture with Univision, which represented
50% of TuTv&#146;s capital stock, for an aggregate cash amount of U.S.$55&nbsp;million. See &#147;&#151; Univision&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Developing New Businesses and Expanding through Acquisitions</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We plan to continue growing our gaming business which consists of bingo and sports books
halls, and a national lottery. As of December&nbsp;31, 2010, we had 23 bingo and sports books halls in
operation, under the brand name &#147;Play City&#148;. In accordance with our permit, we plan to continue
opening bingo and sports books halls over the course of the next three years. In addition, during
2007 we launched Multijuegos, an online lottery with access to a nationwide network of
approximately 4,700 electronic terminals. The bingo and sports books halls and Multijuegos are
operated under the Gaming Permit obtained from the 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: 10pt; text-indent: 4%">On August&nbsp;30, 2009, we entered into a strategic alliance agreement with Genomma Lab
Internacional, S.A.B. de C.V., or Genomma Lab, to sell and distribute personal care and over the
counter pharmaceuticals in the United States and Puerto Rico. The strategic alliance operates
through Televisa Consumer Products USA, or TCP, a company owned 51% by Televisa and 49% by Genomma
Lab. The sale and distribution of Genomma Lab&#146;s products is an integral part of the activities of
TCP. As part of this alliance, on October&nbsp;8, 2009, TCP entered into, among others, a commercial
supply agreement with Genomma Lab. We make available our different media platforms in the United
States and Puerto Rico to TCP, which provides Genomma Lab&#146;s brands with significant advertising in
the targeted markets corresponding to Genomma Lab&#146;s business model. This will enable Genomma Lab to
expand the extensive success of its brands beyond Mexico and Latin America by accessing a Hispanic
market of approximately 50&nbsp;million consumers with an estimated purchasing power of over $870
billion annually while leveraging Televisa&#146;s reach and name recognition in the Hispanic market. The
transaction closed on October&nbsp;8, 2009 and we launched operations in March&nbsp;2010. During 2010, TCP
sold and distributed Genomma Lab&#146;s products such as over-the-counter, pharmaceutical and cosmetic
products, and certain commemorative coins of Mexico&#146;s 200&nbsp;years as an independent nation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On February&nbsp;15, 2010, we entered into an Investment and Securities Subscription Agreement, or
Investment Agreement, with NII pursuant to which we agreed to invest U.S.$1.44&nbsp;billion in cash for
a 30% equity interest in Comunicaciones Nextel de Mexico, S.A. de C.V., or Nextel Mexico. Our
investment and other transactions contemplated by the Investment Agreement were conditioned upon
the consortium formed by Nextel Mexico and the Group being awarded licenses to use specified
amounts of spectrum in the spectrum auctions held in Mexico during 2010, and other customary
closing conditions. In October&nbsp;2010, we and NII announced that we had mutually agreed to terminate
the Investment Agreement and other related agreements.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On March&nbsp;18, 2010, Grupo de Telecomunicaciones Mexicanas, S.A. de C.V., or Telef&#243;nica, Editora
Factum, S.A. de C.V., a wholly-owned subsidiary of the Company, and Mega Cable, S.A. de C.V., or
Megacable, agreed to jointly participate, through a consortium, in the public bid for a pair of
dark fiber wires held by the Mexican Federal Electricity Commission, or CFE (<I>Comisi&#243;n Federal de
Electricidad</I>). On June&nbsp;9, 2010, the SCT granted the consortium a favorable award in the bidding
process for a 20&nbsp;year contract for the lease of approximately 19,457 kilometers of dark fiber-optic
capacity, along with a corresponding concession, granted on July&nbsp;5, 2010, to operate a public
telecommunications network using dense wavelength division multiplexing, or DWDM, technology. The
consortium, through GTAC, in which each of Telef&#243;nica, Editora Factum and Megacable has an equal
equity participation, paid Ps.883.8&nbsp;million as consideration for the concession. GTAC plans to have
the network ready to offer commercial services around the end of 2011. The total investment in GTAC
made by the consortium in
2010 was Ps.1.3&nbsp;billion and there will be further investments in 2011, in an approximate
amount of Ps.700&nbsp;million. This new fiber optic network will represent for us a new alternative to
access data transportation services, increasing competition in the Mexican telecommunications
market and therefore improving the quality of the services offered. The fiber optic network will
aim to increase broadband internet access for businesses as well as households in Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On April&nbsp;7, 2011, we entered into a transaction pursuant to which CVQ, our wholly-owned
subsidiary, acquired (i)&nbsp;the trust beneficiary rights to 1.093875% of the outstanding shares of
GSF, which indirectly owns 100% of the outstanding shares of Iusacell for an aggregate purchase
price of approximately U.S.$37.5&nbsp;million; and (ii)&nbsp;Unsecured Convertible Debentures 2010 issued
by GSF, or the GSF convertible debentures, which are mandatorily convertible into shares of
stock of GSF, in an aggregate principal amount of approximately U.S.$365&nbsp;million of the Series&nbsp;1
tranche thereof and U.S.$1,200&nbsp;million of the Series&nbsp;2 tranche thereof, for an aggregate
investment in the GSF convertible debentures of approximately U.S.$1,565&nbsp;million. The trust
beneficiary rights and the Series&nbsp;1 Debentures were paid in cash on April&nbsp;7, 2011. The Series&nbsp;2
Debentures are payable in cash by us no later than October&nbsp;31, 2011 (in a single up-front
installment or in multiple installments). As of June&nbsp;28, 2011,
U.S.$600.0 million of the amount
payable in respect of the Series&nbsp;2 Debentures had been paid, and U.S.$600.0 million remains to be
paid no later than October&nbsp;31, 2011. The trust beneficiary rights and the GSF convertible
debentures were transferred to CVQ by M&#233;xico Media Investments S.L., or MMI, a
single-stockholder corporation (sociedad unipersonal) organized in Spain.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We also agreed to make an additional payment of U.S.$400&nbsp;million to Iusacell if cumulative
earnings before interest, taxes, depreciation and amortization, or EBITDA, of Iusacell reaches
U.S.$3,472&nbsp;million any time from January&nbsp;1, 2011 and up to December&nbsp;31, 2015. Upon conversion of
the GSF convertible debentures, CVQ will own 50% of the outstanding shares of stock of GSF and,
indirectly, 50% of the outstanding shares of Iusacell, and we and Grupo Salinas Telecom, S.A. de
C.V., or GSTelecom, the beneficial owner of the remaining 50% of the GSF stock, will have equal
corporate governance rights. The mandatory conversion of the GSF convertible debentures is only
subject to the approval of the Mexican Antitrust Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Iusacell is a provider of telecommunications services primarily engaged in the provision of
mobile services throughout Mexico. As of December&nbsp;5, 2010, Iusacell had just over 3.95&nbsp;million
mobile wireless subscribers. In addition, Iusacell holds and operates concessions for the 800
MHz band, which allow it to provide wireless cellular services in five adjacent regions in
Central and Southern Mexico, and for the 1900 MHz band, which allow it to provide PCS wireless
services nationwide. Iusacell also provides other telecommunications services, such as
fixed-line telephony, broadband services and links leasing to corporate customers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Iusacell offers mobile telephony services using the CDMA technology, which is the highest
capacity digital technology available for the 800 MHz and 1900 MHz frequency bands. In 2007 and
2008, Iusacell upgraded its network in certain regions through the implementation of the EVDO-3G
Rev A technology, which enables users to transfer data signals at high speeds of up to 3.1
megabits per second. In addition to its basic wireless mobile services, Iusacell also offers a
broad range of other telecommunications services, including long distance telephony, wireless
local telephony, and data transmission. In 2010, Iusacell completed the installation of a
GSM/HSDPA&#043; network, which enables it to provide mobile telephony and high-speed data
transmission services in Mexico&#146;s nine cellular/PCS regions. As a result, Iusacell became the
only mobile provider in Mexico to operate both CDMA2000 and GSM/HSPA&#043; technology networks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Within its primary line of business, which is the provision of mobile telephony services,
Iusacell competes with other cellular telephony and personal communication service providers in
each of the markets in which it operates. Iusacell competes nationwide with Radiom&#243;vil Dipsa,
S.A. de C.V., a subsidiary of Am&#233;rica M&#243;vil, S.A.B. de C.V., which operates under the brand name
&#147;Telcel&#148;. Telcel holds spectrum concessions and provides services throughout Mexico, and is the
largest wireless operator in the country. Iusacell also competes nationwide with Telef&#243;nica
M&#243;viles de M&#233;xico, S.A. de C.V., which is the second largest wireless operator in Mexico and
offers wireless services under the brand name &#147;Movistar&#148;, and with Comunicaciones Nextel de
Mexico, S.A. de C.V., which offers wireless services under the &#147;Nextel&#148; brand name.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We plan to continue leveraging our strengths and capabilities to develop new business
opportunities and expand through acquisitions in Mexico, the United States and elsewhere. Any
such acquisition or investment could be funded using cash on hand,
our equity securities and/or
the incurrence of debt, and could be substantial in size. We are constantly seeking
investment opportunities that complement our telecommunications strategy. We may identify and
evaluate opportunities for strategic acquisitions of complementary businesses, technologies or
companies. We may also consider joint ventures and other collaborative projects and investments.
</DIV>

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


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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>General. </I></B>There are ten television stations operating in Mexico City and approximately 468
other television stations elsewhere in Mexico. Most of the stations outside of Mexico City
retransmit programming originating from the Mexico City stations. We own and operate four of the
ten television stations in Mexico City, Channels 2, 4, 5 and 9. These stations are affiliated with
220 repeater stations and 33 local stations outside of Mexico City. See &#147;&#151; Television
Broadcasting&#148;. We also own an English-language television station in Mexico on the California
border. Our major competitor, TV Azteca, owns and operates Channels 7 and 13 in Mexico City, which
we believe are affiliated with 84 and 92 stations, respectively, outside of Mexico City. Televisora
del Valle de Mexico, S.A. de C.V., or Televisora del Valle de Mexico, owns the concession for CNI
Channel 40, a UHF channel that broadcasts throughout the Mexico City metropolitan area. The Mexican
government currently operates two stations in Mexico City, Channel 11, which has 18 repeater
stations, and Channel 22. There are three local television stations affiliated with Channel 28,
outside of Mexico City. There are also 17 independent stations outside of Mexico City which are
unaffiliated with any other stations. See &#147;&#151; Television Broadcasting&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We estimate that approximately 23.5&nbsp;million Mexican households have television sets,
representing approximately 91.2% of the total households in Mexico as of December&nbsp;31, 2010. We
believe that approximately 97.5% of all households in Mexico City and the surrounding area have
television sets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Ratings and Audience Share. </I></B>All television ratings and audience share information included in
this annual report relate to data supplied by IBOPE AGB Mexico, a privately owned market research
firm based in Mexico City. IBOPE AGB Mexico is one of the 15 global branch offices of IBOPE. IBOPE
AGB Mexico conducts operations in Mexico City, Guadalajara, Monterrey and 25 other Mexican cities
with a population over 500,000, and the survey data provided in this annual report covers data
collected from national surveys. IBOPE AGB Mexico reports that its television surveys have a margin
of error of plus or minus 5%.
</DIV>

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Programming We Produce. </I></B>We produce a significant part of the Spanish-language television
programming in the world. In 2008, 2009 and 2010, we produced approximately 72,900 hours, 71,300,
and 74,900 hours, respectively, of programming for broadcast on our network stations and through
our cable operations and DTH satellite ventures, including programming produced by our local
stations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We produce a variety of programs, including telenovelas, newscasts, situation comedies, game
shows, reality shows, children&#146;s programs, comedy and variety programs, musical and cultural
events, movies and educational programming. Our telenovelas are broadcast either dubbed or
subtitled in a variety of languages throughout the world.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our programming also includes broadcasts of special events and sports events in
Mexico promoted by us and others. Among the sports events that we broadcast are
 soccer games and professional wrestling matches. See &#147;&#151; Other Businesses &#151; Sports
 and Show Business Promotions&#148;. In 2008, we broadcast the 2008 Olympic Games held
in Beijing, China, and the 2008 FIFA Beach Soccer World Cup. In 2009, we broadcast
the 2009 Confederations Cup, the 2009 FIFA Beach Soccer World Cup, the 2009
 CONCACAF Gold Cup, the 2009 FIFA Under-17 World Cup and the 2009 FIFA
Under-20 World Cup. In 2010, we broadcast the UEFA Champions League, the 2010
FIFA World Cup South Africa, the 2010 FIFA Under-17 Women World Cup, the 2010
FIFA Under-20 Women World Cup and the 2010 UEFA Super Cup. We acquired the
rights to broadcast the 2014 FIFA World Cup Brasil for the territory of Mexico and the
rights to broadcast the 2018 FIFA World Cup Russia and the 2022 FIFA World Cup Qatar for Mexico and other territories in Latin America.



</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our programming is produced primarily at our 30 studios in Mexico City. We also operate 18
fully equipped remote control units. Some of our local television stations also produce their own
programming. These local stations operate 43 studios and 35 fully equipped remote control units.
See &#147;&#151; Television Broadcasting &#151; Local Affiliates&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Foreign-Produced Programming. </I></B>We license and broadcast television programs produced by third
parties outside Mexico. Most of this foreign programming is from the United States and includes
television series, movies and sports events, including coverage of Major League Baseball games and
National Football League games. Foreign-produced programming represented approximately 45%, 44%,
and 37% of the programming broadcast on our four television networks in 2008, 2009 and 2010,
respectively. A substantial majority of the foreign-produced programming aired on our networks was
dubbed into Spanish and was aired on Channels 4 and 5, with the remainder aired on Channel 9.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Talent Promotion. </I></B>We operate Centro de Educaci&#243;n Art&#237;stica, a school in Mexico City, to
develop and train actors and technicians. We provide instruction free of charge, and a substantial
number of the actors appearing on our programs have attended the school. We also promote writers
and directors through a writers&#146; school as well as various contests and scholarships.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We operate four television networks that can be viewed throughout Mexico on our affiliated
television stations through Channels 2, 4, 5 and 9 in Mexico City. The following table indicates
the total number of operating television stations in Mexico affiliated with each of our four
networks, as well as the total number of local affiliates, as of December&nbsp;31, 2010.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Wholly</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Owned</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Mexico City</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Wholly</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Majority</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Minority</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Anchor</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Owned</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Owned</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Owned</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Independent</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Stations</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Affiliates</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Affiliates</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Affiliates</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Affiliates</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Stations</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Channel 2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Channel 4</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Channel 5</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Channel 9</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Subtotal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">224</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Border Stations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Local (Stations) Affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">219</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">258</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The programs shown on our networks are among the most watched television programs in
Mexico. Based on IBOPE AGB Mexico surveys during 2008, 2009 and 2010, our networks aired 137, 136,
and 134, respectively, of the 200 most watched television programs throughout Mexico and produced
17, 16, and 17, respectively, of the 25 most watched television programs in Mexico. Most of the
remaining top 25 programs in those periods were soccer games and special feature films that were
not aired on our networks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following charts compare the average audience share and average ratings during prime time
hours, weekday prime time hours and from sign-on to sign-off hours, of our television networks as
measured by the national audience, from January&nbsp;2008 through December&nbsp;2010, shown on a bimonthly
basis.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Average Audience Share<BR>
January&nbsp;2008 &#151; December&nbsp;2010(1)</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c19172c1917201.gif" alt="(BAR GRAPH)">
</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>Source: IBOPE AGB Mexico.</TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">






<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Average Ratings<BR>
January&nbsp;2008 &#151; December&nbsp;2010(1)</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c19172c1917202.gif" alt="(BAR GRAPH)">
</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>Source: IBOPE AGB Mexico.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Channel 2 Network. </I></B>Channel 2, which is known as &#147;<I>El Canal de las Estrellas</I>&#148;, or &#147;The Channel
of the Stars&#148;, together with its affiliated stations, is the leading television network in Mexico
and the leading Spanish-language television network in the world, as measured by the size of the
audience capable of receiving its signal. Channel 2&#146;s programming is broadcast 24 hours a day,
seven days a week, on 127 television stations located throughout Mexico. The affiliate stations
generally retransmit the programming and advertising transmitted to them by Channel 2 without
interruption. Such stations are referred to as &#147;repeater&#148; stations. We estimate that the Channel 2
Network reaches approximately 23.1&nbsp;million households, representing 98.5% of the households with
television sets in Mexico. The Channel 2 Network accounted for a majority of our national
television advertising sales in each of 2008, 2009 and 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">According to the <I>Pol&#237;tica Nacional para la Introducci&#243;n de los Servicios de Televisi&#243;n Digital
Terrestre </I>or the National Policy for the Introduction of Terrestrial Digital Television Services in
Mexico dictated by the SCT, in May&nbsp;2005, Mexico City&#146;s Channel 2 obtained a license to transmit DTV
services on Channel 48 as its second channel throughout the transition period from analog to
digital television, which is estimated to end by the year 2021. Also, 11 repeaters of the Channel 2
Network located outside of Mexico City and along the border with the United States have obtained
similar licenses. Since December&nbsp;2005, these DTV stations have been in place and fully operational.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table shows the average audience share of the Channel 2 Network during prime
time hours, weekday prime time hours and sign-on to sign-off hours for the periods indicated:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010(1)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Prime time hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">34.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">33.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">33.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weekday prime time hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">38.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">36.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">37.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sign-on to sign-off hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">32.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">31.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">30.8</TD>
    <TD nowrap>%</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>Source: IBOPE AGB Mexico.</TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">






<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Channel 2 Network targets the average Spanish-speaking family as its audience. Its
programs include soap operas (telenovelas), news, entertainment, comedy and variety programs,
movies, game shows, reality shows and sports. The telenovelas make up the bulk of the prime time
lineup and consist of romantic dramas that unfold over the course of 120 to 200 half-hour episodes.
Substantially all of Channel 2&#146;s programming is aired on a first-run basis and virtually all of it,
other than Spanish-language movies, is produced by us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Channel 5 Network. </I></B>In addition to its anchor station, Channel 5 is affiliated with 66 repeater
stations located throughout Mexico. We estimate that the Channel 5 Network reaches approximately
21.5&nbsp;million households, representing approximately 91.7% of households with television sets in
Mexico. We believe that Channel 5 offers the best option to reach the 18-34&nbsp;year old demographic,
and we have extended its reach into this key group by offering new content.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">According to the National Policy for the Introduction of Terrestrial Digital Television
Services in Mexico dictated by the SCT, in September&nbsp;2005, Mexico City&#146;s Channel 5 obtained a
license to transmit DTV services in Channel 50 as its second channel during the transition period
estimated to end by the year 2021. Also, seven repeaters of the Channel 5 Network have obtained a
similar license. Since December&nbsp;2005, these DTV stations have been in place and fully operational.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table shows the average audience share of the Channel 5 Network during prime
time hours, weekday prime time hours and sign-on to sign-off hours during the periods indicated:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010(1)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Prime time hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">18.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">18.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">16.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weekday prime time hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">16.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">17.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">13.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sign-on to sign-off hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">19.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">20.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">19.4</TD>
    <TD nowrap>%</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>Source: IBOPE AGB Mexico.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We believe that Channel 5 has positioned itself as the most innovative television channel in
Mexico with a combination of reality shows, sitcoms, dramas, movies, cartoons and other children&#146;s
programming. The majority of Channel 5&#146;s programs are produced outside of Mexico, primarily in the
United States. Most of these programs are produced in English. In 2010, we aired 29 of the 50
top-rated movies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Channel 4 Network. </I></B>Channel 4 broadcasts in the Mexico City metropolitan area and, according to
our estimates, reaches over 5.3&nbsp;million households, representing approximately 22.5% of television
households in Mexico in 2010. As described above, as part of our plan to attract medium-sized and
local Mexico City advertisers, we focused the reach of this network throughout Mexico and revised
the format of Channel 4 to create 4TV in an effort to target viewers in the Mexico City
metropolitan area. We currently sell local advertising time on 4TV to medium-sized and local
advertisers at rates comparable to those charged for advertising on local, non-television media,
such as radio, newspapers and billboards. However, by purchasing local advertising time on 4TV,
medium-sized and local advertisers are able to reach a wider audience than they would reach through
local, non-television media.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">According to the National Policy for the Introduction of Terrestrial Digital Television
Services in Mexico dictated by the SCT, in September&nbsp;2005, Mexico City&#146;s Channel 4 obtained a
license to transmit DTV services in Channel 49 as its second channel during the analog to digital
transition period estimated to end by the year 2021. Since December&nbsp;2005, this DTV station has been
fully operational.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table shows the average audience share of the Channel 4 Network during prime
time hours, weekday prime time hours and sign-on to sign-off hours during the periods indicated,
including audience share for local stations:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010(1)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Prime time hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weekday prime time hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sign-on to sign-off hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.0</TD>
    <TD nowrap>%</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>Source: IBOPE AGB Mexico.</TD>
</TR>

</TABLE>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /Folio -->
</DIV>





<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4TV targets young adults and stay-at-home parents. Its programs consist primarily of
news, comedy, sports, and entertainment shows produced by us, as well as a late night home shopping
program, foreign-produced series, mini-series and movies, which are dubbed or subtitled in Spanish.
4TV has succeeded in attracting a larger share of the Mexico City television audience by
broadcasting two local newscasts relating to the Mexico City metropolitan area.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Channel 9 Network. </I></B>In addition to its anchor station, Channel 9 is affiliated with 28 repeater
stations, approximately 38% of which are located in central Mexico. We estimate that Channel 9
reaches approximately 17.1&nbsp;million households, representing approximately 72.8% of households with
television sets in Mexico. Channel 9 broadcasts in 26 of the 27 cities other than Mexico City that
are covered by national surveys.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">According to the National Policy for the Introduction of Terrestrial Digital Television
Services in Mexico dictated by the SCT, in October&nbsp;2006, Mexico City&#146;s Channel 9 obtained a license
to transmit DTV services in Channel 44 as its second channel during the transition period estimated
to end by the year 2021. In addition, four repeaters of the Channel 9 Network have obtained a
similar license. Since January&nbsp;2007, this DTV station has been operational. Also, as disclosed
above, in April&nbsp;2008, we began broadcasting Telemundo&#146;s original programming on Channel 9.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table shows the average audience share of the Channel 9 Network during prime
time hours, weekday prime time hours and sign-on to sign-off hours during the periods indicated:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010(1)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Prime time hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weekday prime time hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sign-on to sign-off hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.3</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>





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

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

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Channel 9 Network targets families as its audience. Its programs principally consist of
movies, sports, sitcoms, game shows, telenovelas produced by third parties, news and re-runs of
popular programs from Channel 2. In April&nbsp;2008, we began broadcasting more than 1,000 hours per
year of Telemundo&#146;s original programming on Channel 9. See &#147;Business Strategy &#151; Maintaining Our
Leading Position in the Mexican Television Market &#151; Continuing to Produce High Quality
Programming&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Local Affiliates. </I></B>There are currently 33 local television stations affiliated with our
networks, of which 18 stations are wholly owned, one station is minority owned and 14 stations are
independent affiliated stations. These stations receive part of their programming from Channels 4
and 9. See &#147;&#151; Channel 4 Network&#148;. The remaining programs aired consist primarily of programs
licensed from our program library and locally produced programs. The locally produced programs
include news, game shows, musicals and other cultural programs and programs offering professional
advice. In 2008, 2009 and 2010, the local television stations owned by us produced 49,500 hours,
48,600 hours, and 48,900 hours, respectively, of programming. Each of the local affiliates
maintains its own sales department and sells advertising time during broadcasts of programs that it
produces and/or licenses. Generally, we pay the affiliate stations that we do not wholly own a
fixed percentage of advertising sales for network affiliation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">According to the National Policy for the Introduction of Terrestrial Digital Television
Services in Mexico dictated by the SCT, nine of the 18 local stations wholly owned and the
television station on the California border have obtained licenses to transmit DTV services in
their service area during the transition period estimated to end by year 2021. These ten DTV
stations are in place and fully operational.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Border Stations. </I></B>We currently own XETV, or the Border Station, a Tijuana based television
station which operates under a concession from the SCT from Mexico on the Mexico/U.S. border and
broadcasts English-language programs pursuant to a permit granted by The Ministry of the Interior,
which is renewed annually. The Border Station is affiliated with the Tijuana/San Diego market,
under an affiliation agreement with The CW Network LLC, or CW Network. CW Network was formed as a
joint venture between Warner Bros. Entertainment and CBS Corporation. The Border Station broadcasts
under renewable permits issued by the FCC to the station and to CW Network, which authorize
electronic cross-border programming transmissions. The Border Station is operated through a station
operating agreement with Bay City Television, a U.S. corporation indirectly owned by us. The Border
Station&#146;s FCC cross-border permit was renewed on June&nbsp;30, 2008 for a five-year term expiring on
June&nbsp;30, 2013. CW Network&#146;s cross-border FCC permit became effective on August&nbsp;8, 2008 for a
five-year term and will expire on August&nbsp;8, 2013.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Pay Television Networks. </I></B>We produce or license a suite of Spanish and English-language
television channels for pay-TV systems in Mexico, Latin America, the Caribbean, Asia, Europe, the
United States, Canada and Australia. These channels include programming such as general
entertainment, telenovelas, movies and music-related shows, interviews and videos. Some of the
programming included in these channels is produced by us while other programming is acquired
or commissioned from third parties. As of December&nbsp;2010, we had over 26&nbsp;million subscribers
worldwide.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In 2008, 2009 and 2010, we produced approximately 13,200 hours, 13,300 hours, and 15,700
hours, respectively, of programming and videos, for broadcast on our pay-TV channels. The names and
brands of our channels include: <I>Telehit</I>, <I>Ritmoson Latino</I>, <I>Bandamax</I>, <I>De Pel&#237;cula</I>, <I>De Pel&#237;cula
Cl&#225;sico</I>, <I>Unicable</I>, <I>Cinema Golden Choice 1 &#038; 2, Cinema Golden Choice Latinoam&#233;rica, Canal de
Telenovelas</I>, <I>American Network</I>, <I>Canal de las Estrellas Latinoam&#233;rica, Canal de las Estrellas Europa</I>,
<I>Canal 2 Delay-2hrs, Clasico TV</I>, <I>TDN </I>and <I>Foro TV</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">TuTv operates and distributes a suite of Spanish-language television channels in the United
States. See &#147;&#151; Univision&#148;. In addition to our investment in BMP in December&nbsp;2010, we sold to
Univision our entire interest in TuTv, our former venture with Univision, which represented 50% of
TuTv&#146;s capital stock, for an aggregate cash amount of U.S.$55&nbsp;million. See &#147;&#151; Univision&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Programming Exports. </I></B>We license our programs and our rights to programs produced by other
television broadcasters and pay-TV providers in the United States, Canada, Latin America, Asia,
Europe and Africa. We collect licensing fees based on the size of the market for which the license
is granted or on a percentage of the advertising sales generated from the programming. In addition
to the programming licensed to Univision, we licensed approximately 64,803 hours, 65,449 hours, and
74,209 hours of programming in 2008, 2009 and 2010, respectively. See &#147;&#151; Univision&#148; and &#147;Operating
and Financial Review and Prospects &#151; Results of Operations &#151; Total Segment Results &#151; Programming
Exports&#148;. As of December&nbsp;31, 2010, we had 232,233 half-hours of television programming in our
library available for licensing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Expansion of Programming Reach. </I></B>Our programs can be seen in the United States, Canada, Latin
America, Asia, Europe and Africa. We intend to continue to expand our sales of Spanish-language
programming internationally through pay-TV services.
</DIV>

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">With a total circulation of approximately 138&nbsp;million copies in 2010, we publish 165 titles
that are distributed in approximately 20 countries, including the United States, Mexico, Colombia,
Chile, Venezuela, Puerto Rico, Argentina, Ecuador, Peru and Panama, among others. See &#147;&#151; Other
Businesses &#151; Publishing Distribution&#148;. Our main publications in Mexico include a weekly
entertainment and telenovelas magazine, <I>TV y Novelas</I>, <I>Vanidades</I>, a popular bi-weekly magazine for
women; <I>Caras</I>, a monthly leading lifestyle and socialite magazine; <I>Eres</I>, a bi-weekly magazine for
teenagers; <I>Conozca M&#225;s</I>, a monthly science and culture magazine; and <I>Furia Musical</I>, a bi-weekly
musical magazine that promotes principally <I>Banda </I>and <I>Onda Grupera </I>music performers. Our other main
publications in Latin America and the United States include <I>Vanidades, TV y Novelas U.S.A. </I>and
<I>Caras.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We publish the Spanish-language edition of several magazines, including <I>Cosmopolitan</I>, <I>Good
Housekeeping</I>, <I>Harper&#146;s Bazaar, Seventeen</I>, and <I>Popular Mechanics </I>through a joint venture with Hearst
Communications, Inc.; <I>PC Magazine</I>, pursuant to a license agreement with Ziff-Davis Media, Inc.;
<I>Maxim</I>, pursuant to a license agreement with Alpha Media Group, Inc.; <I>Marie Claire</I>, pursuant to a
license agreement with Marie Claire Album; <I>Men&#146;s Health and Prevention, Women&#146;s Health, Runner&#146;s
World</I>, pursuant to a license agreement with Rodale Press, Inc.; <I>Sport Life </I>and <I>Autom&#243;vil
Panamericano</I>, as well as other special editions of popular automotive magazines, through a joint
venture with Motorpress Iberica, S.A.; <I>Muy Interesante </I>and <I>Padres e Hijos </I>pursuant to a joint
venture with GyJ Espa&#241;a Ediciones, S.L.C. en C.; and <I>Disney Princesas</I>, <I>Disney Winnie Pooh, Disney
Hadas, Power Rangers </I>and <I>Playhouse Disney</I>, pursuant to a license agreement with Disney Consumer
Products Latin America, Inc. We also publish a Spanish-language edition of <I>National Geographic</I>,
<I>National Geographic Traveler </I>and of <I>National Geographic Kids </I>in Latin America and in the United
States through a licensing agreement with National Geographic Society. In addition, we publish a
Spanish-language edition of <I>OK! </I>pursuant to a license agreement with Northern &#038; Shell Luxembourg
Branch as well as several comics pursuant to a license agreement with Marvel Characters, B.V.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During 2007, we acquired Editorial Atl&#225;ntida, a leading publishing company in Argentina.
Editorial Atl&#225;ntida publishes a total of 11 magazines and operates a book publishing business,
interactive websites, and numerous brand-extension projects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During 2009, we launched three new titles, Atr&#233;vete a So&#241;ar, a telenovela-themed licensed
magazine, <I>Poder y Negocios Venezuela </I>and <I>Poder y Negocios Per&#250;</I>, which are wholly owned business
titles.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Cablevisi&#243;n</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>The Cable Television Industry in Mexico. </I></B>Cable television offers multiple channels of
entertainment, news and informational programs to subscribers who pay a monthly fee. These fees are
based on the package of channels they receive. See &#147;&#151; Digital Cable
Television Services&#148;. According to the SCT and Cofetel, there were approximately 1,467 cable
concessions in Mexico as of December&nbsp;31, 2010, serving approximately 5.3&nbsp;million subscribers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Mexico City Cable System. </I></B>We own a 51% interest in Cablevisi&#243;n, one of the most important
cable television operators in Mexico, which provides cable television services to subscribers in
Mexico City and surrounding areas. As of December&nbsp;31, 2010, Cablevisi&#243;n had 668,985 cable
television, or video subscribers all of which were digital subscribers. On March&nbsp;27, 2009, the
shareholders of Cablevisi&#243;n approved the issuance of an additional 657,467,502 common shares and an
increase in its capital stock for an amount of Ps.328,733,751.00 for which Ps.3,371,266,237.00 was
paid as premium for the subscription of such capital increase. As of November 29, 2010 the shareholders of Cablevisi&#243;n approved the issuance of an additional 573,132,441 common shares and an increase in its capital stock for an amount of Ps.286,566,220.50 for which Ps.2,713,433,779.50 was paid as premium for the subscription of such capital increase. These capital increases
 did not change
our percentage ownership in Cablevisi&#243;n. CPOs, each representing two series A shares and one series
B share of Cablevisi&#243;n, are traded on the Mexican Stock Exchange under the ticker symbol &#147;CABLE&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Digital Cable Television Services. </I></B>Cablevisi&#243;n was the first multi-system operator in Mexico
to offer an on-screen interactive programming guide, video on demand, high definition channels as
well as Motorola and TiVo<SUP style="FONT-size: 85%; vertical-align: text-top">&#174;</SUP> DVR services throughout Mexico City. Along with
its digital cable service, Cablevisi&#243;n also offers high speed internet and a competitive digital
telephone service in a 100% bundled portfolio. Through its world class network, Cablevisi&#243;n is able
to distribute high quality video content, unique video services, last generation interactivity with
&#147;Cablevisi&#243;n On Demand&#148;, 1080i high definition, impulse and order pay-per-view, a-la-carte
programming, among other products and services, with added value features and premium solutions for
consumers. Cablevisi&#243;n&#146;s 100% digital cable service offers six main programming packages which as
of March&nbsp;31, 2011 ranged in price from Ps.189.00 to Ps.679.00 (VAT included), and included up to
290 linear channels: 215 video channels (including 10 over-the-air channels, Fox, ESPN, CNN
International, HBO, Disney Channel, TNT, and others), 56 audio channels and 21 pay-per-view
channels.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Video-on-Demand and Pay-Per-View Channels. </I></B>Cablevisi&#243;n currently offers its Video-On-Demand
platform as well as 21 pay-per-view cable television channels in each of its digital service
packages. The Video-On-Demand Service and the pay-per-view channels show films and special events
programs, including sports and musical events among other content.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Cablevisi&#243;n Television Revenues. </I></B>Cablevisi&#243;n&#146;s revenues are generated from subscriptions for
its cable services and from sales of advertising to local and national advertisers. Subscriber
revenues come from monthly service and rental fees and, to a lesser extent, one-time installation
fees. As of March&nbsp;31, 2011, its current monthly service fees range in price from Ps.189.00 to
Ps.679.00. See &#147;&#151; Digital Cable Television Services&#148;. The Mexican government does not currently
regulate the rates Cablevisi&#243;n charges for its basic and digital premium service packages, although
we cannot assure you that the Mexican government will not regulate Cablevisi&#243;n&#146;s rates in the
future. If the SCT were to determine that the size and nature of Cablevisi&#243;n&#146;s market presence was
significant enough so as to have an anti-competitive effect, then the SCT could regulate the rates
Cablevisi&#243;n charges for its various services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Cablevisi&#243;n Television Initiatives. </I></B>Cablevisi&#243;n plans to continue offering the following
multimedia communications services to its subscribers:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enhanced programming services, including video games, video on demand, high definition, impulse pay per view;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Broadband internet services; and</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IP telephony services.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In May&nbsp;2007, Cablevisi&#243;n received a concession to offer fixed telephony services through its
network. In July&nbsp;2007, Cablevisi&#243;n began to offer IP telephony services in certain areas of Mexico
City and by the end of 2010 offered the service in every area in which its network is
bidirectional, which represents 90.3% of its total network.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->36<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In order to provide these multimedia communications services, Cablevisi&#243;n requires a cable
network with bi-directional capability operating at a speed of at least 750 MHz and a digital
set-top box. In order to provide these new services, Cablevisi&#243;n is in the process of upgrading its
existing cable network. Cablevisi&#243;n&#146;s cable network currently consists of more than 17,100
kilometers with over 2.2&nbsp;million homes passed. In 2010, Cablevisi&#243;n expanded its network by over
3,644 kilometers. As of December&nbsp;31, 2010, 8.98% of Cablevisi&#243;n&#146;s network runs at 450 MHz,
approximately 0.81% of Cablevisi&#243;n&#146;s network runs at 550 MHz, approximately 5.46% of Cablevisi&#243;n&#146;s
network runs at 750 MHz, approximately 22.5% runs at 870 MHz, approximately 62.34% of Cablevisi&#243;n&#146;s
network runs at 1 GHz, and approximately 90.34% of Cablevisi&#243;n&#146;s network has bidirectional
capability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Cablem&#225;s.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Cablem&#225;s Cable System. </I></B>Cablem&#225;s operates in 49 cities. As of December&nbsp;31, 2010, the Cablem&#225;s
cable network served   997,239 cable television, or video subscribers, 360,049 high-speed
internet, or broadband subscribers and 205,180 IP-telephony lines, or voice subscribers, with
approximately 2.89&nbsp;million homes passed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of December&nbsp;31, 2010, Cablem&#225;s&#146; cable network consisted of 17,302 kilometers of cable.
Cablem&#225;s is in the final stage of converting its existing cable network into a broadband
bidirectional network, operating from 550MHz to 860MHz with the ability to
transmit video, data and voice at high-speeds. Currently, 93% of Cablem&#225;s&#146; cable network has
bidirectional capability, of which 94.7% was operating at or greater than 550 MHz and 87% was
operating at or greater than 750 MHz.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Cablem&#225;s Revenues. </I></B>Cablem&#225;s has experienced strong organic growth due to successful
implementation of its business strategy, introduction of new products and services and wide
acceptance of its bundling offerings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Cablem&#225;s&#146; overall strategy is to increase its penetration levels in each of its markets,
through greater value-added services in pay TV, in its active participation in the consolidation of
the industry, and through the continued and successful roll-out of Triple-Play services. Cablem&#225;s
considers itself one of the fastest growing cable television companies in Mexico. Its installed
network and its access to subscribers&#146; homes provide opportunities to achieve sales of
inter-related services, including video, data (internet)&nbsp;and telephony, as demand for value-added
packages develops.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Cablem&#225;s&#146; investments to increase its networks&#146; bandwidth and make them bidirectional have
allowed it to provide additional products which have enhanced its product offerings. These include:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Digital signal, Video-on-Demand, and high-definition programming among others, for cable television;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Broadband internet services; and</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IP telephony services.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">These additional products have allowed Cablem&#225;s to increase the average revenue generated per
subscriber at no substantial incremental cost and at an economic advantage to consumers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Cablem&#225;s Services. </I></B>Since its beginning as a cable system concessionaire Cablem&#225;s has grown to
offer cable television services, high-speed internet access and telephony services. As of March
2011, Cablem&#225;s offers three types of video packages to its customers, which include: &#147;Minibasic&#148;
(U.S.$14), &#147;Basic&#148; (U.S.$27) and &#147;Premium&#148; (basic rate plus up to U.S.$25). Cablem&#225;s packages
include up to 80 video channels. In addition, Cablem&#225;s offers high speed internet services ranging
from 1.1 Mbps (U.S.$26) to 4 Mbps (U.S.$36) and telephony services, which are offered in 100 minute
packages (U.S.$14) up to 800 minute packages (U.S.$29).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>TVI. </I></B>In March&nbsp;2006, our subsidiary CVQ acquired a 50% interest in TVI, a telecommunications
company offering pay-TV, data and voice services in the metropolitan area of Monterrey and other
areas in northern Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As
of December&nbsp;31, 2010, TVI had 1.40 million homes passed, served more than 301,698 cable
television, or video subscribers, 147,268 high-speed internet, or broadband subscribers and 106,129
telephone lines, or voice subscribers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Bestel. </I></B>In December&nbsp;2007, our indirect majority-owned subsidiary, Cablestar, completed the
acquisition of shares of companies owning the majority of the assets of Letseb, S.A. de C.V. and
its subsidiaries and Bestel USA, Inc., collectively Bestel, a privately held, facilities-based
telecommunications company in Mexico, for U.S.$256.0&nbsp;million in cash plus an additional capital
contribution of U.S.$69.0&nbsp;million. In connection with the financing of the acquisition of the
majority of the assets of Bestel, Cablevisi&#243;n, Cablem&#225;s and TVI, which as of December&nbsp;2007, held
69.2%, 15.4% and 15.4% of the equity stock of Cablestar, respectively, each entered into five year
term loan facilities for U.S.$225.0&nbsp;million, U.S.$50.0&nbsp;million and U.S.$50.0&nbsp;million, respectively.
In June&nbsp;2009, the Company acquired TVI&#146;s indebtedness under the above mentioned term loan facility.
In July&nbsp;2009, the Company exchanged its loan balance in connection with such credit facility for
the 15.4% interest TVI held in Cablestar. In November&nbsp;2010 and March&nbsp;2011, Cablem&#225;s and Cablevisi&#243;n
prepaid in full the oustanding balance of the U.S.$50.0&nbsp;million and U.S.$225.0&nbsp;million term loan
facilities, respectively. Bestel focuses on providing voice, data, and managed services to domestic
and international carriers and to the enterprise, corporate, and government segments 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, Nogales, Arizona, and San Diego, California in the United States. This
enables the company to provide high capacity connectivity between the United States and Mexico.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Publishing
Distribution</I></B><B>. </B>We estimate that we distribute
approximately 45%, in terms of volume,
of the magazines circulated in Mexico through our subsidiary, Distribuidora Intermex, S.A. de C.V.,
or Intermex. We believe that our distribution network reaches over 300&nbsp;million Spanish-speaking
people in approximately 20 countries, including Mexico, Colombia, Chile, Argentina, Ecuador, Peru
and Panama. We also estimate that our distribution network reaches
over 30,000 points of sale in
Mexico and over 75,000 points of sale outside of Mexico. We also own publishing distribution
operations in six countries. Our publications are also sold in the United States, the Caribbean and
elsewhere through independent distributors. In 2008, 2009 and 2010, 63.9%, 62.2%, and 63.3%,
respectively, of the publications distributed by our company were published by our Publishing
division. In addition, our distribution network sells a number of publications published by joint
ventures and independent publishers, as well as DVD&#146;s, calling cards, sticker albums, novelties and
other consumer products.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Televisa Interactive Media. </I></B>TIM is the Company&#146;s online and wireless content division. This
venture includes Esmas, our Spanish-language horizontal internet portal; Esmas M&#243;vil, our mobile
value added service unit; and Tvolucion.com, our online video on demand streaming service. TIM
leverages the Company&#146;s and third party premium and extensive Spanish-language content, including
news, sports, business, music and entertainment, editorials, life and style, technology, health,
kids and an opinion survey channel, and offers a variety of services, including search engines,
chat forums, and news bulletins.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">With a wide range of content channels, online and mobile services, and more than 400&nbsp;million
page views per month and more than 27.8&nbsp;million monthly unique users in 2010, we believe that TIM
has positioned itself as one of the leading digital entertainment portals in Mexico and Hispanic
territories. Currently, 72% of TIM&#146;s page views come from Mexico and the rest comes from the U.S.
and Latin America.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In October&nbsp;2008, we entered into license agreements to distribute Telemundo&#146;s original content
through digital and wireless platforms in Mexico. As part of the agreements, Telemundo provides us
with original content, including its highly popular telenovelas currently broadcast on our Channel
9, on all of our digital platforms including Esmas.com. Moreover, Televisa also offers mobile wall
papers, ring tones and text messaging services based on Telemundo branded content to mobile phone
subscribers in Mexico through our mobile business unit Esmas M&#243;vil, the leading mobile premium
content cell phone provider in Mexico. The agreements complement and are part of the strategic
alliance to distribute Telemundo&#146;s original content in Mexico across multiple platforms, including
broadcast television, pay-TV and emerging digital platforms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Since April&nbsp;2004, Esmas.com has been offering premium content service to mobile phones while
leveraging the cell phone networks in Mexico, the U.S. and Latin America. In 2010, Esmas M&#243;vil sent
more than 18&nbsp;million premium messages to approximately 5&nbsp;million mobile subscribers. Most of the
content demanded by users consists of news and sports text alerts, interactive TV promotions,
lotteries, wallpapers games and music. We believe that due to the Mexican public&#146;s affinity for the
high quality and wide range of our programming content, TIM has become one of the leading premium
content mobile service providers in Mexico and in Latin America.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Sports and Show Business Promotions. </I></B>We actively promote a wide variety of sports events and
cultural, musical and other entertainment productions in Mexico. Most of these events and
productions are broadcast on our television stations, cable television system, radio stations and
DTH satellite services. See &#147;&#151; Television &#151; Programming&#148;, &#147;&#151; Cable and Telecom &#151; Digital Cable
Television Services&#148;, &#147;&#151; Cable and Telecom &#151; Pay-Per-View Channels&#148;, &#147;&#151; Radio Stations&#148;, and &#147;&#151;
DTH Ventures &#151; Mexico and Central America&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Soccer. </I></B>We have title to some of Mexico&#146;s professional soccer teams. These teams currently
play in the Mexican First Division and are among the most popular and successful teams in Mexico.
Each team plays two 17 game regular seasons per year. The best teams of each regular season engage
in post-season championship play.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We own the Azteca Stadium which has a seating capacity of approximately 105,000 people. Azteca
Stadium has hosted two World Cup Soccer Championships. In addition, <I>Am&#233;rica </I>and the Mexican
National Soccer team generally play their home games at this stadium. We have exclusive rights to
broadcast the home games of certain Mexican First Division soccer teams.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Promotions. </I></B>We promote a wide variety of concerts and other shows, including beauty pageants,
song festivals and nightclub shows of popular Mexican and international artists.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Feature Film Production and Distribution. </I></B>We produce first-run Spanish-language feature films,
some of which are among Mexico&#146;s top films based on box office receipts. We co-produced four
feature films in 2008, one in 2009, and none in 2010. We have previously established co-production
arrangements with Mexican film production companies, as well as with major international companies
such as Miravista, Warner Bros., Plural Entertainment and Lions Gate Films. We will continue to
consider entering into co-production arrangements with third parties in the future, although no
assurance can be given in this regard.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We distribute our films to Mexican movie theaters and later release them on video for
broadcast on cable and network television. In 2008 we released two feature films through movie
theaters, in 2009 we released <I>Cabeza de Buda</I>, one of our coproduced feature films, through movie
theaters, and in 2010 we did not release any feature films. We also distribute our feature films
outside of Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We distribute feature films produced by non-Mexican producers in Mexico. Under an agreement
with Warner Bros., we were the exclusive distributor in Mexico of their feature films from January
1, 1999, until December&nbsp;31, 2009. As of January&nbsp;1, 2010, Warner Bros decided to grant the
distribution rights of its films in Mexico to Universal Pictures. In 2008, 2009, 2010 and up to
April
2011 we distributed 43, 40, 19 and 7 feature films, respectively, including several U.S. box
office hits. We also distribute independently produced non-Mexican and Mexican films in Mexico, the
United States and Latin America.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">At December&nbsp;31, 2010, we owned or had rights to approximately 25 Spanish-language films and
110 movies on video titles. Many of these films and titles have been shown on our television
networks, cable system and DTH services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Gaming Business. </I></B>In 2006, we launched our gaming business which consists of bingo and sports
books halls, and a national lottery. As of December&nbsp;31, 2010, we had 23 bingo and sports books
halls in operation, under the brand name &#147;Play City&#148;. In accordance with our Gaming Permit, we plan
to continue opening bingo and sports books halls over the course of the next three years. In
addition, during 2007 we launched Multijuegos, an online lottery with access to a nationwide
network of approximately 4,700 electronic terminals. The bingo and sports books halls and
Multijuegos are operated under the Gaming Permit obtained from the 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: 10pt; text-indent: 4%"><B><I>Radio Stations. </I></B>Our radio business, Sistema Radi&#243;polis, S.A. de C.V., or Radi&#243;polis, is
operated under a joint venture with Grupo Prisa, S.A., a leading Spanish communications group.
Under this joint venture, we hold a controlling 50% full voting stake in this subsidiary and we
have the right to appoint the majority of the members of the joint venture&#146;s board of directors.
Except in the case of matters that require unanimous board and/or stockholder approval, such as
extraordinary corporate transactions, the removal of directors and the amendment of the joint
venture&#146;s organizational documents, among others, we control the outcome of most matters that
require board of directors and/or stockholder approval. We also have the right to appoint
Radi&#243;polis&#146; Chief Financial Officer. The election of Radi&#243;polis&#146; Chief Executive Officer requires a
unanimous vote from the joint venture&#146;s board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Radi&#243;polis owns and operates 17 radio stations in Mexico, including three AM and three FM
radio stations in Mexico City, five AM and two FM radio stations in Guadalajara, one AM station in
Monterrey, one FM radio station in Mexicali, one AM station in San Luis Potos&#237; and one AM station
in Veracruz. Some Radi&#243;polis stations transmit powerful signals which reach beyond the market areas
they serve. For example, XEW-AM and XEWA-AM transmit signals that under certain conditions may
reach the southern part of the United States. XEW-AM may also reach most of southern Mexico. In
June&nbsp;2004, Radi&#243;polis entered into an agreement with Radiorama, S.A. de C.V., or Radiorama, one of
Mexico&#146;s leading radio networks, which added 50 affiliate stations (27 AM, 17 FM and 6 combination
stations) to Radi&#243;polis&#146; existing network, expanding its total network, including owned and
operated and affiliate stations, to 117 stations (including 13 combination stations). After giving
effect to the transaction with Radiorama, we estimate that Radi&#243;polis&#146; radio stations reach 16
states in Mexico. Our programs aired through our radio stations network reach approximately 75
percent of Mexico&#146;s population. We plan to continue to explore ways to expand the reach of our
radio programming and advertising through affiliations with third parties and through acquisitions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">According to Investigadores Internacionales Asociados, S.C., or INRA, in 2008, 2009 and 2010,
XEW-AM ranked, on average, thirteenth, thirteenth, and thirteenth, respectively, among the 31
stations in the Mexico City metropolitan area AM market, XEQ-FM, ranked, on average, sixth,
seventh, and third, respectively, among the 28 stations in the Mexico City metropolitan area FM
market, and XEBA ranked, on average, second, second, and second, respectively, among 24 stations in
the Guadalajara City metropolitan FM market. INRA conducts daily door-to-door and automobiles
interviews in the Mexico City metropolitan area to determine radio listeners&#146; preferences. Outside
Mexico City, INRA conducts periodic surveys. We believe that no other independent surveys of this
nature are routinely conducted in Mexico.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our radio stations use various program formats, which target specific audiences and
advertisers, and cross-promote the talent, content and programming of many of our other businesses,
including television, sports and news. We produce some of Mexico&#146;s top-rated radio formats,
including W Radio (News-talk), Estadio W (Sports), Ke Buena (Mexican music), 40 Principales (Pop
music) and Besame Radio (Spanish ballads). W Radio, Ke Buena and 40 Principales formats are also
broadcast through the internet.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The successful exclusive radio broadcasting of the 2010 Soccer World Cup and 2008 Olympic
Games placed Radi&#243;polis among the highest rating sports-broadcasting radio stations in Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During the last five years, Radi&#243;polis has organized 20 massive live musical events with
leading artists in both musical formats, gathering a record attendance of approximately 130,000
people during the last two events, which were performed at the Zocalo and the Angel de la
Independencia, both in Mexico City. The events organized by Radi&#243;polis have become among the most
popular music-related events among the musical radio stations in Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We sell both national and local advertising on our radio stations. Our radio advertising sales
force sells advertising time primarily on a scatter basis. See &#147;&#151; Television &#151; Television
Broadcasting &#151; Advertising Sales Plan&#148;. In addition, we use some of our available radio
advertising time to satisfy our legal obligation to the Mexican government to provide up to 35
minutes per day of our broadcast time, between 6:00 a.m. and midnight for public service
announcements, and 30 minutes per day for official programming (referred to in this annual report
as &#147;Official Radio Broadcast Time&#148;).
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>OCEN. </I></B>We own a 40% stake in Ocesa Entretenimiento, S.A. de C.V., or OCEN, a subsidiary of CIE,
which owns all of the assets related to CIE&#146;s live entertainment business unit in Mexico. OCEN&#146;s
business includes the production and promotion of concerts, theatrical, family and cultural events,
as well as the operation of entertainment venues, the sale of entrance tickets (under an agreement
with Ticketmaster Corporation), food, beverages and merchandising, and the booking and management
of Latin artists. In June&nbsp;2010, OCEN sold its 51% interest in As Deporte, S.A. de C.V. (the
principal triathlon and athletic competition producer in Mexico, and promoter of other sporting
events in Mexico, such as the Ironman competition).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During 2008, 2009 and 2010, OCEN promoted more than 3,721, 4,497 and 3,891 events,
respectively, and managed 15 entertainment venues in Mexico City, Guadalajara and Monterrey,
providing an entertainment platform that established OCEN as a principal live entertainment company
in Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Additionally, during 2010, OCEN continued the promotion of shows in Central America and
Colombia, including a successful run of Cirque Du Soleil, Quidam in Bogot&#225;, looking to expand its
regional participation in live entertainment over new territories. An important component of OCEN&#146;s
business strategy for the last three years has been the increased on-line presence through the
internet site www.ocesa.com.mx, pursuing a reduction of marketing costs, better understanding of
the consumer and direct communication with OCEN&#146;s user base through social networks and digital
contents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Mutual Fund Venture. </I></B>On June&nbsp;22, 2010, we sold our 40.84% interest in M&#225;s Fondos to Profie
Mexicana, S.A. de C.V., our former partner in this venture. On March&nbsp;24, 2011, the Mexican Bank and
Securities Commission, or <I>Comisi&#243;n Nacional Bancaria y de Valores</I>, or CNBV, authorized that sale.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Volaris. </I></B>In October&nbsp;2005, we acquired a 25% interest in Controladora Vuela Compa&#241;&#237;a de
Aviaci&#243;n, S.A. de C.V. and in Concesionaria Vuela Compa&#241;&#237;a de Aviaci&#243;n, S.A. de C.V., (jointly,
&#147;Vuela&#148;). In July&nbsp;2010, we sold our equity stake in Vuela, which in the aggregate represented a
participation interest of 25% in Volaris, the company that operates
the airline &#147;Volaris&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>La Sexta. </I></B>In November&nbsp;2005, the government of Spain granted a concession for a nationwide
free-to-air analog television channel and two nationwide free-to-air digital television channels to
La Sexta, a consortium that includes the Company, which holds a 40.7680% equity interest therein;
Grupo Globomedia and the Mediapro Group, which control a 51.978% equity interest, indirectly,
through their interest in GAMP; and as of November&nbsp;2006, Gala, which holds a 7.254% equity interest
which it acquired from GAMP. La Sexta began broadcasting in March&nbsp;2006.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">With the investment in La Sexta, we expect to capitalize on the size and growth trends in
Spain&#146;s advertising market, as well as the potential synergies between the country&#146;s entertainment
market and our current markets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During 2008, we made additional capital contributions of &#128;44.4&nbsp;million. During 2009, we made
additional capital contributions of &#128;35.7&nbsp;million. During 2010, we made loans to La Sexta of &#128;21.5
million which were capitalized on January&nbsp;31, 2011.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">
There is no commitment to make additional capital contributions to La
Sexta and we do not expect to do so, we cannot assure that La Sexta
will be able to continue operations without additional third party
financing or capital contributions by its shareholders.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Alvafig. </I></B>In November&nbsp;2006, we invested U.S.$258.0&nbsp;million in long-term notes convertible, at
our option and subject to regulatory approval, into 99.99% of the equity of Alvafig, the holding
company of a 49% interest in the voting stock of Cablem&#225;s. In February&nbsp;2008, we invested U.S.$100.0
million in an additional issuance of long-term notes convertible into 99.99% of the equity of
Alvafig, which proceeds were used by Alvafig to increase its interest in Cablem&#225;s. In May&nbsp;2008, we
converted all of the convertible long-term notes into 99.99% of the capital stock of Alvafig. The
conversion was authorized by the Mexican Antitrust Commission subject to compliance with certain
conditions. The initial two conditions imposed by the Mexican Antitrust Commission that have
already been met, and that going forward must be complied with on a continuous basis, are: (1)&nbsp;to
make available, subject to certain conditions, our over-the-air channels to pay-TV operators on
non-discriminatory terms (&#147;must offer&#148;) and (2)&nbsp;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 (&#147;must carry&#148;). There are other conditions that have
been met as confirmed by the Mexican Antitrust Commission, including the termination of the
Stockholder Trust which took place on June&nbsp;17, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On April 1, 2011, we announced an agreement reached with the minority stockholder of Cablem&#225;s
to obtain the 41.7% equity interest that we did not own in Cablem&#225;s. The acquisition of such equity stake
resulted from a series of capital distributions, the capitalization of certain debt and receivables, and the
subsequent merger of Cablem&#225;s into the Company. On April 29, 2011, our stockholders approved the
merger of Cablem&#225;s into the Company, as surviving company. As a result of this merger, a capital
increase was approved by our stockholders, and consequently 24.8 million CPOs were issued in favor of
Cablem&#225;s non-controlling stockholders. Regulatory approvals for
the transaction were obtained on February&nbsp;24, 2011 and
June&nbsp;17, 2011. Cablem&#225;s operates in 49 cities.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V. </I></B>On March&nbsp;18, 2010, Telef&#243;nica,
Editora Factum, S.A. de C.V., a wholly-owned subsidiary of the Company, and Megacable agreed to
jointly participate, through a consortium, in the public bid
for a pair of dark fiber wires held by the CFE (<I>Comisi&#243;n Federal de Electricidad</I>). On June&nbsp;9,
2010, the SCT granted the consortium a favorable award in the bidding process for a 20&nbsp;year
contract for the lease of approximately 19,457 kilometers of dark fiber-optic capacity, along with
a corresponding concession, granted on July&nbsp;5, 2010, to operate a public telecommunications network
using DWDM technology. The consortium, through GTAC, in which each of Telef&#243;nica, Editora Factum
and Megacable has an equal equity participation, paid Ps.883.8&nbsp;million as consideration for the
concession. GTAC plans to have the network ready to offer commercial services around the end of
2011. The total investment in GTAC made by the consortium in 2010 was Ps.1.3&nbsp;billion and there will
be further investments in 2011, in an approximate amount of Ps.700&nbsp;million. This new fiber optic
network will represent for us a new alternative to access data transportation services, increasing
competition in the Mexican telecommunications market and therefore improving the quality of the
services offered. The fiber optic network will aim to increase broadband internet access for
businesses as well as households in Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We have investments in several other businesses. See Notes 2 and 5 to our consolidated
year-end financial statements.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Background. </I></B>We own a 58.7% interest in Innova, a DTH company with services in Mexico, Central
America, and the Dominican Republic. The remaining 41.3% of Innova is owned by DIRECTV.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For a description of capital contributions and loans we have made to Innova, see &#147;Operating
and Financial Review and Prospects &#151; Results of Operations &#151; Liquidity, Foreign Exchange and
Capital Resources &#151; Capital Expenditures, Acquisitions and Investments, Distributions and Other
Sources of Liquidity&#148; and &#147;Major Stockholders and Related Party Transactions &#151; Related Party
Transactions &#151; Capital Contributions and Loans&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We have also been developing channels exclusively for pay-TV broadcast. Through our
relationship with DIRECTV, we expect that our DTH satellite service will continue to negotiate
favorable terms for programming rights with both third parties in Mexico and with international
suppliers from the United States, Europe and Latin America and elsewhere.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Innova&#146;s Social Part&nbsp;Holders Agreement provides that neither we nor News Corp. nor DIRECTV may
directly or indirectly operate or acquire an interest in any business that operates a DTH satellite
system in Mexico, Central America and the Dominican Republic (subject to limited exceptions).
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In connection with our investment in Innova, we guarantee a share of Innova&#146;s transponder
lease obligations to Intelsat Corporation equal to our percentage ownership of Innova.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Sky. </I></B>We operate &#147;Sky&#148;, our DTH satellite venture in Mexico, Central America and the Dominican
Republic, through Innova. We indirectly own 58.7% of this venture. As of December&nbsp;31, 2008, 2009
and 2010, Innova&#146;s DTH satellite pay-TV service had approximately 1,759,801, 1,959,700, and
3,044,000 gross active subscribers, respectively. Innova primarily attributes its successful growth
to its superior programming content, its exclusive transmission of sporting events such as soccer
tournaments and special events such as reality shows, its high quality customer service and its
nationwide distribution network with approximately 1,500 points of sale. In addition to the above,
Innova also experienced growth during 2008, due to continuing growth in Central America and the
Dominican Republic, and during 2009 and 2010 due to the success of VeTV, our low-end package in
Mexico. Sky continues to offer the highest quality and exclusive content in the Mexican pay-TV
industry. Its programming packages combine our over-the-air channels with other DTH exclusive
channels produced by News Corp.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During 2010, Sky offered exclusive content such as one out of every five soccer matches from
the Mexican First Division 2010 Tournament, the widest coverage of the Spanish soccer league, the
NFL Sunday Ticket, Major League Baseball, the National Hockey League and NBA PASS. Sky also added
new channels to its lineup, such as NTN 24, Foto TV, Baby First, TRUTV, ISAT, enlace, management TV
and Fox sports. In addition to new programming contracts, Sky continues to operate under
arrangements with a number of third party programming providers to provide additional channels to
its subscribers. Sky also has arrangements with the major studios.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Starting in 2010, Sky added to its lineup an HD Package comprised of 19 channels, we
transmitted all the World Cup matches, the Spanish League, Carling Cup, Berlin Marathon, Bullfights
from Spain, NHL, XFL and some WTA games among other HD transmissions. We expect to continue
broadening our HD offering in the coming years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Until 2008, Sky offered 238 digital channels through five programming packages: Basic (87
video channels, 50 audio channels and 29 pay-per-view); Fun (133 video channels, 50 audio channels
and 29 pay-per-view); Movie City (142 video channels, 50 audio channels and 29 pay-per-view);
HBO/Max (146 video channels, 50 audio channels and 29 pay-per-view); and Universe (159 video
channels, 50 audio channels and 29 pay-per-view) for a monthly fee of Ps.228.00, Ps.302.00,
Ps.428.00, Ps.478.00 and Ps.618.00, respectively. The subscriber receives a &#147;prompt payment&#148;
discount if the monthly subscription payment is made within 12&nbsp;days after the billing date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of 2009, Sky also broadened its product offering by launching MiSky and VeTV, two new,
lower-priced packages that are highly attractive to customers with lower budgets. MiSky is the
first modular offering in Mexico that enables our clients to add thematic packages to a base
package that includes 25 of the most watched channels. VeTV, a prepaid basis product, offers a
low-cost package that includes the free-to-air channels as well as other pay-TV channels that
appeal to the whole family.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of March&nbsp;2011, programming package monthly fees for residential subscribers, net of a
prompt payment discount if the subscriber pays within 12&nbsp;days of the billing date, are the
following: Basic Ps.151.00, Fun Ps.267.00, Movie City Ps.381.00, HBO/Max Ps.431.00 and Universe
Ps.571.00. Monthly fees for each programming package do not reflect a monthly rental fee in the
amount of Ps.161.00 for the decoder necessary to receive the service (or Ps.148.00 if the
subscriber pays within 12&nbsp;days of the billing date) and a one-time installation fee which depends
on the package and payment method.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Sky devotes 21 pay-per-view channels to family entertainment and movies and eight channels are
devoted to adult entertainment. In addition, Sky assigns five extra channels exclusively for
special events, known as Sky Events, which include concerts and sports. Sky provides some Sky
Events at no additional cost while it sells others on a pay-per-view basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In order to more effectively compete against cable operators in the Mexican pay-TV market, in
September&nbsp;2005, Sky launched the &#147;Multiple Set-Top Box&#148; concept, which allows its current and new
subscribers to have up to four set-top boxes in their homes with independent programming on each
TV. Sky also launched SKY&#043;, a PVR set-top box, which enables its subscribers to record up to 120
hours of their favorite programs by programming dates and hours or selecting the program directly
from the program guide. In 2010, SKY launched two new set-top box for HD programming, SKY&#043; HD, a
personal video recorder, or PVR, set-top box that allows up to 400 hours of standard definition, or
SD, programming or 100 hours of HD programming recorded on its 500 GB drive, and SKY HD, a set-top
box designed to view HD and SD programming. Both set-top boxes come with our new and enhanced
programming guide and new functionalities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The installation fee is based on the number of set up boxes and the method of payment chosen
by the subscriber. The monthly cost consists of a programming fee plus a rental fee for each
additional box.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Programming. </I></B>We are a major source of programming content for our DTH venture and have granted
our DTH venture DTH satellite service broadcast rights to all of our existing and future program
services (including pay-per-view services on DTH), subject to some pre-existing third party
agreements and other exceptions and conditions. Through its relationships with us and DIRECTV, we
expect that the DTH satellite service in Mexico will be able to continue to negotiate favorable
terms for programming both with third parties in Mexico and with international suppliers from the
United States, Europe and Latin America. At the end of 2008, DISH, a new competitor in the DTH
market, launched its services in Mexico. At the beginning of 2009, HiTV, a television service which
consists of the transmission of digital television channels through the technology known as DTT,
started operating in Mexico City and its metropolitan area. HiTV currently offers approximately 20
channels, including Televisa&#146;s digital over-the-air networks. The Mexican Fiscal Court is currently
reviewing the legality of this service. We are uncertain as to how this service may affect our
pay-TV business. Since 2010, there is a fiber to the home, or FTTH, pay-TV service
called Total Play, which offers 220 channels, Video on Demand, HD and other applications. This
service also includes bundle discounts for their internet and voice services.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We have a number of arrangements with Univision, the leading Spanish-language media company in
the United States, which owns and operates the Univision Network, the most-watched Spanish-language
television network in the United States, the TeleFutura broadcast and Galavision satellite/cable
television networks, and the Univision.com website and other Univision-branded online experiences.
Historical information regarding Univision&#146;s business which appears in this annual report has been derived
primarily from public filings made by Univision with the SEC and the FCC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Prior to March&nbsp;29, 2007, we owned shares and warrants representing an approximate 11.3% equity
interest, on a fully diluted basis, in Univision. On that date, Univision was acquired by a group
of investors, and, as a result, all of our shares and warrants in Univision were converted
into cash in an aggregate amount of approximately U.S.$1,094.4&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On December&nbsp;20, 2010, Univision, we, Univision&#146;s parent company, and other parties affiliated
with the investor groups that own Univision&#146;s parent company entered into various agreements and
completed certain transactions previously announced in October&nbsp;2010. As a result, in December&nbsp;2010,
we (1)&nbsp;made a cash investment of U.S.$1,255&nbsp;million in BMP, the parent company of Univision, in
exchange for an initial 5% equity stake in BMP, and U.S.$1,125&nbsp;million aggregate principal amount
of 1.5% Convertible Debentures of BMP due 2025 which are convertible at our option into additional
shares currently equivalent to a 30% equity stake of BMP, subject to existing laws and regulations
in the United States and other conditions, (2)&nbsp;acquired an option to purchase at fair value an
additional 5% equity stake in BMP, subject to existing laws and regulations in the United States,
and other terms and conditions, and (3)&nbsp;sold to Univision our 50% equity interest in TuTv,
previously our joint venture with Univision engaged in satellite and cable pay-TV programming
distribution in the United States, for an aggregate cash amount of U.S.$55&nbsp;million. In connection
with
this investment, (1)&nbsp;we entered into an amended program license agreement, or PLA, with
Univision, pursuant to which Univision has the right to broadcast certain Televisa content in the
United States for a term that commenced on January&nbsp;1, 2011 and ends on the later of 2025 or seven
and one-half years after we have sold two-thirds of our initial investment in BMP, (2)&nbsp;we
entered into a new program license agreement with Univision, the Mexico License Agreement, or MLA,
under which we have the right to broadcast certain Univision content in Mexico for the same term as
that of the PLA and (3)&nbsp;three representatives of the  Company joined Univision&#146;s Board of Directors,
which was increased to 20 members.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In connection with this transaction, we and Univision terminated the prior program license
agreement as of December&nbsp;31, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Under the new PLA, we have granted Univision exclusive Spanish-language broadcast and digital
rights to our audiovisual programming (subject to certain exceptions) in the United States and all
territories and possessions of the United States, including Puerto Rico, which includes the right
to use our online, network and pay-television programming in all Spanish-language media (with
certain exceptions), including Univision&#146;s three current Spanish television networks (the
Univision, Telefutura and Galavision television networks), future Spanish- language networks owned
or controlled by Univision and current and future Univision Spanish-language online and interactive
platforms (such as Univision.com). Univision also has rights under the new PLA to broadcast in the
United States Mexican soccer games for which we own or control the United States rights, beginning
with select teams in 2011 and expanding in 2012 to all teams to which we own or control United
States rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Under the terms of the new PLA, Univision&#146;s royalty payments to us increased, effective as of
January&nbsp;1, 2011, from 9.36% of television revenue, excluding certain major soccer events, to 11.91%
of substantially all of Univision&#146;s audiovisual and online revenues through December&nbsp;2017, at which
time royalty payments to us will increase to 16.22%. Additionally, we will receive an incremental
2% in royalty payments on any Univision audiovisual revenues above U.S.$1.65&nbsp;billion. The royalty
base generally includes all Univision revenues from the exploitation or operation of its
Spanish-language audiovisual platforms, sublicensing arrangements, licenses of content to network
affiliates or multichannel video programming distributors, and Univision-branded online platforms,
whether those revenues are derived on an advertising, subscription, distribution, interactive
media, or transactional basis. We have agreed to provide Univision with at least 8,531 hours of
programming per year for the term of the PLA.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In connection with the December&nbsp;20, 2010 transactions with Univision, we and Univision entered
into the MLA, under which we have received the exclusive Spanish-language broadcast and digital
rights to Univision&#146;s audiovisual programming (subject to certain exceptions) in Mexico during the
term of the new PLA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We
have an international program right agreement, or IPRA, with
Univision that previously
required Univision to grant us and Venevision International Corporation, or Venevision, the right
to broadcast outside the United States programs produced by Univision for broadcast on the
Univision Network or the Galavision Network under this agreement. On December&nbsp;20, 2010, we and
Univision entered into an amendment to the IPRA pursuant to which, subject to the MLA, our
broadcast rights over Univision programs reverted back to Univision without affecting Venevision&#146;s
rights under the IPRA. We also entered into an international sales agency agreement with Univision,
pursuant to which Univision grants us the right to act as Univision&#146;s sales agent during the term
of the MLA to sell or license worldwide outside the United States and Mexico (and with respect to
certain programming, outside of Venezuela and certain other territories) Univision&#146;s
Spanish-language programming, to the extent Univision makes such programming available in other
territories and Univision owns or controls rights in these territories, and subject to limited
exceptions.
</DIV>

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


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

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our television stations compete for advertising revenues and for the services of recognized
talent and qualified personnel with other television stations (including the stations owned by TV
Azteca) in their markets, as well as with other advertising media, such as radio, newspapers,
outdoor advertising, cable television and a multi-channel, multi-point distribution system, or
MMDS, and DTH satellite services. We generally compete with 199 channels throughout Mexico,
including the channels of our major competitor, TV Azteca, which owns and operates Channels 7 and
13 in Mexico City, which we believe are affiliated with 178 stations outside of Mexico City.
Televisora del Valle de Mexico owns the concession for Channel 40, a UHF channel that broadcasts in
the Mexico City metropolitan area. Based upon IBOPE AGB Mexico surveys, during 2008, 2009 and 2010
the combined average audience share throughout Mexico of both the Channel 7 and 13 networks was
28.8%, 30.2%, and 32.0%, respectively, during prime time, and 27.7%, 29.2%, and 30.4%,
respectively, during sign-on to sign-off hours. See &#147;&#151; Television &#151; Television Industry in
Mexico&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In addition to the foregoing channels, there are additional operating channels in Mexico with
which we also compete, including Channel 11, which has 9 repeater stations, and Channel 22 in
Mexico City, which are operated by the Mexican government. Our television stations are the leading
television stations in their respective markets. See &#147;&#151; Television &#151; Television Broadcasting&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our English and Spanish-language border stations compete with English and Spanish-language
television stations in the United States, and our Spanish-language productions compete with other
English and Spanish-language programs broadcast in the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We are a major supplier of Spanish-language programming in the United States and throughout
the world. We face competition from other international producers of Spanish-language programming
and other types of programming.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Each of our magazine publications competes for readership and advertising revenues with other
magazines of a general character and with other forms of print and non-print media. Competition for
advertising is based on circulation levels, reader demographics and advertising rates.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">According to the most recent information from the SCT and Cofetel, there were approximately
1,467 cable concessions in Mexico as of December&nbsp;31, 2010 serving approximately 5.3&nbsp;million
subscribers. Cablevisi&#243;n, Cablem&#225;s and TVI compete with Innova, our DTH venture. See &#147;&#151; DTH
Satellite Services&#148;. Cablevisi&#243;n also faces competition from Dish Mexico, a joint venture between
MVS Comunicaciones and set-top provider EchoStar. Dish Mexico is a new DTH operator and competes in
some segments against Cablevisi&#243;n in Mexico City and the surrounding areas mainly driven by its
Ps.149 basic package. Dish Mexico has been in operation for more than two years and offers 37
channels to its subscribers. Furthermore, since Cablevisi&#243;n, Cablem&#225;s and TVI operate under
non-exclusive franchises, other companies may obtain permission to build cable television systems,
DTH, IPTV and MMDS systems in areas where they presently operate. In addition, pursuant to the
Telecommunications Law, Cablevisi&#243;n, Cablem&#225;s and TVI are required to provide access to their cable
network to the extent they have available capacity on their respective networks.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In addition, in connection with internet access services and other new products and multimedia
communications services, cable operators, who were already authorized to provide bidirectional data
and internet broadband services, have been authorized by the Mexican government to also provide
voice services, including VoIP services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In October&nbsp;2006, the Mexican federal government enacted a new set of regulations known as the
Convergence Regulations. The Convergence Regulations allow certain concessionaires of
telecommunications services to provide other services not included in their original concessions.
Cable television providers may be allowed to provide internet and telephone services. In addition,
telephone operators, such as Telmex, may be allowed to provide cable television services if certain
requirements and conditions are met. We believe that we may face significant competition from new
entrants providing telephony services, including cable television providers. See &#147;Key Information
&#151; Risk Factors &#151; Risk Factors Related to our Business &#151; We Face Competition in Each of Our
Markets That We Expect Will Intensify&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As a result of the aforementioned, Cablevisi&#243;n, Cablem&#225;s and TVI will face competition from
several media and telecommunications companies throughout Mexico, including internet service
providers, DTH services and other personal communications and telephone companies, including us and
our affiliates.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The radio broadcast business is highly competitive in Mexico. Our radio stations compete with
other radio stations in their respective markets, as well as with other advertising media, such as
television, newspapers, magazines and outdoor advertising. Among our principal competitors in the
radio broadcast business are Grupo Radio Centro, S.A. de C.V., which owns or operates approximately
135 radio stations throughout Mexico, 11 of which are located in Mexico City, and Grupo Acir, which
owns or operates approximately 175 radio stations in Mexico, six of which are located in Mexico
City.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Competition for audience share in the radio broadcasting industry in Mexico occurs primarily
in individual geographic markets. Our radio stations are located in highly competitive areas.
However, the strength of the signals broadcast by a number of our stations enables them to reach a
larger percentage of the radio audience outside the market areas served by their competitors.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Production and distribution of feature films is a highly competitive business in Mexico. The
various producers compete for the services of recognized talent and for film rights to scripts and
other literary property. We compete with other feature film producers,
Mexican and non-Mexican, and distributors in the distribution of films in Mexico. See &#147;&#151;
Other Businesses &#151; Feature Film Production and Distribution&#148;. Our films also compete with other
forms of entertainment and leisure time activities.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Innova presently competes with, or expects to compete with, among others, cable systems
(including Cablevisi&#243;n), MMDS systems, national broadcast networks (including our four networks),
regional and local broadcast stations, other DTH concessions, unauthorized C-band and Ku-band
television signals obtained by Mexican viewers on the gray market, radio, movie theaters, video
rental stores, internet and other entertainment.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In October&nbsp;2008, DISH Mexico, a joint venture between MVS and DISH, a U.S. based DTH company
operating with certain arrangements with Telmex, started operations in Mexico through a DTH
concession. DISH currently operates nationwide.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">At the beginning of 2009, HiTV, a television service which consists of the transmission of
digital television channels through the technology known as DTT, started operating in Mexico City
and its metropolitan area. HiTV currently offers approximately 20 channels, including Televisa&#146;s
digital over-the-air networks. The Mexican Fiscal Court is currently reviewing the legality of this
service. We are uncertain as to how this service may affect our pay-TV business.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As
of 2010, there is a FTTH pay-TV service called Total Play, which offers
220 channels, Video on Demand, HD and other applets. This service also includes bundle discounts
for their internet and voice services.
</DIV>

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


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

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our business, activities and investments are subject to various Mexican federal, state and
local statutes, rules, regulations, policies and procedures, which are constantly subject to
change, and are affected by the actions of various Mexican federal, state and local governmental
authorities. The material Mexican federal, state and local statutes, rules, regulations, policies
and procedures to which our business, activities and investments are subject are summarized below.
Station XETV, Tijuana, which broadcasts CW Network television programming in the San Diego
television market, is also subject to certain regulatory requirements of the FCC, including the
obligation to obtain permits for cross-border transmission of programming broadcast to the United
States and to obtain licenses to operate microwave and/or satellite earth station transmitting
equipment within the U.S. These summaries do not purport to be complete and should be read together
with the full texts of the relevant statutes, rules, regulations, policies and procedures described
therein.
</DIV>

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


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



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Concessions.
</I></B> Certain amendments to the existing Radio and Television Law and the Telecommunications Law
have been enacted. In May&nbsp;2006, several members of the Senate of the Mexican Federal Congress filed
a complaint before the Supreme Court of Justice of Mexico, seeking a declaration that such
amendments were unconstitutional and therefore null and void. This complaint was resolved
by the Supreme Court of Justice in June&nbsp;2007, declaring several provisions of the amendments
to the Radio and Television Law and to the Telecommunications Law unconstitutional and therefore
null and void. Among the provisions declared as unconstitutional by the Supreme Court of Justice
are the ones referred to in former Article&nbsp;28 of the Radio and Television Law, pursuant to which
holders of concessions had the ability to request authorization to provide additional
telecommunications services within the same spectrum covered by a current concession without having
to participate in a public bid therefor and Article&nbsp;16 of the Radio and Television Law, pursuant to
which concessions were granted for a fixed term of 20&nbsp;years with the possibility to renew such
concessions by obtaining from the SCT a certification of compliance with the obligations of the
concessionaire under the concession. As a result of the Supreme Court of Justice&#146;s ruling, once the
transition to digital television and digital radio broadcasting is completed, if we want to provide
additional telecommunications services within the same spectrum granted for digital television or
digital radio broadcasting, respectively, we will have to follow the provisions of Article&nbsp;24 of
the Telecommunications Law to obtain the concession therefor. Also, there is uncertainty as to how
radio and television concessions will be renewed in the future, since the Supreme Court of Justice
ruling has resulted in requiring the renewal of the concessions to be subject to a public bid
process, with a right of preference over other participating bidders given to the incumbent
concessionaire. Additionally, some members of the Mexican Federal Congress have expressed their
intent to propose a new Radio and Television Law, which could affect, among other things, the
framework for granting or renewing concessions. See &#147;Key Information &#151; Risk Factors &#151; Risk
Factors Related to Our Business &#151; The Operation of Our Business May Be Terminated or Interrupted
if the Mexican Government Does Not Renew or Revokes Our Broadcast or Other Concessions&#148;. Also,
either the SCT or the <I>Comision Federal de Telecomunicaciones</I>,
or Federal Telecommunications Commission, shall provide notice in the <I>Diario
Oficial de la Federaci&#243;n</I>, or the Official Gazette of the Federation, of the call for bids and the
available television frequencies, and make available the prerequisites for bids from interested
parties for a maximum of 30&nbsp;days.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->46<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The bidders shall comply with the following requirements:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>proof of Mexican nationality;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>submission of a business plan;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>submission of technical specifications and descriptions;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>submission of a plan for coverage;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>submission of an investment program;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>submission of a financial program;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>submission of plans for technical development and actualization;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>submission of plans for production and programming;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>receipt of a guaranty to ensure the continuation of the process until the concession is granted or denied; and</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a request for a favorable opinion from the Mexican Antitrust Commission.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Before granting the concession, the Federal Telecommunications Commission shall review the
plans and programs submitted and the goals expressed by the bidder for consistency, as well as the
results of the call for bids through the public auction. Within 30&nbsp;days of the determination of a
winning bid, such bidder has to provide proof of the required payment.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">If the SCT determines (i)&nbsp;that the bidders&#146; applications do not guarantee the best conditions
for the rendering of radio and television services, or (ii)&nbsp;that the offered payment proposals are
not sufficient, or (iii)&nbsp;that the submitted applications do not fulfill the requirements
established under the bidding call or the bidding bases, it may terminate the bidding process and
not grant the concession to any of the applicants.
</DIV>

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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>failure to construct broadcasting facilities within a specified time period;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in the location of the broadcasting facilities or changes in the frequency assigned without
prior governmental authorization;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>direct or indirect transfer of the concession, the rights arising therefrom or ownership of the
broadcasting facilities without prior governmental authorization;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>transfer or encumbrance, in whole or in part, of the concession, the rights arising therefrom, the
broadcasting equipment or any assets dedicated to the concessionaire&#146;s activities, to a foreign
government, company or individual, or the admission of any such person as a partner in the
concessionaire&#146;s business;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>failure to broadcast for more than 60&nbsp;days without reasonable justification;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any amendment to the bylaws of the concessionaire that is in violation of applicable Mexican law; and</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any breach to the terms of the concession title.</TD>
</TR>

</TABLE>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We believe that we have operated our television concessions substantially in compliance with
their terms and applicable Mexican law. If a concession is revoked or terminated, the
concessionaire could be required to forfeit to the Mexican government all of its assets or the
Mexican government could have the right to purchase all the concessionaire&#146;s assets. In our case,
the assets of our licensee subsidiaries generally consist of transmitting facilities and antennas.
See &#147;Key Information &#151; Risk Factors &#151; Risk Factors Related to Our Business &#151; The Operation of
Our Business May Be Terminated or Interrupted if the Mexican Government Does Not Renew or Revokes
Our Broadcast or Other Concessions&#148;.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In July&nbsp;2004, in connection with the adoption of a release issued by the SCT for the
transition to digital television, all of our television concessions were renewed until 2021. DTH
concessions expire in 2020 and 2026. The expiration dates for the concessions for our telephone
services range from 2018 to 2026. See &#147;Key Information &#151; Risk Factors &#151; Risk Factors Related to
Mexico &#151; Existing Mexican Laws and Regulations or Changes Thereto or the Imposition of New Ones
May Negatively Affect Our Operations and Revenue&#148;. We are unable to predict when we will obtain the
renewal to such concessions. See &#147;Key Information &#151; Risk Factors &#151; Risk Factors Related to Our
Business &#151; The Operation of Our Business May Be Terminated or Interrupted if the Mexican
Government Does Not Renew or Revokes Our Broadcast or Other Concessions&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Supervision of Operations. </I></B>The SCT regularly inspects the television stations and the
companies to which concessions have been granted must file annual reports with the SCT.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Television programming is subject to various regulations, including prohibitions on foul
language and programming which is offensive or is against the national security or against public
order. Under Mexican regulations, the Mexican Ministry of the Interior reviews most television
programming and classifies the age group for which the programming is acceptable for viewing.
Programs classified for adults may be broadcast only after 10:00&nbsp;p.m.; programs classified for
adults and teenagers over 15&nbsp;years old may be broadcast only after 9:00 p.m.; programs classified
for adults and teenagers under 15&nbsp;years old may be broadcast only after 8:00 p.m.; and programs
classified for all age groups may be shown at any time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Television programming is required to promote Mexico&#146;s cultural, social and ideological
identity. Each concessionaire is also required to transmit each day, free of charge, up to 30
minutes of programming regarding cultural, educational, family counseling and other social matters
using programming provided by the Mexican government. Historically, the Mexican government has not
used a significant portion of this time.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Restrictions on Advertising. </I></B>Mexican law regulates the type and content of advertising
broadcast on television. Concessionaires may not broadcast misleading advertisements. Under current
law, advertisements of alcoholic beverages (other than beer and wine) may be broadcast only after
10:00&nbsp;p.m. and advertisements for tobacco products are prohibited. Advertising for alcoholic
beverages must not be excessive and must be combined with general promotions of nutrition and
general hygiene. The advertisements of some products and services, such as medicine and alcohol,
require approval of the Mexican government prior to their broadcast. Moreover, the Mexican
government must approve any advertisement of lotteries and other games.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">No more than 18% of broadcast time may be used for advertisements on any day. The SCT approves
the minimum advertising rates. There are no restrictions on maximum rates. See &#147;Key Information &#151;
Risk Factors &#151; Risk Factors Related to Mexico &#151; Existing Mexican Laws and Regulations or Changes
Thereto or the Imposition of New Ones May Negatively Affect Our Operations and Revenue&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Broadcast Tax. </I></B>Since 1969, radio and television stations have been subject to a tax which may
be paid by granting the Mexican government the right to use 12.5% of all daily broadcast time. In
October&nbsp;2002, the 12.5% tax was replaced by the obligation to the Mexican government to provide up
to 18 minutes per day of our television broadcast time and 35 minutes per day of our radio
broadcast time between 6:00 a.m. and midnight, in each case distributed in an equitable and
proportionate manner. Any time not used by the Mexican government on any day is forfeited.
Generally, the Mexican government uses all or substantially all of the broadcast time available
under this tax.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Foreign Ownership. </I></B>Non-Mexican ownership of shares of Mexican enterprises is restricted in
some economic sectors, including broadcast television, cable television, radio and DTH satellite
services and certain telecommunications services. Under Mexico&#146;s <I>Ley de Inversi&#243;n Extranjera</I>, or
Foreign Investment Law, the Radio and Television Law, and the <I>Reglamento de la Ley de Inversi&#243;n
Extranjera</I>, or the Foreign Investment Law Regulations, foreign investors may not vote the capital
stock of Mexican broadcasting companies (other than through &#147;neutral investment&#148; mechanisms, such
as through the CPOs held by certain of our stockholders). See &#147;&#151; Satellite Communications &#151;
Mexican Regulation of DTH Satellite Services&#148;.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The regulations applicable to the operation of radio stations in Mexico are identical in all
material respects to those applicable to television stations. The expiration dates of our radio
concessions range from 2015 to 2016 except for the concessions of 3 radio stations, which renewal
applications were timely filed before the SCT but are still pending due to the Supreme Court&#146;s
ruling on the amendments to the Radio and Television Law. (See &#147;Key Information &#151; Risk Factors &#151;
Risk Factors Related to Mexico &#151; Existing Mexican Laws and Regulations or Changes Thereto or the
Imposition of New Ones May Negatively Affect Our Operations and Revenue&#148;). We are unable to predict
when we will obtain the renewal to such concessions. See &#147;&#151; Television&#148;, &#147;&#151; Other Businesses &#151;
Radio Stations&#148; and &#147;Key Information &#151; Risk Factors &#151; Risk Factors Related to Our Business &#151; The
Operation of Our Business May Be Terminated or Interrupted if the Mexican Government Does Not Renew
or Revokes Our Broadcast or Other Concessions&#148;.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Concessions. </I></B>Cable television operators now apply for a public telecommunications network
concession from the SCT in order to operate their networks and provide cable television services
and other multimedia communications services. Applications are submitted to the SCT and, after a
formal review process, a public telecommunications network concession is granted for an initial
term of up to 30&nbsp;years. Cablevisi&#243;n obtained a telecommunications concession, which expires in
2029, and its Channel 46 Concession, which expired on November&nbsp;17, 2010. We have filed for a
renewal of the Channel 46 Concession and in February&nbsp;2010, the SCT notified Cablevisi&#243;n that the
Channel 46 Concession will not be renewed. We have initiated legal actions against SCT&#146;s notice
seeking to obtain the renewal of such concession. Pursuant to its public telecommunications
concession, Cablevisi&#243;n can provide cable television, limited audio transmission services,
specifically music programming, bidirectional internet access and unlimited data transmission
services in Mexico City and surrounding areas in the State of Mexico (<I>Estado de M&#233;xico</I>), and on
October&nbsp;21, 2010 the SCT granted Cablevisi&#243;n authorization to provide the aforementioned services
in 13 additional municipalities of the State of Mexico. In addition, in May&nbsp;2007 the SCT granted
Cablevisi&#243;n a concession allowing Cablevisi&#243;n to provide local telephony services using the
telephony public network. The scope of Cablevisi&#243;n&#146;s public telecommunications concession is much
broader than the scope of its former cable television concession, which covered only cable
television services and audio programming.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Cablem&#225;s operates under 49 concessions which cover 14 Mexican states. Through these
concessions, Cablem&#225;s provides cable television services, internet access and bidirectional data
transmission. Each concession granted by the SCT allows Cablem&#225;s to install and operate a public
telecommunications network. The expiration dates for Cablem&#225;s&#146; concessions range from 2013 to 2039.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">TVI operates under 7 concessions, which cover four Mexican states. Through these concessions,
TVI provides cable television services, bidirectional data transmission and internet and telephony
services. Each concession granted by the SCT allows TVI to install and operate a public
telecommunications network. The expiration dates for TVI&#146;s concessions range from 2015 to 2028.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A public telecommunications concession may be renewed upon its expiration, or revoked or
terminated prior to its expiration in a variety of circumstances including:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unauthorized interruption or termination of service;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>interference by the concessionaire with services provided by other operators;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>noncompliance with the terms and conditions of the public telecommunications concession;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the concessionaire&#146;s refusal to interconnect with other operators;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss of the concessionaire&#146;s Mexican nationality;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unauthorized assignment, transfer or encumbrance, in whole or in part, of the concession or any rights or assets;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the liquidation or bankruptcy of the concessionaire; and</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ownership or control of the capital stock of the concessionaire by a foreign government.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In addition, the SCT may establish under any public telecommunications concession further
events which could result in revocation of the concession. Under current Mexican laws and
regulations, upon the expiration or termination of a public telecommunications concession, the
Mexican government has the right to purchase those assets of the concessionaire that are directly
related to the concession, at market value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Cable television operators, including Cablevisi&#243;n and Cablem&#225;s, are subject to the
Telecommunications Law and, since February&nbsp;2000, have been subject to the <I>Reglamento del Servicio
de Televisi&#243;n y Audio Restringidos</I>, or the Restricted Television and Audio Services Regulations.
Under current Mexican law, cable television operators are classified as public telecommunications
networks, and must conduct their business in accordance with Mexican laws and regulations
applicable to public telecommunications networks which, in addition to the Telecommunications Law
and the Restricted Television and Audio Services Regulations, includes the Radio and Television Law
and the <I>Reglamento de la Ley Federal de Radio y Televisi&#243;n.</I>
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Under the applicable Mexican law, the Mexican government, through the SCT, may also
temporarily seize or even expropriate all of a public telecommunications concessionaire&#146;s assets in
the event of a natural disaster, war, significant public disturbance or threats to internal peace
and for other reasons related to preserving public order or for economic reasons. The Mexican
government is obligated by Mexican law to compensate the concessionaire, both for the value of the
assets seized and related profits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Supervision of Operations. </I></B>The SCT regularly inspects the operations of cable systems and
cable television operators must file annual reports with the SCT.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Under Mexican law, programming broadcast on Cablevisi&#243;n and Cablem&#225;s networks is not subject
to judicial or administrative censorship. However, this programming is subject to various
regulations, including prohibitions on foul language, programming which is against good manners and
customs or programming which is against the national safety or against public order.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Mexican law also requires cable television operators, including Cablevisi&#243;n and Cablem&#225;s, to
broadcast programming that promotes Mexican culture, although cable television operators are not
required to broadcast a specified amount of this type of programming.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In addition to broadcasting programming that promotes Mexican culture, cable television
operators must also set aside a specified number of their channels, which number is based on the
total number of channels they transmit, to transmit programming provided by the Mexican government.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Government Participation. </I></B>Pursuant to the terms of cable concessions, cable television
operators through September&nbsp;23, 1999, were required to pay, on a monthly basis, absent a waiver
from the Mexican government, up to 15% of revenues derived from subscriber revenues and
substantially all other revenues, including advertising revenues, to the Mexican government in
exchange for use of the cable concession. Most cable concessionaires, including Cablevisi&#243;n,
obtained a waiver on an annual basis to pay 9% of their revenues as participation to the Mexican
government, as opposed to 15%. Under the Federal Telecommunications Law and accompanying
regulations, cable television operators with public telecommunications network concessions,
including Cablevisi&#243;n, no longer have to pay the Mexican government any percentage of their
revenues.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Forfeiture of Assets. </I></B>Under Mexican regulations, at the end of the term of a public
telecommunications concession, assets of concessionaires may be purchased by the Mexican government
at market value.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Under current Mexican law, non-Mexicans may currently own up to 49% of the outstanding voting
stock of Mexican companies with a public telecommunications concession. However, non-Mexicans may
currently own up to all of the outstanding voting stock of Mexican companies with a public
telecommunications concession to provide cellular telephone services, provided, that the requisite
approvals are obtained from the <I>Comisi&#243;n Nacional de Inversiones Extranjeras</I>, or the Foreign
Investment Commission.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Cablevisi&#243;n, TVI and Cablem&#225;s may be required, under Mexican law, to permit other
concessionaires to connect their network to its network in a manner that enables its customers to
choose the network by which the services are carried.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">To the extent that a cable television operator has any available capacity on its network, as a
public telecommunications network, Mexican law requires the operator to offer third party providers
access to its network. Cablevisi&#243;n and Cablem&#225;s currently do not have any capacity available on
their networks to offer to third party providers and do not expect that they will have capacity
available in the future given the broad range of services they plan to provide over their networks.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Mexican Regulation of DTH Satellite Services. </I></B>Concessions to broadcast DTH satellite services
are for an initial term of up to 30&nbsp;years, and are renewable for up to 30&nbsp;years. We received a
30-year concession to operate DTH satellite services in Mexico utilizing SatMex satellites on May
24, 1996. On November&nbsp;27, 2000, we received an additional 20-year concession to operate our DTH
satellite service in Mexico using the PAS-9 satellite system, a foreign-owned satellite system.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Like a public telecommunications network concession, a DTH concession may be revoked or
terminated by the SCT prior to the end of its term in certain circumstances, which for a DTH
concession include:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the failure to use the concession within 180&nbsp;days after it was granted;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a declaration of bankruptcy of the concessionaire;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>failure to comply with the obligations or conditions specified in the concession;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unlawful assignments of, or encumbrances on, the concession; or</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>failure to pay to the government the required fees.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">At the termination of a concession, the Mexican government has the preemptive right to acquire
the assets of a DTH satellite service concessionaire. In the event of a natural disaster, war,
significant public disturbance or for reasons of public need or interest, the Mexican government
may temporarily seize and expropriate all assets related to a concession, but must compensate the
concessionaire for such seizure. The Mexican government may collect fees based on DTH satellite
service revenues of a satellite concessionaire.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Under the Telecommunications Law, DTH satellite service concessionaires may freely set
customer fees but must notify the SCT of the amount, except that if a concessionaire has
substantial market power, the SCT may determine fees that may be charged by such concessionaire.
The Telecommunications Law specifically prohibits cross-subsidies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Non-Mexican investors may currently own up to 49% of full voting equity of DTH satellite
system concessionaires; provided that Mexican investors maintain control of the operation. Foreign
investors may increase their economic participation in the equity of a concessionaire through
neutral investment mechanisms such as the CPO trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Regulation of DTH Satellite Services in Other Countries. </I></B>Our current and proposed DTH ventures
in other countries are and will be governed by laws, regulations and other restrictions of such
countries, as well as treaties that such countries have entered into, regulating the delivery of
communications signals to, or the uplink of signals from, such countries. In addition, the laws of
some other countries establish restrictions on our ownership interest in some of these DTH ventures
as well as restrictions on programming that may be broadcast by these DTH ventures.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to Mexico&#146;s Federal Law of Games and Draws, or <I>Ley Federal de Juegos y Sorteos</I>, or
Gaming Law, and its accompanying regulations, the <I>Reglamento de la Ley Federal de Juegos y Sorteos</I>,
or Gaming Regulations, the Mexican Ministry of the Interior has the authority to permit the
operation of all manner of games and lotteries that involve betting. This administrative
authorization is defined as a permit under the Gaming Regulations. Under the Gaming Regulations,
each permit establishes the terms for the operation of the respective activities authorized under
the permit and the specific periods for operation of those activities. Permits for games and
lotteries that involve betting have a maximum term of 25&nbsp;years. The holder of the relevant permit
must comply with all the terms provided in the permit, the Gaming Law and the Gaming Regulations.
We were granted a Gaming Permit on May&nbsp;25, 2005, which expires on May&nbsp;24, 2030.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Mexico&#146;s Federal Antitrust Law and the accompanying regulations, the <I>Reglamento de la Ley
Federal de Competencia Econ&#243;mica</I>, may affect some of our activities, including our ability to
introduce new products and services, enter into new or complementary businesses and complete
acquisitions or joint ventures. In addition, Mexico&#146;s Federal Antitrust Law and the accompanying
regulations may adversely affect our ability to determine the rates we charge for our services and
products. In addition, approval of the Mexican Antitrust Commission is required for us to acquire
certain businesses or enter into certain joint ventures. See &#147;Key Information &#151; Risk Factors &#151;
Risk Factors Related to Mexico &#151; Mexican Antitrust Laws May Limit Our Ability to Expand Through
Acquisitions or Joint Ventures&#148; and &#147;&#151; Existing Mexican Laws and Regulations or Changes Thereto or
the Imposition of New Ones May Negatively Affect Our Operations and Revenue&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The most recent amendments to Mexico&#146;s Federal Antitrust Law are in full force since May&nbsp;11,
2011.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Under these recent amendments, the review process of mergers and acquisitions by the Mexican
Antitrust Commission has been modified to allow reporting parties to request a &#147;fast track&#148; review
for a specific transaction when it is evident that the transaction
does not  restrain competition. It is considered evident that a transaction does
not  restrain competition when:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the acquirer does not have any participation in any market related to the relevant market;
and</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the acquirer is not an actual or potential competitor of target; and</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any of the following circumstances are met:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the acquirer is a new participant in the relevant market;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(y)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the acquirer does not have  control over target before or
after the transaction; or</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(z)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the acquirer has  control over target before the transaction.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Mexican Antitrust Commission must resolve within 5 business days from the date of filing
if the fast track review process is available. Once admitted, it must resolve within 15 business
days whether it is evident that the transaction does not restrain competition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In addition, pursuant to these last amendments, the following reportable transactions, among
others, are exempt from being reviewed by the Mexican Antitrust Commission:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Corporate restructurings.</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Transactions where the acquirer has control over target from its incorporation or
from the date the last reported transaction was approved by the Mexican Antitrust
Commission.</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Transactions that have effect in Mexico involving non-Mexican participants, if the
participants will not take control of Mexican legal entities, or acquire assets in
Mexico, in addition to those previously controlled or owned by such participants.</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Acquisitions of equity securities (or convertible securities) through stock markets
that represent less than 10% of such securities, and the acquirer is not entitled to (w)
appoint board members; (x)&nbsp;control a shareholders meeting decision; (y)&nbsp;vote more than
10% of voting rights of the issuer; or (z)&nbsp;direct or influence the management, operation,
strategy or principal policies of the issuer.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Additionally, the amendments also provide for a significant enhancement of the Mexican
Antitrust Commission&#146;s authority:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(a)&nbsp;The Mexican Antitrust Commission has been granted authority to request
written evidence, request testimonies, and perform verification visits in any
premises of the party being investigated where it is presumed that evidence
related to the commission of violations of the law may exist, without the need
of a judicial subpoena.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(b)&nbsp;If, after an investigation is terminated, the Mexican Antitrust Commission
resolves that there is evidence to presume the existence of a monopolistic
practice or illegal merger, it must summon the defendant. In connection with or
after such summon, if it believes that the presumed illegal conduct could
irreversibly restrain competition, it could issue a temporary suspension order
of such conduct until a final resolution is issued.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(c)&nbsp;The Mexican Antitrust Commission has also been empowered to file with the
Mexican Federal Attorney General a criminal complaint against any individual
that participates, orders or executes any per se practice (price fixing, output
restriction, market allocation and bid rigging) and only when a non-appealable
decision is issued confirming such conduct. All the criminal investigation and
process will be handled by the Mexican Federal Attorney General.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The amendments have also increased monetary fines significantly and provide for changes in the
actions to be taken by the Mexican Antitrust Commission with respect to illegal conduct.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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


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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We believe we have been operating our business in compliance with the provisions of the
Constitutional Amendment; however, we have filed legal actions contesting certain provisions of
such Constitutional Amendment. We cannot predict the outcome of the legal actions brought by the
Company against the Constitutional Amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The IFE ruled that some of our subsidiaries infringed the Federal Code of Electoral
Institutions and Procedures (<I>C&#243;digo Federal de Instituciones y Procedimientos Electorales</I>). As a
consequence thereof, the IFE imposed fines to such subsidiaries in an approximate amount of Ps.21
million. The relevant subsidiaries challenged the resolutions and the fines before the Federal
Electoral Court (<I>Tribunal Federal Electoral</I>). The Federal Electoral Court confirmed the rulings and
the fines. Although we continue to disagree with the determination of the IFE and the Federal
Electoral Court and have challenged the constitutionality of the Electoral Law, our subsidiaries
paid such fines.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">At this time, the Constitutional Amendment has not had an impact upon the results of our radio
and television businesses, however we cannot predict what impact, if any, the Constitutional
Amendment may have on our operating results in the future. A decrease in paid advertising of the
nature described above could lead to a decrease in our television or radio revenues.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->53<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The table below sets forth our significant subsidiaries and Innova, a consolidated variable
interest entity, as of December&nbsp;31, 2010.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Organization or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percentage</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Significant Subsidiary</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Ownership(1)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Corporativo Vasco de Quiroga, S.A. de C.V.(2)(3)(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CVQ Espect&#225;culos, S.A. de C.V.(2)(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Editora Factum, S.A. de C.V.(3)(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Empresas Cablevisi&#243;n, S.A.B de C.V.(3)(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">51.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Editorial Televisa, S.A. de C.V.(3)(6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Factum M&#225;s, S.A. de C.V.(7)(8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sky DTH, S. de R.L. de C.V.(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Innova Holdings, S. de R.L. de C.V.(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">58.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Innova, S. de R.L. de C.V. (Innova)(9)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">58.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Grupo Distribuidoras Intermex, S.A. de C.V.(2)(3)(10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Grupo Telesistema, S.A. de C.V.(11)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">G-Televisa-D, S.A. de C.V.(12)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televisa, S.A. de C.V.(13)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televisi&#243;n Independiente de M&#233;xico, S.A. de C.V.(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Multimedia Telecom, S.A. de C.V.(14)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sistema Radi&#243;polis, S.A. de C.V.(2)(3)(15)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">50.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Televisa Juegos, S.A. de C.V.(2)(3)(16)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>





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

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

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

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

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

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

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>One of two direct subsidiaries through which we own equity interests in and conduct the operations of our
Cable and Telecom segment.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>One of the indirect subsidiaries through which we conduct the operations of our Cable and Telecom segment.</TD>
</TR>

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

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

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

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>One of three subsidiaries through which we own our equity interest in Innova.</TD>
</TR>

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

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

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

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

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

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

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

<TR valign="top">
    <TD nowrap align="left">(11)</TD>
    <TD>&nbsp;</TD>
    <TD>Direct subsidiary through which we conduct the operations of our Television Broadcasting, Pay Television
Networks and Programming Exports segments.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(12)</TD>
    <TD>&nbsp;</TD>
    <TD>Indirect subsidiary through which we conduct certain operations of our Television Broadcasting segment.</TD>
</TR>

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

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

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

<TR valign="top">
    <TD nowrap align="left">(14)</TD>
    <TD>&nbsp;</TD>
    <TD>Direct subsidiary through which we maintain 5% of the capital stock of BMP and our investment in 1.5%
Convertible Debentures issued by BMP.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(15)</TD>
    <TD>&nbsp;</TD>
    <TD>Direct subsidiary through which we conduct the operations of our Radio business.</TD>
</TR>

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

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

</TABLE>

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">






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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Broadcasting, Office and Production Facilities. </I></B>Our properties consist primarily of
broadcasting, production facilities, television and reporter stations, technical operations
facilities, workshops, studios and office facilities, most of which are located in Mexico. We own
most of our properties or lease offices and facilities through indirect wholly owned and majority
owned subsidiaries. There are no major encumbrances on any of our properties, and we currently do
not have any significant plans to construct any new properties or expand or improve our existing
properties. Our principal offices, which we own, are located in Santa Fe, a suburb of Mexico City.
Each of our television stations has individual transmission facilities located in Mexico,
substantially all of which we own. Our television production operations are concentrated in four
locations in Mexico City, 14 studios in San Angel, 12 studios located in Chapultepec, 3 studios in
Santa Fe and 1 studio in Rojo Gomez. We own substantially all of these studios. The local
television stations wholly or majority owned by us have in the aggregate 43 production studios. We
own other properties used in connection with our operations, including a training center, technical
operations facilities, studios, workshops, television and repeater stations, and office facilities.
We beneficially own Azteca Stadium, which seats approximately 105,000 people, through a trust
arrangement that was renewed in 1993 for a term of 30&nbsp;years and that may be extended for additional
periods. In the aggregate, these properties, excluding Azteca Stadium, currently represent
approximately 5.2&nbsp;million square feet of space, of which over 3.7&nbsp;million square feet are located
in Mexico City and the surrounding areas, and approximately 1.5&nbsp;million square feet are located
outside of Mexico City and the surrounding areas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our cable television, radio, publishing and Mexican DTH satellite service businesses are
located in Mexico City. We also own the transmission and production equipment and facilities of our
radio stations located outside Mexico City.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We also own or lease over a total of 546,510 square feet in properties in the United States,
Latin America, Spain and Switzerland in connection with our operations there. We own or lease all
of these properties through indirect wholly owned and majority owned subsidiaries. The following
table summarizes our real estate and lease agreements in the United States, Latin America, Spain
and Switzerland.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Number of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Operations</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Properties</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Location</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Television and news activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Owned properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Buenos Aires, Argentina(1)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">San Diego, California(1)</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Leased properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Madrid, Spain(2)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">San Diego, California(1)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Zug, Switzerland(1)</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Owned properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Miami, Florida(1)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Santiago, Chile(1)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Quito, Ecuador(1)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guayaguil, Ecuador(1)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Caracas Venezuela (1)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Buenos Aires, Argentina(2)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bogota, Colombia(1)</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Leased properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Beverly Hills, California(1)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Miami, Florida(1)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, New York(1)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Medell&#237;n, Colombia(1)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bogota, Colombia(2)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Quito, Ecuador(1)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">San Juan, Puerto Rico(1)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->55<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Number of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Operations</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Properties</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Location</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing distribution and other activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Owned properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lima, Peru(1)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guayaquil, Ecuador(1)</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Leased properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Quito, Ecuador(2)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guayaquil, Ecuador(1)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Buenos Aires, Argentina(2)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Panam&#225;, Panam&#225;(2)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Santiago, Chile (44)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Barranquilla, Colombia(2)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bogota, Colombia(5)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bucaramanga, Colombia(1)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cali, Colombia(5)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cartagena, Colombia(1)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colombia, Colombia(2)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ibage, Colombia(1)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manizales, Colombia(1)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Medell&#237;n, Colombia(3)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pasto, Colombia(1)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pompayan, Colombia(1)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pereira, Colombia(1)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Santa Martha, Colombia(1)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sincelejo, Colombia,(1)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Villavicencio, Colombia(1)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lima, Peru(1)</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DTH</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Leased properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">San Jos&#233; Costa Rica(1)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guatemala (1)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nicaragua (1)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Panama (1)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Salvador (1)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Honduras (1)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dominicana (1)</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Telephony</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Leased properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">San Antonio, Texas(3)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dallas, Texas (2)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Laredo, Texas (1)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">McAllen, Texas (1)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mission, Texas (1)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Satellites. </I></B>We currently use transponder capacity on seven satellites: Satmex V, which reaches
Mexico, the United States, Latin America, except Brazil, and the Caribbean; Solidaridad II, which
reaches only Mexico; Intelsat IS-11, replacement of PAS 3-R (renamed in February&nbsp;2007 IS-3R)
started operations in July&nbsp;2009, Intelsat IS-11 reaches North America, Western Europe, Latin
America and the Caribbean; Galaxy 16 (formerly Galaxy IVR), which reaches Mexico, the U.S. and
Canada; IS-905 which reaches Western and Eastern Europe; IS-9 which reaches Central America,
Mexico, the Southern United States and the Caribbean and IS-16 which reaches Central America,
Mexico, the Southern United States and the Caribbean. The Intelsat IS-9 (formerly PAS-9) satellite
is currently in operation. Intelsat reported that IS-9&#146;s estimated end of life has been reduced to
October&nbsp;2012. In March&nbsp;2010, Sky reached an agreement with a subsidiary of Intelsat to lease 24
transponders on Intelsat IS-21 satellite which will be mainly used for signal reception and
retransmission services over the satellite&#146;s estimated 15-year service life. IS-21 satellite
intends to replace Intelsat IS-9 as Sky&#146;s primary transmission satellite and is currently expected
to start service in the third quarter of 2012. On April&nbsp;1, 2010 Intelsat released IS-16 satellite,
where Sky has additional twelve transponders to deliver new DTH-HD channels and more DTH SD
channels; also this satellite is a back-up satellite for our DTH venture operations. For a
description of guarantees related to our DTH venture transponder obligations, see Note 11 to our
consolidated year-end financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In 1996, PanAmSat (now Intelsat), our primary satellite service provider, agreed to provide
U.S. transponder service on three to five PAS-3R Ku-band transponders, at least three of which were
intended to be for the delivery of DTH satellite services to Spain. Under the PAS-3R transponder
contract, as amended, we were required to pay for five transponders at an annual fee for each
transponder of U.S.$3.1&nbsp;million. We currently have available transponder capacity on two 36 MHz
C-band transponders on Galaxy 16 (formerly, Galaxy IVR), which reaches Mexico, the United States
and Canada, due to an exchange with three of the five 54 MHz Ku-band transponders on PAS-3R
described above. Until April&nbsp;2010, for each of the 36 MHz C-band transponders we paid an annual fee
of approximately U.S.$3.7&nbsp;million. Subsequent to April&nbsp;2010, the annual fee for the 36 MHz C-band
transponders is approximately U.S.$1.3&nbsp;million.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In December&nbsp;2005, we signed an extension with PanAmSat, for the use of three transponders on
PAS-3R satellite until 2009 and 2012 and two transponders in Galaxy IVR (replaced by Galaxy 16)
satellite until 2016.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On February&nbsp;1, 2007, Intelsat renamed some of its satellite fleet recently acquired with its
2006 merger with PanAmSat: current names for PAS-9 and PAS-3R are IS-9 and IS-3R, respectively.
Intelsat kept the name of Galaxy 16. In December&nbsp;2007, Sky and Sky
Brasil reached an agreement with Intelsat Corporation and Intelsat LLC to build and launch a
new 24-transponder satellite, IS-16, for which service will be dedicated to Sky and Sky Brasil over
the satellite&#146;s estimated 15-year life. The satellite was manufactured by Orbital Sciences
Corporation and was successfully launched in February&nbsp;2010 and started operations in April&nbsp;2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On August&nbsp;3, 2009, the contract on two remaining transponders of the IS-3R satellite expired
(end of life of the satellite). Televisa negotiated a new contract for a new transponder on the
IS-905 satellite until August&nbsp;31, 2012, for the distribution of our content in Europe.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">With several new domestic and international satellites having been launched recently, and with
several others scheduled for launch in the next few years, including those scheduled for launch by
the new Intelsat company, we believe that we will be able to secure satellite capacity to meet our
needs in the future, although no assurance can be given in this regard.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Insurance. </I></B>We maintain comprehensive insurance coverage for our offices, equipment and other
property, subject to some limitations, that result from a business interruption due to natural
disasters or other similar events, however, we do not maintain business interruption insurance for
our DTH business in case of loss of satellite transmission.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="left">
<A name="C19172114"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;5.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Operating and Financial Review and Prospects</B><B><I>.</I></B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>You should read the following discussion together with our consolidated year-end financial
statements and the accompanying notes, which appear elsewhere in this annual report. This annual
report contains forward-looking statements that reflect our plans, estimates and beliefs. Our
actual results could differ materially from those discussed in these forward-looking statements.
Factors that could cause or contribute to these differences include, but are not limited to, those
discussed below and elsewhere in this annual report, particularly in &#147;Key Information &#151; Risk
Factors&#148;. In addition to the other information in this annual report, investors should consider
carefully the following discussion and the information set forth under &#147;Key Information &#151; Risk
Factors&#148; before evaluating us and our business.</I>
</DIV>
<DIV align="left">
<A name="C19172115"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our consolidated year-end financial statements have been prepared in accordance with Mexican
FRS, which differ in some significant respects from U.S. GAAP. Note 23 to our consolidated year-end
financial statements describes certain differences between Mexican FRS and U.S. GAAP as they relate
to us through December&nbsp;31, 2010 and provides a reconciliation to U.S. GAAP of net income and total
stockholders&#146; equity. Note 23 to our consolidated year-end financial statements also presents all
other disclosures required by U.S. GAAP, as well as condensed financial statement data.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As required by Mexican FRS, beginning on January&nbsp;1, 2008, we discontinued recognizing the
effects of inflation in our financial information. Accordingly, our financial statements as of and
for the years ended December&nbsp;31, 2008, 2009 and 2010 are comparable in this respect. Our financial
information for the years ended December&nbsp;31, 2008, 2009 and 2010 maintained the inflation
adjustments recognized in prior years in our consolidated stockholders&#146; equity, and the
inflation-adjusted amounts for nonmonetary assets and liabilities at December&nbsp;31, 2007 became the
accounting basis for those assets and liabilities beginning on January&nbsp;1, 2008 and for subsequent
periods.
</DIV>
<DIV align="left">
<A name="C19172116"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following tables set forth our results of operations data for the indicated periods as a
percentage of net sales:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,(1)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Segment Net Sales</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Television Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">43.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">40.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">38.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pay Television Networks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Programming Exports</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cable and Telecom</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Segment Net Sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intersegment Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2.3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2.2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2.1</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Consolidated Net Sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">97.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">97.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">97.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net Sales</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cost of Sales(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">44.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">45.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">45.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Selling Expenses(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Administrative Expenses(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation and Amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consolidated Operating Income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.9</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>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Net Sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>





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

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Certain segment data set forth in these tables may vary from
certain data set forth in our consolidated year-end financial
statements due to differences in rounding. The segment net sales
and total segment net sales data set forth in this annual report
reflect sales from intersegment operations in all periods
presented. See Note 22 to our consolidated year-end financial
statements.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Excluding depreciation and amortization.</TD>
</TR>

</TABLE>

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">






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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table sets forth the net sales and operating segment income (loss)&nbsp;of each of
our business segments and intersegment sales, corporate expenses and depreciation and amortization
for the years ended December&nbsp;31, 2008, 2009 and 2010. In 2003, we adopted the provisions of
Bulletin B-5, &#147;Financial Information by Segments&#148; issued by the Mexican Institute of Public
Accountants, or MIPA. This standard requires us to look to our internal organizational structure
and reporting system to identify our business segments. In accordance with this standard, we
currently classify our operations into seven business segments: Television Broadcasting, Pay
Television Networks, Programming Exports, Publishing, Sky, Cable and Telecom, and Other Businesses.
See &#147;&#151; Recently Issued Mexican Financial Reporting Standards&#148; and Note 1(s) to our consolidated
year-end financial statements. Our results for 2008, 2009 and 2010, include Cablem&#225;s, a significant
cable operator in Mexico, in the &#147;Cable and Telecom&#148; segment. Effective June&nbsp;1, 2008 and October&nbsp;1,
2009, we began consolidating the assets, liabilities and results of operations of Cablem&#225;s and TVI,
respectively, in our consolidated financial statements. See Note 2 to our consolidated year-end
financial statements.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,(1)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>(Millions of Pesos)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Segment Net Sales</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Television Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">       21,460.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">       21,561.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">       22,750.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pay Television Networks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,212.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,736.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,146.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Programming Exports</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,437.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,845.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,074.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,700.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,356.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,229.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,162.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,005.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,248.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cable and Telecom</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,623.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,241.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,814.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,498.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,771.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,812.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Segment Net Sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,094.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,518.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,075.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intersegment Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,122.6</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,166.1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,218.6</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Consolidated Net Sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">       47,972.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">       52,352.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">       57,856.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Operating Segment Income (Loss)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Television Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">       10,504.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">       10,323.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">       10,714.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pay Television Networks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,378.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,660.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,622.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Programming Exports</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,076.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,437.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,503.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">648.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">190.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">425.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,416.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,478.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,074.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cable and Telecom</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,134.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,971.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,907.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(242.9</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(318.2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(184.0</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Operating Segment Income(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,917.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,744.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,062.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Corporate Expenses(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(478.3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(658.2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(901.0</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation and Amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,311.1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,929.6</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,579.3</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Consolidated Operating Income(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">       15,127.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">       15,156.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">       15,582.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>





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

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Certain segment data set forth in these tables may vary from
certain data set forth in our consolidated year-end financial
statements due to differences in rounding. The segment net sales
and total segment net sales data set forth in this annual report
reflect sales from intersegment operations in all periods
presented. See Note 22 to our consolidated year-end financial
statements.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>The total operating segment income data set forth in this annual
report do not reflect corporate expenses and depreciation and
amortization in any period presented, but are presented herein to
facilitate the discussion of segment results.</TD>
</TR>

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

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

</TABLE>



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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our results of operations are seasonal. We typically recognize a disproportionately large
percentage of our overall advertising net sales in the fourth quarter in connection with the
holiday shopping season. For example, in 2008, 2009 and 2010, we recognized 30.2%, 29.0% and 28.5%,
respectively, of our net sales in the fourth quarter of the year. Our costs, in contrast to our
revenues, are more evenly incurred throughout the year and generally do not correlate to the amount
of advertising sales.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Results of Operations for the Year Ended December&nbsp;31, 2010<BR>
Compared to the Year Ended December&nbsp;31, 2009</B>
</DIV>


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


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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our net sales increased by Ps.5,504.3&nbsp;million, or 10.5%, to Ps.57,856.8&nbsp;million for the year
ended December&nbsp;31, 2010 from Ps.52,352.5&nbsp;million for the year ended December&nbsp;31, 2009. This
increase was attributable to revenue growth across all our business segments with the exception of
Publishing which underwent a restructuring process. Growth was especially strong in our Cable and
Telecom and Sky segments.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Cost of sales increased by Ps.2,526.4&nbsp;million, or 10.6%, to Ps.26,294.8&nbsp;million for the year
ended December&nbsp;31, 2010 from Ps.23,768.4&nbsp;million for the year ended December&nbsp;31, 2009. This
increase was due to higher costs in our Cable and Telecom, Television Broadcasting, Sky, Pay
Television Networks and Programming Exports segments. These increases were partially offset by a
decrease in the costs of our Publishing and Other Businesses segments.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Selling expenses increased by Ps.125.6&nbsp;million, or 2.7%, to Ps.4,797.7&nbsp;million for the year
ended December&nbsp;31, 2010 from Ps.4,672.1&nbsp;million for the year ended December&nbsp;31, 2009. This increase
was attributable to higher selling expenses in our Cable and Telecom, Pay Television Networks,
Programming Exports and Television Broadcasting segments. These increases were partially offset by
a decrease in selling expenses in our Publishing, Sky and Other Businesses segments.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Administrative expenses increased by Ps.776.9&nbsp;million, or 20.3%, to Ps.4,602.4&nbsp;million for the
year ended December&nbsp;31, 2010 from Ps.3,825.5&nbsp;million for the year ended December&nbsp;31, 2009. This
increase reflects increased administrative expenses in all our segments, especially in our Cable
and Telecom and Sky segments, as well as an increase in corporate expenses due to higher
share-based compensation expense, which amounted to approximately Ps.560.6&nbsp;million in 2010,
compared with Ps.375.7&nbsp;million in 2009.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Television Broadcasting net sales are derived primarily from the sale of advertising time on
our national television networks, Channels 2, 4, 5 and 9, and local stations, including our English
language station on the Mexico/U.S. border. The contribution of local stations net sales to
Television Broadcasting net sales was 12.8% in 2009 and 11.8% in 2010. No Television Broadcasting
advertiser accounted for more than 10% of Television Broadcasting advertising sales in any of these
years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Television Broadcasting net sales, representing 40.3% and 38.5% of our total segment net sales
for the years ended December&nbsp;31, 2009 and 2010, respectively, increased by Ps.1,188.5&nbsp;million, or
5.5%, to Ps.22,750.1&nbsp;million for the year ended December&nbsp;31, 2010 from Ps.21,561.6&nbsp;million for the
year ended December&nbsp;31, 2009. Our content continued to perform well. For example the final episode
of the telenovela &#147;Soy tu Due&#241;a&#148; was the highest rated program transmitted in Mexico through
broadcast television during the year, and nine of the top-ten rated shows on over-the-air
television in Mexico were transmitted by us. The sales of the broadcast and transmission of the
2010 Soccer World Cup in South Africa also contributed to the increase in net sales.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Television Broadcasting operating segment income increased by Ps.390.4&nbsp;million, or 3.8%, to
Ps.10,714.3&nbsp;million for the year ended December&nbsp;31, 2010 from Ps.10,323.9&nbsp;million for the year
ended December&nbsp;31, 2009. This increase was due to the increase in net sales and was partially
offset by an increase in cost of sales related to the transmission during the year of programs
produced in connection with the 2010 Soccer World Cup, including the soccer matches, and an
increase in operating expenses, primarily in personnel expenses.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

<!-- PAGEBREAK -->
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We sell commercial time in two ways: upfront and scatter basis. Advertisers that elect the
upfront option lock in prices for the upcoming year, regardless of future price changes.
Advertisers that choose the upfront option make annual prepayments, with cash or short-term notes,
are charged the lowest rates for their commercial time, are given the highest priority in schedule
placement, and are
given a first option in advertising during special programs. Scatter advertisers, or
advertisers who choose not to make upfront payments but rather advertise from time to time, risk
both higher prices and lack of access to choice commercial time slots. We sell advertising to our
customers on a cost per rating point basis. Under cost per rating point pricing, we are not
committed with advertisers to achieve a certain rating upon broadcast, and therefore, we do not
have to provide any future price adjustments if the rating is not met.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Mexican government does not restrict our ability to set our advertising rates. In setting
advertising rates and terms, we consider, among other factors, the likely effect of rate increases
on the volume of advertising sales. We have historically been flexible in setting rates and terms
for our television advertising. Nominal rate increases have traditionally varied across daytime
hours, and the same price increases have not been implemented for all programs, with higher
increases in certain programs as a result of high demand for advertising during certain hours.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During 2009 and 2010, we increased our nominal advertising rates. During prime time
broadcasts, we sold an aggregate of 1,368 hours of advertising time in 2009 and 1,512 hours in
2010. During sign-on to sign-off hours, we sold 2,867 hours of advertising time in 2009 and 3,071
hours in 2010. Television Broadcasting advertising time that is not sold to the public is primarily
used to satisfy our legal obligation to the Mexican government to provide Official Television
Broadcast Time and to promote, among other things, our products.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pay Television Networks net sales are derived primarily from revenues received in exchange for
providing television channels to pay-TV providers servicing the United States, Europe, the
Caribbean, Australia, Latin America and Canada, including other cable systems in Mexico and the DTH
satellite venture in which we have an interest. Pay Television Networks net sales also include the
revenues from TuTv, our former pay-TV venture in the United States with Univision. Beginning
December&nbsp;2010, we do not consolidate TuTv in our financial statements, because we sold to Univision
our entire interest in TuTv which represented 50% of its capital stock, pursuant to the investment
agreement with this company and the purchase and assignment and assumption agreement entered into
in connection therewith. Revenues from advertising time sold with respect to programs provided to
cable systems in Mexico and internationally are also reflected in this segment. Pay Television
Networks sell advertising on a scatter basis, independently from our other media-related segments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pay Television Networks net sales, representing 5.1% and 5.3% of our total segment net sales
for the years ended December&nbsp;31, 2009 and 2010, respectively, increased by Ps.409.6&nbsp;million, or
15.0%, to Ps.3,146.2&nbsp;million for the year ended December&nbsp;31, 2010 from Ps.2,736.6&nbsp;million for the
year ended December&nbsp;31, 2009. This increase was achieved in spite of a negative translation effect
of foreign-currency-denominated sales, and was driven by higher revenues from channels sold in
Mexico as well as higher advertising sales, which represented 22.7% of segment revenue in 2010.
Some of the most successful channels during the year included Cl&#225;sico TV and the 2-hour delayed
broadcast of Channel 2. Additionally, during the year, we successfully added to our portfolio of
high-definition channels Golden and American Network, and launched the TL Novela channel in Brazil.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pay Television Networks operating segment income decreased by Ps.38.4&nbsp;million, or 2.3%, to
Ps.1,622.0&nbsp;million for the year ended December&nbsp;31, 2010, from Ps.1,660.4&nbsp;million for the year ended
December&nbsp;31, 2009. This decrease reflects an increase in cost of sales and operating expenses,
driven mainly by investments made in the production and launch of two new channels. In August&nbsp;2009,
we launched our sports pay-TV channel, Televisa Deportes Network (TDN), which carried on an
exclusive basis ten of the 64 games of the 2010 Soccer World Cup. Additionally, in February&nbsp;2010,
we launched Foro TV, our 24-hour news  channel, which since September&nbsp;2010 is broadcast on our
free-to-air Channel 4.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Programming Exports net sales consist primarily of revenues from program license agreements
and principally relate to our telenovelas and our variety programs. In 2009 and 2010, 66.8% and
64.0%, respectively, of net sales for this segment were attributable to programming licensed under
our Program License Agreement with Univision. In 2009 and 2010, we received U.S.$143.0&nbsp;million and
U.S.$156.1&nbsp;million, respectively, in program royalties from Univision, related to the Univision
Network and Galavision Network.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Programming Exports net sales, representing 5.3% and 5.2% of our total segment net sales for
the years ended December&nbsp;31, 2009 and 2010, respectively, increased by Ps.228.9&nbsp;million, or 8.0%,
to Ps.3,074.8&nbsp;million for the year ended December&nbsp;31, 2010 from Ps.2,845.9&nbsp;million for the year
ended December&nbsp;31, 2009. This increase was primarily due to an increase in royalties from
Univision, from U.S.$143.0&nbsp;million in 2009 to U.S.$156.1&nbsp;million in 2010, as well as higher
programming sales, mainly in Europe, and higher revenue from co-productions abroad. This increase
was partially offset by a negative translation effect on foreign-currency-denominated sales.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Programming Exports operating segment income increased by Ps.66.4&nbsp;million, or 4.6%, to
Ps.1,503.6&nbsp;million for the year ended December&nbsp;31, 2010 from Ps.1,437.2&nbsp;million for the year ended
December&nbsp;31, 2009. This increase was primarily due to the increase in net sales, which was
partially offset by an increase in cost of sales due to higher programming and co-production costs
and operating expenses, primarily due to an increase in personnel expenses and an increase in the
provision for doubtful trade accounts.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Publishing net sales are primarily derived from the sale of advertising pages in our various
magazines, as well as magazine sales to distributors. Our Publishing segment sells advertising
independently from our other media-related segments. Advertising rates are based on the publication
and the assigned space of the advertisement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Publishing net sales, representing 6.3% and 5.5% of our total segment net sales for the years
ended December&nbsp;31, 2009 and 2010, respectively, decreased by Ps.126.5&nbsp;million, or 3.8%, to
Ps.3,229.6&nbsp;million for the year ended December&nbsp;31, 2010 from Ps.3,356.1&nbsp;million for the year ended
December&nbsp;31, 2009. The annual decrease was driven by the negative impact of the translation effect
on foreign-currency-denominated sales and by a restructuring of the business, which included taking
some magazines off the market, resulting in a decrease in magazine circulation in Mexico and
consequently a decrease in advertising revenue. This decrease was partially offset by an increase
in advertising sales abroad.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Publishing operating segment income increased by Ps.234.6&nbsp;million, or 123.0%, to Ps.425.3
million for the year ended December&nbsp;31, 2010 from Ps.190.7&nbsp;million for the year ended December&nbsp;31,
2009. This increase reflects primarily lower paper and printing costs in connection with the
restructuring process and to a lesser extent lower operating expenses due to non-recurrent charges
such as decreases in expense allocations and the provision for doubtful trade accounts. This
increase in the operating segment income was partially offset by the decrease in net sales.
</DIV>

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Sky net sales, representing 18.7% and 19.0% of our total segment net sales for the years ended
December&nbsp;31, 2009 and 2010, respectively, increased by Ps.1,243.0&nbsp;million, or 12.4%, to Ps.11,248.2
million for the year ended December&nbsp;31, 2010 from Ps.10,005.2&nbsp;million for the year ended December
31, 2009. The annual increase was driven by solid growth in the subscriber base in Mexico, mainly
attributable to the success of Sky&#146;s new low-cost offerings. Additionally, Sky transmitted 24
matches of the 2010 Soccer World Cup on an exclusive basis and in some packages sold it as a
pay-per-view event. The number of gross active subscribers increased to 3,044,000 (including
149,900 commercial subscribers) as of December&nbsp;31, 2010 from 1,959,700 (including 144,300
commercial subscribers) as of December&nbsp;31, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Sky operating segment income increased by Ps.595.7&nbsp;million or 13.3% to Ps.5,074.5&nbsp;million for
the year ended December&nbsp;31, 2010 from Ps.4,478.8&nbsp;million for the year ended December&nbsp;31, 2009. This
increase was due to the increase in net sales as well as a reduction in the amount of costs
amortized related to the exclusive transmission of certain 2010 Soccer World Cup matches. This
increase was partially offset by an increase in programming costs associated with the increase in
our subscriber base, and operating expenses due to commissions paid and increase in the provision
for doubtful trade accounts.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Cable and Telecom net sales are derived from cable television and telecommunication services,
as well as advertising sales. Net sales for cable television services generally consist of monthly
subscription fees for basic and premium service packages, fees charged for pay-per-view programming
and, to a significantly lesser extent, monthly rental and one-time installation fees, broadband
internet and telephone services subscription. Beginning June&nbsp;2008, we began to consolidate the
financials of Cablem&#225;s, a significant cable operator in Mexico operating in 49 cities, into our
financial statements. Beginning October&nbsp;2009, we began to consolidate the financials of TVI. The
telecommunications business derives revenues from providing data and long-distance services
solutions to carriers and other telecommunications service providers through its fiber-optic
network. Net sales for cable television advertising consist of revenues from the sale of
advertising on Cablevisi&#243;n, Cablem&#225;s and TVI. Rates are based on the day and time the advertising
is aired, as well as the type of programming in which the advertising is aired. Cable subscription
and advertising rates are adjusted periodically in response to inflation and in accordance with
market conditions.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Cable and Telecom net sales, representing 17.3% and 20.0% of our total segment net sales for
the years ended December&nbsp;31, 2009 and 2010, respectively, increased by Ps.2,572.4&nbsp;million, or
27.8%, to Ps.11,814.2&nbsp;million for the year ended December&nbsp;31, 2010 from Ps.9,241.8&nbsp;million for the
year ended December&nbsp;31, 2009. This increase was primarily due to the consolidation of TVI effective
October&nbsp;1, 2009, which represented incremental sales of Ps.1,463.5&nbsp;million, as well as the
addition of more than 356,000 revenue generating units (RGUs) in Cablevisi&#243;n and Cablem&#225;s.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Cable and Telecom operating segment income increased by Ps.935.3&nbsp;million, or 31.5%, to
Ps.3,907.2&nbsp;million for the year ended December&nbsp;31, 2010 from Ps.2,971.9&nbsp;million for the year ended
December&nbsp;31, 2009. This increase was due to the continued growth in the cable platforms as well as
a positive translation effect on foreign-currency-denominated costs, and was partially offset by
the increase in costs resulting from the growth in the subscriber base and higher costs and
expenses resulting from the consolidation of TVI.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table sets forth the breakdown of RGUs as of December&nbsp;31, 2010:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Cablevisi&#243;n</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Cablem&#225;s</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>TVI</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>Video</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">668,985</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">997,239</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">301,698</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Broadband</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">299,157</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">360,049</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147,268</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Voice</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">190,441</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">205,180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106,129</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>RGUs</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,158,583</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,562,468</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>555,095</B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Other Businesses net sales are primarily derived from the promotion of sports and special
events in Mexico, the distribution of feature films, revenues from our internet businesses, which
includes revenues from advertisers for advertising space on Esmas.com, and revenues related to our
PSMS messaging service, gaming, radio and publishing distribution (beginning in the third quarter
of 2008).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Other Businesses net sales, representing 7.0% and 6.5% of our total segment net sales for the
years ended December&nbsp;31, 2009 and 2010, respectively, increased by Ps.40.9&nbsp;million, or 1.1%, to
Ps.3,812.3&nbsp;million for the year ended December&nbsp;31, 2010 from Ps.3,771.4&nbsp;million for the year ended
December&nbsp;31, 2009. This increase was primarily due to higher sales related to our gaming, sporting
events production, radio and publishing distribution businesses. This increase was partially offset
by lower sales in our feature-film distribution and internet businesses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Other Businesses operating segment loss decreased by Ps.134.2&nbsp;million, or 42.2%, to Ps.184.0
million for the year ended December&nbsp;31, 2010 from Ps.318.2&nbsp;million for the year ended December&nbsp;31,
2009. This decrease reflects a decrease in the losses attributable to our sporting events
production, gaming and publishing distribution businesses as well as an increase in the operating
segment income of our radio business. These favorable effects were partially offset by an increase
in the losses attributable to our internet business and the losses attributable to our feature-film
distribution business in 2010, as compared to 2009 when this business produced income.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Depreciation and amortization expense increased by Ps.1,649.7&nbsp;million, or 33.5%, to Ps.6,579.3
million for the year ended December&nbsp;31, 2010 from Ps.4,929.6&nbsp;million for the year ended December
31, 2009. This change primarily reflects an increase in such expense in our Cable and Telecom (due
to the consolidation of TVI), Sky and Television Broadcasting segments. This increase was partially
offset by a decrease in such expense in our Publishing segment.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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


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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Other expense, net, decreased by Ps.1,197.7&nbsp;million, or 67.9%, to Ps.567.2&nbsp;million for the
year ended December&nbsp;31, 2010, compared with Ps.1,764.9&nbsp;million for the year ended December&nbsp;31,
2009. This decrease reflected primarily i) a reduction in non-cash impairment adjustments to the
carrying value of goodwill in our Cable and Telecom, Television Broadcasting and Publishing
segments and ii) the gain on disposition of investments in shares. These favorable variances were
partially offset by i) non-recurring expenses related to the refinancing of debt of Cablem&#225;s, and
ii) increases in other expenses related to financial advisory and professional services and the
disposition of equipment.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Integral cost of financing, net, significantly impacts our consolidated financial statements
in periods of high inflation or currency fluctuations. Under Mexican FRS, integral cost of
financing reflects:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>interest expense, including gains or losses from derivative instruments;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>interest income; and</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>foreign exchange gain or loss attributable to monetary assets and
liabilities denominated in foreign currencies, including gains or
losses from derivative instruments.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our foreign exchange position is affected by our assets or liabilities denominated in foreign
currencies, primarily U.S. dollars. We record a foreign exchange gain or loss if the exchange rate
of the Peso to the other currencies in which our monetary assets or liabilities are denominated
varies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The net expense attributable to integral cost of financing increased by Ps.55.3&nbsp;million, or
1.9%, to Ps.3,028.6&nbsp;million for the year ended December&nbsp;31, 2010 from Ps.2,973.3&nbsp;million for the
year ended December&nbsp;31, 2009. This increase primarily reflected i) a Ps.478.9&nbsp;million increase in
interest expense, due mainly to a higher average principal amount of long-term debt in 2010, and
ii) a Ps.5.9&nbsp;million decrease in interest income explained primarily by a reduction of interest
rates applicable to cash equivalents and temporary investments in 2010. These unfavorable variances
were partially offset by a Ps.429.5&nbsp;million decrease in foreign exchange loss resulting primarily
from the favorable effect of a 5.5% appreciation of the Mexican peso against the U.S. dollar in
2010 on our average net U.S. dollar liability position in 2010, which changed from a net U.S.
dollar asset position in 2009.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This line item reflects our equity participation in the operating results and net assets of
unconsolidated businesses in which we maintain an interest, but over which we have no control. We
recognize equity in losses of affiliates up to the amount of our initial investment and subsequent
capital contributions, or beyond that amount when guaranteed commitments have been made by us in
respect of obligations incurred by affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Equity in losses of affiliates, net, decreased by Ps.503.4&nbsp;million, or 70.4%, to Ps.211.9
million in 2010 compared with Ps.715.3&nbsp;million in 2009. This decrease mainly reflected a reduction
in equity in loss of La Sexta, our 40.5% interest in a free-to-air television channel in Spain.
This decrease was partially offset by the absence of equity in earnings of i) Volaris, as we
disposed of this investment in the third quarter of 2010, and ii) TVI, as we began consolidating
its assets, liabilities and results of operations in our consolidated financial statements
effective in the fourth quarter of 2009. Equity in losses of affiliates, net, for the year ended
December&nbsp;31, 2010, is mainly comprised of the equity in loss of La Sexta, which was partially
offset by the equity in earnings of other associates.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Income taxes increased by Ps.138.3&nbsp;million, or 4.4%, to Ps.3,259.0&nbsp;million in 2010 from
Ps.3,120.7&nbsp;million in 2009. This increase primarily reflected a higher income tax base, which was
partially offset by a lower effective income tax rate.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Mexican corporate income tax rates in 2008, 2009 and 2010 were 28%, 28% and 30%,
respectively.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Flat Rate Business Tax (&#147;Impuesto Empresarial a Tasa &#218;nica&#148; or &#147;IETU&#148;) became effective in
Mexico as of January&nbsp;1, 2008. This flat tax replaced Mexico&#146;s asset tax and is applied along with
Mexico&#146;s regular income tax. In general, Mexican companies are subject to paying the greater of the
flat tax or the income tax. The IETU is calculated by applying a tax rate of 16.5% in 2008, 17% in
2009, and 17.5% in 2010 and thereafter. Although the IETU is defined as a minimum tax it has a
wider taxable base as some of the tax deductions allowed for income tax purposes are not allowed
for the flat tax. As of December&nbsp;31, 2008, 2009 and 2010, this tax did not have an effect on the
Group&#146;s deferred tax position, and the Group does not expect to have to pay the IETU in the near
future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In December&nbsp;2009, the Mexican government enacted certain amendments and changes to the Mexican
Income Tax Law that became effective as of January&nbsp;1, 2010. The main provisions of these amendments
and changes are as follows: i) the corporate income tax rate is increased from 28% to 30% for the
years 2010 through 2012, and will be reduced to 29% and 28% in 2013 and 2014, respectively; ii) the
deferred income tax benefit derived from tax consolidation of a parent company and its subsidiaries
is limited to a period of five years; therefore, the resulting deferred income tax has to be paid
starting in the sixth year following the fiscal year in which the deferred income tax benefit was
received; iii) the payment of this income tax has to be made in installments: 25% in the first and
second year, 20% in the third year, and 15% in the fourth and fifth year; and iv) this procedure
applies for the deferred income tax
resulting from the tax consolidation regime prior to and from 2010, so taxpayers paid in 2010
the first installment of the cumulative amount of the deferred tax benefits determined as of
December&nbsp;31, 2004. See &#147;Risk Factors &#151; Existing Mexican Laws and Regulations or Changes Thereto or
the Imposition of New Ones May Negatively Affect Our Operations and Revenue&#148;.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Non-controlling interest reflects that portion of operating results attributable to the
interests held by third parties in the businesses which are not wholly-owned by us, including our
Cable and Telecom and Sky segments, as well as our Radio businesses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Non-controlling interest net income increased by Ps.256.9&nbsp;million, or 44.6%, to Ps.832.5
million in 2010, from Ps.575.6&nbsp;million in 2009. This increase primarily reflected a higher portion
of consolidated net income attributable to interests held by non-controlling stockholders in our
Cable and Telecom and Sky segments.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We generated controlling interest net income in the amount of Ps.7,683.4&nbsp;million in 2010, as
compared to Ps.6,007.1&nbsp;million in 2009. The net increase of Ps.1,676.3&nbsp;million reflected:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.425.7&nbsp;million increase in operating income, net;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.1,197.7&nbsp;million decrease in other expense, net; and</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.503.4&nbsp;million decrease in equity in losses of affiliates, net.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">These changes were partially offset by:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.55.3&nbsp;million increase in integral cost of financing, net;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.138.3&nbsp;million increase in income taxes; and</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.256.9&nbsp;million increase in non-controlling interest net income.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Results of Operations for the Year Ended December&nbsp;31, 2009<BR>
Compared to the Year Ended December&nbsp;31, 2008</B>
</DIV>


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


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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our net sales increased by Ps.4,380.2&nbsp;million, or 9.1%, to Ps.52,352.5&nbsp;million for the year
ended December&nbsp;31, 2009 from Ps.47,972.3&nbsp;million for the year ended December&nbsp;31, 2008. This
increase reflects a revenue growth in our Cable and Telecom, Sky, Pay Television Networks,
Programming Exports, Television Broadcasting and Other Businesses segments. These increases were
partially offset by a decrease in the sales of our Publishing segment.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->65<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Cost of sales increased by Ps.2,212.4&nbsp;million, or 10.3%, to Ps.23,768.4&nbsp;million for the year
ended December&nbsp;31, 2009 from Ps.21,556.0&nbsp;million for the year ended December&nbsp;31, 2008. This
increase was due to higher costs in our Cable and Telecom, Sky, Television Broadcasting, Pay
Television Networks, Programming Exports and Other Businesses segments. These increases were
partially offset by a decrease in costs in our Publishing segment.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Selling expenses increased by Ps.752.9&nbsp;million, or 19.2%, to Ps.4,672.1&nbsp;million for the year
ended December&nbsp;31, 2009 from Ps.3,919.2&nbsp;million for the year ended December&nbsp;31, 2008. This increase
was attributable to higher selling expenses in our Sky, Cable and Telecom, Publishing, Pay
Television Networks, Television Broadcasting, Programming Exports and Other Businesses segments, as
a result of increases in promotional and advertising expenses, commissions paid and provision for
doubtful trade accounts.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Administrative expenses increased by Ps.767.3&nbsp;million, or 25.1%, to Ps.3,825.5&nbsp;million for the
year ended December&nbsp;31, 2009 from Ps.3,058.2&nbsp;million for the year ended December&nbsp;31, 2008. This
increase reflects the administrative expense growth in our Cable and Telecom, Publishing,
Television Broadcasting, Sky, Pay Television Networks and Other Businesses segments, as well as an
increase in corporate expenses due to higher share-based compensation expense, which amounted to
approximately Ps.375.7&nbsp;million in 2009, compared with Ps.222.0&nbsp;million in 2008. These increases
were partially offset by lower administrative expenses in our Programming Exports segment.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Television Broadcasting net sales increased by Ps.100.9&nbsp;million, or 0.5%, to Ps.21,561.6
million for the year ended December&nbsp;31, 2009 from Ps.21,460.7&nbsp;million for the year ended December
31, 2008. This marginal increase was achieved in spite of the difficult economic environment and
the inclusion of the broadcast of the 2008 Olympic Games in Television Broadcasting net sales for
the year ended December&nbsp;31, 2008. Ratings remained strong due to successful telenovelas such as
&#147;<I>Hasta que el Dinero nos Separe</I>&#148; and &#147;<I>Ma&#241;ana es Para Siempre</I>&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Television Broadcasting operating segment income decreased by Ps.181.0&nbsp;million, or 1.7%, to
Ps.10,323.9&nbsp;million for the year ended December&nbsp;31, 2009 from Ps.10,504.9&nbsp;million for the year
ended December&nbsp;31, 2008. This decrease was due to the increase in cost of sales due primarily to
the negative translation effect of foreign-currency-denominated programming and satellite costs and
an increase in operating expenses driven by an increase in advertising and promotional expenses,
commissions paid and personnel expenses, which was partially offset by an increase in net sales.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pay Television Networks net sales increased by Ps.524.1&nbsp;million, or 23.7%, to Ps.2,736.6
million for the year ended December&nbsp;31, 2009 from Ps.2,212.5&nbsp;million for the year ended December
31, 2008. This increase reflects higher revenues from signals sold in Mexico and Latin America and
an increase in advertising sales, as well as a positive translation effect of
foreign-currency-denominated sales.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pay Television Networks operating segment income increased by Ps.282.2&nbsp;million, or 20.5%, to
Ps.1,660.4&nbsp;million for the year ended December&nbsp;31, 2009, from Ps.1,378.2&nbsp;million for the year ended
December&nbsp;31, 2008, primarily due to higher sales that were partially offset by an increase in cost
of sales mainly resulting from costs associated with the production and launch of new channels and
programs, as well as the negative translation effect of foreign-currency-denominated costs, and an
increase in operating expenses due to higher promotional and advertising expenses and commissions
paid.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Programming Exports net sales increased by Ps.408.7&nbsp;million, or 16.8%, to Ps.2,845.9&nbsp;million
for the year ended December&nbsp;31, 2009 from Ps.2,437.2&nbsp;million for the year ended December&nbsp;31, 2008.
This increase was primarily due to a positive translation effect on foreign-currency-denominated
sales and higher programming sales to Latin America, Europe, Asia and Africa. This increase was
partially offset by a decrease in royalties paid to us under the Program License Agreement entered
into with Univision in the amount of U.S.$143.0&nbsp;million for the year ended December&nbsp;31, 2009 as
compared to U.S.$146.5&nbsp;million, for the year ended December&nbsp;31, 2008.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->66<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Programming Exports operating segment income increased by Ps.360.4&nbsp;million, or 33.5%, to
Ps.1,437.2&nbsp;million for the year ended December&nbsp;31, 2009 from Ps.1,076.8&nbsp;million for the year ended
December&nbsp;31, 2008. This increase was primarily due to the increase in net sales, and was partially
offset by an increase in cost of sales due to higher programming and co-production costs and
operating expenses, primarily due to an increase in personnel, advertising and promotional
expenses.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Publishing net sales decreased by Ps.344.3&nbsp;million, or 9.3%, to Ps.3,356.1&nbsp;million for the
year ended December&nbsp;31, 2009 from Ps.3,700.4&nbsp;million for the year ended December&nbsp;31, 2008. The
annual decrease was driven by lower revenues from magazine circulation and advertising pages sold
abroad as well as in Mexico. This negative impact was partially offset by a positive translation
effect on foreign-currency-denominated sales.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Publishing operating segment income decreased by Ps.457.9&nbsp;million, or 70.6%, to Ps.190.7
million for the year ended December&nbsp;31, 2009 from Ps.648.6&nbsp;million for the year ended December&nbsp;31,
2008. This decrease reflects lower sales and an increase in operating expenses due to nonrecurrent
charges such as an increase in provision for doubtful-trade-accounts and certain restructuring
costs, as well as a negative translation effect on foreign-currency-denominated costs and expenses.
These effects were partially offset by a decrease in cost of sales, mainly in cost of paper and
printing.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Sky net sales increased by Ps.843.0&nbsp;million or 9.2% to Ps.10,005.2&nbsp;million for the year ended
December&nbsp;31, 2009 from Ps.9,162.2&nbsp;million for the year ended December&nbsp;31, 2008. This increase was
primarily due to an increase in Sky&#146;s subscriber base in Mexico, a growth of Sky operations in
Central America and higher advertising revenues. As of December&nbsp;31, 2009 the number of gross active
subscribers increased to 1,959,700 (including 144,300 commercial subscribers) compared with
1,759,800 (including 128,900 commercial subscribers) as of December&nbsp;31, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Sky operating segment income increased by Ps.62.0&nbsp;million or 1.4% to Ps.4,478.8&nbsp;million for
the year ended December&nbsp;31, 2009 from Ps.4,416.8&nbsp;million for the year ended December&nbsp;31, 2008. This
increase was due to the increase in net sales and was partially offset by higher programming costs
associated with the increase of Sky&#146;s subscriber base, as well as the amortization of costs related
to the exclusive transmission of 24 matches of the 2010 Soccer World Cup, an increase in
promotional expenses and a negative translation effect on foreign-currency-denominated costs and
expenses.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Cable and Telecom net sales increased by Ps.2,618.4&nbsp;million, or 39.5%, to Ps.9,241.8&nbsp;million
for the year ended December&nbsp;31, 2009 from Ps.6,623.4&nbsp;million for the year ended December&nbsp;31, 2008.
This increase was primarily due to the addition of more than 350,000 revenue generation units
(RGUs) in Cablevisi&#243;n and Cablem&#225;s during the year driven mainly by the success of our competitive
triple-play bundles, as well as the consolidation of Cablem&#225;s beginning June&nbsp;1, 2008 and of TVI
beginning October&nbsp;1, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Cable and Telecom operating segment income increased by Ps.837.1&nbsp;million, or 39.2%, to
Ps.2,971.9&nbsp;million for the year ended December&nbsp;31, 2009 from Ps.2,134.8&nbsp;million for the year ended
December&nbsp;31, 2008. These results reflect higher sales that were partially offset by an increase in
advertising campaigns around triple play packages, a negative translation effect on
foreign-currency-denominated costs; the costs inherent to growth in the subscriber base and higher
costs and expenses resulting from Cablem&#225;s and TVI&#146;s consolidation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table sets forth the breakdown of RGUs as of December&nbsp;31, 2009:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Cablevisi&#243;n</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Cablem&#225;s</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>TVI</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>Video</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">632,061</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">912,825</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">237,062</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Broadband</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">289,006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Voice</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133,829</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">146,406</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,779</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>RGUs</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,016,440</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,348,237</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">424,946</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Other Businesses net sales increased by Ps.272.9&nbsp;million, or 7.8%, to Ps.3,771.4&nbsp;million for
the year ended December&nbsp;31, 2009 from Ps.3,498.5&nbsp;million for the year ended December&nbsp;31, 2008. This
increase was primarily due to increased sales in our gaming, sport events production and internet
businesses. This increase was partially offset by lower sales in our feature-film distribution,
radio and publishing distribution businesses.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

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<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Other Businesses operating segment loss increased by Ps.75.3&nbsp;million, or 31.0%, to Ps.318.2
million for the year ended December&nbsp;31, 2009 from Ps.242.9&nbsp;million for the year ended December&nbsp;31,
2008. This increase reflects higher costs of sales and operating expenses related to our sport
events production and publishing distribution businesses and decreased sales in our feature-film
distribution, radio and publishing distribution businesses. These effects were partially offset by
higher total segment sales and a decrease in the cost of sales and operating expenses of our
feature-film distribution business.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Depreciation and amortization expense increased by Ps.618.5&nbsp;million, or 14.3%, to Ps.4,929.6
million for the year ended December&nbsp;31, 2009 from Ps.4,311.1&nbsp;million for the year ended December
31, 2008. This change primarily reflects an increase in our Cable and Telecom (due to the
consolidation of Cablem&#225;s and TVI), Publishing and Other Businesses segments. This increase was
partially offset by a decrease in our Sky and Television Broadcasting segments.
</DIV>

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


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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Other expense, net, increased by Ps.812.8&nbsp;million, or 85.4%, to Ps.1,764.9&nbsp;million for the
year ended December&nbsp;31, 2009, compared to Ps.952.1&nbsp;million for the year ended December&nbsp;31, 2008.
This increase reflected primarily i) higher non-cash impairment
adjustments made to the carrying value of goodwill of certain businesses in our Cable and
Telecom, Television Broadcasting and Publishing segments, and trademarks in our Publishing segment,
as further described in Note 23(f) to our consolidated year-end financial statements; ii) the
absence of other income recognized in 2008, derived from a litigation settlement in January&nbsp;2009;
and iii) an increase in loss on disposition of property and equipment. These unfavorable variances
were partially offset by a decrease in professional services in connection with certain litigation.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Integral cost of financing, net, significantly impacts our financial statements in periods of
high inflation or currency fluctuations. Under Mexican FRS, integral cost of financing reflects:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>interest expense, including gains or losses from derivative
instruments and the restatement of our UDI denominated notes through
2007;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>interest income;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>foreign exchange gain or loss attributable to monetary assets and
liabilities denominated in foreign currencies, including gains or
losses from derivative instruments; and</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>gain or loss attributable to holding monetary assets and liabilities
exposed to inflation through 2007, as we discontinued recognizing the
effects of inflation in financial information effective January&nbsp;1,
2008.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our foreign exchange position is affected by our assets or liabilities denominated in foreign
currencies, primarily U.S. dollar. We record a foreign exchange gain or loss if the exchange rate
of the Peso to the other currencies in which our monetary assets or liabilities are denominated
varies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The net expense attributable to integral cost of financing increased by Ps.2,142.4&nbsp;million, to
Ps.2,973.3&nbsp;million for the year ended December&nbsp;31, 2009 from Ps.830.9&nbsp;million for the year ended
December&nbsp;31, 2008. This increase reflected i) a Ps.1,576&nbsp;million increase in foreign exchange loss
resulting from the unfavorable effect of a 5.5% appreciation of the Mexican peso against the U.S.
dollar in 2009 versus a 26.7% depreciation of the Mexican peso against the U.S. dollar in 2008,
primarily on foreign-currency hedge contracts; ii) a Ps.320&nbsp;million increase in interest expense,
due primarily to a higher average principal amount of long-term debt in 2009; and iii) a Ps.246.4
million decrease in interest income explained primarily by a reduction of interest rates applicable
to cash equivalents and temporary investments in 2009.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This line item reflects our equity participation in the operating results and net assets of
unconsolidated businesses in which we maintain an interest, but over which we have no control. We
recognized equity in losses of affiliates up to the amount of our initial investment and subsequent
capital contributions, or beyond that amount when guaranteed commitments have been made by us in
respect of obligations incurred by affiliates.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->68<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Equity in losses of affiliates, net, decreased by Ps.334.6&nbsp;million, or 31.9%, to Ps.715.3
million in 2009 compared to Ps.1,049.9&nbsp;million in 2008. This decrease reflected mainly a reduction
in equity in losses of i) Volaris, our 25% interest in a low-cost carrier airline with a concession
to operate in Mexico; and ii) La Sexta, our 40.5% interest in a free-to-air television channel in
Spain. Equity in losses of affiliates, net, for the year ended December&nbsp;31, 2009, is comprised for
the most part of the equity in loss of La Sexta, which was partially offset by the equity in
earnings of other companies in which we hold a non-controlling interest.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Income taxes decreased by Ps.443.5&nbsp;million, or 12.4%, to Ps.3,120.7&nbsp;million in 2009 from
Ps.3,564.2&nbsp;million in 2008. This decrease reflected a lower corporate income tax base.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Through December&nbsp;31, 2007, we were also subject to an asset tax, applicable to our Mexican
subsidiaries and computed on a fully consolidated basis at a tax rate of 1.25% on the adjusted
gross value of some of our assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Mexican corporate income tax rate in 2007, 2008 and 2009 was 28%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In October&nbsp;2007, the Mexican government enacted the new Flat Rate Business Tax (&#147;<I>Impuesto
Empresarial a Tasa &#218;nica</I>&#148; or &#147;<I>IETU</I>&#148;). This law became effective as of January&nbsp;1, 2008. The law
introduced a flat tax, which replaced Mexican asset tax and is applied along with Mexican regular
income tax. In general, Mexican companies are subject to paying the greater of the flat tax or the
income tax. The IETU is calculated by applying a tax rate of 16.5% in 2008, 17% in 2009, and 17.5%
in 2010 and thereafter. Although the IETU is defined as a minimum tax, it has a wider taxable base
as many of the tax deductions allowed for income tax purposes are not allowed for the flat tax. The
IETU is calculated on a cash flow basis. As of December&nbsp;31, 2007, 2008 and 2009 this tax law change
did not have an effect on the Company&#146;s deferred tax position, and the Company does not expect to
have to pay the IETU in the near future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In December&nbsp;2009, the Mexican government enacted certain amendments and changes to the Mexican
Income Tax Law that became effective as of January&nbsp;1, 2010. The main provisions of these amendments
and changes are as follows: i) the corporate income tax rate was increased from 28% to 30% for the
years 2010 through 2012, and will be reduced to 29% and 28% in 2013 and 2014, respectively; ii) the
deferred income tax benefit derived from tax consolidation of a parent company and its subsidiaries
is limited to a period of five years; therefore, the resulting deferred income tax has to be paid
starting in the sixth year following the fiscal year in which the deferred income tax benefit was
received; iii) the payment of this income tax has to be made in installments: 25% in the first and
second year, 20% in the third year, and 15% in the fourth and fifth year; and iv) this procedure
applies for the deferred income tax resulting from the tax consolidation regime prior to and from
2010, so taxpayers will have to pay in 2010 the first installment of the cumulative amount of the
deferred tax benefits determined as of December&nbsp;31, 2004. See &#147;Risk Factors &#151; Existing Mexican
Laws and Regulations or Changes Thereto or the Imposition of New Ones May Negatively Affect Our
Operations and Revenue&#148;.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Non-controlling interest reflects that portion of operating results attributable to the
interests held by third parties in the businesses which are not wholly-owned by us, including our
Sky, Cable and Telecom, and Radio businesses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Non-controlling interest net income decreased by Ps.351.4&nbsp;million, or 37.9%, to Ps.575.6
million in 2009, from Ps.927.0&nbsp;million in 2008. This decrease primarily reflected a lower portion
of consolidated net income attributable to interests held by non-controlling equity owners in our
Sky segment, as well as a higher portion of consolidated net loss attributable to interests held by
non-controlling stockholders in our Cable and Telecom segment.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We generated net income in the amount of Ps.6,007.1&nbsp;million in 2009, as compared to net income
of Ps.7,803.7&nbsp;million in 2008. The net decrease of Ps.1,796.6&nbsp;million reflected:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.812.8&nbsp;million increase in other expense, net; and</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.2,142.4&nbsp;million increase in integral cost of financing, net.</TD>
</TR>



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

<P align="center" style="font-size: 10pt"><!-- Folio -->69<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


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



</TABLE>
</DIV>

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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.29.1&nbsp;million increase in operating income;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.334.6&nbsp;million decrease in equity in earnings of affiliates, net;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.443.5&nbsp;million decrease in income taxes; and</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.351.4&nbsp;million decrease in non-controlling interest net income.</TD>
</TR>

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



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

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the percentage that the Peso devalued or appreciated against the U.S. Dollar;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Mexican inflation rate;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the U.S. inflation rate; and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the percentage change in Mexican GDP compared to the prior period.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Devaluation (appreciation)&nbsp;of the Peso as compared to the U.S. Dollar(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">26.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5.5</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5.5</TD>
    <TD nowrap>%)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mexican inflation rate(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.5</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">4.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S. inflation rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase (decrease)&nbsp;in Mexican GDP(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6.1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.4</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Based on changes in the Interbank Rates, as reported by Banamex, at
the end of each period, which were as follows: Ps.10.9222 per U.S.
Dollar as of December&nbsp;31, 2007; Ps.13.84 per U.S. Dollar as of
December&nbsp;31, 2008; Ps.13.08 per U.S. Dollar as of December&nbsp;31, 2009;
and Ps.12.3576 per U.S. Dollar as of December&nbsp;31, 2010.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Based on changes in the NCPI from the previous period, as reported by
the Mexican Central Bank, which were as follows: 86.6 in 2007; 92.2 in
2008; 95.5 in 2009; and 99.7 in 2010.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>As reported by the <I>Instituto Nacional de Estad&#237;stica, Geograf&#237;a e
Inform&#225;tica</I>, or INEGI, and, in the case of GDP information for 2010 as
estimated by INEGI.</TD>
</TR>

</TABLE>


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

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Advertising and Other Revenues. </I></B>Inflation in Mexico adversely affects
consumers. As a result, our advertising customers may purchase less
advertising, which would reduce our advertising revenues, and consumers may
reduce expenditures for our other products and services, including pay-TV
services.</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Foreign Currency-Denominated Revenues and Operating Costs and Expenses. </I></B>We
have substantial operating costs and expenses denominated in foreign
currencies, primarily in U.S. Dollars. These costs are principally due to
our activities in the United States, the costs of foreign-produced
programming and publishing supplies and the leasing of satellite
transponders. The following table sets forth our foreign
currency-denominated revenues and operating costs and expenses stated in
millions of U.S. Dollars for 2008, 2009 and 2010:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>(Millions of U.S. Dollars)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">683</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">716</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">743</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating costs and expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">685</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">659</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">623</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On a consolidated basis, in 2008, our foreign currency-denominated costs and expenses
exceeded, and they could continue to exceed in the future, our foreign currency-denominated
revenues. As a result we will continue to remain vulnerable to future devaluation of the Peso,
which would increase the Peso equivalent of our foreign currency-denominated costs and expenses.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Depreciation and Amortization Expense. </I></B>Prior to January&nbsp;1, 2008, we
restated our non-monetary Mexican and foreign assets to give effect to
inflation. The restatement of these assets in periods of high
inflation, as well as the devaluation of the Peso as compared to the
U.S. Dollar, increased the carrying value of these assets, which in
turn, increased the related depreciation expense.</TD>
</TR>

</TABLE>
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->70<!-- /Folio -->
</DIV>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Integral Cost of Financing. </I></B>The devaluation of the Peso as compared to
the U.S. Dollar generated foreign exchange losses relating to our net
U.S. Dollar-denominated liabilities and increases the Peso equivalent
of our interest expense on our U.S. Dollar-denominated indebtedness.
Foreign exchange losses, derivatives used to hedge foreign exchange
risk and increased interest expense increased our integral cost of
financing.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We have also entered into and will continue to consider entering into additional financial
instruments to hedge against Peso devaluations and reduce our overall exposure to the devaluation
of the Peso as compared to the U.S. Dollar, inflation and high interest rates. We cannot assure you
that we will be able to enter into financial instruments to protect ourselves from the effects of
the devaluation of the Peso as compared to the U.S. Dollar, inflation and increases in interest
rates, or if so, on favorable terms. In the past, we have designated, and from time to time in the
future we may designate, certain of our investments or other assets as effective hedges against
Peso devaluations. See &#147;Key Information &#151; Risk Factors &#151; Risk Factors Related to Mexico&#148;,
&#147;Quantitative and Qualitative Disclosures About Market Risk &#151; Market Risk Disclosures&#148; and Note 9
to our consolidated year-end financial statements.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For a discussion of the principal quantitative and disclosure differences between Mexican FRS
and U.S. GAAP as they relate to us through December&nbsp;31, 2010, see Note 23 to our consolidated
year-end financial statements.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In September&nbsp;2009, the Financial Accounting Standards Board (&#147;FASB&#148;) issued Accounting
Standard Update (&#147;ASU&#148; or &#147;Update&#148;) 2009-13 &#147;Revenue Recognition: Multiple-Deliverable Revenue
Arrangements &#151; a consensus of the FASB Emerging Issues Task Force&#148;, which provides for a new
methodology for establishing the fair value for a deliverable in a multiple-element arrangement.
When vendor specific objective or third-party evidence for deliverables in a multiple-element
arrangement cannot be determined, the Group will be required to develop a best estimate of the
selling price of separate deliverables and to allocate the arrangement consideration using the
relative selling price method. This guidance will be effective for fiscal years beginning on or
after June&nbsp;15, 2010. We do not expect the adoption of this Update to materially impact our
consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In September&nbsp;2009, the FASB issued ASU 2009-14 &#147;Software: Certain Revenue Arrangements That
Include Software Elements &#151; a consensus of the FASB Emerging Issues Task Force&#148;, which provides
for a new methodology for recognizing revenue for tangible products that are bundled with software
products. Under the new guidance, tangible products that are bundled together with software
components that are essential to the functionality of the tangible product will no longer be
accounted for under the software revenue recognition accounting
guidance. This guidance has been
effective for fiscal years beginning on or after June&nbsp;15, 2010. We do not expect the adoption of
this Update will materially impact our consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In January&nbsp;2010, the FASB issued ASU 2010-06 &#147;Improving Disclosures about Fair Value
Measurements&#148;, ASC 820, Fair Value Measurements and Disclosures. This Update requires the
disclosure of transfers between the observable input categories and activity in the unobservable
input category for fair value measurements. The guidance also requires disclosures about the inputs
and valuation techniques used to measure fair value and became effective for interim and annual
reporting periods beginning January&nbsp;1, 2010. The new disclosures and clarifications of existing
disclosures are effective for interim and annual reporting periods beginning after December&nbsp;15,
2009, except for the disclosures about purchases, sales, issuances, and settlements in the roll
forward of activity in Level 3 fair value measurements. Those disclosures are effective for fiscal
years beginning after December&nbsp;15, 2010, and for interim periods within those fiscal years. We are
currently evaluating the impact this Update will have on our consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In April&nbsp;2010, the FASB issued ASU 2010-13 &#147;Compensation &#151; Stock Compensation (Topic 718):
Effects of Denominating the Exercise Price of a Share-Based Payment Awards in the Currency of the
Market in Which the Underlying Equity Security Trades&#148;. This Update provides amendments to Topic
718 to clarify that an employee share-based payment award with an exercise price denominated in the
currency of a market in which a substantial portion of the entity&#146;s equity securities trades should
not be considered to contain a condition that is not a market, performance, or service condition.
Therefore, an entity would not classify such an award as a liability if it otherwise qualifies as
equity. The amendments in this Update are effective for fiscal years, and interim periods within
those fiscal years, beginning on or after December&nbsp;15, 2010. We do not expect the adoption of this
Update will materially impact our consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In April&nbsp;2010, the FASB issued ASU 2010-16 &#147;Entertainment &#151; Casinos (Topic 924): Accruals for
Casino Jackpot Liabilities&#148;. This ASU clarifies that an entity should not accrue a casino jackpot
liability (or portions thereof) before the jackpot is won if the entity can avoid paying that
jackpot. Jackpots should be accrued and charged to revenue when an entity has the obligation to pay
the jackpot. ASU 2010-16 is effective for fiscal years and interim periods within those fiscal
years, beginning on or after December&nbsp;15, 2010. We do not expect the adoption of this Update will
materially impact our consolidated financial statements.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In September&nbsp;2010, the FASB issued ASU 2010-25 &#147;Defined Contribution Pension Plans (Topic
962)&#148;. ASU 2010-25 clarifies how loans to participants should be classified and measured by defined
contribution pension benefits. The amendments in ASU 2010-25 affect any defined contribution
pension plan that allows participant loans. The amendments in ASU 2010-25 require that participant
loans be classified as notes receivable from participants, which are segregated from plan
investments and measured at their unpaid principal balance plus any accrued but unpaid interest.
ASU 2010-25 is effective for fiscal years ending after December&nbsp;15, 2010 and should be applied
retrospectively to all prior periods presented. Early adoption is permitted. We do not expect the
adoption of this Update will materially impact our consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In December&nbsp;2010, the FASB issued ASU 2010-28 &#147;Intangible &#151; Goodwill and Other (Topic 350):
When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero or Negative
Carrying Amounts,&#148; which provides additional guidance on when to perform the second step of the
goodwill impairment test for reporting units with zero or negative carrying amounts. Under this
guidance, an entity is required to perform the second step of the goodwill impairment test for
reporting units with zero or negative carrying amounts if qualitative factors indicate that it is
more likely than not that a goodwill impairment exists. The qualitative factors are consistent with
the existing guidance, which requires that goodwill of a reporting unit be tested for impairment
between annual tests if an event occurs or circumstances change that would more likely than not
reduce the fair value of a reporting unit below its carrying amount. This guidance will be
effective for fiscal years beginning after December&nbsp;15, 2010. We are currently evaluating the
impact this Update will have on our consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In December&nbsp;2010, the FASB issued ASU 2010-29 &#147;Business Combination (Topic 805): Disclosures
of Supplementary Pro Forma Information for Business Combinations,&#148; which updates existing
disclosure requirements related to supplementary pro forma information for business combinations.
Under the updated guidance, a public entity that presents comparative financial statements should
disclose revenue and earnings of the combined entity as though the business combination that
occurred during the current year had occurred as of the beginning of the comparable prior annual
reporting period only. The guidance also expands the supplemental pro forma disclosures to include
a description of the nature and amount of material, nonrecurring pro forma adjustments directly
attributable to the business combination included in the reported pro forma revenue and earnings.
This guidance will be effective for business combinations with an acquisition date on or after the
beginning of the first annual reporting period beginning on or after December&nbsp;15, 2010. We are
currently evaluating the impact this Update will have on our consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In May&nbsp;2011, the FASB issued ASU 2011-04 &#147;Amendments to Achieve Common Fair Value Measurement
and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (IFRS)
(Topic 820)&#151;Fair Value Measurement&#148;, to provide a consistent definition of fair value and ensure
that the fair value measurement and disclosure requirements are similar between U.S. GAAP and IFRS.
This Update changes certain fair value measurement principles and enhances the disclosure
requirements particularly for level 3 fair value measurements. This guidance will be effective
prospectively for the year ending December&nbsp;31, 2012. We do not expect the adoption of this Update
will materially impact our consolidated financial statements.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The financial statements of the Group are presented on a consolidated basis in accordance with
Mexican Financial Reporting Standards, or Mexican FRS, issued by the Mexican Financial Reporting
Standards Board (<I>Consejo Mexicano de Normas de Informaci&#243;n Financiera</I>, or CINIF).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In December&nbsp;2009, the CINIF issued Mexican FRS that became effective on January&nbsp;1, 2011 as
follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Financial Reporting Standard (<I>Norma de Informaci&#243;n Financiera</I>, or NIF) B-5, <I>Financial
Information by Segments</I>, replaces the previous Mexican FRS Bulletin B-5, <I>Financial Information by
Segments</I>, and sets out requirements for disclosure of information about an entity&#146;s operating
segments and also about the entity&#146;s products and services, the geographical areas in which it
operates, and its major customers. NIF B-5 confirms that reportable operating segments are those
that are based on the group&#146;s method of internal reporting to senior management for making
operating decisions and evaluating performance of operating segments, and identified by certain
qualitative, grouping and quantitative criteria. NIF B-5 also requires additional disclosure of
interest income and expense, and certain liabilities, by segments. The adoption of NIF B-5 in 2011
is not expected to have a material impact on our financial position, results of operations and
disclosures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NIF B-9, <I>Financial Information at Interim Dates</I>, replaces the previous Mexican FRS Bulletin
B-9, <I>Financial Information at Interim Dates</I>, and provides guidelines for entities that are required
to prepare and present financial information at interim dates. NIF B-9 requires minimum financial
information at interim dates, including comparative condensed balance sheets and related
comparative condensed statements of income, changes in stockholders&#146; equity and cash flows, as well
as selected notes to these condensed financial statements. The adoption of NIF B-9 in 2011 is not
expected to have a material impact on our interim financial position, results of operations and
disclosures.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In the third quarter of 2010, the CINIF issued new guidelines under Mexican FRS, as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Improvements to Mexican FRS 2011 </I>include two groups of improvements to Mexican FRS already
issued: (i)&nbsp;improvements to certain NIF, resulting in accounting changes in valuation, presentation
or disclosure in a company&#146;s financial statements, which became effective on January&nbsp;1, 2011; and
(ii)&nbsp;improvements to precise wording in certain NIF for clarification purposes, which do not
require accounting changes. Improvements generating accounting changes in valuation, presentation
or disclosure of a company&#146;s financial statements include: (i)&nbsp;initial balance sheet presentation
when retrospective adjustments are made; (ii)&nbsp;optional presentation of available cash to be used in
financing activities in a statement of cash flows; (iii)&nbsp;doubtful accrued interest receivable; (iv)
derivative financial instruments and hedge transactions: effects to be excluded from hedge
effectiveness, intra-group forecast transactions, hedge of a portfolio portion, margin accounts,
and impossibility of establishing a hedge relation for a life portion of a hedge instrument; (v)
definition of members of a family of a person as related parties; (vi)&nbsp;leases: discount rate to be
used in financial leases, disclosures in financial leases, and gain or loss in sale and leaseback
transactions. We believe that these improvements to Mexican FRS will not have a significant impact
on our consolidated financial statements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In the fourth quarter of 2010, the CINIF issued new guidelines under Mexican FRS, as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NIF C-4, <I>Inventories</I>, replaces previous Mexican FRS Bulletin C-4, <I>Inventories</I>, and became
effective on January&nbsp;1, 2011. This new standard sets up the valuation, presentation and disclosure
guidelines for initial and subsequent recognition of inventories in an entity&#146;s balance sheet. The
adoption of NIF C-4 in 2011 is not expected to have a material impact on our financial position,
results of operations and disclosures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NIF C-5, <I>Prepayments</I>, replaces previous Mexican FRS Bulletin C-5, <I>Prepayments</I>, and became
effective on January&nbsp;1, 2011. This new standard sets up the guidelines for valuation, presentation
and disclosure related to prepayments in an entity&#146;s balance sheet. NIF C-5 requires that
prepayments made by an entity for the purchase of inventories, property, plant and equipment, and
other similar assets should be presented in a separate line in the balance sheet. The adoption of
NIF C-5 in 2011 is not expected to have a material impact on our financial position and
disclosures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NIF C-6, <I>Property, Plant and Equipment</I>, replaces previous Mexican FRS Bulletin, C-6, <I>Property,
Machinery and Equipment</I>. This new standard sets up the valuation, presentation and disclosure
guidelines for initial and subsequent recognition of property, plant and equipment in an entity&#146;s
balance sheet. It also establishes the mandatory depreciation of representative components of
property, plant and equipment, as opposed to depreciating the remaining asset as a single
component. This Mexican FRS became effective as of January&nbsp;1, 2011, with exception of the changes
arising from the segregation of its components, which have a useful life clearly different to the
main asset. In this case, and for entities which have not performed such segregation, the
applicable disposition will become effective for periods beginning on January&nbsp;1, 2012. We are
currently evaluating the impact this standard will have on our consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NIF C-18, <I>Obligations Associated With the Retirement of Property, Plant and Equipment</I>, sets up
the guidelines for initial and subsequent recognition of a provision related to an entity&#146;s
obligations associated with the retirement of components of property, plant and equipment, and
became effective on January&nbsp;1, 2011. The adoption of NIF C-18 in 2011 is not expected to have a
material impact on our financial position, results of operations and disclosures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>International Financial Reporting Standards</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In the first quarter of 2009, the Mexican Bank and Securities Commission (<I>Comisi&#243;n Nacional
Bancaria y de Valores</I>, or CNBV), issued regulations for listed companies in Mexico requiring the
adoption of International Financial Reporting Standards (&#147;IFRS&#148;) issued by the International
Accounting Standards Board (&#147;IASB&#148;) to report comparative financial information for periods
beginning no later than January&nbsp;1, 2012. We have already implemented a plan to comply with these
regulations and start reporting our consolidated financial statements in accordance with IFRS in
the first quarter of 2012. At the current implementation stage, we are in the process of
determining estimated figures for those impacts resulting from the initial adoption of IFRS.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We have identified certain key accounting policies upon which our consolidated financial
condition and results of operations are dependent. The application of these key accounting policies
often involves complex considerations and assumptions and the making of subjective judgments or
decisions on the part of our management. In the opinion of our management, our most critical
accounting policies under both Mexican FRS and U.S. GAAP are those related to the accounting for
programming, equity investments, the evaluation of definite lived and indefinite lived long-lived
assets, deferred income taxes, and fair value measurements. For a full description of these and
other accounting policies, see Note 1 and Note 23 to our consolidated year-end financial
statements.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Accounting for Programming. </I></B>We produce a significant portion of programming for initial
broadcast over our television networks in Mexico, our primary market. Following the initial
broadcast of this programming, we then license some of this programming for broadcast in secondary
markets, such as Mexico, the United States, Latin America, Asia and Europe. Under Mexican FRS, in
order to properly capitalize and subsequently amortize production costs related to this
programming, we must estimate the
expected future benefit period over which a given program will generate revenues (generally,
over a five-year period). We then amortize the production costs related to a given program over the
expected future benefit period. Under this policy, we generally expense approximately 70% of the
production costs related to a given program in its initial broadcast run and defer and expense the
remaining production costs over the remainder of the expected future benefit period. See Note 1(e)
to our consolidated year-end financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We estimate the expected future benefit periods based on past historical revenue patterns for
similar types of programming and any potential future events, such as new outlets through which we
can exploit or distribute our programming, including our consolidated subsidiaries and equity
investees. To the extent that a given future expected benefit period is shorter than we estimate,
we may have to write-off capitalized production costs sooner than anticipated. Conversely, to the
extent that a given future expected benefit period is longer than we estimate, we may have to
extend the amortization schedule for the remaining capitalized production costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We also purchase programming from, and enter into license arrangements with, various third
party programming producers and providers, pursuant to which we receive the rights to broadcast
programming produced by third parties over our television networks in Mexico. In the case of
programming acquired from third parties, we estimate the expected future benefit period based on
the anticipated number of showings in Mexico. In the case of programming licensed from third
parties, we estimate the expected future benefit period based upon the term of the license. To the
extent that a given future expected benefit period is shorter than we estimate, we may have to
write off the purchase price or the license fee sooner than anticipated. Conversely, to the extent
that a given future expected benefit period is longer than we estimate, we may have to extend the
amortization schedule for the remaining portion of the purchase price or the license fee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Equity Investments. </I></B>Some of our investments are structured as equity investments. See Notes
1(g) and 5 to our consolidated year-end financial statements. As a result, under both Mexican FRS
and U.S. GAAP, the results of operations attributable to these investments are not consolidated
with the results of our various segments for financial reporting purposes, but are reported as
equity in income (losses)&nbsp;of affiliates in our consolidated income statement. See Note 5 to our
consolidated year-end financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In the past we have made significant capital contributions and loans to our joint ventures,
and we may in the future make additional capital contributions and loans to at least some of our
joint ventures. In the past, these ventures have generated, and they may continue to generate
operating losses and negative cash flows as they continue to build and expand their respective
businesses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We periodically evaluate our investments in these joint ventures for impairment, taking into
consideration the performance of these ventures as compared to projections related to net sales,
expenditures, strategic plans and future required cash contributions, among other factors. In doing
so, we evaluate whether any declines in value are other than temporary. We have taken impairment
charges in the past for some of these investments. Given the dynamic environments in which these
businesses operate, as well as changing macroeconomic conditions, we cannot assure you that our
future evaluations would not result in our recognizing additional impairment charges for these
investments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Once the carrying balance of a given investment is reduced to zero, we evaluate whether we
should suspend the equity method of accounting, taking into consideration both quantitative and
qualitative factors, such as guarantees we have provided to these ventures, future funding
commitments and expectations as to the viability of the business. These conditions may change from
year to year, and accordingly, we periodically evaluate whether to continue to account for our
various investments under the equity method.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Goodwill and Other Indefinite-lived Intangible Assets. </I></B>We assess our goodwill and other
indefinite-lived intangible assets for impairment on an annual basis using fair value measurement
techniques.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The measurement of impairment to goodwill and intangible assets with indefinite lives involves
the estimation of fair values. These estimates and assumptions could have a significant impact on
whether or not an impairment charge is recognized and also the magnitude of any such charge. The
impairment test for goodwill involves a comparison of the estimated fair value of each of our
reporting units to its carrying amount, including goodwill. We determine the fair value of a
reporting unit using a combination of a discounted cash flow analysis and a market-based approach,
which utilizes significant unobservable inputs (Level 3) within the fair value hierarchy. The
impairment test for intangible assets not subject to amortization involves a comparison of the
estimated fair value of the intangible asset with its carrying value. We determine the fair value
of the intangible asset using a discounted cash flow analysis, which utilizes significant
unobservable inputs (Level 3) within the fair value hierarchy. Determining fair value requires the
exercise of significant judgment, including judgment about appropriate discount rates, perpetual
growth rates, the amount and timing of expected future cash flows, as well as relevant comparable
company earnings multiples for the market-based approach and the consideration of whether a
discount premium should be applied to comparable companies.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Inherent in these estimates and assumptions is a certain level of risk, which we believe we
have considered in our fair value determinations. Nevertheless, if future actual results differ
from estimates, a possible impairment charge may be recognized in future
periods related to the write-down of the carrying value of goodwill and other intangibles in
addition to the amounts recognized previously.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Once an asset has been impaired, it is not remeasured at fair value on a recurring basis;
however, it is still subject to fair value measurements to test for recoverability of the carrying
amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The asset balances shown in the consolidated balance sheets that were measured at fair value
on a non-recurring basis as of December&nbsp;31, 2010 amounted to Ps.971&nbsp;million of goodwill. Related
impairments are discussed in Note 23(e) to our consolidated year-end financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In order to evaluate the sensitivity of the fair value estimates, the Group applied a
hypothetical 10% decrease to the fair value of each of the reporting units as well as the
indefinite-lived intangibles which were tested separately. Such a hypothetical 10% decrease would
not have had a significant effect with respect to the estimated recoverable value of goodwill and
other indefinite-lived intangible assets with the exception of (i)&nbsp;the Telecom reporting unit,
where such a hypothetical decrease would have resulted in the recognition of an impairment charge
of approximately Ps.373&nbsp;million as of December&nbsp;31, 2010, and (ii)&nbsp;the Publishing reporting unit
where such a hypothetical decrease in the fair value of such reporting unit would have resulted in
an additional goodwill impairment charge of approximately Ps.97&nbsp;million as of December&nbsp;31, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Long-lived Assets. </I></B>Under both Mexican FRS and U.S. GAAP, we present certain long-lived assets
other than goodwill and indefinite-lived intangible assets in our consolidated balance sheet.
Long-lived assets are tested for impairment whenever events or changes in circumstances indicate
that the carrying value of an asset may no longer be recoverable. Recoverability is analyzed based
on projected cash flows. Estimates of future cash flows involve considerable management judgment.
These estimates are based on historical data, future revenue growth, anticipated market conditions,
management plans, assumptions regarding projected rates of inflation and currency fluctuations,
among other factors. If these assumptions are not correct, we would have to recognize a write-off
or write-down or accelerate the amortization schedule related to the carrying value of these
assets. See Notes 1(j), 7 and 17 to our consolidated year-end financial statements. We have not
recorded any significant impairment charges over the past few years. Unlike U.S. GAAP, Mexican FRS
allows the reversal in subsequent periods of previously taken impairment charges.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Deferred Income Taxes. </I></B>Under both Mexican FRS and U.S. GAAP, we record a valuation allowance
to reduce our deferred tax assets to the amount that is more likely than not to be realized. While
we have considered future taxable income and ongoing prudent and feasible tax planning strategies
in assessing the need for the valuation allowance, in the event we were to determine that we would
be able to realize our deferred tax assets in the future in excess of the net recorded amount, an
adjustment to the deferred tax asset would increase income in the period such determination was
made. Should we determine that we would not be able to realize all or part of our net deferred tax
asset in the future, an adjustment to the deferred tax asset would be charged to income in the
period such determination was made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Financial Assets and Liabilities Measured at Fair Value. </I></B>We have a significant amount of
financial assets and liabilities which are measured at fair value on a recurring basis. The degree
of management&#146;s judgment involved in determining the fair value of a financial asset and liability
varies depending upon the availability of quoted market prices. When observable quoted market
prices exist, that is the fair value estimate we use. To the extent such quoted market prices do
not exist, management uses other means to determine fair value. The following provides a summary of
the financial assets and liabilities and a discussion of the fair value estimates inherent therein.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->75<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Financial assets and liabilities measured at fair value as of December&nbsp;31, 2010 (in thousands of
Mexican Pesos):</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Quoted Prices in</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Internal Models</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Internal Models</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Active Markets for</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>with Significant</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>with Significant</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Identical</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Observable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unobservable</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>as of December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Inputs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Inputs</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 3)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Temporary investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">            10,446,840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">            3,238,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">           7,208,507</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD nowrap align="right">   &#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Available-for-sale investments:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Open ended fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,922,625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,922,625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Convertible Debentures due 2025</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,904,222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,904,222</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivative financial instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">            27,463,087</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">            3,238,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">           10,320,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">           13,904,222</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivative financial instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">            177,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD nowrap align="right">            &#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">           177,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD nowrap align="right">            &#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">            177,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD nowrap align="right">            &#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">           177,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD nowrap align="right">            &#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The table below presents the reconciliation for all assets and liabilities measured at fair value
using internal models with significant unobservable inputs (Level 3) during the year ended December
31, 2010.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Convertible Debentures</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>due 2025</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD nowrap align="right">            &#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total gain or losses (realized/unrealized):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Included in earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Included in other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Purchase, issuance and settlements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,904,222</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance as the end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">              13,904,222</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Temporary Investments. </I></B>Temporary investments include highly liquid securities, including
without limitation debt with a maturity of three months, or over, and up to one year at the balance
sheet date, stock and other financial instruments denominated
principally in U.S. dollars and Mexican Pesos.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Temporary investments are generally valued using quoted market prices or alternative pricing
sources with reasonable levels of price transparency. The types of instruments valued based on
quoted market prices in active markets include mostly fixed short-term deposits, equities and
corporate fixed income securities denominated in U.S. dollars and Mexican Pesos. Such instruments
are classified in Level 1 or Level 2 depending on the observability of the significant inputs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For positions that are not traded in active markets or are subject to transfer restrictions,
valuations are adjusted to reflect illiquidity and/or non-transferability. Such adjustments are
generally based on available market evidence. Such instruments are classified in Level 2.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Available-for-Sale Investments</I></B><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Investments in debt securities or with readily determinable fair values, not classified as
held-to-maturity are classified as &#147;available-for-sale,&#148; and are recorded at fair value with
unrealized gains and losses included in consolidated stockholders&#146; equity as accumulated other
comprehensive result.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Available-for-sale investments are generally valued using quoted market prices or alternative
pricing sources with reasonable levels of price transparency. Such instruments are classified in
Level 1, Level 2, and Level 3 depending on the observability of the significant inputs.
</DIV>



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

<P align="center" style="font-size: 10pt"><!-- Folio -->76<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>Open ended fund</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In the second half of 2009, we invested U.S.$180&nbsp;million in an open ended fund (the &#147;Fund&#148;)
that has as a primary objective to achieve capital appreciation by using a broad range of
strategies through investments and transactions in telecom, media and other sectors across global
markets, including Latin America and other emerging markets. Pursuant to the offering circular of
the Fund, a shareholder may not redeem any shares until at least 180&nbsp;days after their issuance.
Subsequent to this, shares may be redeemed on a quarterly basis at the Net Asset Value (&#147;NAV&#148;) per
share as of such redemption date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We determined the fair value of the Fund using the NAV per share. The NAV per share is
calculated by determining the value of the fund assets and subtracting all of the funds liabilities
and dividing the result by the total number of issued shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>Convertible Debentures due 2025</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On December&nbsp;20, 2010, we made cash investments in the form of 1.5% Convertible Debentures of
Broadcasting Media Partners, Inc. (&#147;BMP&#148;) due 2025, the parent company of Univision, in the
principal amount of U.S.$1,125&nbsp;million (Ps.13,904&nbsp;million), which are convertible at our option
into additional shares currently equivalent to a 30% equity stake of BMP, subject to existing laws
and regulations in the United States, and other conditions. (See Notes 2, 5 and 9 to our
consolidated year-end financial statements).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We
determined the fair value of the Convertible Debentures using the
income approach based on post-tax
discounted cash flows. The income approach requires management to make judgments and involves the
use of significant estimates and assumptions. These
estimates and assumptions include long-term growth rates and operating margins used to
calculate projected future cash flows, risk-adjusted discount rates based on weighted average cost
of capital, among others. Our estimates for market growth are based on historical data, various
internal estimates and observable external sources when available, and are based on assumptions
that are consistent with the strategic plans and estimates used to manage the underlying business.
Since the described methodology is an internal model with significant unobservable inputs, the
Convertible Debentures are classified in Level 3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We determined projected future cash flows for a 5-year period and applied an annuity for the
following periods. In order to evaluate the sensitivity of the fair value estimates of the
Convertible Debentures, we applied a hypothetical 10% increase and decrease in the projected future
cash flows. The hypothetical analysis would have resulted in an increase in the fair value of the
Convertible Debentures of approximately U.S.$378&nbsp;million (Ps. 4,672&nbsp;million) and a decrease in the
fair value of the Convertible Debentures of approximately U.S.$378&nbsp;million (Ps.4,672&nbsp;million) as of
December&nbsp;31, 2010. The result of this analysis does not purport to represent actual changes in the
fair value of the Convertible Debentures.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Derivative Financial Instruments.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Derivative Financial Instruments include swaps, forwards and options. (See Notes 1(p) and 9 to
our consolidated year-end financial statements).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our derivative portfolio is entirely over-the-counter (&#147;OTC&#148;). Our derivatives are valued
using industry standard valuation models; projecting the our future cash flows discounted to
present value, using market-based observable inputs including interest rate curves, foreign
exchange rates, and forward and spot prices for currencies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">When appropriate, valuations are adjusted for various factors such as liquidity, bid/offer
spreads and credit spreads considerations. Such adjustments are generally based on available market
evidence. In the absence of such evidence, management&#146;s best estimate is used. All derivatives are
classified in Level 2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Pension and Seniority Premiums Plan Assets</I></B><B>. </B>The pension and seniority premiums plan assets
consist primarily of common stock, mutual funds of fixed rate instruments and money market
securities (see Note 23(g) to our consolidated year-end financial statements).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Common stocks are valued at the closing price reported on the active market on which the
individual securities are traded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Mutual funds consist of fixed rate instruments. These are valued at the net asset value
provided by the administrator of the fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Money market securities consist of government debt securities, which are valued based on
observable prices from the new issue market, benchmark quotes, secondary trading and dealer quotes.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The majority of the our non-financial instruments, which include goodwill, intangible assets,
inventories, transmission rights and programming and property, plant and equipment, are not
required to be carried at fair value on a recurring basis. However, if certain triggering events
occur (or at least annually in the fourth quarter for goodwill and indefinite-lived intangible
assets) such that a non-financial instrument is required to be evaluated for impairment, a
resulting asset impairment would require that the non-financial instrument be recorded at the lower
of carrying amount or its fair value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The impairment test for goodwill involves a comparison of the estimated fair value of each of
our reporting units to its carrying amount, including goodwill. We determine the fair value of a
reporting unit using a combination of a discounted cash flow analysis and a market-based approach,
which utilize significant unobservable inputs (Level 3) within the fair value hierarchy. The
impairment test for intangible assets not subject to amortization involves a comparison of the
estimated fair value of the intangible asset with its carrying value. We determine the fair value
of the intangible asset using a discounted cash flow analysis, which utilizes significant
unobservable inputs (Level 3) within the fair value hierarchy. Determining fair value requires the
exercise of significant judgment, including judgment about appropriate discount rates, perpetual
growth rates, the amount and timing of expected future cash flows, as well as relevant comparable
company earnings multiples for the market-based approach.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Once an asset has been impaired, it is not remeasured at fair value on a recurring basis;
however, it is still subject to fair value measurements to test for recoverability of the carrying
amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The asset balances shown in the consolidated balance sheets that were measured at fair value
on a non-recurring basis amounted to Ps.971&nbsp;million of goodwill as of December&nbsp;31, 2010. Related
impairments are discussed in Note 23(e) to our consolidated year-end financial statements.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Liquidity. </I></B>We generally rely on a combination of operating revenues, borrowings and net
proceeds from dispositions to fund our working capital needs, capital expenditures, acquisitions
and investments. Historically, we have received, and continue to receive, most of our advertising
revenues in the form of upfront advertising deposits in the fourth quarter of a given year, which
we in turn used, and continue to use, to fund our cash requirements during the rest of the quarter
in which the deposits were received and for the first nine months of the following year. As of
December&nbsp;31, 2010, December&nbsp;31, 2009, and December&nbsp;31, 2008, we had received Ps.16,556.2&nbsp;million
(nominal), Ps.17,810.4&nbsp;million (nominal)&nbsp;and Ps.16,881.6&nbsp;million (nominal), respectively, of
advertising deposits for television advertising during 2011, 2010 and 2009, respectively,
representing U.S.$1.3&nbsp;billion, U.S.$1.4&nbsp;billion, and U.S.$1.2&nbsp;billion, respectively, at the
applicable year-end exchange rates. The deposits as of December&nbsp;31, 2010, represented a 7.0%
decrease, as compared to year-end 2009, and deposits as of December&nbsp;31, 2009, represented a 5.5%
increase, as compared to year-end 2008. Approximately 66.0%, 64.2% and 67.8% of the advanced
payment deposits as of each of December&nbsp;31, 2010, December&nbsp;31, 2009, and December&nbsp;31, 2008,
respectively, were in the form of short-term, non-interest bearing notes, with the remainder in
each of those years consisting of cash deposits. The weighted average maturity of these notes at
December&nbsp;31, 2010 was 4.6&nbsp;months, at December&nbsp;31, 2009 was 4.5&nbsp;months, and at December&nbsp;31, 2008 was
4.0&nbsp;months.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During the year ended December&nbsp;31, 2010, we had a net decrease in cash and cash equivalents of
Ps.8,998.9&nbsp;million, which included cash and cash equivalents of Ps.18.7&nbsp;million of certain
businesses of TVI upon consolidation of these businesses into our financial reports as of January 1
and June&nbsp;1, 2010, as compared to a net decrease in cash and cash equivalents of Ps.3,641.6&nbsp;million
during the year ended December&nbsp;31, 2009 which included cash and cash equivalents of Ps.21.5&nbsp;million
of TVI upon consolidation of this subsidiary into our financial reports as of October&nbsp;1, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Net cash provided by operating activities for the year ended December&nbsp;31, 2010, amounted to
Ps.16,864.9&nbsp;million. Adjustments to reconcile income before income taxes to net cash provided by
operating activities primarily included: depreciation and amortization of Ps.6,579.3&nbsp;million; net
unrealized foreign exchange gain of Ps.1,460.3&nbsp;million; interest expense of Ps.3,289.2&nbsp;million;
impairment of long-lived assets and other amortization of Ps.354.7&nbsp;million; gain on disposition of
investments of Ps.1,113.3&nbsp;million; and equity in losses of affiliates of Ps.211.9&nbsp;million. Income
taxes paid for the year ended December&nbsp;31, 2010 amounted to Ps.4,403.4&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Net cash used for investing activities for the year ended December&nbsp;31, 2010, amounted to
Ps.27,273.9&nbsp;million, and was primarily used for investments in property, plant and equipment of
Ps.11,306.0&nbsp;million; temporary investments of Ps.1,351.5&nbsp;million; held-to-maturity and
available-for-sale investments of Ps.373.1&nbsp;million; equity method and other investments of
Ps.2,418.5&nbsp;million; investment convertible debentures of Ps.13,966.4&nbsp;million; and investments in
goodwill and other intangible assets of Ps.712.1&nbsp;million; which effect was partially offset by cash
provided by a disposition of equity method and other investments of Ps.1,807.4&nbsp;million.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Net cash provided by financing activities for the year ended December&nbsp;31, 2010, amounted to
Ps.1,435.5&nbsp;million, and was primarily used for repurchase of capital stock of Ps.1,274.0&nbsp;million;
interest paid of Ps.3,003.1&nbsp;million; prepayment and repayment of debt and lease payments of
Ps.4,221.3&nbsp;million; and derivative financial instruments of Ps.52.5&nbsp;million; which effect was
partially offset by cash provided by the issuance of 7.38% Notes due 2020 in the amount of
Ps.10,000.0&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We expect to fund our operating cash needs during 2011, other than cash needs in connection
with any potential investments and acquisitions, through a combination of cash from operations and
cash on hand. We intend to finance our potential investments or acquisitions in 2011 through
available cash from operations, cash on hand and/or borrowings. The amount of borrowings required
to fund these cash needs in 2011 will depend upon the timing of cash payments from advertisers
under our advertising sales plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During the year ended December&nbsp;31, 2009, we had a net decrease in cash and cash equivalents of
Ps.3,641.6&nbsp;million, which included cash and cash equivalents of Ps.21.5&nbsp;million of TVI upon
consolidation of this subsidiary into our financial reports as of October&nbsp;2009, as compared to a
net increase in cash and cash equivalents of Ps.8,103.5&nbsp;million during the year ended December&nbsp;31,
2008 which included cash and cash equivalents of Ps.483.9&nbsp;million of Cablem&#225;s upon consolidation of
this subsidiary in June&nbsp;2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Net cash provided by operating activities for the year ended December&nbsp;31, 2009, amounted to
Ps.15,135.6&nbsp;million. Adjustments to reconcile income before income taxes to net cash provided by
operating activities primarily included: depreciation and amortization of Ps.4,929.6&nbsp;million; net
unrealized foreign exchange gain of Ps.1,003.5&nbsp;million; interest expense of Ps.2,832.7&nbsp;million;
impairment of long-lived assets and other amortization of Ps.1,224.5&nbsp;million; and equity in losses
of affiliates of Ps.715.3&nbsp;million. Income taxes paid for the year ended December&nbsp;31, 2009 amounted
to Ps.4,282.0&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Net cash used for investing activities for the year ended December&nbsp;31, 2009, amounted to
Ps.11,052.2&nbsp;million, and was primarily used for investments in property, plant and equipment of
Ps.6,410.9&nbsp;million; temporary investments of Ps.524.2&nbsp;million; held-to maturity and
available-for-sale investments of Ps.3,051.6&nbsp;million; equity method and other investments of
Ps.809.6&nbsp;million; and investments in goodwill and other intangible assets of Ps.569.6&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Net cash used for financing activities for the year ended December&nbsp;31, 2009, amounted to
Ps.7,640.9&nbsp;million, and was primarily used for dividends and repurchase of capital stock of
Ps.9,841.0&nbsp;million; interest paid of Ps.2,807.8&nbsp;million; prepayment and repayment of debt and lease
payments of Ps.2,520.2&nbsp;million; and derivative financial instruments of Ps.206.8&nbsp;million; which
effect was partially offset by cash provided by the issuance of 6.625% Senior Notes due 2040 in the
amount of Ps.7,612.1&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Net cash provided by operating activities for the year ended December&nbsp;31, 2008, amounted to
Ps.22,257.8&nbsp;million. Adjustments to reconcile income before income taxes to net cash provided by
operating activities primarily included: depreciation and amortization of Ps.4,311.1&nbsp;million; net
unrealized foreign exchange loss of Ps.4,982.0&nbsp;million; interest expense of Ps.2,529.2&nbsp;million; and
equity in losses of affiliates of Ps.1,049.9&nbsp;million. Income taxes paid for the year ended December
31, 2008 amounted to Ps.2,657.5&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Net cash used for investing activities for the year ended December&nbsp;31, 2008, amounted to
Ps.12,884.5&nbsp;million, and was primarily used for investments in property, plant and equipment of
Ps.5,191.4&nbsp;million; temporary investments of Ps.5,420.1&nbsp;million; equity-method and other
investments of Ps.1,982.1&nbsp;million; and investments in goodwill and other intangible assets of
Ps.1,489.2&nbsp;million; which effect was partially offset by cash provided by a disposition of
held-to-maturity and available-for-sale investments of Ps.1,269.9&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Net cash used for financing activities for the year ended December&nbsp;31, 2008, amounted to
Ps.1,885.5&nbsp;million, and was primarily used for dividends and repurchase of capital stock of
Ps.3,342.5&nbsp;million; interest paid of Ps.2,407.2&nbsp;million; prepayment and repayment of debt and lease
payments of Ps.700.1&nbsp;million; derivative financial instruments of Ps.346.1&nbsp;million; and dividends
to minority interests of Ps.332.0&nbsp;million; which effect was partially offset by cash provided by
the issuance of 6.0% Senior Notes due 2018 of Ps.5,241.6&nbsp;million.
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">During 2011, we expect to:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make aggregate capital expenditures for property, plant and equipment
totaling U.S.$850&nbsp;million, of which U.S.$435&nbsp;million and U.S.$270
million are for the expansion and improvements of our Cable and
Telecom and Sky segments, respectively, and the remaining U.S.$145
million is for our Television Broadcasting segment and other segments;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make additional capital contributions related to our 33.3% interest in
Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V.
(&#147;GTAC&#148;) in the amount of U.S.$13.4&nbsp;million (Ps.159&nbsp;million) and
provide additional long-term financing to GTAC in the principal amount
of U.S.$24.9&nbsp;million (Ps.296.1&nbsp;million) under a credit facility
related to our interest in GTAC;</TD>
</TR>


</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make an investment of U.S.$37.5&nbsp;million in equity and U.S.$1,565
million in convertible debt of Iusacell. Upon conversion of the debt,
our equity participation in Iusacell will be 50%; and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the first half of 2011, we agreed with the non-controlling
stockholders of Cablem&#225;s the terms for us to acquire their 41.7%
equity interest in Cablem&#225;s for an aggregate amount of U.S.$390.9
million (Ps.4,603.0&nbsp;million), payable in cash and 24.8&nbsp;million CPOs
issued by us on April&nbsp;29, 2011.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">During 2010, we:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>made aggregate capital expenditures for property, plant and equipment
totaling U.S.$1,011&nbsp;million, of which U.S.$438.5&nbsp;million, U.S.$436.6
million and U.S.$12.5&nbsp;million are for the expansion and improvements
of our Cable and Telecom and Sky segments and Gaming businesses,
respectively, and U.S.$123.4&nbsp;million for our Broadcasting Television
segment and other businesses. The actual amount for 2010 includes an
accrual of U.S.$111.0&nbsp;million related to our investment in a new
24-transponder satellite that was launched in the first quarter of
2010, which was paid in cash in the first quarter of 2011;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>made short-term loans related to our 40.5% interest in La Sexta in the
principal amount of <FONT face="'Times New Roman',times,serif">&#128;</FONT>21.5&nbsp;million (U.S.$29.2&nbsp;million). In the first
quarter of 2011, we made a capital contribution related to our
interest in La Sexta with the principal amount of the short-term loans
made by us in 2010, and our interest in La Sexta increased from 40.5%
to 40.8%. Currently, we do not have commitments for additional capital
contributions in La Sexta;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>made investments of U.S.$1,255.0&nbsp;million in cash in Broadcasting Media
Partners, Inc. (&#147;BMP&#148;), the parent company of Univision, in exchange
for a 5% equity stake of the outstanding common stock of BMP and
U.S.$1,125&nbsp;million principal amount of debentures due 2025 bearing
interest at an annual rate of 1.5%, that are initially convertible at
our option into additional shares currently equivalent to a 30% equity
stake of BMP, subject to certain conditions and regulations; and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>made a capital contribution related to our 33.3% interest in GTAC in
the amount of U.S.$4.3&nbsp;million (Ps.54.7&nbsp;million). Additionally, in
2010, we provided long-term financing to GTAC in the principal amount
of U.S.$29.0&nbsp;million (Ps.372.1&nbsp;million) under a credit facility
related to our interest in GTAC.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">During 2009, we:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>made aggregate capital expenditures totaling U.S.$499.3&nbsp;million, of
which U.S.$239&nbsp;million, U.S.$128.8&nbsp;million and U.S.$17.5&nbsp;million
correspond to our Cable and Telecom, Sky and Gaming businesses,
respectively, and U.S.$114&nbsp;million to our Television Broadcasting and
other businesses;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>made investments related to our 40.5% interest in La Sexta for an
aggregate amount of <FONT face="'Times New Roman',times,serif">&#128;</FONT>35.7&nbsp;million (U.S.$49&nbsp;million); and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>made investments in Volaris, for an aggregate amount of U.S.$5
million, and in other companies in which we hold a non-controlling
interest for an aggregate amount of U.S.$5.5&nbsp;million.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Refinancings. </I></B>In May&nbsp;2004, we entered into a five-year credit agreement with a Mexican bank
for an aggregate principal amount of Ps.1,162.5&nbsp;million, which net proceeds were used by us to
repay any outstanding amounts under the U.S.$100.0&nbsp;million syndicated term loan. For a description
of the terms of the Ps.1,162.5&nbsp;million long-term credit agreement, see &#147;&#151; Indebtedness&#148; below. In
May&nbsp;2009, the Company repaid this loan at its original maturity in the principal amount of
Ps.1,162.5&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In October&nbsp;2004, we entered into a seven and one-half-year credit agreement with a Mexican
bank for an aggregate principal amount of Ps.2,000.0&nbsp;million. Net proceeds of this loan were used
principally to prefund a portion of our U.S.$200.0&nbsp;million aggregate principal amount of 8.625%
Senior Notes due in August&nbsp;2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In March&nbsp;2005, we issued U.S.$400.0&nbsp;million aggregate principal amount of 6.625% Senior Notes
due 2025. We applied the net proceeds from this issuance, as well as cash on hand, to fund our
tender offers for any or all or our U.S.$300.0&nbsp;million aggregate principal amount outstanding of
our 8.00% Senior Notes due 2011 and our Ps.3,839&nbsp;million (equivalent to approximately U.S.$336.9
million) aggregate principal amount of 8.15% UDI-denominated Notes due 2007. For a description of
our 6.625% Senior Notes due 2025, see &#147;&#151; Indebtedness&#148; below.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->80<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In May&nbsp;2005, we reopened our 6.625% Senior Notes due 2025 for an additional U.S.$200.0&nbsp;million
for an aggregate principal amount of U.S.$600.0&nbsp;million of 6.625% Senior Notes due 2025
outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In April&nbsp;2006, Innova successfully completed a cash tender offer to purchase its U.S.$300.0
million 9.375% Senior Notes due 2013 tendering 96.25% of the notes. This tender offer was funded by
entering into two bank loans due in 2016 denominated in Pesos for a notional amount of Ps.3,500.0
million at an average fixed interest rate for the first three years of 8.84%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In May&nbsp;2007, we issued Ps.4,500&nbsp;million aggregate principal amount of 8.49% Senior Notes due
2037. We used the net proceeds from the issuance to replenish our cash position following the
payment, with cash on hand, of Ps.992.9&nbsp;million of our 8.15% UDI-denominated notes that matured in
April&nbsp;2007 and for the repurchase of our shares. We used the remaining net proceeds from this
issuance for general corporate purposes, including the repayment of other outstanding indebtedness
and the continued repurchase of our shares, subject to market conditions and other factors. See
Note 8 to our consolidated year-end financial statements.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In November&nbsp;2009, we issued U.S.$600.0&nbsp;million Senior Notes due 2040. We used the net proceeds
from the issuance for general corporate purposes, including to repay outstanding indebtedness and
repurchase our shares, among other uses, in each case, subject to market conditions and other
factors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In October&nbsp;2010, we issued Ps.10,000&nbsp;million Notes (<I>Certificados Burs&#225;tiles</I>) due 2020. We used
the net proceeds to strengthen our financial position.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In March&nbsp;2011, we entered into long-term credit agreements with four Mexican Banks for an
aggregate principal amount of Ps.8,600&nbsp;million, with maturities between 2016 and 2021. The proceeds
of these loans will be used for general corporate purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Indebtedness. </I></B>As of December&nbsp;31, 2010, our consolidated long-term portion of debt amounted to
Ps.46,495.7&nbsp;million, and our consolidated current portion of debt was Ps.1,469.1&nbsp;million. As of
December&nbsp;31, 2009, our consolidated long-term portion of debt
amounted to Ps.41,983.2&nbsp;million, and our consolidated current portion of debt was Ps.1,433.0
million. As of December&nbsp;31, 2008, our consolidated long-term portion of debt amounted to
Ps.36,630.6&nbsp;million, and our consolidated current portion of debt was Ps.2,270.4&nbsp;million. The
following table sets forth a description of our outstanding indebtedness as of December&nbsp;31, 2010,
on a historical, actual basis. Information in the following table is presented in millions of Pesos
as of December&nbsp;31, 2010:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="39%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>Debt Outstanding(1)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Interest</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Maturity</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description of Debt</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Actual</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Rate(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Denomination</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Debt</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Long-term debt</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8% Senior Notes(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">889.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">U.S. Dollars</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2011</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6% Senior Notes(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,178.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">U.S. Dollars</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2018</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8.5% Senior Notes(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,707.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">U.S. Dollars</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2032</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.625% Senior Notes(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,414.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">U.S. Dollars</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2025</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8.49% Senior Notes(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,500.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.49</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Pesos</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2037</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.625% Senior Notes(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,414.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">U.S. Dollars</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2040</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7.38% Notes(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.38</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Pesos</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2020</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">JPMorgan Chase Bank, N.A. loan(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,780.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.8375</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">U.S. Dollars</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2012</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inbursa, S.A. loan (5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,000.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.35</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Pesos</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2012</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Santander Serfin loan (6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,400.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.11</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Pesos</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2016</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Banamex loan (6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,100.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.74</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Pesos</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2016</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Banco Mercantil del Norte loan (7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">350.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.10</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Pesos</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2011</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Banamex loan (7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.08</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Pesos</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2011</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other debt (7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.32</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Pesos</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2011</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total debt (including current maturities)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,964.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">14.3</TD>
    <TD nowrap>(8)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: current maturities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,469.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Various</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">December 2011</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,495.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->81<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>U.S. Dollar-denominated debt is translated into Pesos at an exchange rate of Ps.12.3576 per U.S. Dollar, the Interbank Rate, as reported by Banamex, as of December
31, 2010.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>These Senior Notes due 2011, 2018, 2025, 2032, 2037 and 2040, in the outstanding principal amount of U.S.$72&nbsp;million, U.S.$500&nbsp;million, U.S.$600&nbsp;million, U.S.$300
million, Ps.4,500&nbsp;million and U.S.$600&nbsp;million, respectively, are unsecured obligations of the Company, rank equally in right of payment with all existing and
future unsecured and unsubordinated indebtedness of the Company, and are junior in right of payment to all of the existing and future liabilities of the Company&#146;s
subsidiaries. Interest on the Senior Notes due 2011, 2018, 2025, 2032, 2037 and 2040, including additional amounts payable in respect of certain Mexican
withholding taxes, is 8.41%, 6.31%, 6.97%, 8.94%, 8.93% and 6.97% per annum, respectively, and is payable semi-annually. These Senior Notes may not be redeemed
prior to maturity, except (i)&nbsp;in the event of certain changes in law affecting the Mexican withholding tax treatment of certain payments on the securities, in
which case the securities will be redeemable, as a whole but not in part, at the option of the Company; and (ii)&nbsp;in the event of a change of control, in which case
the Company may be required to redeem the securities at 101% of their principal amount. Also, the Company may, at its own option, redeem the Senior Notes due 2018,
2025, 2037 and 2040, in whole or in part, at any time at a redemption price equal to the greater of the principal amount of these Senior Notes or the present value
of future cash flows, at the redemption date, of principal and interest amounts of the Senior Notes discounted at a fixed rate of comparable U.S. or Mexican
sovereign bonds. The Senior Notes due 2011, 2018, 2032 and 2040 were priced at 98.793%, 99.280%, 99.431% and 98.319%, respectively, for a yield to maturity of
8.179%, 6.097%, 8.553% and 6.755%, respectively. The Senior Notes due 2025 were issued in two aggregate principal amounts of U.S.$400&nbsp;million and U.S.$200&nbsp;million,
and were priced at 98.081% and 98.632%, respectively, for a yield to maturity of 6.802% and 6.787%, respectively. The agreement of these Senior Notes contains
covenants that limit the ability of the Company and certain restricted subsidiaries engaged in Television Broadcasting, Pay Television Networks and Programming
Exports, to incur or assume liens, perform sale and leaseback transactions, and consummate certain mergers, consolidations and similar transactions. The Senior
Notes due 2011, 2018, 2025, 2032, 2037 and 2040 are registered with the U.S. Securities and Exchange Commission.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>In October&nbsp;2010, the Company issued 7.38% Notes (<I>Certificados Burs&#225;tiles</I>) due 2020 through the Mexican Stock Exchange in the aggregate
principal amount of Ps.10,000&nbsp;million. Interest on these Notes is payable semi-annually. The Company may, at its own option, redeem these
Notes, in whole or in part, at any semi-annual interest payment date at a redemption price equal to the greater of the principal amount of the
outstanding Notes and the present value of future cash flows, at the redemption date, of principal and interest amounts of the Notes discounted
at a fixed rate of comparable Mexican sovereign bonds. The agreement of these Notes contains covenants that limit the ability of the Company
and certain restricted subsidiaries appointed by the Company&#146;s Board of Directors, and engaged in Television Broadcasting, Pay Television
Networks and Programming Exports, to incur or assume liens, perform sale and leaseback transactions, and consummate certain mergers,
consolidations and similar transactions.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>In December&nbsp;2007, Empresas Cablevisi&#243;n entered into a 5-year term loan facility with a U.S. bank in the aggregate principal amount of U.S.$225
million, in connection with the financing for the acquisition of Letseb and Bestel USA (See Note 2 to our consolidated year-end financial
statements). Annual interest on this loan facility is payable on a quarterly basis at LIBOR plus an applicable margin that may range from
0.475% to 0.725% depending on a leverage ratio. At December&nbsp;31, 2010, the applicable leverage ratio was 0.525%. Under the terms of this loan
facility, Empresas Cablevisi&#243;n and its subsidiaries are required to (a)&nbsp;maintain certain financial coverage ratios related to indebtedness and
interest expense, and (b)&nbsp;comply with certain restrictive covenants, primarily on debt, liens, investments and acquisitions, capital
expenditures, asset sales, consolidations, mergers and similar transactions. In March&nbsp;2011, Empresas Cablevisi&#243;n prepaid this loan facility in
full.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes a loan under a certain credit agreement entered into by the Company with a Mexican bank, with maturities through 2012. Interest on
this loan is 10.350% per annum, and is payable on a monthly basis. Under the terms of this credit agreement, the Company and certain restricted
subsidiaries engaged in television broadcasting, pay television networks and programming exports are required to (a)&nbsp;maintain certain financial
coverage ratios related to indebtedness and interest expense; and (b)&nbsp;comply with certain restrictive covenants on indebtedness, dividend
payments, issuance and sale of capital stock, and liens.</TD>
</TR>

</TABLE>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->82<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes two long-term loans entered into by Sky with Mexican banks in the aggregate principal amount of Ps.3,500&nbsp;million with a maturity in
2016. This Sky long-term indebtedness is guaranteed by the Company. Annual interest on these two long-term loans was in the range of 8.74% and
8.98% through the first quarter of 2009, and the Mexican Interbank Interest Rate, or TIIE, plus 24 basis points for the remaining period
through maturity, with interest payable on a monthly basis. Under the terms of these loan agreements, Sky is required to (a)&nbsp;maintain certain
financial coverage ratios related to indebtedness and interest expense; and (b)&nbsp;comply with certain restrictive covenants on indebtedness,
liens, asset sales, and certain mergers and consolidations.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes current-term loans of TVI, bearing different annual interest rates in the range of 7.10% and 8.35% and in the range TIIE plus 2.20%
and TIIE plus 3.50%, with interest payable on a monthly basis.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>Actual weighted average maturity of long-term debt as of December&nbsp;31, 2010.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In March&nbsp;2011, the Company entered into long-term credit agreements with four Mexican banks in
the aggregate principal amount of Ps.8,600&nbsp;million, with an annual interest rate between 8.09% and
9.40%, payable on a monthly basis, and principal maturities between 2016 and 2021. The proceeds of
these loans will be used for general corporate purposes. Under the terms of these loan agreements,
the Company is required to (a) maintain certain financial coverage ratios related to indebtedness and
interest expense; and (b) comply with the restrictive covenant on  spin-offs, mergers and similar transactions.


</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Interest Expense. </I></B>Interest expense for the years ended December&nbsp;31, 2008, 2009 and 2010 was
Ps.2,816.4&nbsp;million, Ps.3,136.4&nbsp;million and Ps.3,615.3&nbsp;million, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table sets forth our interest expense for the years indicated (in millions of
U.S. Dollars and millions of Mexican Pesos):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,(1)(2)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest payable in U.S. Dollars</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">124.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">125.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">165.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amounts currently payable under Mexican withholding
taxes(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total interest payable in U.S. Dollars</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">129.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">131.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">174.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Peso equivalent of interest payable in U.S. Dollars</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">        1,432.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">        1,788.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">        2,210.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest payable in Pesos</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,383.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,347.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,404.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">        2,816.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">        3,136.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">        3,615.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>U.S. Dollars are translated into Pesos at the rate prevailing when
interest was recognized as an expense for each period. Beginning on
January&nbsp;1, 2008, we discontinued recognizing the effects of inflation
in financial information in accordance with Mexican FRS.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Interest expense in these periods includes amounts effectively payable
in U.S. Dollars as a result of U.S. Dollar-Peso swaps. Interest
expense in these periods also includes gains or losses from related
derivative instruments.</TD>
</TR>

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

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

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Guarantees. </I></B>We guarantee our proportionate share of our DTH ventures&#146; minimum commitments for
use on PanAmSat (now Intelsat Corporation) IS-9 satellite&#146;s transponders for periods of up to 15
years. The amount of these guaranteed commitments is estimated to be an aggregate of U.S.$56.9
million as of December&nbsp;31, 2010, related to Innova.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In February&nbsp;2006, in connection with the transactions with DIRECTV, we entered into an amended
and restated guarantee with PanAmSat, pursuant to which the proportionate share of Innova&#146;s
transponder lease obligation on satellite IS-9 (formerly PAS-9) guaranteed by us was adjusted from
51.0% to 52.8%. In April&nbsp;2006, we acquired additional equity interests in Innova from DIRECTV (as
described below), and the guarantee was readjusted from 52.8% to 58.7% to cover a percentage of the
transponder lease obligations equal to our percentage ownership of Innova at that time. See &#147;Major
Stockholders and Related Party Transactions &#151; Related Party Transactions&#148;, &#147;Information on the
Company &#151; Business Overview &#151; DTH Ventures&#148; and Note 11 to our consolidated year-end financial
statements.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->83<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Contractual Obligations and Commercial Commitments</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our contractual obligations and commercial commitments consist primarily of long-term debt, as
described above, satellite transponder obligations and transmission rights obligations.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table summarizes our contractual obligations on the balance sheet as of December
31, 2010 (these amounts do not include future interest payments):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000"><B>Payments Due by Period</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Less Than</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>12 Months</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>12-36 Months</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>36-60 Months</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>After</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>January 1,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>January 1,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>January 1,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>60 Months</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2011 to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2012 to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2014 to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Subsequent to</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2013</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18"><B>(Thousands of U.S. Dollars)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8% Senior Notes due 2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">71,951</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">71,951</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.0% Senior Notes due 2018</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.625% Senior Notes due 2025</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">600,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">600,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8.5% Senior Notes due 2032</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8.49% Senior Notes due 2037</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">364,148</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">364,148</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.625% Senior Notes due 2040</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">600,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">600,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7.38% Notes due 2020</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">809,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">809,220</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inbursa loan due 2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">JPMorgan Chase Bank, N.A. loan
facility due 2012(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Santander Serfin loan due 2016</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,290</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Banamex loan due 2016</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">169,936</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">169,936</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Banco Mercantil del Norte loan
due 2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,323</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,323</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Banamex loan due 2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,855</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,855</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acacia Fund loan due 2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,138</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,138</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,618</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,618</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,881,401</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">343,885</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,456,594</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,752</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,752</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Satellite transponder obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,576</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other capital lease obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,981</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,633</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,545</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transmission rights(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">329,844</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117,282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135,689</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,844</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,029</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total contractual obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">4,322,962</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">544,588</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">239,729</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">66,477</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">3,472,168</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>This loan was prepaid in March&nbsp;2011.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>This liability reflects our transmission rights obligations related to
programming acquired or licensed from third party producers and
suppliers, and special events, which are reflected for in our
consolidated balance sheet within trade accounts payable (current
liabilities) and other long-term liabilities.</TD>
</TR>

</TABLE>

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">





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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table summarizes our contractual obligations off the balance sheet as of
December&nbsp;31, 2010:
</DIV>
<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="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000"><B>Payments Due by Period</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Less Than</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>12 Months</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>12-36 Months</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>36-60 Months</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>After 60</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>January 1,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>January 1,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>January 1,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Months</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2011 to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2012 to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2014 to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Subsequent to</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2013</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18"><B>(Thousands of U.S. Dollars)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Satellite transponder commitments(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">24,826</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">9,373</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">9,227</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">5,520</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">706</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Agreements with Intelsat Corporation(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">548,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">420,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital expenditures commitments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,411</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,411</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Lease commitments(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">190,910</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,070</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,327</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,841</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84,672</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on debt(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,943,979</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">198,973</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">495,185</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">492,556</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,757,265</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on capital lease obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,721</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">469</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,293</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Programming obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145,312</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,911</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,813</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,692</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,896</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Committed capital contributions to GTAC(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,867</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,867</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total contractual obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">4,885,426</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">308,255</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">658,261</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">653,078</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">3,265,832</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Our minimum commitments for the use of satellite transponders under operating lease contracts.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>The 15-year service agreement for transponders on IS-16 contemplates a monthly service fee of
U.S.$150,000 to be paid by Sky through September&nbsp;2015. The 15-year service agreement for
transponders on IS-21 contemplates a monthly service fee of U.S.$3.0&nbsp;million to be paid by
Sky from September of 2012 through August of 2027. See Note 11 to our consolidated 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>Our minimum non-cancellable lease commitments for facilities under operating lease contracts,
which are primarily related to our gaming business, under operating leases expiring through
2047. See Note 11 to our consolidated year-end financial statements.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Interest to be paid in future years on outstanding debt as of December&nbsp;31, 2010, was
estimated based on contractual interest rates and exchange rates as of that date.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>We have commitments of capital contributions in 2011, subject to certain conditions, related
to our 33.3% equity interest in GTAC in the aggregate amount of Ps.159.0&nbsp;million (U.S.$12.9
million). See Note 11 to our consolidated year-end financial statements.</TD>
</TR>

</TABLE>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->85<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="left">
<A name="C19172117"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;6. Directors, Senior Management and Employees</B>
</DIV>


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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table sets forth the names of our current directors and their alternates, their
dates of birth, their principal occupation, their business experience, including other
directorships, and their years of service as directors or alternate directors. Each of the
following directors and alternate directors were elected or ratified for a one-year term by our
stockholders at our April&nbsp;29, 2011 annual stockholders&#146; meeting.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name and Date of Birth</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Principal Occupation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Business Experience</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>First Elected</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Emilio Fernando Azc&#225;rraga Jean<BR>
(02/21/68)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board,
President and Chief
Executive Officer and
Chairman of the
Executive Committee of
Grupo Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Boards
of Banco Nacional
de M&#233;xico and Univision
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">December&nbsp;1990</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>In alphabetical order:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alfonso de Angoitia Noriega<BR>
(01/17/62)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice
President, Member of
the Executive Office
of the Chairman and
Member of the
Executive Committee of
Grupo Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Boards
of Grupo Modelo and Univision
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1997</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Pedro Carlos Aspe Armella<BR>
(07/07/50)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Co-Chairman of Evercore
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Board
of The McGraw-Hill
Companies and
Chairman of the
Board of
Concesionaria Vuela
Compa&#241;&#237;a de
Aviaci&#243;n
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2003</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alberto Baill&#233;res Gonz&#225;lez<BR>
(08/22/31)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Boards
of Grupo Bal,
Industrias Pe&#241;oles,
Fresnillo PLC, Grupo
Palacio de Hierro,
Grupo Nacional
Provincial and Grupo
Profuturo, Director of
Valores Mexicanos Casa
de Bolsa, Chairman of
the Government Board
of Instituto
Tecnol&#243;gico Autonomo
de M&#233;xico and
Associate Founder
Fundaci&#243;n Alberto
Bailleres
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director of Grupo
Dine, Grupo Kuo,
Grupo Financiero
BBVA Bancomer and
Fomento Econ&#243;mico
Mexicano
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2004</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Julio Barba Hurtado<BR>
(05/20/33)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Legal Advisor to the
Company, Secretary of
the Audit &#038; Corporate
Practices Committee
and Member of the
Executive Committee of
the Company
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Legal
Advisor to the
Board of the
Company and Former
Assistant Secretary
of the Board of the
Company
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">December&nbsp;1990</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jos&#233; Antonio Bast&#243;n Pati&#241;o<BR>
(04/13/68)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President of
Television and
Contents and Member of
the Executive
Committee of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Corporate
Vice President of
Television and Vice
President of
Operations of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1998</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->86<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name and Date of Birth</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Principal Occupation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Business Experience</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>First Elected</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Francisco Jos&#233; Ch&#233;vez Robelo<BR>
(07/03/29)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of
the Audit and
Corporate Practices
Committee of Grupo
Televisa, Member
of the Board of
Diretors and
Chairman of the
Audit and Corporate
Practices Committee
of Empresas
Cablevisi&#243;n
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Retired Partner of
Ch&#233;vez, Ru&#237;z,
Zamarripa y C&#237;a.,
S.C. and Member of
the Board of
Directors and
Chairman of the
Audit and Corporate
Practices Committee
of Empresas
Cablevisi&#243;n
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2003</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Manuel Jorge Cutillas Covani<BR>
(03/01/32)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Private Investor
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Board
of Directors of
Lyford Cay
Foundation, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1992</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jos&#233; Antonio Fern&#225;ndez
Carbajal<BR>
(02/15/54)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the
Board and Chief
Executive Officer
of Fomento
Econ&#243;mico Mexicano
and Chairman of the
Board of Coca-Cola
FEMSA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice-Chairman of
the Board of
Directors of ITESM,
Vice-Chairman of
the Supervisory
Board and Chairman of Americas Committee of Heineken
N.V., Vice Chairman of the Board of Heineken Holding, Chairman of
the Advisory Board
of the Woodrow
Wilson Center,
M&#233;xico Institute
Co. and Member of
the Board of
Directors of Grupo
Financiero BBVA
Bancomer,
Industrias Pe&#241;oles,
Grupo Industrial
Bimbo,
Concesionaria Vuela
Compa&#241;&#237;a de
Aviaci&#243;n, Grupo
Xignux, CEMEX and
Heineken Holding
N.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Carlos Fern&#225;ndez Gonz&#225;lez<BR>
(09/29/66)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive
Officer and
Chairman of the
Board of Grupo
Modelo, Member of
the Board and
Partner of
Finaccess M&#233;xico,
Partner and Chief
Executive Officer
of Tendora San
Carlos
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the
Boards of Emerson
Electric Co, Grupo
Financiero
Santander and Crown
Imports, LLC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July&nbsp;2000</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bernardo G&#243;mez Mart&#237;nez<BR>
(07/24/67)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice
President, Member
of the Executive
Office of the
Chairman and Member
of the Executive
Committee of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Deputy Director of the
Chairman of Grupo Televisa and former President of
the Mexican Chamber
of Television and
Radio Broadcasters

</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1999</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Claudio X. Gonz&#225;lez Laporte
(05/22/34)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the
Board of
Kimberly-Clark de
M&#233;xico and Chairman of the Strategic Commitee of the Mexican
Business Council
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the
Boards of Grupo
Alfa, Grupo Carso,  Grupo M&#233;xico, Grupo Financiero Inbursa and
Mexico Fund, Director Emeritus of General Electric,

Investment Company
of America and
Mexico Fund
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1997</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Roberto Hern&#225;ndez Ram&#237;rez<BR>
(03/24/42)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the
Board of Banco
Nacional de M&#233;xico
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Board
of Grupo Financiero
Banamex
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1992</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name and Date of Birth</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Principal Occupation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Business Experience</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>First Elected</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Enrique Krauze Kleinbort<BR>
(09/17/47)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director and Member
of the Boards of
Editorial Cl&#237;o
Libros, y Videos
and of Editorial
Vuelta
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member and Chairman of the Boards
of Quadrant and President of the
Board of Directors of Productora
Contadero
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1996</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Germ&#225;n Larrea Mota Velasco<BR>
(10/26/53)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the
Board and Chief
Executive Officer
of Grupo M&#233;xico
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Board of Financiero
Banamex
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1999</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Michael Larson (10/07/59)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Investment
Officer of William
H. Gates III
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of Western Asset Claymore
Inflation Linked Securities &#038;
Income Fund and Western
Asset/Claymore Inflation Linked
Opportunities Fund and Director of
Hamilton Lane Advisors, LLC, former Member of the Board of  Pan
American Silver Corp.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2009</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lorenzo Alejandro Mendoza <BR>
Gim&#233;nez (10/05/65)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive
Officer, Member of
the Board and
President of the
Executive Committee
of Empresas Polar
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Member of the Boards of AES
La Electricidad de Caracas,
CANTV-Verizon and BBVA Banco
Provincial
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2009</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alejandro Jes&#250;s Quintero <BR>
I&#241;iguez (02/11/50)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Vice
President of Sales
and Marketing and
Member of the
Executive Committee
of Grupo Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Shareholder of Grupo TV Promo,
S.A. de C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1998</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fernando Senderos Mestre<BR>
(03/03/50)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the
Board and President
of the Executive
Committee of Desc,
Dine and Grupo Kuo
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Boards of
Grupo Carso, Kimberly-Clark de
M&#233;xico, Industrias Pe&#241;oles and
Grupo Nacional Provincial, former Member of the Board of Grupo Alfa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1992</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Enrique Francisco Jos&#233; Senior <BR>
Hern&#225;ndez (08/03/43)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director
of Allen &#038; Company,
LLC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Boards of Univision,
Coca-Cola FEMSA, Cinemark and FEMSA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2001</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Alternate Directors:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>In alphabetical order:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Herbert A. Allen III (06/08/67)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President of Allen
&#038; Company LLC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Executive Vice President and
Managing Director of Allen &#038;
Company Incorporated, Member of the
Board of Convera Corporation
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2002</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">F&#233;lix Jos&#233; Araujo Ram&#237;rez<BR>
(03/20/51)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President of
Digital Television  and Broadcasting
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Former Vice President of Televisa Regional and Chief Executive
Officer of Telesistema Mexicano,
President of the Board of Directors
of Televisora de Navojoa and
Televisora Peninsular,  Member of
the Board of Directors and Chief
Executive Officer of several subsidiaries of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2002</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->88<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name and Date of Birth</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Principal Occupation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Business Experience</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>First Elected</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Joaqu&#237;n Balc&#225;rcel Santa Cruz<BR>
(01/04/69)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President &#151;
Legal and General
Counsel of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Vice President and
General Counsel of Television
Division, former Legal
Director of Grupo Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2000</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rafael Carabias Pr&#237;ncipe<BR>
(11/13/44)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Finance Director of Gestora
de Inversiones
Audiovisuales La
Sexta
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Vice President of
Corporate Management of
Televisa Corporaci&#243;n and
former Vice President of
Supervision of Foreign
Subsidiaries of Grupo Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1999</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jos&#233; Luis Fern&#225;ndez Fern&#225;ndez<BR>
(05/18/59)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Partner of
Ch&#233;vez, Ru&#237;z,
Zamarripa y Cia.,
S.C.; Member of the
Audit and Corporate
Practices Committee
of Grupo Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Commisioner of Sport City
Universidad, Club de Golf Los
Encinos and Member of the
Board of Directors of Grupo
Pochteca Mexichem, Banco Bx+ and Grupo Financiero Bx+
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2002</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Salvi Rafael Folch Viadero<BR>
(08/16/67)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial
Officer of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Vice President of
Financial Planning of Grupo
Televisa, former Chief
Executive Officer and Chief
Financial Officer of Comercio
M&#225;s, S.A. de C.V. and former
Vice Chairman of Banking
Supervision of the National
Banking and Securities
Commission
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2002</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Leopoldo G&#243;mez Gonz&#225;lez <BR>
Blanco (04/06/59)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">News Vice President  of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Director of Information
to the President of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2003</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jorge Agust&#237;n Lutteroth <BR>
Echegoyen (01/24/53)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President and
Corporate
Controller of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Senior Partner of
Coopers &#038; Lybrand Despacho
Roberto Casas Alatriste, S.C.
and former Controller of
Televisa Corporaci&#243;n
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July&nbsp;1998</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alberto Javier Montiel <BR>
Castellanos (11/22/45)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> Member of
the Audit and
Corporate Practices
Committees of Grupo
Televisa and
Empresas
Cablevisi&#243;n
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Tax Vice President of
Grupo Televisa, former Tax
Director of Wal-Mart de M&#233;xico
and Member of the Board of
Directors of Operadora Dos Mil
and Dosfiscal Editores, Member of the Editorial Commitee of Dosfiscal
Editores, S.A. de C.V. and Director of Montiel Font y Associados, S.C.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2002</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ra&#250;l Morales Medrano<BR>
(05/12/70)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Partner of Ch&#233;vez,
Ruiz, Zamarripa y
Cia., S.C.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Senior Manager of
Ch&#233;vez, Ruiz, Zamarripa y
Cia., S.C. and Member of the
Audit and Corporate Practices
Committee of Empresas
Cablevisi&#243;n
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2002</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>General. </I></B>The management of our business is vested in our Board of Directors. Our bylaws
currently provide for a Board of Directors of 20 members, at least 25% of which must be
&#147;independent directors&#148; under Mexican law (as described below), with the same number of alternate
directors. The Mexican Securities Market Law provides that the following persons, among others, do
not qualify as independent:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our principals, employees or managers, as well as the statutory auditors, or <I>comisarios</I>, of our subsidiaries, including
those individuals who have occupied any of the described positions within a period of 12&nbsp;months preceding the appointment;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>individuals who have significant influence over our decision making processes;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>controlling stockholders, in our case, the beneficiary of the Azc&#225;rraga Trust;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>partners or employees of any company which provides advisory services to us or any company that is part of the same
economic group as we are and that receives 10% or more of its income from us;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>significant clients, suppliers, debtors or creditors, or members of the Board or executive officers of any such entities; or</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>spouses, family relatives up to the fourth degree, or cohabitants of any of the aforementioned individuals.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our bylaws prohibit the appointment of individuals to our Board of Directors who: (i)&nbsp;are
members of the board of directors or other management boards of a company (other than the Company
or its subsidiaries) that has one or more concessions to operate telecommunication networks in
Mexico; or (ii)&nbsp;directly or indirectly, are shareholders or partners of companies (other than the
Company or its subsidiaries), that have one or more concessions to operate telecommunication
networks in Mexico, with the exception of ownership stakes that do not allow such individuals to
appoint one or more members of the management board or any other operation or decision making
board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Election of Directors. </I></B>A majority of the members of our Board of Directors must be Mexican
nationals and must be elected by Mexican stockholders. At our annual stockholders&#146; meeting on April
29, 2011 and at our annual meetings thereafter, a majority of the holders of the A Shares voting
together elected, or will have the right to elect, eleven of our directors and corresponding
alternates and a majority of the holders of the B Shares voting together elected, or will have the
right to elect, five of our directors and corresponding alternates. At our special stockholders&#146;
meetings, a majority of the holders of the L Shares and D Shares will each continue to have the
right to elect two of our directors and alternate directors, each of which must be an independent
director. Ten percent holders of A Shares, B Shares, L Shares or D Shares will be entitled to
nominate, a director and corresponding alternates. Each alternate director may vote in the absence
of a corresponding director. Directors and alternate directors are elected for one-year terms by
our stockholders at each annual stockholders&#146; meeting, and each serves for up to a 30-day term once
the one-year appointment has expired or upon resignation; in this case, the Board of Directors is
entitled to appoint provisional directors without the approval of the stockholders meeting. All of
the current and alternate members of the Board of Directors were elected by our stockholders at our
2011 annual stockholders&#146; special and general meetings, which were held on April&nbsp;29, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Quorum; Voting. </I></B>In order to have a quorum for a meeting of the Board of Directors, generally
at least 50% of the directors or their corresponding alternates must be present. However, in the
case of a meeting of the Board of Directors to consider certain proposed acquisitions of our
capital stock, at least 75% of the directors or their corresponding alternates must be present. In
the event of a deadlock of our Board, our Chairman will have the deciding vote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Meetings; Actions Requiring Board Approval. </I></B>Our bylaws provide that our Board must meet at
least once a quarter, and that our Chairman, 25% of the Board, our Secretary or alternate Secretary
or the Chairman of the Audit and Corporate Practices Committee may call for a Board meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the Mexican Securities Market Law and our bylaws, our Board of Directors must
approve, among other matters:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our general strategy;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with input from the Audit and Corporate Practices Committee, on an individual
basis: (i)&nbsp;any transactions with related parties, subject to certain limited
exceptions; (ii)&nbsp;the appointment of our Chief Executive Officer, his
compensation and removal for justified causes; (iii)&nbsp;our financial statements;
(iv)&nbsp;unusual or non-recurrent transactions and any transactions or series of
related transactions during any calendar year that involve (a)&nbsp;the acquisition
or sale of assets with a value equal to or exceeding 5% of our consolidated
assets, or (b)&nbsp;the giving of collateral or guarantees or the assumption of
liabilities, equal to or exceeding 5% of our consolidated assets; (v)&nbsp;agreements
with our external auditors; and (vi)&nbsp;accounting policies within Mexican FRS;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>creation of special committees and granting them the power and authority,
provided that the committees will not have the authority, which by law or under
our bylaws is expressly reserved for the stockholders or the Board;</TD>
</TR>

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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>matters related to antitakeover provisions provided for in our bylaws; and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the exercise of our general powers in order to comply with our corporate purpose.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Duty of Care and Duty of Loyalty. </I></B>The Mexican Securities Market Law imposes a duty of care and
a duty of loyalty on directors. The duty of care requires our directors to act in good faith and in
the best interests of the company. In carrying out this duty, our directors are required to obtain
the necessary information from the Chief Executive Officer, the executive officers, the external
auditors or any other person to act in the best interests of the company. Our directors are
liable for damages and losses caused to us and our subsidiaries as a result of violating their duty
of care.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The duty of loyalty requires our directors to preserve the confidentiality of information
received in connection with the performance of their duties and to abstain from discussing or
voting on matters in which they have a conflict of interest. In addition, the duty of loyalty is
breached if a stockholder or group of stockholders is knowingly favored or if, without the express
approval of the Board of Directors, a director takes advantage of a corporate opportunity. The duty
of loyalty is also breached, among other things, by (i)&nbsp;failing to disclose to the Audit and
Corporate Practices Committee or the external auditors any irregularities that the director
encounters in the performance of his or her duties; or (ii)&nbsp;disclosing information that is false or
misleading or omitting to record any transaction in our records that could affect our financial
statements. Directors are liable for damages and losses caused to us and our subsidiaries for
violations of this duty of loyalty. This liability also extends to damages and losses caused as a
result of benefits obtained by the director or directors or third parties, as a result of actions
of such directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our directors may be subject to criminal penalties of up to 12&nbsp;years&#146; imprisonment for certain
illegal acts involving willful misconduct that result in losses to us. Such acts include the
alteration of financial statements and records.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Liability actions for damages and losses resulting from the violation of the duty of care or
the duty of loyalty may be exercised solely for our benefit and may be brought by us, or by
stockholders representing 5% or more of our capital stock, and criminal actions only may be brought
by the Mexican Ministry of Finance, after consulting with the Mexican National Banking and
Securities Commission. As a safe harbor for directors, the liabilities specified above (including
criminal liability) will not be applicable if the director acting in good faith (i)&nbsp;complied with
applicable law, (ii)&nbsp;made the decision based upon information provided by our executive officers or
third-party experts, the capacity and credibility of which could not be subject to reasonable
doubt, (iii)&nbsp;selected the most adequate alternative in good faith or if the negative effects of
such decision could not have been foreseeable, and (iv)&nbsp;complied with stockholders&#146; resolutions
provided the resolutions do not violate applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The members of the board are liable to our stockholders only for the loss of net worth
suffered as a consequence of disloyal acts carried out in excess of their authority or in violation
of our bylaws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In accordance with the Mexican Securities Market Law, supervision of our management is
entrusted to our Board of Directors, which shall act through an Audit and Corporate Practices
Committee for such purposes, and to our external auditor. The Audit and Corporate Practices
Committee (together with the Board of Directors) replaces the statutory auditor (<I>comisario</I>) that
previously had been required by the Mexican Companies Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Audit and Corporate Practices Committee. </I></B>The Audit and Corporate Practices Committee is
currently composed of three independent members: Francisco Jos&#233; Ch&#233;vez Robelo, the Chairman,
Alberto Montiel Castellanos and Jos&#233; Lu&#237;s Fern&#225;ndez Fern&#225;ndez. The Chairman of this Committee was
elected at our ordinary stockholders&#146; meetings held in April&nbsp;2009 and 2010, and in our latest
annual stockholders&#146; meeting held on April&nbsp;29, 2011. The other members were elected at our Board of
Directors meetings held on October&nbsp;27, 2006 and April&nbsp;30, 2009. The Chairman of the Audit and
Corporate Practices Committee is appointed at our stockholders&#146; meeting, and our Board of Directors
appoints the remaining members.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Audit and Corporate Practices Committee is responsible for, among other things: (i)
supervising our external auditors and analyzing their reports, (ii)&nbsp;analyzing and supervising the
preparation of our financial statements, (iii)&nbsp;informing the Board of Directors of our internal
controls and their adequacy, (iv)&nbsp;requesting reports of our Board of Directors and executive
officers whenever it deems appropriate, (v)&nbsp;informing the Board of any irregularities that it may
encounter, (vi)&nbsp;receiving and analyzing recommendations and observations made by the stockholders,
directors, executive officers, our external auditors or any third party and taking the necessary
actions, (vii)&nbsp;calling stockholders&#146; meetings, (viii)&nbsp;supervising the activities of our Chief
Executive Officer, (ix)&nbsp;providing an annual report to the Board of Directors, (x)&nbsp;providing
opinions to our Board of Directors, (xi)&nbsp;requesting and obtaining opinions from independent third
parties and (xii)&nbsp;assisting the Board in the preparation of annual reports and other reporting
obligations.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Chairman of the Audit and Corporate Practices Committee, shall prepare an annual report to
our Board of Directors with respect to the findings of the Audit and Corporate Practices Committee,
which shall include, among other things (i)&nbsp;the status of the internal controls and internal audits
and any deviations and deficiencies thereof, taking into consideration the reports of external
auditors and independent experts, (ii)&nbsp;the results of any preventive and corrective measures taken
based on results of investigations in respect of non-compliance of operating and accounting
policies, (iii)&nbsp;the evaluation of external auditors, (iv)&nbsp;the main results from the review of our
financial statements and those of our subsidiaries, (v)&nbsp;the description and effects of changes to
accounting policies, (vi)&nbsp;the measures adopted as result of observations of stockholders,
directors, executive officers and third parties relating to accounting, internal controls, and
internal or external audits, (vii)&nbsp;compliance with stockholders&#146; and directors&#146; resolutions, (viii)
observations with respect to relevant directors and officers, (ix)&nbsp;the transactions entered into
with related parties and (x)&nbsp;the remunerations paid to directors and officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Committees of Our Board of Directors. </I></B>Our Board of Directors has an Executive Committee. Each
member is appointed for a one-year term at each annual general stockholders&#146; meeting. Our bylaws
provide that the Executive Committee may generally exercise the powers of the Board of Directors,
except those expressly reserved for the Board in our bylaws or by applicable law. The Executive
Committee currently consists of Emilio Azc&#225;rraga Jean, Alfonso de Angoitia Noriega, Bernardo G&#243;mez
Mart&#237;nez, Jos&#233; Antonio Bast&#243;n Pati&#241;o, Julio Barba Hurtado and Alejandro Quintero I&#241;iguez.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Executive Officers</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table sets forth the names of our executive officers, their dates of birth,
their current position, their prior business experience and the years in which they were appointed
to their current positions:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name and Date of Birth</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Principal Position</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Business Experience</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>First Appointed</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Emilio Fernando Azc&#225;rraga Jean<BR>
(02/21/68)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the
Board, President
and Chief Executive
Officer and
Chairman of the
Executive Committee
of Grupo Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Boards
of Banco Nacional
de M&#233;xico and Univision
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;1997</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>In alphabetical order:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alfonso de Angoitia Noriega<BR>
(01/17/62)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice
President, Member
of the Executive
Office of the
Chairman and Member
of the Executive
Committee of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Boards
of Grupo Modelo and Univision
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;2004</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">F&#233;lix Jos&#233; Araujo Ram&#237;rez<BR>
(03/20/51)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President of
Digital Television and Broadcasting
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Former Vice President of Televisa Regional and Chief Executive
Officer of Telesistema Mexicano,
President of the
Board of Directors
of Televisora de
Navojoa and
Televisora
Peninsular,
Member of the Board
of Directors and
Chief Executive
Officer of several subsidiaries of
Grupo Televisa

</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;1993</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Maximiliano Arteaga Carlebach<BR>
(12/06/42)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President of
Technical
Operations
 &#038;
Television
Production  Services of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Vice
President of
Operations of
Televisa
Chapultepec, former
Vice President of
Administration of
Televisa San &#193;ngel
and Chapultepec and
former Vice
President of
Administration and
Finance of Univisa,
Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;2002</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jos&#233; Antonio Bast&#243;n Pati&#241;o<BR>
(04/13/68)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President of
Television and
Contents and Member
of the Executive
Committee of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Corporate
Vice President of
Television and Vice
President of
Operations
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November&nbsp;2008<br> April
1999</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->92<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name and Date of Birth</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Principal Position</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Business Experience</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>First Appointed</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jean Paul Broc Haro (08/08/62)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive
Officer of
Cablevisi&#243;n, and
General Manager of
Grupo Mexicano de
Cable,
Integravisi&#243;n de
Occidente, Milar,
Servicios
Cablevisi&#243;n,
Telestar del
Pacifico and
Tecnicable
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Chief
Executive Officer
of Pay Television
Networks of Grupo
Televisa, former
Technical and
Operations Director
of Pay Television
Networks of Grupo
Televisa, Chairman
of the Board and
Chief Executive
Officer of several
Grupo Televisa
subsidiaries.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February&nbsp;2003</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Salvi Rafael Folch Viadero<BR>
(08/16/67)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial
Officer of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Vice
President of
Financial Planning
of Grupo Televisa,
former Chief
Executive Officer
and Chief Financial
Officer of Comercio
M&#225;s, S.A. de C.V.
and former Vice
Chairman of Banking
Supervision of the
National Banking
and Securities
Commission
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;2004</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bernardo G&#243;mez Mart&#237;nez<BR>
(07/24/67)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice
President, Member
of the Executive
Office of the
Chairman and Member
of the Executive
Committee of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Deputy Director  of
the Chairman of
Grupo Televisa and
former President of
the Mexican Chamber
of Television and
Radio Broadcasters
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;2004</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alexandre Moreira Penna<BR>
(12/25/54)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive
Officer and
Chairman of the
Board of Managers
of Corporaci&#243;n
Novavisi&#243;n and
Chairman of the
Board and Chief
Executive Officer
of several subsidiaries of Grupo
Televisa

</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Vice
President of
Corporate Finance
of Grupo Televisa,
former Managing
Director of
JPMorgan Chase
Bank, N.A.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February&nbsp;2004</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jorge Eduardo Murgu&#237;a Orozco<BR>
(01/25/50)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President of
Production of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former
Administrative Vice
President and
former Director of
Human Resources of
Grupo Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;1992</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alejandro Jes&#250;s Quintero <BR>
I&#241;iguez (02/11/50)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Vice
President of Sales
and Marketing and
Member of the
Executive Committee
of Grupo Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Shareholder of
Grupo TV Promo,
S.A. de C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1998</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Compensation of Directors and Officers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For the year ended December&nbsp;31, 2010, we paid our directors, alternate directors and executive
officers for services in all capacities aggregate compensation of approximately Ps.909.3&nbsp;million
(U.S.$73.6&nbsp;million using the Interbank Rate, as reported by Banamex, as of December&nbsp;31, 2010). This
aggregate compensation included the payment of an extraordinary
bonus, approved by our Board of Directors,  to certain executive officers
in connection with the Univision/BMP transactions.
This compensation also included certain amounts related to the use of
assets and services of the Company, as well as travel expenses
reimbursed to directors and officers. See &#147;&#151; Use of Certain
Assets and Services&#148; below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We made Ps.96.4&nbsp;million in contributions to our pension and seniority premium plans on behalf
of our directors, alternate directors and executive officers in 2010. Projected benefit obligations
as of December&nbsp;31, 2010 were approximately Ps.117.3&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In addition, we have granted our executive officers and directors rights to purchase CPOs
under the Stock Purchase Plan and the Long-Term Retention Plan. See &#147;&#151; Stock Purchase Plan&#148; and
&#147;&#151; Long-Term Retention Plan&#148; below.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->93<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Use of Certain Assets and Services</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We maintain an overall security program for Mr.&nbsp;Azc&#225;rraga, other top executives, their
families, in some cases, and for other specific employees and service providers, as permitted under
our &#147;Pol&#237;tica de Seguridad&#148; policy, due to business-related security concerns. We refer to the
individuals described above as Key Personnel. Our security program includes the use of our
personnel, assets and services to accomplish security objectives.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">According to this program, we require, under certain circumstances, that certain authorized
Key Personnel use aircrafts, either owned or leased by us, for non-business, as well as business
travel for our benefit rather than as a personal benefit. The use of such aircrafts is carried out
in accordance with, among others, our &#147;Pol&#237;tica de Seguridad&#148; policy, which establishes guidelines
under which authorized Key Personnel may use such aircrafts for personal purposes. If the use of
such aircrafts for personal purposes exceeds the specified number of hours, the relevant Key
Personnel must reimburse us for the cost of operating the aircrafts during the excess time of use.
The aggregate amount of compensation set forth in &#147;&#151; Compensation of Directors and Officers&#148; does
include the cost to us of providing this service.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In addition, certain Key Personnel is provided with security systems and equipment for their
residences and/or automobiles and with security advice and personal protection services at their
residences. The use of these security services is provided in accordance with our &#147;Pol&#237;tica de
Seguridad&#148; policy. The cost of these systems and services are incurred as a result of
business-related concerns and are not considered for their personal benefit. As a result, the
Company has not included such cost in &#147;&#151; Compensation of Directors and Officers&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Stock Purchase Plan</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the terms of our stock purchase plan, as amended, we may grant eligible
participants, who consist of key executives and other personnel, rights to purchase CPOs and/or CPO
equivalents or we may conditionally sell CPOs and/or CPO equivalents to these participants. See &#147;&#151;
Long-Term Retention Plan&#148;. Pursuant to the stock purchase plan, the exercise or sale prices of the
CPOs and/or CPO equivalents range from Ps.11.21 to Ps.26.16. We have implemented the stock purchase
plan by means of a special purpose trust. The CPOs, CPO equivalents and underlying shares that are
part of the stock purchase plan will be held by the special purpose trust and will be voted with
the majority of the CPOs, CPO equivalents and underlying shares represented at the relevant meeting
until these securities are transferred to plan participants or otherwise sold in the open market.
In accordance with the stock purchase plan, our President and the technical committee of the
special purpose trust have broad discretion to make decisions related to the stock purchase plan,
including the ability to accelerate vesting terms, to release or transfer CPOs and/or CPO
equivalents, subject to conditional sale agreements, to plan participants in connection with sales
for purposes of making the payment of the related purchase price, and to implement amendments to
the stock purchase plan, among others.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The stock purchase plan has been implemented in several stages since 1999, through a series of
conditional sales to plan participants of CPOs. The conditional sale agreements entered into by
plan participants since the implementation of the stock purchase plan through the fourth quarter of
2001 were terminated for several reasons, including the failure of plan participants to pay the
purchase price and the fact that the average closing price per CPO on the Mexican Stock Exchange
fell below certain thresholds for a 15 trading day period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant
to the related conditional sale agreements, rights to approximately
0.7&nbsp;million CPOs
vested in March&nbsp;2007, 7.1&nbsp;million vested in July&nbsp;2007, 0.1&nbsp;million vested in February&nbsp;2008, 0.7
million vested in March&nbsp;2008, 1.3&nbsp;million vested in July&nbsp;2008 and 0.04&nbsp;million vested in January
2009. No CPOs vested in 2010. Unless the technical committee of the special purpose trust or our
President determines otherwise, these CPOs will be held in the special purpose trust until they are
transferred to plan participants or otherwise sold in the open market, subject to the conditions
set forth in the related conditional sale agreements. As of May&nbsp;2009, CPOs and shares not assigned
to plan participants were transferred to the Long-Term Retention Plan special purpose trust. See
Notes 12 and 23 to our consolidated year-end financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In
December&nbsp;2002 and July 2005, we registered for sale CPOs by the special purpose trust to plan
participants pursuant to  registration statements on Form S-8 under the Securities Act. The
registration of these CPOs permits plan participants who are not affiliates and/or the special
purpose trust on behalf of these plan participants to sell their CPOs that have vested  through ordinary brokerage transactions without any volume or other
limitations or restrictions. Those plan participants who are affiliates may only sell their vested
CPOs either pursuant to an effective registration statement under the Securities Act or in reliance
on an exemption from registration. All or a portion of the net proceeds from any such sales would
be used to satisfy the purchase price obligations of these plan participants pursuant to their
conditional sale agreements. As of December&nbsp;31, 2010, approximately 86.9&nbsp;million stock purchase
plan CPOs transferred to employee plan participants, have been sold in open market transactions.
Additional sales took place on March&nbsp;13, 2011, the date when the rights to purchase a total of 87.4
million CPOs transferred expired. During the first quarter of 2011, the rights to approximately 2.7
million CPOs vested.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->94<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of October&nbsp;2010, our stock purchase plan and our Long-Term Retention Plan were consolidated
under a single special purpose trust. In the fourth quarter of 2010, approximately 14.3&nbsp;million
CPOs or CPO equivalents were designated for the stock purchase plan through that special purpose
trust.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">At our general extraordinary and ordinary stockholders&#146; meeting held on April&nbsp;30, 2002, our
stockholders authorized the creation and implementation of a Long-Term Retention Plan, as well as
the creation of one or more special purpose trusts to implement the Long-Term Retention Plan.
Pursuant to our Long-Term Retention Plan, we have granted eligible participants, who consist of
unionized and non-unionized employees, including key personnel, awards as stock options,
conditional sales, restricted stock or other similar arrangements. As approved by our stockholders,
the exercise or sale price, as the case may be, is based (i)&nbsp;on the average trading price of the
CPOs during the first six months of 2003, or (ii)&nbsp;on the price determined by the Board, the
technical committee of the special purpose trust or the President of Televisa, in either case,
adjusted by any applicable discount, including discounts attributable to limitations on the
disposition of the Shares or CPOs that are subject to the Long-Term Retention Plan. The CPOs and
their underlying shares as well as A, B, D and L Shares that are part of the Long-Term Retention
Plan will be held by the special purpose trust and will be voted (y)&nbsp;with the majority of those
securities, as the case may be, represented at the relevant meeting
or (z)&nbsp;as determined by the technical committee of the special purpose trust, until these
securities are transferred to plan participants or otherwise sold in the open market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In April&nbsp;2007, the Board of Directors, with the input from the Audit and Corporate Practices
Committee, reviewed the compensation of our Chief Executive Officer and determined to include our
Chief Executive Officer in the Long-Term Retention Plan of the Company as well as in any other plan
to be granted by the Company to its employees in the future. See &#147;&#151; Compensation of Directors and
Officers&#148;. As a consequence thereof, as of May&nbsp;2007, the Chief Executive Officer was awarded, under
the Long-Term Retention Plan, approximately 5.5&nbsp;million CPOs or CPO equivalents, either in the form
of CPOs or shares, to be exercised at a price of approximately Ps.60.65 per CPO (subject to
adjustments depending on dividends and the result of operations of the Company). The CPOs granted
to the Chief Executive Officer may be exercised in 2010, 2011 and 2012. Pursuant to the resolutions
adopted by our stockholders, we have not, and do not intend to, register shares under the
Securities Act that are allocated to the Long-Term Retention Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">At our annual general ordinary stockholders&#146; meeting held on April&nbsp;30, 2008, our stockholders
approved a second stage of the Long-Term Retention Plan and approved grants of up to 25&nbsp;million
CPOs per year, or CPO equivalents, under the Long-Term Retention Plan. The price at which the CPOs
will be transferred to beneficiaries is based on the lowest of (i)&nbsp;the closing price on March&nbsp;31 of
the year in which the CPOs are awarded, and (ii)&nbsp;the average price of the CPOs during the first
three months of the year in which the CPOs are awarded. The resulting price shall be reduced by
dividends, the growth of Operating Income Before Depreciation and Amortization, or OIBDA,
(including OIBDA affected by acquisitions) between the date of award and the vesting date, and a
liquidity discount, among others.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The special purpose trust created to implement the Long-Term Retention Plan currently owns
approximately 106.8&nbsp;million CPOs or CPO equivalents. This figure is net of approximately 9.7
million CPOs early vested in 2006 and approximately 12.1, 11.7, 13.7 and 26.0&nbsp;million CPOs vested
respectively in January&nbsp;2008, 2009, 2010 and 2011. Of such 106.8&nbsp;million CPOs or CPO equivalents
approximately 37% are in the form of CPOs and the remaining 63% are in the form of A, B, D and L
Shares. As of April&nbsp;2011, approximately 51.5&nbsp;million CPOs or CPO equivalents have been reserved and
will become vested between 2012 and 2013 at prices ranging from Ps.13.45 to Ps.60.65 pesos per CPO
which may be reduced by dividends, the growth of OIBDA (including OIBDA affected by acquisitions)
between the date of award and the vesting date, and a liquidity discount, among others.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">At our annual general ordinary stockholders&#146; meeting held on April&nbsp;29, 2011, our stockholders
approved the issuance of 150&nbsp;million CPOs, subject to the preemptive rights of existing
stockholders. We intend to fund the special purpose trust to purchase
the CPOs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of December&nbsp;31, 2010 approximately 32.9&nbsp;million CPOs that were transferred to employee plan
participants were sold in the open market. Additional sales will continue to take place during or
after 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Share Ownership of Directors and Officers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Share ownership of our directors, alternate directors and executive officers is set forth in
the table under &#147;Major Stockholders and Related Party Transactions&#148;. Except as set forth in such
table, none of our directors, alternate directors or executive officers is currently the beneficial
owner of more than 1% of any class of our capital stock or conditional sale agreements or options
representing the right to purchase more than 1% of any class of our capital stock.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->95<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Employees and Labor Relations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table sets forth the number of employees and a breakdown of employees by main
category of activity and geographic location as of the end of each year in the three-year period
ended December&nbsp;31, 2010:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total number of employees</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,548</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,362</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,739</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Category of activity:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Employees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,488</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,323</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,698</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Executives</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Geographic location:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mexico</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,571</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,032</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Latin America (other than Mexico)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,529</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,508</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,399</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">428</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">308</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of December&nbsp;31, 2008, 2009 and 2010, approximately 35%, 39%, and 37% of our employees,
respectively, were represented by unions. We believe that our relations with our employees are
good. Under Mexican law, the agreements between us and most of
our television, radio and cable television union employees are subject to renegotiation on an
annual basis in January of each year. We also have union contracts with artists, musicians and
other employees, which are also renegotiated on an annual basis.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->96<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="left">
<A name="C19172118"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;7. Major Stockholders and Related Party Transactions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table sets forth information about the beneficial ownership of our capital stock
by our directors, alternate directors, executive officers and each person who is known by us to own
more than 5% of the currently outstanding A Shares, B Shares, L Shares or D Shares as of May&nbsp;31,
2011. Except as set forth below, we are not aware of any holder of more than 5% of any class of our
Shares.
</DIV>
<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="19%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percentage of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="30" style="border-bottom: 1px solid #000000"><B>Shares Beneficially Owned(1)(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Outstanding</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>A Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>B Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>D Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>L Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percentage</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percentage</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percentage</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percentage</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Beneficially</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Identity of Owner</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Class</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Class</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Class</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Class</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Owned</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Azc&#225;rraga Trust(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,991,825,693</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">44.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,814,604</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107,886,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107,886,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">15.45</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">William H.Gates III(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,759,537,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,068,393,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,063,352,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,063,352,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dodge &#038; Cox, Inc.(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,350,174,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,948,153,120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,690,243,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,690,243,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.5</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Unless otherwise indicated, the information presented in this section is based on the number of shares authorized,
issued and outstanding as of May&nbsp;31, 2011. The number of shares issued and outstanding for legal purposes as of May
31, 2011 was 60,597,348,050 series A Shares, 53,325,666,284 series B Shares, 84,836,287,270 series D Shares and
84,836,287,270 series L Shares, in the form of CPOs, and an additional 58,926,613,375 series A Shares,
2,357,207,692 series B Shares, 238,595 series D Shares and 238,595 series L Shares not in the form of CPOs. For
financial reporting purposes under Mexican FRS only, the number of shares authorized, issued and outstanding as of
May&nbsp;31, 2011 was 59,344,206,075 series A Shares, 52,222,901,346 series B Shares, 83,081,888,505 series D Shares and
83,081,888,505 series L Shares in the form of CPOs, and an additional 53,301,948,965 series A Shares, 186,537
series B Shares, 238,541 series D Shares and 238,541 series L Shares not in the form of CPOs. The number of shares
authorized, issued and outstanding for financial reporting purposes under Mexican FRS as of May&nbsp;31, 2011 does not
include: (i)&nbsp;10,245,746 CPOs and an additional 136,493,950 series A Shares, 20,675,534 series B Shares, 25 series D
Shares and 25 series L Shares not in the form of CPOs acquired by one of our subsidiaries, Televisa, S.A. de
C.V.,substantially all of which are currently held by the trust created to implement our stock purchase plan; and
(ii)&nbsp;39,879,933 CPOs and an additional 5,488,170,460 series A Shares, 2,336,345,621 series B Shares, 29 series D
Shares and 29 series L Shares not in the form of CPOs acquired by the trust we created to implement our long-term
retention plan. See Note 12 to our consolidated year-end financial statements.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Except through the Azc&#225;rraga Trust, none of our directors and executive officers currently beneficially owns more
than 1% of our outstanding A Shares, B Shares, D Shares or L Shares. See &#147;Directors, Senior Management and Employees &#151; Share
Ownership of Directors and Officers&#148;. This information is based on information provided by directors and executive
officers.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>For a description of the Azc&#225;rraga Trust, see &#147;&#151; The Major Stockholders&#148; below.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Based solely on information included in the report on Schedule 13D filed on March 19, 2010 by Cascade
Investment, L.L.C. Includes 3,644,562,500 A Shares, 3,207,215,000 B Shares, 5,102,387,500 D Shares and 5,102,387,500
L Shares beneficially owned by Cascade Investment, L.L.C., over which William H. Gates III has sole voting and dispositive
power, and 2,114,975,000 A Shares, 1,861,178,000 B Shares, 2,960,965,000 D Shares and 2,960,965,000 L Shares beneficially
owned by the Bill and Melinda Gates Foundation Trust, over which William H. Gates III and Melinda French Gates have shared
voting and dispositive power.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Based solely on information included in the report on Form&nbsp;13F filed on March&nbsp;31, 2011 by Dodge &#038; Cox.</TD>
</TR>

</TABLE>

<DIV align="left">
<A name="C19172119"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Approximately 45.6% of the outstanding A Shares, 2.7% of the outstanding B Shares, 2.8% of the
outstanding D Shares and 2.8% of the outstanding L Shares of the Company were held through the
Stockholder Trust, including shares in the form of CPOs. On June&nbsp;17, 2009, the Stockholder Trust
was terminated and the shares and CPOs which were formerly held through such trust, were delivered
to the corresponding beneficiaries. The largest beneficiary of the Stockholder Trust was a trust
for the benefit of Emilio Azc&#225;rraga Jean. Such trust currently holds 44.3% of the outstanding A
shares, 0.1% of the outstanding B shares, 0.1% of the outstanding D shares and 0.1% of the
outstanding L shares of the Company. As a result, Emilio Azc&#225;rraga Jean controlled until June&nbsp;17,
2009, the voting of the shares held through the Stockholder Trust, and currently controls the vote
of such shares through the Azc&#225;rraga Trust. The A Shares held through the Azc&#225;rraga Trust
constitute a majority of the A Shares whose holders are entitled to vote because non-Mexican
holders of CPOs and GDSs are not permitted by law to vote the underlying A Shares. Accordingly, and
so long as non-Mexicans own more than a minimal number of A Shares, Emilio Azc&#225;rraga Jean will have
the ability to direct the election of 11 out of 20 members of our Board of Directors, as well as
prevent certain actions by the stockholders, including dividend payments, mergers, spin-offs,
changes in corporate purpose, changes of nationality and amendments to the anti-takeover provisions
of our bylaws.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to our bylaws, holders of Series&nbsp;B shares are entitled to elect five out of 20
members of our Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Because the Azc&#225;rraga Trust only holds a limited number of B Shares, there can be no assurance
that individuals nominated by the Azc&#225;rraga Trust appointees will be elected to our Board.
</DIV>
<DIV align="left">
<A name="C19172120"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Transactions and Arrangements With Innova. </I></B>In 2010, we engaged in, and we expect that we will
continue to engage in, transactions with Innova, including, without limitation, the transaction
described below. We hold a 58.7% equity interest in Innova through a consolidated venture with
DIRECTV. Beginning April&nbsp;1, 2004, we began including the assets, liabilities and results of
operations of Innova in our consolidated financial statements (see Note 1(b) to our consolidated
year-end financial statements). Although we hold a majority of Innova&#146;s equity and designate a
majority of the members of Innova&#146;s board of directors, DIRECTV has certain governance and veto
rights, including the right to block some transactions between us and Innova.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Capital Contributions and Loans</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Programming. </I></B>Pursuant to an agreement between us and Innova, we have granted Innova exclusive
DTH rights to some program services in Mexico. Innova paid us Ps.1,061.4&nbsp;million for these rights
in 2010. Innova currently pays the rates paid by third party providers of cable television, subject
to certain exceptions, and MMDS services in Mexico for our various programming services. In
addition, pursuant to the agreement and subject to certain exceptions, we cannot charge Innova
higher rates than the rates that we charge third party providers of cable television and MMDS
services in Mexico for our various programming services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Advertising Services. </I></B>Innova purchased magazine advertising space and television and radio
advertising time from us in connection with the promotion of its DTH satellite services in 2010,
and we expect that Innova will continue to do so in the future. For television, radio and magazine
advertising, Innova paid and will continue to pay the rates applicable to third party advertisers.
Innova paid Ps.218.6&nbsp;million for advertising services in 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Guarantees. </I></B>We have guaranteed a portion of Innova&#146;s payments to Intelsat Corporation
(formerly PanAmSat Corporation) for transponder services on satellite IS-9 (formerly PAS-9). Our
guarantee is currently limited to 58.7% of Innova&#146;s obligations under the transponder lease. Innova
is obligated to pay a monthly service fee of U.S.$1.7&nbsp;million to PanAmSat for satellite signal
reception and retransmission service from transponders on the IS-9 satellite through September
2015. As of December&nbsp;31, 2010, we had guaranteed payments in the amount of U.S.$56.9&nbsp;million, which
represented 58.7% of Innova&#146;s obligations to Intelsat Corporation at the end of 2010. See
&#147;Information on the Company &#151; Business Overview &#151; DTH Ventures&#148;. See Note 11 to our consolidated
year-end financial statements. If Innova does not pay these fees in a timely manner, we will be
required to pay our proportionate share of its obligations to Intelsat. We have also guaranteed
100% of Corporaci&#243;n Novavisi&#243;n, S. de R.L. de C.V.&#146;s payment obligation under both the Ps.2.1
billion, 8.3-year bank loan with Banamex, as well as the Ps.1.4&nbsp;billion, 8.3-year bank loan with
Banco Santander, S.A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Tax Sharing Agreement. </I></B>We have a tax sharing agreement with Innova, which sets forth certain
of our rights and obligations, as well as those of Innova, with respect to Innova&#146;s liability for
federal income and asset taxes imposed under Mexican tax laws. We received an authorization from
Mexican tax authorities to include Innova&#146;s results in our consolidated tax return for purposes of
determining our income. Tax profits or losses obtained by Innova are consolidated with our tax
profits or losses up to 100% of our percentage ownership of Innova, which is currently 58.7%.
Pursuant to the tax sharing agreement, in no event shall Innova be required to remit to us an
amount in respect of its federal income that is in excess of the product of (x)&nbsp;the amount that
Innova would be required to pay on an individual basis, as if Innova had filed a separate tax
return, and (y)&nbsp;with respect to income taxes, our direct or indirect percentage ownership of
Innova&#146;s capital stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For additional information concerning transactions with Innova, as well as amounts paid to us
by Innova pursuant to these transactions in 2010, see Note 16 to our consolidated year-end
financial statements. See also &#147;Information on the Company &#151; Business Overview &#151; DTH Ventures &#151;
Mexico and Central America&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Transactions and Arrangements With Vuela. </I></B>In 2007, Editorial Televisa, our subsidiary, entered
into an agreement with Vuela pursuant to which Vuela distributed five different magazines edited
and produced by Editorial Televisa. Under this agreement, Vuela
distributed these magazines at no
cost to its clients, in boarding terminals at airports located in the Mexican territory and on its
airplanes. Televisa paid Vuela 10% of the net advertising sales generated by these magazines. We
believe that such percentage is comparable to the amounts paid to third parties in similar types of
transactions. This agreement was terminated in 2010.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to a license agreement between Televisa and Vuela, we granted Vuela the right to
broadcast some of our television programs in the audio and video systems installed in Vuela&#146;s
aircrafts, facilities, and vehicles. Under this license agreement, Vuela paid Televisa a monthly
royalty in the amount of Ps.100,000 for Televisa content. In addition, Televisa entered into an
agreement with Vuela pursuant to which Televisa sold airplane screen advertising aired in the audio
and video systems installed in Vuela&#146;s aircrafts. Televisa paid Vuela a monthly fixed consideration
of Ps.100,000 and a variable consideration of 15% of the revenues obtained by Televisa from such
airplane screen sales. During 2010, Televisa paid Vuela the amount of Ps.1,014,053 as variable
consideration
under such agreement. We believe that such amount is comparable to those paid to third parties
in these types of transactions. These arrangements were terminated in 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Transactions and Arrangements with TVI. </I></B>In December&nbsp;2007, TVI entered into a loan facility in
connection with the financing of the acquisition of the majority of the assets of Bestel by our
indirect majority-owned subsidiary, Cablestar. In connection with such loan facility, TVI issued an
interest bearing promissory note in the principal amount of U.S.$50&nbsp;million with a maturity date of
December&nbsp;2012, in favor of JPMorgan Chase Bank, N.A. The interest rate on the promissory note is
LIBOR plus the applicable margin, which is determined by the leverage ratio. On June&nbsp;2, 2009,
JPMorgan Chase Bank, N.A. and the Company entered into an Assignment and Assumption Agreement,
whereby Grupo Televisa, S.A.B prepaid the loan facility and assumed from JPMorgan Chase Bank, N.A.
the entire $50.0&nbsp;million loan facility with TVI. In July&nbsp;2009, TVI prepaid the loan facility
through an exchange with the Company of such loan receivable for the 15.4% interest TVI held in
Cablestar and for Ps.85.58&nbsp;million in cash.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Transactions and Arrangements with Letseb. </I></B>In December&nbsp;2007, in connection with the
acquisition of Bestel, Letseb issued a non-interest bearing promissory note in the principal amount
of U.S.$80&nbsp;million with a maturity date of August&nbsp;2009, in favor of Consultor&#237;a Empresarial Segura,
S.A. de C.V. or CES, which was guaranteed by the Company. In 2008, CES sold such promissory note to
Credit Suisse acting through its Cayman Islands Branch or Credit Suisse, and as a result, the
promissory note was replaced by a U.S.$80&nbsp;million non-interest bearing promissory note payable to
Credit Suisse with the same maturity date, which was also guaranteed by the Company. In March&nbsp;2009,
the Company entered into a purchase agreement with Credit Suisse, pursuant to which it acquired the
U.S.$80&nbsp;million non-interest bearing promissory note.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Transactions and Arrangements with Iusacell. </I></B>Iusacell purchased advertising services from us
in connection with the promotion of its products and services in 2011, and we expect that Iusacell
will continue to do so in the future. Iusacell paid and will continue to pay rates applicable to
third party advertisers for these advertising services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Transactions and Arrangements With Our Directors and Officers. </I></B>In 2007, we invested Ps.55
million (approximately U.S.$5&nbsp;million) in the equity of Centros de Conocimiento Tecnol&#243;gico, or
CCT, a company that builds, owns and operates technological schools in Mexico and in which Claudio
X. Gonzalez Laporte and Carlos Fernandez Gonzalez, two of our directors, own a minority interest.
We currently hold 15% of the equity of CCT.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Certain of our executive officers have in the past, and from time to time in the future may,
purchase debt securities issued by us and/or our subsidiaries from third parties in negotiated transactions.
Certain of our executive officers and directors participate in our stock purchase plan and
Long-Term Retention Plan. See &#147;Directors, Senior Management and Employees &#151; Stock Purchase Plan&#148;
and &#147;&#151; Long-Term Retention Plan&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Transactions and Arrangements With Affiliates and Related Parties of Our Directors, Officers
and Major Stockholders</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Consulting Services. </I></B>Instituto de Investigaciones Sociales, S.C., a consulting firm which is
controlled by Ariana Azc&#225;rraga De Surmont, the sister of Emilio Azc&#225;rraga Jean, has, from time to
time during 2010 provided consulting services and research in connection with the effects of our
programming, especially telenovelas, on our viewing audience. Instituto de Investigaciones
Sociales, S.C. provided us with such services in 2010, and we expect to continue these arrangements
through 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Loans from Banamex. </I></B>In 2006, Banamex and Innova entered into a loan agreement with a maturity
date of 2016 and in 2010 Banamex and TVI entered into a revolving credit facility which was paid by
TVI in March&nbsp;2011. In March&nbsp;2011, the Company entered into long-term credit arrangements with
Banamex, with maturities between 2018 and 2021. These loans were made on terms substantially
similar to those offered by Banamex to third parties. Emilio Azc&#225;rraga Jean, our Chief Executive
Officer, President and Chairman of the Board, is a member of the Board of Banamex. One of our
directors, Roberto Hern&#225;ndez Ram&#237;rez, is the Chairman of the Board of Banamex. Mr.&nbsp;Hern&#225;ndez was
also a member of the Board of, and the beneficial owner of less than 1% of the outstanding capital
stock of, Citigroup, Inc., the entity that indirectly controls Banamex. Lorenzo H. Zambrano
Trevi&#241;o, a former director, is also a member of the Board of Banamex. For a description of amounts
outstanding under, and the terms of, our existing credit facilities with Banamex, see &#147;Operating
and Financial Review and Prospects &#151; Results of Operations &#151; Liquidity, Foreign Exchange and
Capital Resources &#151; Indebtedness&#148;.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Advertising Services. </I></B>Two of our directors, Alfonso de Angoitia Noriega and Carlos Fern&#225;ndez
Gonz&#225;lez, are members of the Board of, as well as in the case of Mr.&nbsp;Fern&#225;ndez, stockholder of,
Grupo Modelo, S.A.B. de C.V., or Grupo Modelo, the leading producer, distributor and exporter of
beer in Mexico. Carlos Fern&#225;ndez Gonz&#225;lez also serves as the Chief Executive Officer and Chairman
of the board of directors of Grupo Modelo. Alfonso de Angoitia Noriega also serves as the Chairman
of the Finance Committee of the board of directors of Grupo Modelo. Grupo Modelo purchased
advertising services from us in connection with the promotion of its products from time to time in
2010, and we expect that this will continue to be the case in the future. Grupo Modelo paid and
will continue to pay rates applicable to third party advertisers for these advertising services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During 2010, Editorial Televisa, our subsidiary, entered into advertising agreements with
Comercializadora IMU, S.A. de C.V., or IMU, a company controlled by the brother-in-law of Emilio
Azc&#225;rraga Jean, whereby IMU provides advertising services to Editorial Televisa by promoting
magazines published by Editorial Televisa, at billboards installed at bus stops and Editorial
Televisa promotes IMU&#146;s products and/or services in the magazines it publishes. Under such
agreement, Editorial Televisa paid IMU Ps.433,354 for such services in 2010, and IMU paid Televisa
Ps.433,354 for such services in 2010. In addition, Editorial Televisa and IMU entered into separate
advertising services agreements in 2007, 2008, 2009 and 2010, whereby IMU provided advertising
services to Editorial Televisa by promoting magazines published by Editorial Televisa at billboards
installed at bus stops. Editorial Televisa paid Ps.3.9&nbsp;million for such services in 2010. We
believe that the terms and conditions of these advertising agreements are on arm&#146;s length basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Several other members of our current Board serve as members of the Boards and/or are
stockholders of other companies. See &#147;Directors, Senior Management and Employees&#148;. Some of these
companies, including Banamex, Kimberly-Clark de M&#233;xico, S.A.B. de C.V., Grupo Financiero Santander,
S.A.B. de C.V., and FEMSA, among others, purchased advertising services from us in connection with
the promotion of their respective products and services from time to time in 2009 and 2010, and we
expect that this will continue to be the case in the future. Similarly, Alejandro Quintero I&#241;iguez,
a member of our Board and our Executive Committee and our Corporate Vice President of Sales and
Marketing, is a stockholder and member of the Board of Grupo TV Promo, S.A. de C.V. and TV Promo,
S.A. de C.V., or TV Promo. Grupo TV Promo, S.A. de C.V. and TV Promo are Mexican companies which
render services of publicity, promotion and advertisement to third parties; these entities act as
licensees of the Company for the use and exploitation of certain images and/or trademarks of shows
and novelas produced by the Company; and produce promotional campaigns and events for the Company
and for some of the Company&#146;s clients. Grupo TV Promo, S.A. de C.V. and TV Promo jointly with other
entities in which Mr.&nbsp;Alejandro Quintero has a direct and/or indirect participation, such as
Producci&#243;n y Creatividad Musical, S.A. de C.V., Radar Servicios Especializados de Mercadotecnia,
S.A. de C.V. and TV Promo International, Inc. (jointly, Grupo TV Promo) have purchased and will
continue to purchase advertising services from us, some of which are referred to the aforementioned
promotional campaigns. The companies described above pay rates applicable to third party
advertisers that purchase unsold advertising services, which are lower than the rates paid by
advertisers that purchase advertising in advance or at regular rates. Alejandro Quintero does not
currently receive any form of compensation from Grupo TV Promo, S.A. de C.V. and/or TV Promo, other
than dividends to which he may be entitled to receive as stockholder, as the case may be. During
2010, Grupo TV Promo purchased unsold advertising from Televisa for a total of Ps.301.3&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Agency Services. </I></B>From July&nbsp;2005 to October&nbsp;2007, Maximedios Alternativos, S.A. de C.V., or
Maximedios, a Mexican company, was Televisa&#146;s sales agent for the sale of in-store television
advertising, airplane screen advertising, sponsorship of our soccer teams, as well as pay-TV
advertising sales (which includes Innova, Televisa Networks, and Cablevisi&#243;n). Televisa, Innova,
Televisa Networks and Cablevisi&#243;n, respectively paid Maximedios 15% of the revenues from
advertising sales made on their behalf and Televisa paid Maximedios 15% of the revenues from
airplane screen sales and in-store advertising and 5% of the revenues from sponsorships. Alejandro
Quintero I&#241;iguez, a member of our Board and our Executive Committee and our Corporate Vice
President of Sales and Marketing jointly with other members of his family, are majority
stockholders and members of the Board of Grupo TV Promo, S.A. de C.V. and Producci&#243;n y Creatividad
Musical, S.A. de C.V., companies that have a majority interest in Maximedios.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Alejandro Quintero does not currently receive any form of compensation from Maximedios, other
than dividends to which he may be entitled to receive as an indirect stockholder. During 2009,
Televisa and the aforementioned affiliates, paid Maximedios the amount of Ps.0.7&nbsp;million, as sales
commissions. We believe that such amount is comparable to those paid to third parties for these
types of services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Legal and Advisory Services. </I></B>During 2010, Mijares, Angoitia, Cort&#233;s y Fuentes, S.C., a Mexican
law firm, provided us with legal and advisory services, and we expect that this will continue to be
the case in the future. Alfonso de Angoitia Noriega, a partner on leave of absence from the law
firm of Mijares, Angoitia, Cort&#233;s y Fuentes, S.C., is one of our directors, a member of our
Executive Committee, an Executive Vice President and was a member of our Related Party Transactions
Committee. Alfonso de Angoitia Noriega does not currently receive any form of compensation from, or
participates in any way in the profits of, Mijares, Angoitia, Cort&#233;s y Fuentes, S.C. Ricardo
Maldonado Y&#225;&#241;ez, a partner from the law firm of Mijares, Angoitia, Cort&#233;s y Fuentes, S.C., serves
also as Secretary of our Board of Directors and Secretary to the Executive Committee of our Board
of Directors. We believe that the fees we paid for these services were comparable to those that we
would have paid another law firm for similar services.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In August&nbsp;2009, we entered into an agreement with Allen &#038; Company to provide the Company with
advisory services related to investment opportunities outside of Mexico. In February&nbsp;2010, we
entered into an agreement with Allen &#038; Company to provide the Company with advisory services
related to an investment opportunity in the wireless telecommunications segment in Mexico. Two of
our directors are directors of Allen &#038; Company as well. These agreements were entered into on an
arm&#146;s length basis. We believe that the amounts paid and to be paid under these agreements to Allen
&#038; Company are comparable to those paid to third parties for these types of services. See Note 16 to
our consolidated year-end financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Sale of Property. </I></B>In April&nbsp;2010, we sold to Desarrolladora El Cenote, S.A. de C.V., or Cenote,
a portion of the land located in front of our principal headquarters in Santa Fe. A stockholder of
Cenote is Mr.&nbsp;Adolfo Fastlicht Kurian, the brother-in-law of Mr.&nbsp;Emilio Azcarraga Jean, our Chief
Executive Officer and Chairman of the Board.
</DIV>
<DIV align="left">
<A name="C19172121"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;8. Financial Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">See
&#147;Financial Statements&#148; and pages F-1 through F-59, which are incorporated herein by
reference.
</DIV>
<DIV align="left">
<A name="C19172122"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;9. The Offer and Listing</B>
</DIV>

<DIV align="left">
<A name="C19172123"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Trading History of CPOs and GDSs</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Since December&nbsp;1993, the GDSs have been traded on the NYSE and the CPOs have been traded on
the Mexican Stock Exchange. In September&nbsp;2007, we removed JPMorgan Chase Bank, N.A. as the
depository for the GDSs and appointed The Bank of New York Mellon pursuant to a new deposit
agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The table below shows, for the periods indicated, the high and low market prices in nominal
Pesos for the CPOs on the Mexican Stock Exchange, giving effect to the March&nbsp;1, 2000 10-for-1 stock
split in all cases.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Nominal Pesos per CPO(1)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60.88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37.67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48.29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36.19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33.91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33.91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Second Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39.39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Third Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50.64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fourth Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48.45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54.52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52.74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45.19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54.46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47.29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Second Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45.19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Third Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45.91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fourth Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47.72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59.79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011
(through June 24, 2011)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52.45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55.16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">January</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57.28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">February</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57.15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58.85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55.16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Second
Quarter (through June 24, 2011)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52.45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">April</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52.45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">May</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53.37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June
(through June 24, 2011)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52.95</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Source: Mexican Stock Exchange.</TD>
</TR>

</TABLE>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->101<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">





<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The table below shows, for the periods indicated, the high and low market prices in U.S.
Dollars for the GDSs on the NYSE, giving effect to the March&nbsp;22, 2006 1:4 GDS ratio change in all
cases.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>U.S. Dollars per GDS(1)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.04</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Second Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Third Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.99</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fourth Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Second Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Third Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fourth Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.05</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011
(through June 24, 2011)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">January</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">February</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.62</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Second
Quarter (through June 24, 2011)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">April</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">May</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June
(through June 24, 2011)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.25</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




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

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Trading prices of the CPOs and the GDSs will be influenced by our results of operations,
financial condition, cash requirements, future prospects and by economic, financial and other
factors and market conditions. See &#147;Key Information &#151; Risk Factors &#151; Risk Factors Related to
Mexico &#151; Economic and Political Developments in Mexico May Adversely Affect Our Business&#148;. There
can be no assurance that prices of the CPOs and the GDSs will, in future, be within the ranges set
forth above. We believe that as of May&nbsp;31, 2011, approximately 302,558,087 GDSs were held of record
by 107 persons with U.S. addresses. Before giving effect to the 2004 recapitalization,
substantially all of the outstanding A Shares not held through CPOs were owned by Televicentro and
a special purpose trust created for our Long-Term Retention Plan, as described under &#147;Major
Stockholders and Related Party Transactions&#148; and &#147;Directors, Senior Management and Employees &#151;
Long-Term Retention Plan&#148;. For more information regarding our 2004 recapitalization, please refer
to our Form 6-K filed with the SEC on March&nbsp;25, 2004.
</DIV>
<DIV align="left">
<A name="C19172124"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Trading on the Mexican Stock Exchange</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Mexican Stock Exchange, located in Mexico City, is the only stock exchange in Mexico.
Operating continuously since 1907, the Mexican Stock Exchange is organized as a publicly-traded
corporation with variable capital, or <I>sociedad an&#243;nima bursatil </I>de <I>capital variable</I>. Securities
trading on the Mexican Stock Exchange occurs from 8:30 a.m. to 3:00 p.m., Mexico City time, each
business day. Since January&nbsp;1999, all trading on the Mexican Stock Exchange has been effected
electronically. The Mexican Stock Exchange may impose a number of measures to promote an orderly
and transparent trading price of securities, including the operation of a system of automatic
suspension of trading in shares of a particular issuer when price fluctuation exceeds certain
limits. The Mexican Stock Exchange may also suspend trading in shares of a particular issuer as a
result of the disclosure of a material event, or when the changes in the volume traded or share
price are not consistent with either the historic performance or information publicly available.
The Mexican Stock Exchange may resume trading in the shares when it deems that the material events
have been adequately disclosed to public investors or when it deems that the issuer has adequately
explained the reasons for the changes in the volume traded or prevailing share price. Under current
regulations, in certain cases when the relevant securities are simultaneously traded on a stock
exchange outside of Mexico, the Mexican Stock Exchange may consider the measures adopted by the
other stock exchange in order to suspend and/or resume trading in the issuer&#146;s shares.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->102<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Settlement is effected two business days after a share transaction on the Mexican Stock
Exchange. Deferred settlement, even by mutual agreement, is not permitted without the approval of
the CNBV. Most securities traded on the Mexican Stock Exchange, including the CPOs, are on deposit
with S.D. Indeval, Instituci&#243;n para el Dep&#243;sito de Valores, S.A. de C.V., or Indeval, a privately
owned securities depositary that acts as a clearinghouse, depositary and custodian, as well as a
settlement, transfer and registration agent for Mexican Stock Exchange transactions, eliminating
the need for physical transfer of securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Although the Mexican Securities Market Law provides for the existence of an over-the-counter
market, no such market for securities in Mexico has been developed.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In 1946, the <I>Comisi&#243;n Nacional de Valores</I>, or the National Securities Commission, commonly
known as the CNV, was established to regulate stock market activity. In 1995, the CNV and the
<I>Comisi&#243;n Nacional Bancaria</I>, or the National Banking Commission, were merged to form the CNBV. The
Mexican Securities Market Law, which took effect in 1975, introduced important structural changes
to the Mexican financial system, including the organization of brokerage firms as corporations with
variable capital, or <I>sociedades an&#243;nimas de capital variable</I>. The Mexican Securities Market Law
sets standards for authorizing companies to operate as brokerage firms, which authorization is
granted at the discretion of the Ministry of Finance upon the recommendation of the CNBV. In
addition to setting standards for brokerage firms, the Mexican Securities Market Law empowers the
CNBV, among other things, to regulate the public offering and trading of securities and to impose
sanctions for the illegal use of insider information. The CNBV regulates the Mexican securities
market, the Mexican Stock Exchange and brokerage firms through a board of governors composed of
thirteen members, five of which are appointed by the Ministry of Finance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In June&nbsp;2001, the Mexican Securities Market Law required issuers to increase the protections
offered to minority stockholders and to impose corporate governance controls on Mexican listed
companies in line with international standards. The Mexican Securities Market Law then in effect
expressly permitted Mexican listed companies, with prior authorization from the CNBV, to include in
their bylaws anti-takeover defenses such as stockholder rights plans, or poison pills. We amended
our bylaws to include certain of these protections at our general extraordinary stockholders&#146;
meeting, which was held on April&nbsp;30, 2002. See &#147;Additional Information &#151; Bylaws &#151; Other
Provisions &#151; Appraisal Rights and Other Minority Protections&#148; and &#147;Additional Information &#151;
Bylaws &#151; Antitakeover Protections&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">To offer securities to the public in Mexico, an issuer must meet specific qualitative and
quantitative requirements, and generally only securities for which an application for registration
in the National Registry of Securities, or NRS, maintained by the CNBV has been approved by the
CNBV may be listed on the Mexican Stock Exchange. This approval does not imply any kind of
certification or assurance related to the merits or the quality of the securities or the solvency
of the issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In March&nbsp;2003, the CNBV issued general rules, or General CNBV Rules, applicable to issuers and
other securities market participants. The General CNBV Rules, which repealed several previously
enacted rules, or <I>circulares</I>, of the CNBV, now provide a single set of rules governing issuers and
issuer activity, among other things.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The General CNBV Rules have mandated that the Mexican Stock Exchange adopt minimum
requirements for issuers to be registered with the CNBV and have their securities listed on the
Mexican Stock Exchange. To be registered, issuers will be required to have, among other things:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a minimum number of years of operating history;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <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 minimum financial condition;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <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 minimum number of shares or CPOs to be publicly offered to public investors;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <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 minimum price for the securities to be offered;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <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 minimum of 15% of the capital stock placed among public investors;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <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 minimum of 200 holders of shares or of shares represented by CPOs, who are deemed to be
public investors under the General CNBV Rules, upon the completion of the offering;</TD>
</TR>

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="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 following distribution of the securities offered pursuant to an offering in Mexico:
(i)&nbsp;at least 50% of the total number of securities offered must be placed among investors
who acquire less than 5% of the total number of securities offered; and (ii)&nbsp;no investor may
acquire more than 40% of the total number of securities offered; and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>complied with certain corporate governance requirements.</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR 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>To maintain its registration, an issuer will be required to have, among other things:</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <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 minimum financial condition;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>minimum operating conditions, including a minimum number of trades;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <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 minimum trading price of its securities;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <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 minimum of 12% of the capital stock held by public investors;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <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 minimum of 100 holders of shares or of shares represented by CPOs who are deemed to be
public investors under the General CNBV Rules; and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>complied with certain corporate governance requirements.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The CNBV has the authority to waive some of these requirements in some circumstances. Also,
some of these requirements are applicable for each series of shares of the relevant issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Mexican Stock Exchange will review annually compliance with the foregoing and other
requirements, some of which may be further reviewed on a quarterly or semi-annual basis. The
Mexican Stock Exchange must inform the CNBV of the results of its review and this information must,
in turn, be disclosed to investors. If an issuer fails to comply with any of the foregoing
requirements, the Mexican Stock Exchange will request that the issuer propose a plan to cure the
violation. If the issuer fails to propose such plan, if the plan is not satisfactory to the Mexican
Stock Exchange or if the issuer does not make substantial progress with respect to the corrective
measures, trading of the relevant series of shares on the Mexican Stock Exchange will be
temporarily suspended until the situation is corrected. In addition, if the issuer fails to propose
the plan or ceases to follow such plan once proposed, the CNBV may suspend or cancel the
registration of the shares. In such event, the issuer must evidence the mechanisms to protect the
rights of public investors and market in general.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Issuers of listed securities are required to file unaudited quarterly financial statements and
audited annual financial statements as well as various periodic reports with the CNBV and the
Mexican Stock Exchange. Issuers of listed securities must prepare and disclose their financial
information by a Mexican Stock Exchange-approved system known as EMISNET and to the CNBV through
the <I>Sistema de Transferencia de Informaci&#243;n sobre Valores, </I>or STIV-2. Immediately upon its receipt,
the Mexican Stock Exchange makes that information available to the public.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The General CNBV Rules and the internal regulations of the Mexican Stock Exchange require
issuers of listed securities to file through EMISNET and STIV-2 information on the occurrence of
material events affecting the relevant issuer. Material events include, but are not limited to:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the entering into or termination of joint venture agreements or agreements with key suppliers;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the creation of new lines of businesses or services;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>significant deviations in expected or projected operating performance;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the restructuring or payment of significant indebtedness;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>material litigation or labor conflicts;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in dividend policy;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the commencement of any insolvency, suspension or bankruptcy proceedings;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in the directors; and</TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->104<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other event that may have a material adverse effect on the results, financial condition
or operations of the relevant issuer.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">If there is unusual price volatility of the securities listed, the Mexican Stock Exchange must
immediately request that the issuer inform the public as to the causes of such volatility or, if
the issuer is unaware of such causes, make a statement to that effect. In addition, the Mexican
Stock Exchange must immediately request that issuers disclose any information relating to relevant
material events, when it deems the information currently disclosed to be insufficient, as well as
instruct issuers to clarify such information when it deems the information to be confusing. The
Mexican Stock Exchange may request issuers to confirm or deny any material events that have been
disclosed to the public by third parties when it deems that the material event may affect or
influence the securities being traded. The Mexican Stock Exchange must immediately inform the CNBV
of any requests made to issuers. The CNBV may also make any of these requests directly to issuers.
An issuer may delay the disclosure of material events under some circumstances, including where the
information being offered is not related to transactions that have been completed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The CNBV and the Mexican Stock Exchange may suspend the dealing in securities of an issuer:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the issuer does not adequately disclose a material event; or</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>upon price or volume volatility or changes in the offer or demand in
respect of the relevant securities, which are not consistent with the
historic performance of the securities and could not be explained
solely by the information made publicly available under the General
CNBV Rules.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Mexican Stock Exchange must immediately inform the CNBV and the general public of any such
suspension. An issuer may request that the CNBV or the Mexican Stock Exchange resume trading,
provided it demonstrates that the causes triggering the suspension have been resolved and that it
is in full compliance with the periodic reporting requirements under the applicable law. If its
request has been granted, the Mexican Stock Exchange will determine the appropriate mechanism to
resume trading in its securities. If trading of an issuer is suspended for more than 20 business
days and the issuer is authorized to resume trading without conducting a public offering, the
issuer must disclose through EMISNET and STIV-2, before trading resumes, a description of the
causes that resulted in the suspension and reasons why it is now authorized to resume trading.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Likewise, if the securities of an issuer are traded on both the Mexican Stock Exchange and a
foreign securities market, that issuer must file with the CNBV and the Mexican Stock Exchange on a
simultaneous basis the information that it is required to file pursuant to the laws and regulations
of the relevant other jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the Mexican Securities Market Law, stockholders of issuers listed on the Mexican
Stock Exchange must disclose any transactions through or outside of the Mexican Stock Exchange that
result in exceeding 10% ownership stake of an issuer&#146;s capital stock. These stockholders must also
inform the CNBV of the results of these transactions the day after their completion. See
&#147;Additional Information &#151; Mexican Securities Market Law&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Additionally, related parties of an issuer who increase or decrease their ownership stake, in
one or more transactions, by 5% or more, shall disclose such transactions. The Mexican Securities
Market Law also requires stockholders holding 10% or more of the capital stock of companies listed
in the registry to notify the CNBV of any ownership changes in shares of the company. Moreover,
recent amendments to the CNBV regulations for issuers, require issuers to disclose to the CNBV on
an annual basis on or before June&nbsp;30 of each year: (i)&nbsp;the name and ownership percentage of any
Board members and relevant officers that maintain 1% or more of the capital stock of an issuer,
(ii)&nbsp;the names and ownership percentage of any other individual or entity that maintains 5% or more
of the capital stock of an issuer (regardless of whether such stockholder is an officer or
director) and (iii)&nbsp;the names and ownership percentage of the 10 (ten)&nbsp;stockholders with the
largest direct ownership stake in an issuer (regardless of the ownership percentage or whether such
stockholder is an officer, director, related party or private investor with no relationship to the
issuer). Based on the foregoing, Mexican Securities Regulations require that (i)&nbsp;Board members and
relevant officers that maintain 1% or more of the capital stock of an issuer and (ii)&nbsp;any other
individual or entity that maintains 5% or more of the capital stock of an entity, provide this
information to the relevant issuer on or before May&nbsp;15 of each year.
</DIV>


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

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</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="left">
<A name="C19172125"></A>
</DIV>

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

<DIV align="left">
<A name="C19172126"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Mexican Securities Market Law</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On April&nbsp;25, 2002, the CNBV issued general rules to regulate public tender offers and the
obligation to disclose share acquisitions above certain thresholds, as well as share acquisitions
of the capital stock of public companies by related parties. Subject to certain exceptions, any
acquisition of shares of a public company which increases the acquiror&#146;s ownership to 10% or more,
but not more than 30%, of the company&#146;s outstanding capital stock must be disclosed to the CNBV and
the Mexican Stock Exchange by no later than the day following the acquisition. Any acquisition of
shares by a related party that increases such party&#146;s ownership interest in a public company by 5%
or more of the company&#146;s outstanding capital stock must also be disclosed to the CNBV and the
Mexican Stock Exchange by no later than the day following the acquisition. In addition, any
intended acquisition of shares of a public company which increases the potential acquiror&#146;s
ownership to 30% or more, but not more than 50%, of the company&#146;s voting shares requires the
potential acquiror to make a tender offer for the greater of (i)&nbsp;the percentage of the capital
stock intended to be acquired or (ii)&nbsp;10% of the outstanding capital stock. Finally, any intended
acquisition of shares of a public company which increases the potential acquiror&#146;s ownership to
more than 50% of the company&#146;s voting shares requires the potential acquiror to make a tender offer
for 100% of the outstanding capital stock. Bylaw provisions regarding mandatory tender offers in
the case of these acquisitions may differ from the requirements summarized above, provided that
they are more protective to minority stockholders than those afforded by law. See &#147;&#151; Bylaws &#151;
Antitakeover Protections&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On December&nbsp;30, 2005, a new Mexican Securities Market Law was enacted and published in the
Official Gazette. The new Securities Market Law became effective on June&nbsp;28, 2006 and in some cases
allowed an additional period of 180&nbsp;days (late December&nbsp;2006) for issuers to incorporate in their
by-laws the new corporate governance and other requirements derived from the new law. The new
Mexican Securities Market Law changed the Mexican securities laws in various material respects. In
particular the new law (i)&nbsp;clarifies the rules for tender offers, dividing them in voluntary and
mandatory, (ii)&nbsp;clarifies standards for disclosure of holdings applicable to stockholders of public
companies, (iii)&nbsp;expands and strengthens the role of the board of directors of public companies,
(iv)&nbsp;determines with precision the standards applicable to the board of directors and the duties of
the board, each director, its secretary, the general director and executive officers (introducing
concepts such as the duty of care, duty of loyalty and safe harbors), (v)&nbsp;replaces the statutory
auditor (comisario)&nbsp;and its duties with the audit committee, the corporate practices committee and
the external auditors, (vi)&nbsp;clearly defines the role of the general director and executive officers
and their responsibilities, (vii)&nbsp;improves rights of minorities, and (viii)&nbsp;improves the definition
of applicable sanctions for violations to the Mexican Securities Market Law, including the payment
of punitive damages and criminal penalties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The new Mexican Securities Market Law does not substantially modify the reporting obligations
of issuers of equity securities listed in the Mexican Stock Exchange. The new Mexican Securities
Market Law reinforces insider trading restrictions and specifically includes, within such
restrictions, trading in options and derivatives the underlying security of which is issued by such
entity. Among other changes, the new Mexican Securities Market Law provides for a course of action
available to anyone who traded (as a counterparty) with someone in possession of privileged
information to seek the appropriate indemnification.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the new Mexican Securities Market Law:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>members of a listed issuer&#146;s board of directors,</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>stockholders controlling 10% or more of a listed issuer&#146;s outstanding share capital,</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>advisors,</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>groups controlling 25% or more of a listed issuer&#146;s outstanding share capital and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other insiders</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">must inform the CNBV of any transactions undertaken with securities of a listed issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In addition, under the new Mexican Securities Market Law insiders must abstain from purchasing
or selling securities of the issuer within 90&nbsp;days from the last sale or purchase, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The new Mexican Securities Market Law has, in some respects, modified the rules governing
tender offers conducted in Mexico. Under the new law, tender offers may be voluntary or mandatory.
All tender offers must be open for at least 20 business days and purchases thereunder are required
to be made pro-rata to all tendering stockholders. Any intended purchase resulting in a 30% or
greater holding requires the tender to be made for the greater of 10% of the company&#146;s capital
stock or the share capital intended to be acquired; if the purchase is aimed at obtaining control,
the tender must be made for 100% of the outstanding shares. In calculating the
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->106<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">intended purchase
amount, convertible securities, warrants and derivatives the underlying security of which are such
shares must be considered. The new law also permits the payment of certain amounts to controlling
stockholders over and above the offering price if these amounts are fully disclosed, approved by
the board of directors and paid in connection with non-compete or similar obligations. The new law
also introduces exceptions
to the mandatory tender offer requirements and specifically provides for the consequences, to
a purchaser, of not complying with these tender offer rules (lack of voting rights, possible
annulment of purchases, etc.) and other rights available to prior stockholders of the issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The new Mexican Securities Market Law ratifies that public companies may insert provisions in
their by-laws pursuant to which the acquisition of control of the company, by the company&#146;s
stockholders or third parties, may be prevented, if such provisions (i)&nbsp;are approved by
stockholders without the negative vote of stockholders representing 5% or more of the outstanding
shares, (ii)&nbsp;do not exclude any stockholder or group of stockholders, and (iii)&nbsp;do not restrict, in
an absolute manner, the change of control.
</DIV>
<DIV align="left">
<A name="C19172127"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Set forth below is a brief summary of some significant provisions of our bylaws and Mexican
law. This description does not purport to be complete, and is qualified by reference in its
entirety to our bylaws, which have been filed as an exhibit to this annual report and Mexican law.
For a description of the provisions of our bylaws relating to our Board of Directors, Executive
Committee, and Audit and Corporate Practices Committee, see &#147;Directors, Senior Management and
Employees&#148;.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Televisa is a <I>sociedad an&#243;nima burs&#225;til</I>, or limited liability stock corporation, organized
under the laws of Mexico in accordance with the Mexican Companies Law. Televisa was incorporated
under Public Deed Number 30,200, dated December&nbsp;19, 1990, granted before Notary Public Number 73 of
Mexico City, D.F., and registered with the Public Registry of Commerce of Mexico City, under
Commercial Page (<I>folio mercantil</I>) Number 142,164. We have a general corporate purpose, the
specifics of which can be found in Article&nbsp;Four of our bylaws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We maintain a stock registry, and in accordance with Mexican law, we only recognize those
holders listed in our stock registry as our stockholders. Our stockholders may hold their share in
the form of physical certificates or through book-entries with institutions that have accounts with
Indeval. The CPO Trustee is the holder of record for Shares represented by CPOs. Accounts may be
maintained at Indeval by brokers, banks and other entities approved by the CNBV.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Voting Rights and Stockholders&#146; Meetings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Holders of A Shares</I>. Holders of A Shares have the right to vote on all matters subject to
stockholder approval at any general stockholders&#146; meeting and have the right, voting as a class, to
appoint eleven members of our Board of Directors and the corresponding alternate directors. In
addition to requiring approval by a majority of all Shares entitled to vote together on a
particular corporate matter, certain corporate matters must be approved by a majority of the
holders of A Shares voting separately. These matters include mergers, dividend payments, spin-offs,
changes in corporate purpose, changes of nationality and amendments to the anti-takeover provisions
of our bylaws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Holders of B Shares</I>. Holders of B Shares have the right to vote on all matters subject to
stockholder approval at any general stockholders&#146; meeting and have the right, voting as a class, to
appoint five members of our Board of Directors and the corresponding alternate directors. The five
directors and corresponding alternate directors elected by the holders of the B Shares will be
elected at a stockholders&#146; meeting that must be held within the first four months after the end of
each year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Holders of D Shares and L Shares</I>. Holders of D Shares, voting as a class, are entitled to vote
at special meetings to elect two of the members of our Board of Directors and the corresponding
alternate directors, each of which must be an independent director. In addition, holders of D
Shares are entitled to vote on the following matters at extraordinary general meetings:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our transformation from one type of company to another;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any merger (even if we are the surviving entity);</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>extension of our existence beyond our prescribed duration;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our dissolution before our prescribed duration (which is currently 99&nbsp;years from January
30, 2007);</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a change in our corporate purpose;</TD>
</TR>

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a change in our nationality; and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the cancellation from registration of the D Shares or the securities which represent the
D Shares with the securities or special section of the NRS and with any other Mexican or
foreign stock exchange in which such shares or securities are registered.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Holders of L Shares, voting as a class, are entitled to vote at special meetings to elect two
of the members of our Board of Directors and the corresponding alternate directors, each of which
must be an independent director. Holders of L Shares are also entitled to vote at extraordinary
general meetings on the following matters:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our transformation from one type of company to another;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any merger in which we are not the surviving entity; and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the cancellation from registration of the L Shares or the securities that represent the L
Shares with the special section of the NRS.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The two directors and corresponding alternate directors elected by each of the holders of the
D Shares and the L Shares are elected annually at a special meeting of those holders. Special
meetings of holders of D Shares and L Shares must also be held to approve the cancellation from
registration of the D Shares or L Shares or the securities representing any of such shares with the
NRS, as the case may be, and in the case of D Shares, with any other Mexican or foreign stock
exchange in which such shares or securities are registered. All other matters on which holders of L
Shares or D Shares are entitled to vote must be considered at an extraordinary general meeting.
Holders of L Shares and D Shares are not entitled to attend or to address meetings of stockholders
at which they are not entitled to vote. Under Mexican law, holders of L Shares and D Shares are
entitled to exercise certain minority protections. See &#147;&#151; Other Provisions &#151; Appraisal Rights and
Other Minority Protections&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Other Rights of Stockholders</I>. Under Mexican law, holders of shares of any series are also
entitled to vote as a class in a special meeting governed by the same rules that apply to
extraordinary general meetings, as described below, on any action that would prejudice the rights
of holders of shares of such series, but not rights of holders of shares of other series, and a
holder of shares of such series would be entitled to judicial relief against any such action taken
without such a vote. Generally, the determination of whether a particular stockholder action
requires a class vote on these grounds could initially be made by the Board of Directors or other
party calling for stockholder action. In some cases, under the Mexican Securities Market Law and
the Mexican Companies Law, the Board of Directors, the Audit Committee, the Corporate Practices
Committee, or a Mexican court on behalf of those stockholders representing 10% of our capital stock
could call a special meeting. A negative determination would be subject to judicial challenge by an
affected stockholder, and the necessity for a class vote would ultimately be determined by a court.
There are no other procedures for determining whether a particular proposed stockholder action
requires a class vote, and Mexican law does not provide extensive guidance on the criteria to be
applied in making such a determination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">General stockholders&#146; meetings may be ordinary general meetings or extraordinary general
meetings. Extraordinary general meetings are those called to consider specific matters specified in
Article&nbsp;182 of the Mexican Companies Law and our bylaws, including, among others, amendments to our
bylaws, our dissolution, liquidation or split-up, our merger and transformation from one form of
company to another, increases and reductions in our capital stock, the approval of certain
acquisitions of shares, including a change of control, as set forth in the antitakeover provisions
in our bylaws and any action for civil liabilities against the members of our Board of Directors,
its Secretary, or members of our Audit and Corporate Practices Committee. In addition, our bylaws
require an extraordinary general meeting to consider the cancellation of registration of the D
Shares or L Shares or the securities representing these Shares with the NRS, as the case may be,
and in the case of D Shares, with any other Mexican or foreign stock exchange in which such Shares
or securities are registered. General meetings called to consider all other matters are ordinary
meetings which are held at least once each year within four months following the end of each fiscal
year. Stockholders may be represented at any stockholders&#146; meeting by completing a form of proxy
provided by us, which proxy is available within fifteen days prior to such meeting, and designating
a representative to vote on their behalf. The form of proxy must comply with certain content
requirements as set forth in the Mexican Securities Market Law and in our bylaws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Holders of CPOs</I>. Holders of CPOs who are Mexican nationals or Mexican corporations whose
bylaws exclude foreign ownership of their shares are entitled to exercise voting rights with
respect to the A Shares, B Shares, D Shares and L Shares underlying their CPOs. The CPO Trustee
will vote such shares as directed by Mexican holders of CPOs, which must provide evidence of
Mexican nationality. Non-Mexican holders of CPOs may only vote the L Shares held in the CPO Trust
and are not entitled to exercise any voting rights with respect to the A Shares, B Shares and D
Shares held in the CPO Trust. Voting rights in respect of these A Shares, B Shares and D Shares may
only be exercised by the CPO Trustee. A Shares, B Shares and D Shares underlying the CPOs of
non-Mexican holders or holders that do not give timely instructions as to voting of such Shares,
(a)&nbsp;will be voted at special meetings of A Shares, B Shares or D Shares, as the case may be, as
instructed by the CPO Trust&#146;s Technical Committee (which
</DIV>

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

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt">consists of members of the Board of
Directors and/or Executive Committee, who must be Mexican nationals), and (b)&nbsp;will be voted at any
general meeting where such series has the right to vote in the same manner as the majority of the
outstanding A Shares held by Mexican nationals or Mexican corporations (directly, or through the
CPO Trust, as the case may be) are voted at the relevant meeting. L Shares underlying the CPOs of
any holders that do not give timely instructions as to the voting of such Shares will be voted, at
special meetings of L Shares and at general extraordinary meetings where L Shares have voting
rights, as instructed by the Technical Committee of the CPO Trust. The CPO Trustee must receive
voting instructions five business days prior to the stockholders&#146; meeting. Holders of CPOs that are
Mexican nationals or Mexican corporations whose bylaws exclude foreign ownership of their Shares
also must provide evidence of nationality, such as a copy of a valid Mexican passport or birth
certificate, for individuals, or a copy of the bylaws, for corporations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As described in &#147;Major Stockholders and Related Party Transactions,&#148; A Shares held through the
Azc&#225;rraga Trust constitute a majority of the A Shares whose holders are entitled to vote them,
because non-Mexican holders of CPOs and GDSs are not permitted to vote the underlying A Shares.
Accordingly, the vote of A Shares held through the Azc&#225;rraga Trust generally will determine how the
A Shares underlying our CPOs are voted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Holders of GDRs</I>. Global Depositary Receipts, or GDRs evidencing GDSs are issued by The Bank of
New York Mellon, the Depositary, pursuant to the Deposit Agreement we entered into with the
Depositary and all holders from time to time of GDSs. Each GDR evidences a specified number of
GDSs. A GDR may represent any number of GDSs. Only persons in whose names GDRs are registered on
the books of the Depositary will be treated by us and the Depositary as owners and holders of GDRs.
Each GDS represents the right to receive five CPOs which will be credited to the account of Banco
Inbursa, S.A., the Custodian, maintained with Indeval for such purpose. Each CPO represents
financial interests in, and limited voting rights with respect to, 25 A Shares, 22 B Shares, 35 L
Shares and 35 D Shares held pursuant to the CPO Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Depositary will mail information on stockholders&#146; meetings to all holders of GDRs. At
least six business days prior to the relevant stockholders&#146; meeting, GDR holders may instruct the
Depositary as to the exercise of the voting rights, if any, pertaining to the CPOs represented by
their GDSs, and the underlying Shares. Since the CPO Trustee must also receive voting instructions
five business days prior to the stockholders&#146; meeting, the Depositary may be unable to vote the
CPOs and underlying Shares in accordance with any written instructions. Holders that are Mexican
nationals or Mexican corporations whose bylaws exclude foreign ownership of their Shares are
entitled to exercise voting rights with respect to the A Shares, B Shares, D Shares and L Shares
underlying the CPOs represented by their GDSs. Such Mexican holders also must provide evidence of
nationality, such as a copy of a valid Mexican passport or birth certificate, for individuals, or a
copy of the bylaws, for corporations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Non-Mexican holders may exercise voting rights only with respect to L Shares underlying the
CPOs represented by their GDSs. They may not direct the CPO Trustee as to how to vote the A Shares,
B Shares or D Shares represented by CPOs or attend stockholders&#146; meetings. Under the terms of the
CPO Trust Agreement, the CPO Trustee will vote the A Shares, B Shares, D Shares and L Shares
represented by CPOs held by non-Mexican holders (including holders of GDRs) as described under &#147;&#151;
Holders of CPOs&#148;. If the Depositary does not timely receive instructions from a Mexican or
Non-Mexican holder of GDRs as to the exercise of voting rights relating to the A Shares, B Shares,
D Shares or L Shares underlying the CPOs, as the case may be, in the relevant stockholders&#146; meeting
then, if requested in writing by us, the Depositary will give a discretionary proxy to a person
designated by us to vote the Shares. If no such written request is made by us, the Depositary will
not represent or vote, attempt to represent or vote any right that attaches to, or instruct the CPO
Trustee to represent or vote, the Shares underlying the CPOs in the relevant stockholders&#146; meeting
and, as a result, the underlying shares will be voted in the same manner described under &#147;&#151;
Holders of CPOs&#148; with respect to shares for which timely instructions as to voting are not given.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">If the Depositary does not timely receive instructions from a Mexican or non-Mexican holder of
GDRs as to the exercise of voting rights relating to the underlying CPOs in the relevant CPO
holders&#146; meeting, the Depositary and the Custodian will take such actions as are necessary to cause
such CPOs to be counted for purposes of satisfying applicable quorum requirements and, unless we in
our sole discretion have given prior written notice to the Depositary and the Custodian to the
contrary, vote them in the same manner as the majority of the CPOs are voted at the relevant CPOs
holders&#146; meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Under the terms of the CPO Trust, beginning in December&nbsp;2008, a non-Mexican holder of CPOs or
GDSs may instruct the CPO Trustee to request that we issue and deliver certificates representing
each of the Shares underlying its CPOs so that the CPO Trustee may sell, to a third party entitled
to hold the Shares, all of those Shares and deliver to the holder any proceeds derived from the
sale.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Limitation on Appointment of Directors. </I>Our bylaws prohibit the appointment of individuals to
our Board of Directors: who (i)&nbsp;are members of the board of directors or other management boards of
a company (other than the Company or its subsidiaries) that has one or more concessions to operate
telecommunication networks in Mexico; or (ii)&nbsp;directly or indirectly, are shareholders or partners
of companies (other than the Company or its subsidiaries), that have one or more concessions to
operate telecommunication networks in Mexico, with the exception of ownership stakes that do not
allow such individuals to appoint one or more members of the management board or any other
operation or decision making board.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Dividend Rights</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">At our annual ordinary general stockholders&#146; meeting, our Board of Directors is required to
submit our financial statements from the previous fiscal year to the holders of our A Shares and B
Shares voting together and a majority of the A Shares voting separately. Once our stockholders
approve these financial statements, they must then allocate our net profits for the previous fiscal
year. Under Mexican law, at least 5% of our net profits must be allocated to a legal reserve, until
the amount of this reserve equals 20% of our paid-in capital stock. Thereafter, our stockholders
may allocate our net profits to any special reserve, including a reserve for share repurchases.
After this allocation, the remainder of our net profits will be available for distribution as
dividends. The vote of the majority of the A Shares and B Shares voting together, and a majority of
the A Shares voting separately, is necessary to approve dividend payments. As described below, in
the event that dividends are declared, holders of D Shares will have preferential rights to
dividends as compared to holders of A Shares, B
Shares and L Shares. Holders of A Shares, B Shares and L Shares have the same financial or
economic rights, including the participation in any of our profits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Preferential Rights of D Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Holders of D Shares are entitled to receive a cumulative fixed preferred annual dividend in
the amount of Ps.0.00034177575 per D Share before any dividends are payable in respect of A Shares,
B Shares and L Shares. If we pay any dividends in addition to the D Share fixed preferred dividend,
then such dividends shall be allocated as follows:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>first, to the payment of dividends with respect to the A Shares, the B
Shares and the L Shares, in an equal amount per share, up to the
amount of the D Share fixed preferred dividend; and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>second, to the payment of dividends with respect to the A Shares, B
Shares, D Shares and L Shares, such that the dividend per share is
equal.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Upon any dissolution or liquidation of our company, holders of D Shares are entitled to a
liquidation preference equal to:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>accrued but unpaid dividends in respect of their D Shares; plus</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the theoretical value of their D Shares as set forth in our bylaws. See &#147;&#151; Other Provisions &#151; Dissolution or Liquidation&#148;.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Limitation on Capital Increases</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our bylaws provide that, in the event shares of a given series are issued as a result of a
capital increase (in respect of a cash capital contribution), each holder of shares of that series
will have a preferential right to subscribe to new shares of that series, in proportion to the
number of such holder&#146;s existing Shares of that series. In addition, primary issuances of A Shares,
B Shares, D Shares and L Shares in the form of CPOs may be limited under the Mexican Securities
Market Law. As a result of grandfathering provisions, our existing CPO structure will not be
affected by the amendments to the law. However, in the case of primary issuances of additional A
Shares, B Shares, L Shares and D Shares in the form of CPOs, any new L Shares and D Shares may be
required to be converted into A Shares or other voting stock within a term specified by the CNBV,
which in no event shall exceed five years. Moreover, under the Mexican Securities Market Law, the
aggregate amount of shares of an issuer with limited or non-voting rights may not exceed 25% of the
total shares held by public investors. The vote of the holders of a majority of the A Shares is
necessary to approve capital increases.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In the event of a capital increase, a holder of existing shares of a given series has a
preferential right to subscribe to a sufficient number of shares of the same series in order to
maintain the holder&#146;s existing proportionate holdings of shares of that series. Stockholders must
exercise their preemptive rights within the time period fixed by our stockholders at the meeting
approving the issuance of additional shares. This period must continue for at least fifteen days
following the publication of notice of the issuance in the <I>Diario Oficial de la Federaci&#243;n </I>and in a
newspaper of general circulation in Mexico City. Under Mexican law, stockholders cannot waive their
preemptive rights in advance or be represented by an instrument that is negotiable separately from
the corresponding share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">U.S. holders of GDSs may exercise preemptive rights only if we register any newly issued
shares under the Securities Act, as amended, or qualify for an exemption from registration. We
intend to evaluate at the time of any offering of preemptive rights the costs and potential
liabilities associated with registering additional shares. In addition, if our stockholders&#146;
meeting approves the issuance of shares of a particular series, holders of shares of other series
may be offered shares of that particular series.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Limitations on Share Ownership</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Ownership by non-Mexicans of shares of Mexican enterprises is regulated by the Foreign
Investment Law and the accompanying Foreign Investment Law Regulations. The Economics Ministry and
the Foreign Investment Commission are responsible for the administration of the Foreign Investment
Law and the Foreign Investment Law Regulations. The Foreign Investment Law reserves certain
economic activities exclusively for the Mexican State, certain other activities exclusively for
Mexican individuals or Mexican corporations and limits the participation of non-Mexican investors
to certain percentages in regard to other enterprises engaged in activities specified therein.
Foreign investors may freely participate in up to 100% of the capital stock of Mexican companies or
entities except for those existing companies engaged in specific activities, as described below and
those with assets exceeding specified amounts established annually by the Foreign Investment
Commission, in which case an approval from the Foreign Investment Commission will be necessary in
order for foreign investment to exceed 49% of the capital stock. The Foreign Investment Law
reserves certain economic activities exclusively for the Mexican state and reserves certain other
activities (including television and radio broadcasting) exclusively for Mexican nationals,
consisting of Mexican individuals and Mexican corporations the charters of which contain a
prohibition on ownership by non-Mexicans of the corporation&#146;s capital stock (a &#147;foreign exclusion
clause&#148;). However, the Foreign Investment Law grants broad authority to the Foreign Investment
Commission to allow foreign investors to own specified interests in the capital of certain Mexican
enterprises. In particular, the
Foreign Investment Law provides that certain investments, which comply with certain
conditions, are considered &#147;neutral investments&#148; and are not included in the calculation of the
foreign investment percentage for the relevant Mexican entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In order to comply with these restrictions, we have limited the ownership of our A Shares and
B Shares to Mexican individuals, Mexican companies the charters of which contain a foreign
exclusion clause, credit institutions acting as trustees (such as the CPO Trustee) in accordance
with the Foreign Investment Law and the Foreign Investment Law Regulations, and trusts or stock
purchase, investment and retirement plans for Mexican employees. The criteria for an investor to
qualify as Mexican under our bylaws are stricter than those generally applicable under the Foreign
Investment Law and Foreign Investment Law Regulations. A holder that acquires A Shares or B Shares
in violation of the restrictions on non-Mexican ownership will have none of the rights of a
stockholder with respect to those A Shares or B Shares and could also be subject to monetary
sanctions. The D Shares are subject to the same restrictions on ownership as the A Shares and B
Shares. However, the foregoing limitations do not affect the ability of non-Mexican investors to
hold A Shares, B Shares, D Shares and L Shares through CPOs, or L Shares directly, because such
instruments constitute a &#147;neutral investment&#148; and do not affect control of the issuing company,
pursuant to the exceptions contained in the Foreign Investment Law. The sum of the total
outstanding number of A Shares and B Shares is required to exceed at all times the sum of the total
outstanding L Shares and D Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Foreign Investment Law and Foreign Investment Law Regulations also require that we and the
CPO Trust register with the National Registry of Foreign Investments. In addition to the
limitations established by the Foreign Investment Law, the Radio and Television Law provides
restrictions on ownership by non-Mexicans of shares of Mexican enterprises holding concessions for
radio and television such as those held indirectly by us. Non-Mexican states and governments are
prohibited under our bylaws and the Radio and Television Law from owning Shares of Televisa and
are, therefore, prohibited from being the beneficial or record owners of the A Shares, B Shares, D
Shares, L Shares, CPOs and GDSs. We have been advised by our Mexican counsel, Mijares, Angoitia,
Cort&#233;s y Fuentes, S.C., that ownership of the A Shares, B Shares, D Shares, L Shares, CPOs and GDSs
by pension or retirement funds organized for the benefit of employees of non-Mexican state,
municipal or other governmental agencies will not be considered as ownership by non-Mexican states
or governments for the purpose of our bylaws or the Radio and Television Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We may restrict transfers or, to the extent permitted under applicable law, cause the
mandatory sale or disposition of CPOs and GDRs where such transfer or ownership, as the case may
be, might result in ownership of CPOs or GDRs exceeding the limits under applicable law or our
bylaws, the CPO Trust Agreement or the CPO Deed. Non-Mexican states and governments are prohibited
under our bylaws and Radio and Television Law from owning our Shares and are, therefore, prohibited
from being beneficial or record owners of GDRs.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Forfeiture of Shares</I>. As required by Mexican law, our bylaws provide that for L Shares and
CPOs, our non-Mexican stockholders formally agree with the Foreign Affairs Ministry:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to be considered as Mexicans with respect to the L Shares and CPOs that they acquire or hold, as well as
to the property, rights, concessions, participations or interests owned by us or to the rights and
obligations derived from any agreements we have with the Mexican government; and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>not to invoke the protection of their own governments with respect to their ownership of L Shares and CPOs.</TD>
</TR>

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


</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Failure to comply is subject to a penalty of forfeiture of such a stockholders&#146; capital
interests in favor of Mexico. In the opinion of Mijares, Angoitia, Cort&#233;s y Fuentes, S.C., our
Mexican counsel, under this provision a non-Mexican stockholder is deemed to have agreed not to
invoke the protection of its own government by asking such government to interpose a diplomatic
claim against the Mexican government with respect to the stockholders&#146; rights as a stockholder, but
is not deemed to have waived any other rights it may have, including any rights under the U.S.
securities laws, with respect to its investment in Televisa. If the stockholder should invoke
governmental protection in violation of this agreement, its shares could be forfeited to the
Mexican government.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Exclusive Jurisdiction</I>. Our bylaws provide that legal action relating to the execution,
interpretation or performance of the bylaws shall be brought only in federal courts located in
Mexico City.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Duration</I>. Our corporate existence under our bylaws continues until 2106.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Dissolution or Liquidation</I>. Upon any dissolution or liquidation of our company, our
stockholders will appoint one or more liquidators at an extraordinary general stockholders&#146; meeting
to wind up our affairs. The approval of holders of the majority of the A Shares is necessary to
appoint or remove any liquidator. Upon a dissolution or liquidation, holders of D Shares will be
entitled to both accrued but unpaid dividends in respect of their D Shares, plus the theoretical
value of their D Shares (as set forth in our bylaws). The theoretical value of our D Shares is
Ps.0.00683551495 per share. Thereafter, a payment per share will be made to each of the holders of
A Shares, B Shares and L Shares equivalent to the payment received by each of the holders of D
Shares. The remainder will be distributed equally among all stockholders in proportion to their
number of Shares and amount paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Redemption</I>. Our bylaws provide that we may redeem our Shares with distributable profits
without reducing our capital stock by way of a stockholder resolution at an extraordinary
stockholders&#146; meeting. In accordance with Mexican law and our bylaws:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any redemption shall be made on a pro-rata basis among all of our stockholders;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the extent that a redemption is effected through a public tender offer on
the Mexican Stock Exchange, the stockholders&#146; resolution approving the
redemption may empower our Board to specify the number of shares to be
redeemed and appoint the related intermediary or purchase agent; and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any redeemed shares must be cancelled.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Share Repurchases</I>. As required by Mexican law, our bylaws provide that we may repurchase our
Shares on the Mexican Stock Exchange at then prevailing market prices. The amount of capital stock
allocated to share repurchases and the amount of the corresponding reserve created for this purpose
is determined annually by our stockholders at a ordinary general stockholders&#146; meeting. The
aggregate amount of resources allocated to share repurchases in any given year cannot exceed the
total amount of our net profits in any given year, including retained earnings. Share repurchases
must be charged to either our net worth if the repurchased Shares remain in our possession or our
capital stock if the repurchased Shares are converted into treasury shares, in which case our
capital stock is reduced automatically in an amount equal to the theoretical value of any
repurchased Shares, if any. Any surplus is charged to the reserve for share repurchases. If the
purchase price of the Shares is less than the theoretical value of the repurchased Shares, our
capital stock account will be affected by an amount equal to the theoretical value of the
repurchased Shares. Under Mexican law, we are not required to create a special reserve for the
repurchase of shares, nor do we need the approval of our Board to effect share repurchases. In
addition, any repurchased Shares cannot be represented at any stockholders&#146; meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Conflicts of Interest</I>. Under Mexican Law, any stockholder that votes on a transaction in which
his, her or its interests conflict with our interests may be liable for damages, but only if the
transaction would not have been approved without his, her or its vote. In addition, any member of
the Board of Directors that votes on a transaction in which his, her or its interests conflict,
with our interests may be liable for damages. The Securities Market Law also imposes a duty of care
and a duty of loyalty on directors as has been described in Item&nbsp;6. In addition, pursuant to the
Mexican Securities Market Law, the Board of Directors, with input from the Audit and Corporate
Practices Committee, must review and approve transactions and arrangements with related parties.
See &#147;Directors, Senior Management and Employees &#151; Our Board of Directors &#151; Meetings; Actions
Requiring Board Approval&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Appraisal Rights and Other Minority Protections</I>. Whenever our stockholders approve a change in
our corporate purpose or jurisdiction of organization or our transformation from one type of
company to another, any stockholder entitled to vote that did not vote in favor of these matters
has the right to receive payment for its A Shares, B Shares, D Shares or L Shares in an amount
calculated in accordance with Mexican law. However, stockholders must exercise their appraisal
rights within fifteen days after the stockholders&#146; meeting at which the matter was approved.
Because the holders of L Shares and D Shares may only vote in limited circumstances, appraisal
rights are generally not available to them. See &#147;&#151; Voting Rights and Stockholders&#146; Meetings&#148;.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Because the CPO Trustee must vote at a general stockholders&#146; meeting, the A Shares, B Shares
and D Shares held by non-Mexicans in the CPO Trust in the same manner as the majority of the A
Shares held by Mexican nationals (directly, or through the CPO Trust, as the case may be), the A
Shares, B Shares and D Shares underlying CPOs held by non-Mexicans will not be voted against any
change that triggers the appraisal rights of the holders of these Shares. Therefore, these
appraisal rights will not be available to holders of CPOs (or GDRs) with respect to A Shares, B
Shares or D Shares. The CPO Trustee will exercise such other corporate rights at special
stockholders&#146; meetings with respect to the underlying A Shares, B Shares and D Shares as may be
directed by the Technical Committee of the CPO trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Mexican Securities Market Law and our bylaws include provisions that permit:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>holders of at least 10% of our outstanding capital stock to request
our Chairman of the Board or of the Audit and Corporate Practices
Committee to call a stockholders&#146; meeting in which they are entitled
to vote;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subject to the satisfaction of certain requirements under Mexican law,
holders of at least 5% of our outstanding capital stock to bring an
action for civil liabilities against our directors;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>holders of at least 10% of our Shares that are entitled to vote and
are represented at a stockholders&#146; meeting to request postponement of
resolutions with respect to any matter on which they were not
sufficiently informed; and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subject to the satisfaction of certain requirements under Mexican law,
holders of at least 20% of our outstanding capital stock to contest
and suspend any stockholder resolution.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">See &#147;Key Information &#151; Risk Factors &#151; Risk Factors Related to Our Securities &#151; The
Protections Afforded to Minority Stockholders in Mexico Are Different From Those in the U.S.&#148;. In
addition, in accordance with the Mexican Securities Market Law, we are also subject to
certain corporate governance requirements, including the requirement to maintain an audit
committee, a corporate practices committee, and to elect independent directors. The protections
afforded to minority stockholders under Mexican law are generally different from those in the U.S.
and many other jurisdictions. Substantive Mexican law concerning fiduciary duties of directors has
not been the subject of extensive judicial interpretation in Mexico, unlike many states in the U.S.
where duties of care and loyalty elaborated by judicial decisions help to shape the rights of
minority stockholders. Mexican civil procedure does not contemplate class actions or stockholder
derivative actions, which permit stockholders in U.S. courts to bring actions on behalf of other
stockholders or to enforce rights of the corporation itself. Stockholders in Mexico also cannot
challenge corporate actions taken at stockholders&#146; meetings unless they meet stringent procedural
requirements. See &#147;&#151; Voting Rights and Stockholders&#146; Meetings&#148;. As a result of these factors, it
is generally more difficult for our minority stockholders to enforce rights against us or our
directors or Major Stockholders than it is for stockholders of a corporation established under the
laws of a state of the U.S. In addition, under U.S. securities laws, as a foreign private issuer we
are exempt from certain rules that apply to domestic U.S. issuers with equity securities registered
under the Securities Exchange Act of 1934, as amended, or the Exchange Act, including the proxy
solicitation rules. We are also exempt from many of the corporate governance requirements of the
New York Stock Exchange.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>General</I>. Our bylaws provide that, subject to certain exceptions, (i)&nbsp;any person, entity or
group of persons and/or entities that wishes to acquire beneficial ownership of common Shares (as
defined below) which, when coupled with common Shares previously beneficially owned by such persons
or their affiliates, represent 10% or more of our outstanding common Shares, (ii)&nbsp;any competitor or
group of competitors that wishes to acquire beneficial ownership of Shares which, when coupled with
Shares previously beneficially owned by such competitor, group of competitors or their affiliates,
represent 5% or more of our outstanding capital stock, (iii)&nbsp;any person, entity or group of persons
and/or entities that wishes to acquire beneficial ownership of Shares representing 10% or more of
our outstanding Shares, and (iv)&nbsp;any competitor or group of competitors that wishes to acquire
beneficial ownership of Shares representing 5% or more of our capital stock, must obtain the prior
approval of our Board of Directors and/or of our stockholders, as the case may be, subject to
certain exceptions summarized below. Holders that acquire Shares in violation of these requirements
will not be considered the beneficial owners of such Shares under our bylaws and will not be
registered in our stock registry. Accordingly, these holders will not be able to vote such Shares
or receive any dividends, distributions or other rights in respect of these Shares. In addition,
pursuant to our bylaws, these holders will be obligated to pay us a penalty in an amount equal to
the market value of the Shares so acquired. Pursuant to our bylaws, &#147;Shares&#148; are defined as the
shares (of any class or series) representing our capital stock, and any instruments or securities
that represent such shares or that grant any right with respect to or are convertible into those
shares, expressly including CPOs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to our bylaws, a &#147;competitor&#148; is generally defined as any person or entity who,
directly or indirectly, is engaged in any of the following businesses or activities: television
production and broadcasting, pay-TV production, program licensing, direct-to-home satellite
services, publishing (newspaper and/or magazine), publishing distribution, music recording, cable
television, the transmission of programming and/or other content by any other means known or to be
known, radio broadcasting and production, the promotion of professional sports and other
entertainment events, paging services, production, feature film/motion picture production and
distribution, dubbing and/or the operation of an Internet portal. A &#147;competitor&#148; is also defined to
include any person, entity and/or group that is engaged in any type of business or activity in
which we may be engaged from time to time and from which we derive 5% or more of our consolidated
income.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Board Notices, Meetings, Quorum Requirements and Approvals</I>. To obtain the prior approval of
our Board, a potential acquiror must properly deliver a written notice that states, among other
things: (i)&nbsp;the number and class/type of our Shares it beneficially owns, (ii)&nbsp;the percentage of
Shares it beneficially owns with respect to both our outstanding capital stock and the respective
class/type of our Shares, (iii)&nbsp;the number and class/type of Shares it intends to acquire, (iv)&nbsp;the
number and class/type of Shares it intends to grant or share a common interest or right, (v)&nbsp;its
identity, or in the case of an acquiror which is a corporation, trust or legal entity, its
stockholders or beneficiaries as well as the identity and nationality of each person effectively
controlling such corporation, trust or legal entity, (vi)&nbsp;its ability to acquire our Shares in
accordance with our bylaws and Mexican law, (vii)&nbsp;its source of financing the intended acquisition,
(viii)&nbsp;if it has obtained any financing from one of its related parties for the payment of the
Shares, (ix)&nbsp;the purpose of the intended acquisition, (x)&nbsp;if it intends to acquire additional
common Shares in the future, which coupled with the current intended acquisition of common Shares
and the common Shares previously beneficially owned by the potential acquiror, would result in
ownership of 20% or more of our common Shares, (xi)&nbsp;if it intends to acquire control of us in the
future, (xii)&nbsp;if the acquiror is our competitor or if it has any direct or indirect economic
interest in or family relationship with one of our competitors and (xiii)&nbsp;the identity of the
financial institution, if any, that will act as the underwriter or broker in connection with any
tender offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Either the Chairman, the Secretary or the Alternate Secretary of our Board of Directors must
call a Board meeting within 10 calendar days following the receipt of the written notice and the
Board meeting must be held within 45 calendar days following the call. Action by written consent is
not permitted. With the exception of acquisitions that must be approved by the general
extraordinary stockholders&#146; meeting as described below in &#147;Stockholder Notices, Meetings, Quorum
Requirements and Approvals,&#148; in order to proceed with any acquisition of Shares that require Board
authorization as set forth in our bylaws, such acquisition must be approved by at least the
majority of the members of our Board present at a meeting at which at least 75% of the members of
our Board are present. Such acquisitions must be acted upon by our Board within 60 calendar days
following the receipt of the written notice described above, unless the Board determines that it
does not
have sufficient information upon which to base its decision. In such case, the Board shall
deliver a written request to the potential acquiror for any additional information that it deems
necessary to make its determination. The 60 calendar days referred to above will commence following
the receipt of the additional information from the potential acquiror to render its decision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Stockholder Notices, Meetings, Quorum Requirements and Approvals</I>. In the event (i)&nbsp;of a
proposed acquisition of Shares that would result in a &#147;change of control,&#148; (ii)&nbsp;that our Board
cannot hold a Board meeting for any reason, (iii)&nbsp;of a proposed acquisition by a competitor and
having certain characteristics, or (iv)&nbsp;that the Board determines that the proposed acquisition
must be approved by our stockholders at a general extraordinary stockholders&#146; meeting, among
others, then the proposed acquisition must be approved by the holders of at least 75% of our
outstanding common Shares at a general extraordinary stockholders&#146; meeting (both in the case of
first and subsequent calls) at which the holders of at least 85% of our outstanding common Shares
are present. In addition, any proposed merger, spin-off, or capital increase or decrease which
results in a change of control must also be approved by the holders of at least 75% of our
outstanding common Shares at a general extraordinary stockholders&#146; meeting (both in the case of
first and subsequent calls) at which the holders of at least 85% of our outstanding common Shares
are present. Pursuant to our bylaws, a &#147;change of control&#148; is defined as the occurrence of any of
the following: (i)&nbsp;the acquisition or transfer of ownership of a majority of our outstanding common
Shares, (ii)&nbsp;the ability of a person, entity or group, other than the person who currently has the
ability to, directly or indirectly, elect a majority of the members of our Board of Directors, to
elect a majority of the members of our Board of Directors or (iii)&nbsp;the ability of a person, entity
or group, other than the person who currently has the ability to, directly or indirectly, determine
our administrative decisions or policies, to determine our administrative decisions or policies. In
the event that the general extraordinary stockholders&#146; meeting must approve the proposed
acquisition, either the Chairman, the Secretary or the Alternate Secretary of our Board of
Directors must publish a call for a general extraordinary stockholders&#146; meeting in the Official
Gazette of the Federation and two other newspapers of general circulation in Mexico City at least
30 calendar days prior to such meeting (both in the case of first and subsequent calls). Once the
call for the general extraordinary stockholders&#146; meeting has been published, all information
related to the agenda for the meeting must be available for review by the holders of common Shares
at the offices of our Secretary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Mandatory Tender Offers in the Case of Certain Acquisitions</I>. If either our Board of Directors
or our stockholders at a general extraordinary stockholders&#146; meeting, as the case may be, authorize
an acquisition of common Shares which increases the acquiror&#146;s ownership to 20% or more, but not
more than 50%, of our outstanding common Shares, without such acquisition resulting in a change of
control, then the acquiror must effect its acquisition by way of a cash tender offer for a
specified number of Shares equal to the greater of (x)&nbsp;the percentage of common Shares intended to
be acquired or (y)&nbsp;10% of our outstanding capital stock. In the event that
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">our stockholders approve
an acquisition that would result in a change of control, the acquiror must effect its acquisition
by way of a cash tender offer for 100% of our total outstanding capital stock at a price which
cannot be lower than the highest of the following: (i)&nbsp;the book value of the common Shares and CPOs
as reported on the last quarterly income statement approved by the Board of Directors, (ii)&nbsp;the
highest closing price of the common Shares, on any stock exchange during any of the three
hundred-sixty-five (365)&nbsp;days preceding the date of the stockholders&#146; resolution approving the
acquisition; or (iii)&nbsp;the highest price paid for any Shares, at any time by the acquiror. All
tender offers must be made in Mexico and the U.S. within 60&nbsp;days following the date on which the
acquisition was approved by our Board of Directors or stockholders&#146; meeting, as the case may be.
All holders must be paid the same price for their common Shares. The provisions of our bylaws
summarized above regarding mandatory tender offers in the case of certain acquisitions are
generally more stringent than those provided for under the Mexican Securities Market Law. In
accordance with the Mexican Securities Market Law, bylaw provisions regarding mandatory tender
offers in the case of certain acquisitions may differ from the requirements set forth in such law,
provided that those provisions are more protective to minority stockholders than those afforded by
law. In these cases, the relevant bylaw provisions, and not the relevant provisions of the Mexican
Securities Market Law, will apply to certain acquisitions specified therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Exceptions</I>. The provisions of our bylaws summarized above will not apply to (i)&nbsp;transfers of
common Shares and/or CPOs by operation of the laws of inheritance, (ii)&nbsp;acquisitions of common
Shares and/or CPOs by any person who, directly or indirectly, is entitled to appoint the greatest
number of members to our Board of Directors, as well as by (A)&nbsp;entities controlled by such person,
(B)&nbsp;affiliates of such person, (C)&nbsp;the estate of such person, (D)&nbsp;certain family members of such
person, and (E)&nbsp;such person, when such person acquires any common Shares and/or CPOs from any
entity, affiliate, person or family member referred to in (A), (B)&nbsp;and (D)&nbsp;above, and (iii)
acquisitions or transfers of common Shares and/or CPOs by us, our subsidiaries or affiliates, or
any trust created by us or any of our subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Amendments to the Antitakeover Provisions</I>. Any amendments to these antitakeover provisions
must be authorized by the CNBV and registered before the Public Registry of Commerce at our
corporate domicile.
</DIV>
<DIV align="left">
<A name="C19172128"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Enforceability of Civil Liabilities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We are organized under the laws of Mexico. Substantially all of our directors, executive
officers and controlling persons reside outside of the U.S., all or a significant portion of the
assets of our directors, executive officers and controlling persons, and substantially all of our
assets, are located outside of the U.S. and some of the experts named in this annual report also
reside outside of the U.S. As a result, it may not be possible for you to effect service of process
within the U.S. upon these persons or to enforce against them or us in U.S. courts judgments
predicated upon the civil liability provisions of the federal securities laws of the U.S. We have
been advised by our Mexican counsel, Mijares, Angoitia, Cort&#233;s y Fuentes, S.C., that there is doubt
as to the enforceability, in original actions in Mexican courts, of liabilities predicated solely
on U.S. federal securities laws and as to the enforceability in Mexican courts of judgments of U.S.
courts obtained in actions predicated upon the civil liability provisions of U.S. federal
securities laws. See &#147;Key Information &#151; Risk Factors &#151; Risks Factors
Related to Our Securities &#151; It May Be Difficult to Enforce Civil Liabilities Against Us or
Our Directors, Executive Officers and Controlling Persons&#148;.
</DIV>
<DIV align="left">
<A name="C19172129"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We have been granted a number of concessions by the Mexican government that authorize us to
broadcast our programming over our television and radio stations and our cable and DTH systems.
These concessions are described under &#147;Information on the Company &#151; Business Overview &#151;
Regulation&#148;. If we are unable to renew, or if the Mexican government revokes, any of the
concessions for our significant television stations, our business would be materially adversely
affected. See &#147;Key Information &#151; Risk Factors &#151; Risk Factors Related to Our Business &#151; The
Operation of Our Business May Be Terminated or Interrupted if the Mexican Government Does Not Renew
or Revokes Our Broadcast or Other Concessions&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We operate our DTH satellite service in Mexico and Central America through a partnership with
DIRECTV. See &#147;Information on the Company &#151; Business Overview &#151; DTH Ventures&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In May&nbsp;2007, we issued Ps.4,500.00&nbsp;million aggregate principal amount of 8.49% Senior Notes
due 2037. In May&nbsp;2008, we issued U.S.$500.0&nbsp;million aggregate principal amount of 6.0% Senior Notes
due 2018. In November&nbsp;2009, we issued U.S.$600.0&nbsp;million aggregate principal amount of 6.625%
Senior Notes due 2040. In October&nbsp;2010, we issued Ps.10,000&nbsp;million aggregate principal amount of
7.38% Senior Notes due 2020. In March&nbsp;2011, we entered into long-term credit agreements with four
Mexican banks in the aggregate principal amount of Ps.8,600&nbsp;million. For a description of the
material terms of the amended indentures related to our 8% Senior Notes due 2011, our 8.5% Senior
Notes due 2032, our 6 5/8% Senior Notes due 2025, our 8.49% Senior Notes due 2037, our 6.0% Senior
Notes due 2018, our 6.625% Senior Notes due 2040, our 7.38% Senior Notes due 2020, our facilities
with a Mexican bank, our Ps.8,600&nbsp;million long-term credit agreements with four Mexican banks, with
annual interest rate between 8.09% and 9.4% and principal maturities between 2016 and 2021 and our
Ps.1,000&nbsp;million long-term credit agreement, see &#147;Operating and Financial Review and Prospects &#151;
Results of Operations &#151; Liquidity, Foreign Exchange and Capital Resources &#151; Refinancings&#148; and
&#147;Operating and Financial Review and Prospects &#151; Results of Operations &#151; Liquidity, Foreign
Exchange and Capital Resources &#151; Indebtedness&#148;.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In December&nbsp;2007, our subsidiary, Sky, and Sky Brasil reached an agreement with Intelsat
Corporation and Intelsat LLC, to build and launch a new 24-transponder satellite, IS-16. The
agreement contemplates payment of a one-time fixed fee in the aggregate amount of U.S.$138.6
million that was paid in two installments, the first in the first quarter of 2010, and the second
in the first quarter of 2011, as well as a monthly service fee of U.S.$150,000 commencing on the
service start date. In March&nbsp;2010, Sky reached an agreement with a subsidiary of Intelsat to lease
24 transponders on Intelsat IS-21 satellite which will be mainly used for signal reception and
retransmission services over the satellite&#146;s estimated 15-years service life. IS-21 satellite
intends to replace Intelsat IS-9 as Sky&#146;s primary transmission satellite and is currently expected
to start service in the third quarter of 2012.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In December&nbsp;2007, our indirect majority-owned subsidiary, Cablestar, completed the acquisition
of shares of companies owning the majority of the assets of Bestel, a privately held,
facilities-based telecommunications company in Mexico, for U.S.$256.0&nbsp;million in cash plus an
additional capital contribution of U.S.$69.0&nbsp;million. In connection with the financing of the
acquisition of the majority of the assets of Bestel, Cablevisi&#243;n, Cablem&#225;s and TVI, which as of
December&nbsp;2007, held 69.2%, 15.4% and 15.4% of the equity stock of Cablestar, respectively, each
entered into five year term loan facilities for U.S.$225.0&nbsp;million, U.S.$50.0&nbsp;million and U.S.$50.0
million, respectively. Bestel focuses on providing voice, data and managed services to domestic and
international carriers and to the enterprise, corporate and government segments in both Mexico and
the United States. In July&nbsp;2009, TVI prepaid the loan facility through an exchange with the Company
of such loan receivable for the 15.4% interest TVI held in Cablestar and for Ps.85.58&nbsp;million in
cash. In November&nbsp;2010 and March&nbsp;2011, Cablem&#225;s and Cablevisi&#243;n prepaid in full the oustanding
balance of the U.S.$50.0&nbsp;million and U.S.$225.0&nbsp;million loan facilities, respectively. 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, Nogales,
Arizona and San Diego, California in the United States. This enables the company to provide high
capacity connectivity between the United States and Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On February&nbsp;15, 2010, we entered into an Investment and Securities Subscription Agreement, or
Investment Agreement, with NII pursuant to which we agreed to invest U.S.$1.44&nbsp;billion in cash for
a 30% equity interest in Nextel Mexico. Our investment and other transactions contemplated by the
Investment Agreement were conditioned upon the consortium formed by Nextel Mexico and the Group
being awarded licenses to use specified amounts of spectrum in the spectrum auctions held in Mexico
during 2010, and other customary closing conditions. In October&nbsp;2010, we and NII announced that we
had mutually agreed to terminate the Investment Agreement and other related agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On March&nbsp;18, 2010, Telef&#243;nica, Editora Factum, S.A. de C.V., a wholly-owned subsidiary of the
Company, and Megacable agreed to jointly participate, through a consortium, in the public bid for a
pair of dark fiber wires held by the CFE (<I>Comisi&#243;n Federal de Electricidad</I>). On June&nbsp;9, 2010, the
SCT granted the consortium a favorable award in the bidding process for a 20&nbsp;year contract for the
lease of approximately 19,457 kilometers of dark fiber-optic capacity, along with a corresponding
concession, granted on July&nbsp;5, 2010, to operate a public telecommunications network using DWDM
technology. The consortium, through GTAC, in which each of Telef&#243;nica, Editora Factum and Megacable
has an equal equity participation, paid Ps.883.8&nbsp;million as consideration for the concession. GTAC
plans to have the network
ready to offer commercial services around the end of 2011. The total investment in GTAC made
by the consortium in 2010 was Ps.1.3&nbsp;billion and there will be further investments in 2011, in an
approximate amount of Ps.700&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On April&nbsp;7, 2011, we entered into a transaction pursuant to which CVQ, our wholly-owned
subsidiary, acquired from MMI (i)&nbsp;the trust beneficiary rights to 1.093875% of the outstanding
shares of stock of GSF, which indirectly owns 100% of the outstanding shares of Iusacell, for an
aggregate purchase price of approximately U.S.$37.5&nbsp;million; and (ii)&nbsp;the GSF convertible
debentures, issued by GSF and mandatorily convertible into shares of stock of GSF, in an aggregate
principal amount of approximately U.S.$365&nbsp;million of the Series&nbsp;1 tranche thereof and U.S.$1,200
million of the Series&nbsp;2 tranche thereof, for an aggregate investment in the GSF convertible
debentures of approximately U.S.$1,565&nbsp;million. The trust beneficiary rights and the Series&nbsp;1
Debentures were paid in cash on April&nbsp;7, 2011. The Series&nbsp;2 Debentures are payable in cash by us no
later than October&nbsp;31, 2011 (in a single up-front installment or in multiple installments). As of
June&nbsp;28, 2011, U.S.$600.0 million of the amount payable in respect of the Series&nbsp;2 Debentures had
been paid, and U.S.$600.0 million remains to be paid no later than October&nbsp;31, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We also agreed to make an additional payment of U.S.$400&nbsp;million to Iusacell if Iusacell&#146;s
EBITDA reaches U.S.$3,472&nbsp;million at any time from January&nbsp;1, 2011 to December&nbsp;31, 2015. Upon
conversion of the GSF convertible debentures, CVQ will own 50% of the outstanding shares of stock
of GSF and, indirectly, 50% of the outstanding shares of Iusacell, and we and GSTelecom, the owner
of the remaining 50% of the GSF stock, will have equal corporate governance rights. The conversion
of the GSF convertible debentures is only subject to the approval of the Mexican Antitrust Commission.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our transactions and arrangements with related parties are described under &#147;Major Stockholders
and Related Party Transactions &#151; Related Party Transactions&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For a description of our material transactions and arrangements with Univision, see
&#147;Information on the Company &#151; Business Overview &#151; Univision&#148;.
</DIV>
<DIV align="left">
<A name="C19172130"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In October&nbsp;2001, a claim for damages was filed in connection with an alleged copyright
infringement on a technical written work titled <I>La Lupa</I>, or <I>Catch the Clue</I>. In November&nbsp;2002, a
final judgment was entered against us whereby we were declared liable for an amount equal to 40% of
the income generated from such work. In January&nbsp;2005, a motion to enforce the final judgment, or
the Final Motion, was filed. The Final Motion was resolved and the amount of liability set by the
Court was Ps.138.1&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">After several appeals, on March&nbsp;4, 2010 the Seventh Court of Appeals of the &#147;Tribunal Superior
de Justicia del DF&#148; (Supreme Court of the Federal District) revoked the amount of liability set by
the court and as a result the judge determined the amount of liability set by the court rises to
the amount of Ps.901.2 thousand. The plaintiff appealed such decision. On March&nbsp;17, 2011, the First
Federal Collegiate Court in Civil Matters issued a final judgment denying such appeal and
reaffirming the Seventh Court of Appeals decision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The executor of the estate of Mr.&nbsp;Ernesto Alonso (&#147;Executor&#148;) filed a lawsuit in Mexico
seeking to invalidate an agreement pursuant to which Mr.&nbsp;Alonso assigned to us all the rights to
more than 170 scripts written by him. The Executor alleges, among other things, that the term of
such agreement exceeds the term permitted under the Mexican Federal Copyright Law. We believe the
Executor&#146;s claims are without merit and will defend our position vigorously.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On January&nbsp;22, 2009, the Company and Univision announced an amendment to the Program License
Agreement (the &#147;PLA&#148;), between Televisa, S.A. de C.V. (&#147;Televisa&#148;), a subsidiary of the Company,
and Univision.
In connection with this amendment and in return for certain other consideration, Televisa and
Univision agreed to dismiss certain claims that were pending in the U.S. District Court for the
Central District of California, with the exception of a counterclaim filed by Univision in October
2006, whereby it sought a judicial declaration that on or after December&nbsp;19, 2006, pursuant to the
PLA, Televisa may not transmit or permit others to transmit any television programming into the
United States by means of the Internet. This counterclaim was subsequently dismissed in connection
with a further amendment to the PLA and other transactions between Univision and the Company
completed in December&nbsp;2010. For a description of the transactions entered into between Univision
and the Company and completed in December&nbsp;2010, see &#147;Information on the Company &#151; Business Overview &#151; Univision.&#148;
</DIV>
<DIV align="left">
<A name="C19172131"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For a description of exchange controls and exchange rate information, see &#147;Key Information &#151;
Exchange Rate Information&#148;.
</DIV>
<DIV align="left">
<A name="C19172132"></A>
</DIV>

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


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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>General. </I></B>The following is a summary of the anticipated material U.S. federal income tax
consequences of the purchase, ownership and disposition of GDSs, CPOs and the A Shares, B Shares, L
Shares and D Shares underlying the CPOs (referred to herein as the &#147;Underlying Shares&#148;), in each
case, except as otherwise noted, by U.S. Holders (as defined below). This discussion does not
address all aspects of U.S. federal income taxation that may be relevant to a particular beneficial
owner of GDSs, CPOs or Underlying Shares based on the beneficial owner&#146;s particular circumstances.
For example, with respect to U.S. Holders, the following discussion does not address the U.S.
federal income tax consequences to a U.S. Holder:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that owns, directly, indirectly or through attribution, 2% or more of
the total voting power or value of our outstanding Underlying Shares
(including through ownership of GDSs);</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that is a dealer in securities, insurance company, financial
institution, tax-exempt organization, U.S. expatriate, broker-dealer
or trader in securities; or</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whose functional currency is not the U.S. Dollar.</TD>
</TR>

</TABLE>
</DIV>


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

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Also, this discussion does not consider:
</DIV>
<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the tax consequences to the stockholders, partners or beneficiaries of a U.S. Holder; or</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>special tax rules that may apply to a U.S. Holder that holds GDSs, CPOs or Underlying
Shares as part of a &#147;straddle,&#148; &#147;hedge,&#148; &#147;conversion transaction,&#148; &#147;synthetic security&#148;
or other integrated investment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In addition, the following discussion does not address any aspect of state, local or non-U.S.
tax laws other than Mexican tax laws, and does not address any tax consequences of the newly
enacted Medicare tax on certain investment income. Further, this discussion generally applies only
to U.S. Holders that hold the CPOs, GDSs or Underlying Shares as capital assets within the meaning
of Section&nbsp;1221 of the U.S. Internal Revenue Code of 1986, as amended (referred to herein as the
&#147;Code&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The discussion set forth below is based on the U.S. federal income tax laws as in force on the
date of this annual report, including:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Code, applicable U.S. Treasury regulations and judicial and administrative interpretations, and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the convention between the Government of the United States of America and the Government of the
United Mexican States for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion
with respect to Taxes on Income, including the applicable protocols, collectively referred to
herein as the &#147;U.S.-Mexico Tax Treaty,&#148; and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is subject to changes to those laws and the U.S.-Mexico Tax Treaty subsequent to the date of this
annual report, which changes could be made on a retroactive basis, and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is also based, in part, on the representations of the Depositary with respect to the GDSs and on
the assumption that each obligation in the Deposit Agreement relating to the GDSs and any related
agreements will be performed in accordance with their terms.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As used in this section, the term &#147;U.S. Holder&#148; means a beneficial owner of CPOs, GDSs or
Underlying Shares that is, for U.S. federal income tax purposes:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a citizen or individual resident of the United States;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an estate the income of which is included in gross income for U.S. federal income tax purposes regardless of source; or</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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: 10pt; text-indent: 4%">If a partnership (or an entity or arrangement classified as a partnership for U.S. federal
income tax purposes) holds CPOs, GDSs or Underlying Shares, the U.S. federal income tax treatment
of a partner in the partnership generally will depend on the status of the partner and the
activities of the partnership, and partnerships holding CPOs, GDSs or Underlying Shares should
consult their own tax advisors regarding the U.S. federal income tax consequences of purchasing,
owning and disposing of CPOs, GDSs or Underlying Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">An individual may be treated as a resident of the United States in any calendar year for U.S.
federal income tax purposes by being present in the United States on at least 31&nbsp;days in that
calendar year and for an aggregate of at least 183&nbsp;days during a three-year period ending at the
close of that year. For purposes of this calculation, all of the days present in the current year,
one-third of the days present in the immediately preceding year and one-sixth of the days present
in the second preceding year would be counted. Residents are taxed for U.S. federal income purposes
as if they were U.S. citizens.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The application of the U.S.-Mexico Tax Treaty to U.S. Holders is conditioned upon, among other
things, the assumptions that the U.S. Holder:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is not a resident of Mexico for purposes of the U.S.-Mexico Tax Treaty;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is an individual who has a substantial presence in the United States;</TD>
</TR>

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is entitled to the benefits of the U.S.-Mexico Tax Treaty under the limitation on benefits
provision contained in Article&nbsp;17 of the U.S.-Mexico Tax Treaty; and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>does not have a fixed place of business or a permanent establishment in Mexico with which its
ownership of CPOs, GDSs or Underlying Shares is effectively connected.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For U.S. federal income tax purposes, U.S. Holders of GDSs and CPOs will be treated as the
beneficial owners of the Underlying Shares represented by the GDSs and CPOs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Dividends. </I></B>Any distribution paid by us, including the amount of any Mexican taxes withheld,
will be included in the gross income of a U.S. Holder as a dividend, treated as ordinary income, to
the extent that the distribution is paid out of our current and/or accumulated earnings and
profits, as determined under U.S. federal income tax principles. U.S. Holders will not be entitled
to claim a dividends received deduction for dividends received from us. Distributions that are
treated as dividends received from us in taxable years beginning before January&nbsp;1, 2013 by a
non-corporate U.S. Holder who meets certain eligibility requirements will qualify for U.S. federal
income taxation at a reduced rate of 15% or lower if we are a &#147;qualified foreign corporation&#148;. We
generally will be a &#147;qualified foreign corporation&#148; if either (i)&nbsp;we are eligible for benefits
under the U.S.-Mexico Tax Treaty or (ii)&nbsp;the Underlying Shares or GDSs are listed on an established
securities market in the United States. As we are eligible for benefits under the U.S.-Mexico Tax
Treaty and the GDSs are listed on the New York Stock Exchange, we presently are a &#147;qualified
foreign corporation,&#148; and we generally expect to be a &#147;qualified foreign corporation&#148; during such
taxable years, but no assurance can be given that a change in circumstances will not affect our
treatment as a &#147;qualified foreign corporation&#148; in any of such taxable years. A non-corporate U.S.
Holder will not be eligible for the reduced rate (a)&nbsp;if the U.S. Holder has not held the Underlying
Shares, CPOs or GDSs for at least 61&nbsp;days of the 121-day period beginning on the date which is 60
days before the ex-dividend date, (b)&nbsp;to the extent the U.S. Holder is under an obligation to make
related payments on substantially similar or related property or (c)&nbsp;with respect to any portion of
a dividend that is taken into account as investment income under Section&nbsp;163(d)(4)(B) of the Code.
Any days during which a U.S. Holder has diminished the U.S. Holder&#146;s risk of loss with respect to
the Underlying Shares, CPOs or GDSs (for example, by holding an option to sell such Underlying
Shares, CPOs or GDSs) are not counted towards meeting the 61-day holding period. Special rules
apply in determining the foreign tax credit limitation with respect to dividends subject to U.S.
federal income taxation at the reduced rate. U.S. Holders should consult their own tax advisors
concerning whether dividends received by them qualify for the reduced rate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">To the extent, if any, that the amount of a distribution exceeds our current and/or
accumulated earnings and profits, the distribution will first reduce the U.S. Holder&#146;s adjusted tax
basis in its Underlying Shares, CPOs or GDSs and, to the extent the distribution exceeds the U.S.
Holder&#146;s adjusted tax basis, it will be treated as gain from the sale of the U.S. Holder&#146;s
Underlying Shares, CPOs or GDSs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The U.S. Dollar value of any dividends paid in Pesos, including the amount of any Mexican
taxes withheld, will be calculated by reference to the interbank exchange rate in effect on the
date of receipt by the U.S. Holder or, with respect to the GDSs, The Bank of New York Mellon, in
its capacity as Depositary, regardless of whether the payment is in fact converted into U.S.
Dollars. U.S. Holders should consult their own tax advisors regarding the treatment of any foreign
currency gain or loss on any dividends paid in Pesos that are not converted into U.S. Dollars on
the day the Pesos are received. For U.S. foreign tax credit purposes, dividends distributed by us
on CPOs, GDSs or Underlying Shares generally will constitute foreign source &#147;passive income&#148; or, in
the case of some U.S. Holders, foreign source &#147;general category income&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In general, pro rata distributions of additional shares with respect to the Underlying Shares
that are part of a pro rata distribution to all of our stockholders generally (including U.S.
Holders of GDSs) will not be subject to U.S. federal income tax.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A beneficial owner of CPOs, GDSs or Underlying Shares that is not a U.S. Holder and is not a
partnership (or an entity or arrangement classified as a partnership for U.S. federal income tax
purposes) will not be subject to U.S. federal income or withholding tax on a dividend paid with
respect to the CPOs, GDSs or the Underlying Shares, unless the dividend is effectively connected
with the conduct by the beneficial owner of a trade or business in the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Capital Gains. </I></B>Gain or loss recognized by a U.S. Holder on a taxable sale or exchange of CPOs,
GDSs or Underlying Shares will be subject to U.S. federal income taxation as capital gain or loss
in an amount equal to the difference between the amount realized on the sale or exchange and the
U.S. Holder&#146;s adjusted tax basis in the CPOs, GDSs or Underlying Shares. Such capital gain or loss
generally will be long-term capital gain or loss if the CPOs, GDSs or Underlying Shares have been
held for more than one year at the time of disposition.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Such capital gains generally will be U.S. source income, unless the gains are subject to
Mexican taxation, in which case such gains generally will be treated as arising in Mexico under the
U.S.-Mexico Tax Treaty. If capital gains are subject to Mexican taxation under the U.S.-Mexico Tax
Treaty, a U.S. Holder generally may elect to treat such gains as foreign source income for U.S.
foreign tax credit limitation purposes. However, any such Mexican taxes may not be used to offset
U.S. federal income tax on any other item of income, and foreign taxes on any other item of income
cannot be used to offset U.S. federal income tax on such gains. U.S. Holders should consult their
tax advisors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Capital losses recognized on the sale or exchange of CPOs, GDSs or Underlying Shares generally
will offset U.S. source income. Deposits and withdrawals of CPOs for GDSs and of Underlying Shares
for CPOs by U.S. Holders will not be subject to U.S. federal income tax.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A beneficial owner of CPOs, GDSs or Underlying Shares that is not a U.S. Holder and is not a
partnership (or an entity or arrangement classified as a partnership for U.S. federal income tax
purposes) generally will not be subject to U.S. federal income tax on gain recognized on a sale or
exchange of CPOs, GDSs or Underlying Shares unless:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the gain is effectively connected with the beneficial owner&#146;s conduct of a trade or business in the United States; or</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the beneficial owner is an individual who holds CPOs, GDSs or Underlying Shares as a capital asset, is present in
the United States for 183&nbsp;days or more in the taxable year of the sale or exchange and meets other requirements.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>U.S. Backup Withholding. </I></B>A U.S. Holder may be subject to U.S. information reporting and U.S.
backup withholding on dividends paid on Underlying Shares, and on proceeds from the sale or other
disposition of CPOs, GDSs or Underlying Shares, unless the U.S. Holder:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>comes within an exempt category; or</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provides a taxpayer identification number, certifies as to no loss of
exemption from backup withholding tax and otherwise complies with the
applicable requirements of the backup withholding rules.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The amount of any backup withholding will be allowed as a credit against the U.S. Holder&#146;s
U.S. federal income tax liability and may entitle such holder to a refund, provided, however, that
certain required information is timely furnished to the U.S. Internal Revenue Service. A beneficial
owner of CPOs, GDSs or Underlying Shares that is not a U.S. Holder may be required to comply with
certification and identification procedures in order to establish its exemption from backup
withholding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to recently enacted legislation, individuals who are U.S. Holders, and who hold
&#147;specified foreign financial assets&#148; (as defined), including GDSs, CPOs and Underlying Shares, that
are not held in an account maintained by a U.S. &#147;financial institution&#148; (as defined) and whose
aggregate value exceeds $50,000 during the tax year, may be required to attach to their tax returns
for the year certain specified information. An individual who fails to timely furnish the required
information may be subject to a penalty. Additionally, in the event a U.S. Holder does not file the
required information, the statute of limitations on the assessment and collection of U.S. federal
income taxes of such U.S. Holder for the related tax year may not close before such information is
filed. Under certain circumstances, an entity may be treated as an individual for purposes of the
foregoing rules. U.S. Holders should consult their own tax advisors regarding their reporting
obligations under this legislation.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>General. </I></B>The following is a general summary of the principal tax consequences under the
Mexican Income Tax Law, Flat Rate Business Tax Law, Federal Tax Code and rules as currently in
effect (the &#147;Mexican Tax Legislation&#148;), all of which are subject to change or interpretation, and
under the U.S.-Mexico Tax Treaty, of the purchase, ownership and disposition of CPOs, GDSs or
underlying A Shares, B Shares, L Shares and D Shares by a person that is not a resident of Mexico
for tax purposes, as defined below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">U.S. Holders should consult with their own tax advisors as to their entitlement to benefits
afforded by the U.S.-Mexico Tax Treaty. Mexico has also entered into and is negotiating with
various countries regarding other tax treaties that may have an effect on the tax treatment of
CPOs, GDSs or underlying shares. Holders should consult with their tax advisors as to their
entitlement to the benefits afforded by these treaties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This discussion does not constitute, and shall not be considered as, legal or tax advice to
holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">According to the Mexican Tax Legislation:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an individual is a Mexican tax resident if the individual has
established his permanent home in Mexico. When an individual, in
addition to his permanent home in Mexico, has a permanent home in
another country, the individual will be a Mexican tax resident if his
center of vital interests is located in Mexico. This will be deemed to
occur if, among other circumstances, either (i)&nbsp;more than 50% of the
total income obtained by the individual in the calendar year is
Mexican source or (ii)&nbsp;when the individual&#146;s center of professional
activities is located in Mexico. Mexican nationals who filed a change
of tax residence to a country or jurisdiction that does not have a
comprehensive exchange of information agreement with Mexico in which
her/his income is subject to a preferred tax regime pursuant to the
provisions of the Mexican Income Tax Law, will be considered Mexican
residents for tax purposes during the year of filing of the notice of
such residence change and during the following three years. Unless
otherwise proven, a Mexican national is considered a Mexican tax
resident;</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a legal entity is considered a 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 style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a foreign person with a permanent establishment in Mexico will be
required to pay taxes in Mexico in accordance with the Mexican Tax
Legislation for income attributable to such permanent establishment;
and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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: 10pt; text-indent: 4%"><B><I>Dividends. </I></B>Dividends, either in cash or in any other form, paid with respect to the shares
underlying the CPOs, including those CPOs represented by GDSs, will not be subject to Mexican
withholding tax.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">When dividends are paid from our &#147;previously taxed net earnings account,&#148; or &#147;<I>cuenta de
utilidad fiscal neta</I>,&#148; we will not be required to pay any Mexican corporate income tax on the
dividends. During 2011, if dividends are not paid from our &#147;previously taxed net earnings account,&#148;
we will be required to pay a 30% Mexican corporate income tax (&#147;CIT&#148;) on the dividends multiplied
by 1.4286.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Sales or Other Dispositions. </I></B>Deposits and withdrawals of CPOs for GDSs and of underlying A
Shares, B Shares, L Shares and D Shares for CPOs will not give rise to Mexican tax or transfer
duties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Generally, the sale or other disposition of CPOs, GDSs or underlying A Shares, L Shares and D
Shares will not be subject to any Mexican income tax if the sale is carried out through the Mexican
Stock Exchange (or a recognized securities market located in a country with which Mexico has
entered into a tax treaty) fulfilling the requirements established in the Mexican Tax Legislation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Sales or other dispositions of CPOs, GDSs or underlying A Shares, B Shares, L Shares and D
Shares made in other circumstances would be subject to Mexican income tax. However, under the
U.S.-Mexico Tax Treaty, any U.S. Holder that is eligible to claim the benefits of the U.S.-Mexico
Tax Treaty may be exempt from Mexican tax on gains realized on a sale or other disposition of CPOs
and shares underlying the CPOs in a transaction that is not carried out through the Mexican Stock
Exchange or such other approved securities markets. The U.S. Holder will be exempt under the
U.S.-Mexico Tax Treaty if the U.S. Holder did not own directly or indirectly 25% or more of the our
outstanding shares within the 12-month period preceding such sale or disposition. Gains realized by
other Holders that are eligible to receive benefits pursuant to other income tax treaties to which
Mexico is a party may be exempt from Mexican income tax in whole or in part. Non-U.S. Holders
should consult their own tax advisors as to their possible eligibility under such other income tax
treaties. Appropriate tax residence certifications must be obtained by Holders eligible for tax
treaty benefits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Other Mexican Taxes. </I></B>There are no estate, gift, or succession taxes applicable to the
ownership, transfer or disposition of CPOs, GDSs or underlying A Shares, B Shares, L Shares and D
Shares. However, a gratuitous transfer of CPOs, GDSs or underlying A Shares, B Shares, L Shares and
D Shares may, in some circumstances, result in the imposition of a Mexican federal tax upon the
recipient. There are no Mexican stamp, issuer, registration or similar taxes or duties payable by
holders of GDSs, CPOs, or underlying A Shares, B Shares, L Shares and D Shares.
</DIV>
<DIV align="left">
<A name="C19172133"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Documents on Display</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For further information with respect to us and our CPOs and GDSs, we refer you to the filings
we have made with the SEC. Statements contained in this annual report concerning the contents of
any contract or any other document are not necessarily complete. If a contract or document has been
filed as an exhibit to any filing we have made with the SEC, we refer you to the copy of the
contract or document that has been filed. Each statement in this annual report relating to a
contract or document filed as an exhibit to any filing we have made with the SEC is qualified in
its entirety by the filed exhibit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company 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
the Company with the SEC can be inspected and copied at the public reference facilities maintained by
the SEC at its Public Reference Room at 100 F Street, N.E., Room&nbsp;1580, Washington, D.C. 20549.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">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: 10pt; text-indent: 4%">We furnish The Bank of New York Mellon, the depositary for our GDSs, with annual reports in
English. These reports contain audited consolidated financial statements that have been prepared in
accordance with Mexican FRS, and include reconciliations of net income and stockholders&#146; equity to
U.S. GAAP. The historical financial statements included in these reports have been examined and
reported on, with an opinion expressed by, an independent auditor. The depositary is required to
mail our annual reports to all holders of record of our GDSs. The Deposit Agreement for the GDSs
also requires us to furnish the depositary with English translations of all notices of
stockholders&#146; meetings and other reports and communications that we send to holders of our CPOs.
The depositary is required to mail these notices, reports and communications to holders of record
of our GDSs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As a foreign private issuer, we are not required to furnish proxy statements to holders of our
CPOs or GDSs in the U.S.
</DIV>
<DIV align="left">
<A name="C19172134"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;11. Quantitative and Qualitative Disclosures About Market Risk</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Market Risk Disclosures</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Market risk is the exposure to an adverse change in the value of financial instruments caused
by market factors including changes in equity prices, interest rates, foreign currency exchange
rates, commodity prices and inflation rates. The following information includes &#147;forward-looking
statements&#148; that involve risks and uncertainties. Actual results could differ from those presented.
Unless otherwise indicated, all information below is presented on a Mexican FRS basis in constant
Pesos in purchasing power as of December&nbsp;31, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Risk Management. </I></B>We are exposed to market risks arising from changes in equity prices,
interest rates, foreign currency exchange rates and inflation rates, in both the Mexican and U.S.
markets. Our risk management activities are monitored by our Risk Management Committee and reported
to our Executive Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We monitor our exposure to interest rate risk by: (i)&nbsp;evaluating differences between interest
rates on our outstanding debt and short-term investments and market interest rates on similar
financial instruments; (ii)&nbsp;reviewing our cash flow needs and financial ratios (interest coverage);
(iii)&nbsp;assessing current and forecasted trends in the relevant markets; and (iv)&nbsp;evaluating peer
group and industry practices. This approach allows us to establish the optimal interest rate &#147;mix&#148;
between variable and fixed rate debt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Foreign currency exchange risk is monitored by assessing our net monetary liability position
in U.S. Dollars and our forecasted cash flow needs for anticipated U.S. Dollar investments and
servicing our U.S. Dollar-denominated debt. Equity price risk is assessed by evaluating the
long-term value of our investment in both domestic and foreign affiliates, versus comparable
investments in the marketplace. We classify our equity investments in affiliates, both domestic and
foreign, as long-term assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In compliance with the procedures and controls established by our Risk Management Committee,
in 2008, 2009, and 2010, we entered into certain derivative transactions with certain financial
institutions in order to manage our exposure to market risks resulting from changes in interest
rates, foreign currency exchange rates, inflation rates and the price of our common stock. Our
objective in managing foreign currency and inflation fluctuations is to reduce earnings and cash
flow volatility. See Notes 1(p) and 9 to our consolidated year-end financial statements.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Foreign Currency Exchange Rate Risk and Interest Rate Risk</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In connection with the Senior Notes due 2011, 2025 and 2032 and Sky&#146;s Senior Notes due 2013,
in 2004 we entered into cross-currency interest rate swap agreements, or &#147;coupon swaps&#148;, that allow
us to hedge against Peso depreciation on the interest payments for a period of five years. As a
result of the tender of the Senior Notes due 2011, we reclassified part of the &#147;coupon swap&#148;
agreements to the Senior Notes due 2025. During the second quarter of 2005, we entered into
additional &#147;coupon swaps&#148; with a notional amount of U.S.$242.0&nbsp;million. In November&nbsp;2005, we
entered into option contracts that allow our counterparty to extend the maturity of such &#147;coupon
swaps&#148; for an additional year on a notional amount of U.S.$890.0&nbsp;million. In January&nbsp;2008, we
terminated part of these option contracts early with respect to a notional amount of U.S.$200.0
million and with no material additional gain or loss. The remaining option contracts on a notional
amount of U.S.$690.0&nbsp;million expired unexercised by the financial institution in March&nbsp;2009, and we
recognized the benefit of unamortized premiums. In March&nbsp;2009 and March&nbsp;2010 all the &#147;coupon swaps&#148;
entered into in 2004 and 2005 expired and we recorded the change in fair value and all the cash
flows related to these transactions in the integral cost of financing (foreign exchange gain or
loss) during the life of the instruments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In August&nbsp;2009, we entered into &#147;coupon swaps&#148; agreements to hedge in its entirety the
interest payments for the Senior Notes due 2018, 2025 and 2032 from the second semester of 2009 to
the first semester of 2011. Also, in December&nbsp;2009 and January&nbsp;2010, in connection with the Senior
Notes due 2040 we entered into &#147;coupon swaps&#148; agreements on a notional amount of U.S.$600.0&nbsp;million
with an expiration date of July&nbsp;2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Finally, in January and February&nbsp;2011, we entered into &#147;coupon swaps&#148; agreements to hedge in
its entirety the interest payments for the Senior Notes due 2018, 2025, 2032 and 2040 from the
second semester of 2011 to the first semester of 2012. As of May&nbsp;31, 2011, the outstanding
cross-currency interest rate swap agreements have a notional amount corresponding to U.S.$2,000.0
million of the principal amount of the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of May&nbsp;31, 2011, the net fair value of the cross-currency interest rate swap agreements
including the option contracts was a (liability)&nbsp;asset of U.S.$(9.9) million, U.S.$(6.0) million as
of December&nbsp;31, 2010 and U.S.$2.4&nbsp;million as of December&nbsp;31, 2009. As of May&nbsp;31, 2011, the increase
in the potential loss in fair value for such instruments from a hypothetical 10% adverse change in
quoted Mexican Peso exchange rate would be approximately U.S.$14.5&nbsp;million, U.S.$9.3&nbsp;million as of
December&nbsp;31, 2010 and U.S.$18.7&nbsp;million as of December&nbsp;31, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During May&nbsp;2007, November&nbsp;2007 and October&nbsp;2010 in connection with and ahead of the issuance
of the Senior Notes due 2037, the Senior Notes due 2018 and the &#147;Certificados Burs&#225;tiles&#148; (CEBURES)
due 2020 we entered into agreements that allow us to hedge against increases in the U.S. Treasury
interest rates, and to hedge against increases on the M Bono interest rates on the pricing date of
the Notes and CEBURES for a notional amount of Ps.2,000.0&nbsp;million, U.S.$150.0&nbsp;million and Ps.4,500
million, respectively. These hedges resulted in an accumulated net loss of U.S.$1.8&nbsp;million, a net
gain of Ps.45.1&nbsp;million and a net loss of Ps.39.9&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During March&nbsp;2011, in connection with the amortizable variable rate loan with HSBC due 2018,
we entered into interest rate swap agreements on a notional amount of Ps.2,500.0&nbsp;million. These
agreements involve the exchange of interest payments based on a variable interest rate for amounts
based on fixed rates. These agreements allowed us to fix the coupon payments for a period of seven
years at an interest rate of 8.6075%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of May&nbsp;31, 2011, the net fair value of the interest rate swap was a (liability)&nbsp;asset of
Ps.(96.1) million. The potential loss in fair value for such instruments from a hypothetical 50 bps
adverse change in market interest rates would be approximately Ps.65.0&nbsp;million. This sensitivity
analysis assumes a downward parallel shift in the Mexican Interest Rate Swaps Yield Curve.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In connection with Sky&#146;s variable rate bank loans guaranteed by Televisa, in December&nbsp;2006, we
entered into forward starting interest rate swap agreements on a notional amount of Ps.1,400.0
million. These agreements involve the exchange of amounts based on a variable interest rate for an
amount based on fixed rates, without exchange of the notional amount upon which the payments are
based. These agreements allowed us to fix the coupon payments for a period of seven years at an
interest rate of 8.415% starting in April&nbsp;2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of May&nbsp;31, 2011, the net fair value of the interest rate swap was a (liability)&nbsp;asset of
Ps.(109.4) million and Ps.(102.5) million as of December&nbsp;31, 2010. As of May&nbsp;31, 2011, the
potential loss in fair value for such instruments from a hypothetical 50 bps adverse change in
market interest rates would be approximately Ps.31.3&nbsp;million and Ps.33.4&nbsp;million as of December&nbsp;31,
2010. This sensitivity analysis assumes a downward parallel shift in the Mexican Interest Rate
Swaps Yield Curve.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In December&nbsp;2007, in connection with the Empresas Cablevisi&#243;n variable rate loan denominated
in U.S. Dollars and due 2012, we entered into a cross-currency swap agreement on a nominal amount
of U.S.$225.0&nbsp;million. This agreement involves the exchange of variable rate coupon payments in
U.S. Dollars for fixed rate coupon payments in Pesos, and the principal amount in U.S. Dollars for
a principal amount in Pesos. The principal amount for the final exchange is Ps.2,435.0&nbsp;million with
an interest rate of 8.365% for the coupon payments. In March&nbsp;2011, the variable rate loan was
prepaid and this agreement was early terminated.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of December&nbsp;31, 2010, the net fair value of the cross-currency swap was an asset of
U.S.$15.3&nbsp;million. As of December&nbsp;31, 2010, the potential loss in fair value for such instruments
from a hypothetical 10% adverse change in quoted Mexican Peso exchange rate would be approximately
U.S.$21.2&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In connection with the Senior Notes due 2015 in 2005, 2006 and 2007, Cablem&#225;s entered into a
forward and a cross-currency interest rate swap agreement on a notional amount of U.S.$175.0
million, as amended, with a U.S. financial institution to hedge against Peso depreciation on the
interest payments and the nominal final exchange. In 2005, Cablem&#225;s entered into a swaption
agreement that allows its counterparty in December&nbsp;2010 to float the coupon payments in the
cross-currency interest rate swap through 2015. In February&nbsp;2010, Cablem&#225;s cancelled the forward
and cross-currency interest rate swap agreements, which were replaced with a cross-currency swap
agreement and an interest rate swap agreement to cover the same exchange rate exposure involving
the coupon and principal payments for the same notional amount of U.S.$175.0&nbsp;million with the same
due date of 2015. Cablem&#225;s recorded the change in fair value of these transactions in the integral
cost of financing (foreign exchange gain or loss). In November&nbsp;2010, the Senior Notes were called
and these swap agreements were early terminated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In December&nbsp;2007, in connection with the Cablem&#225;s variable rate loan denominated in U.S.
Dollars and due 2012, we entered into a cross-currency swap agreement on a nominal amount of
U.S.$50.0&nbsp;million. This agreement involves the exchange of variable rate coupon payments in U.S.
Dollars for fixed rate coupon payments in Pesos, and the principal amount in U.S. Dollars for a
principal amount in Pesos. The principal amount for the final exchange is Ps.541.3&nbsp;million with an
interest rate of 8.51% for the coupon payments. In November&nbsp;2010, the variable rate loan was
prepaid and this agreement was early terminated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Sensitivity and Fair Value Analyses</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The sensitivity analyses that follow are intended to present the hypothetical change in fair
value or loss in earnings due to changes in interest rates, inflation rates, foreign currency
exchange rates and debt and equity market prices as they affect our financial instruments at
December&nbsp;31, 2009 and 2010. These analyses address market risk only and do not present other risks
that we face in the ordinary course of business, including country risk and credit risk. The
hypothetical changes reflect our view of changes that are reasonably possible over a one-year
period. For purposes of the following sensitivity analyses, we have made conservative assumptions
of expected near-term future changes in U.S. interest rates, Mexican interest rates, inflation
rates and Peso to U.S. Dollar exchange rates of 10%. The results of the analyses do not purport to
represent actual changes in fair value or losses in earnings that we will incur.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Fair Value at December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>(Millions of Pesos or millions of U.S. Dollars)(1)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Temporary investments(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">            8,902.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">            10,446.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">845.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Convertible debentures(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,904.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,125.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term loan receivable GTAC(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">442.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Held-to-maturity debt securities(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,196.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">933.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other available-for-sale-investments(6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,826.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,922.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">236.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivative financial instruments(16)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,545.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Liabilities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>U.S. Dollar-denominated debt:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Senior Notes due 2011(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,015.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">926.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Senior Notes due 2018(8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,587.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,807.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">550.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Senior Notes due 2032(9)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,688.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,765.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">385.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Senior Notes due 2025(10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,851.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,348.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">675.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Senior Notes due 2040(11)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,698.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,953.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">643.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">JPMorgan Chase Bank, N.A. loan due 2012(12)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,173.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,575.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">208.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Senior Notes due 2015</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,494.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->124<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Fair Value at December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>(Millions of Pesos or millions of U.S. Dollars)(1)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Peso-denominated debt:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Senior Notes due 2037(13)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,055.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,207.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">340.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Notes due 2020(14)</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">9,474.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">766.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Short-term and long-term notes payable to
Mexican banks(15)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,135.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,442.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">440.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivative financial instruments(16)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">523.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.4</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Peso amounts have been converted to U.S. Dollars solely for the
convenience of the reader at a nominal exchange rate of Ps.12.3576
per U.S. Dollar, the Interbank Rate as of December&nbsp;31, 2010.
Beginning on January&nbsp;1, 2008, we discontinued recognizing the effects
of inflation in our financial information in accordance with Mexican
FRS.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>At December&nbsp;31, 2010, our temporary investments consisted of highly
liquid securities, including without limitation debt securities
(primarily Peso and U.S. Dollar-denominated in 2009 and 2010). Given
the short-term nature of these investments, an increase in U.S.
and/or Mexican interest rates would not significantly decrease the
fair value of these investments.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>At December&nbsp;31, 2010, fair value did not exceed the carrying value of
these notes. Assuming an increase in the fair value of these notes of
a hypothetical 10% increase in the quoted market price of these
notes, the fair value would exceed the carrying value by
approximately Ps.1,390.4&nbsp;million (U.S.$112.5&nbsp;million) at December&nbsp;31,
2010.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>At December&nbsp;31, 2010, fair value exceeded the carrying value of these
notes by Ps.58.8&nbsp;million (U.S.$4.8&nbsp;million). The increase in the fair
value of these notes of a hypothetical 10% increase in the quoted
market price of these notes would amount to approximately Ps.103.1
million (U.S.$8.3&nbsp;million) at December&nbsp;31, 2010.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>At December&nbsp;31, 2010, carrying value exceeded the fair value of these
notes by Ps.1.9&nbsp;million (U.S.$0.2&nbsp;million). Assuming an increase in
the fair value of these notes of a hypothetical 10% increase in the
quoted market price of these notes, the fair value would exceed the
carrying value by approximately Ps.91.5&nbsp;million (U.S.$7.4&nbsp;million) at
December&nbsp;31, 2010.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>At December&nbsp;31, 2010, fair value did not exceed the carrying value of
these notes. Assuming an increase in the fair value of these notes of
a hypothetical 10% increase in the quoted market price of these
notes, the fair value would exceed the carrying value by
approximately Ps.292.3&nbsp;million (U.S.$23.7&nbsp;million) at December&nbsp;31,
2010.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>At December&nbsp;31, 2010, fair value exceeded the carrying value of these
notes by Ps.37.8&nbsp;million (U.S.$3.1&nbsp;million). The increase in the fair
value of these notes of a hypothetical 10% increase in the quoted
market price of these notes would amount to approximately Ps.130.5
million (U.S.$10.6&nbsp;million) at December&nbsp;31, 2010.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>At December&nbsp;31, 2010, fair value exceeded the carrying value of these
notes by Ps.628.7&nbsp;million (U.S.$50.9&nbsp;million). The increase in the
fair value of these notes of a hypothetical 10% increase in the
quoted market price of these notes would amount to approximately
Ps.1,309.4&nbsp;million (U.S.$106.0&nbsp;million) at December&nbsp;31, 2010.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>At December&nbsp;31, 2010, fair value exceeded the carrying value of these
notes by Ps.1,057.7&nbsp;million (U.S.$85.6&nbsp;million). The increase in the
fair value of these notes of a hypothetical 10% increase in the
quoted market price of these notes would amount to approximately
Ps.1,534.2&nbsp;million (U.S.$124.1&nbsp;million) at December&nbsp;31, 2010.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(10)</TD>
    <TD>&nbsp;</TD>
    <TD>At December&nbsp;31, 2010, fair value exceeded the carrying value of these
notes by Ps.934.3&nbsp;million (U.S.$75.6&nbsp;million). The increase in the
fair value of these notes of a hypothetical 10% increase in the
quoted market price of these notes would amount to approximately
Ps.1,769.2&nbsp;million (U.S.$143.2&nbsp;million) at December&nbsp;31, 2010.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(11)</TD>
    <TD>&nbsp;</TD>
    <TD>At December&nbsp;31, 2010, fair value exceeded the carrying value of these
notes by Ps.539.1&nbsp;million (U.S.$43.6&nbsp;million). The increase in the
fair value of these notes of a hypothetical 10% increase in the
quoted market price of these notes, the fair value would amount to
approximately Ps.1,334.5&nbsp;million (U.S.$108.0&nbsp;million) at December&nbsp;31,
2010.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(12)</TD>
    <TD>&nbsp;</TD>
    <TD>At December&nbsp;31, 2010, carrying value exceeded the fair value of these
notes by Ps.204.9&nbsp;million (U.S.$16.6&nbsp;million). Assuming an increase
in the fair value of these notes of a hypothetical 10% increase in
the quoted market price of these notes, the fair value would exceed
the carrying value by approximately Ps.52.7&nbsp;million (U.S.$4.3
million) at December&nbsp;31, 2010.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(13)</TD>
    <TD>&nbsp;</TD>
    <TD>At December&nbsp;31, 2010, carrying value exceeded the fair value of these
notes by Ps.292.7&nbsp;million (U.S.$23.7&nbsp;million). Assuming an increase
in the fair value of these notes of a hypothetical 10% increase in
the quoted market price of these notes, the fair value would exceed
the carrying value by approximately Ps.128.1&nbsp;million (U.S.$10.4
million) at December&nbsp;31, 2010.</TD>
</TR>
</TABLE>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->125<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




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

<TR valign="top">
    <TD nowrap align="left">(14)</TD>
    <TD>&nbsp;</TD>
    <TD>At December&nbsp;31, 2010, carrying value exceeded the fair value of these
notes by Ps.525.7&nbsp;million (U.S.$42.5&nbsp;million). Assuming an increase
in the fair value of these notes of a hypothetical 10% increase in
the quoted market price of these notes, the fair value would exceed
the carrying value by approximately Ps.421.7&nbsp;million (U.S.$34.1
million) at December&nbsp;31, 2010.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(15)</TD>
    <TD>&nbsp;</TD>
    <TD>At December&nbsp;31, 2010, fair value exceeded the carrying value of these
notes by Ps.362.6&nbsp;million (U.S.$29.3&nbsp;million). At December&nbsp;31, 2010,
a hypothetical 10% increase in Mexican interest rates would increase
the fair value of these notes by approximately Ps.904.9&nbsp;million
(U.S.$73.1&nbsp;million) at December&nbsp;31, 2010.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(16)</TD>
    <TD>&nbsp;</TD>
    <TD>Given the nature of these derivative instruments, an increase of 10%
in the interest and or exchange rates would not have a significant
impact on the fair value of these financial instruments.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We are also subject to the risk of foreign currency exchange rate fluctuations, resulting from
the net monetary position in U.S. Dollars of our Mexican operations, as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>(In millions of U.S. Dollars)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px">U.S. Dollar-denominated monetary assets, primarily cash and cash
equivalents, temporary <BR>
investments and held-to-maturity debt
securities, includes in 2010, convertible debentures(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">2,436.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">2,729.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S. Dollar-denominated monetary liabilities, primarily
trade accounts payable, senior debt securities and other
notes payable(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,044.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,884.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net liability position</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">U.S.$</TD>
    <TD align="right">(608.1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">U.S.$</TD>
    <TD align="right">(154.9</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</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>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>In 2009 and 2010, include U.S. Dollar equivalent amounts of U.S.$110.2
million and U.S.$117.5&nbsp;million, respectively, related to other foreign
currencies, primarily Euros.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>In 2009 and 2010, include U.S. Dollar equivalent amounts of U.S.$54.2
million and U.S.$9.5&nbsp;million, respectively, related to other foreign
currencies, primarily Euros.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">At December&nbsp;31, 2010, a hypothetical 10.0% depreciation in the U.S. Dollar to Peso exchange
rate would result in a loss in earnings of Ps.191.4&nbsp;million. This depreciation rate is based on the
December&nbsp;31, 2010 forecast of the U.S. Dollar to Peso exchange rate for 2011 by the Mexican
government for such year.
</DIV>
<DIV align="left">
<A name="C19172135"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;12. Description of Securities Other than Equity Securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Not applicable.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="left">
<A name="C19172136"></A>
</DIV>

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

<DIV align="left">
<A name="C19172137"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;13. Defaults, Dividend Arrearages and Delinquencies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Not applicable.
</DIV>
<DIV align="left">
<A name="C19172138"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;14. Material Modifications to the Rights of Security Holders and Use of Proceeds</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Not applicable.
</DIV>
<DIV align="left">
<A name="C19172139"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;15. Controls and Procedures</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Based on the evaluation as of December&nbsp;31, 2010, the Chief Executive Officer and the Chief
Financial Officer of the Company have concluded that the Company&#146;s disclosure controls and
procedures (as defined in the Exchange Act Rules&nbsp;13a-15(e) and 15d-15(e)) are effective to ensure
that the information required to be disclosed by the Company in the reports that it files or
submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported
within the time periods specified in the SEC rules and forms and that such information is
accumulated and communicated to management, including our Chief Executive Officer and the Chief
Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company&#146;s management, including our Chief Executive Officer and Chief Financial Officer,
is responsible for establishing and maintaining adequate internal control over financial reporting
and for the assessment of the effectiveness of internal control over financial reporting as defined
in Rule&nbsp;13a-15(f) of the Exchange Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Management assessed the effectiveness of the Company&#146;s internal control over financial
reporting as of December&nbsp;31, 2010. In making this assessment, management used the criteria
established in <I>Internal Control &#151; Integrated Framework </I>issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Based on this assessment, management has concluded that the Company&#146;s internal control over
financial reporting was effective as of December&nbsp;31, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Because of its inherent limitations, internal control over financial reporting may not prevent
or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are
subject to the risk that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">PricewaterhouseCoopers, S.C., an independent registered public accounting firm, has audited
the effectiveness of the Company&#146;s internal control over financial reporting as of December&nbsp;31,
2010, as stated in their report which is included herein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Changes in Internal Control Over Financial Reporting</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">There has been no change in the Company&#146;s internal control over financial reporting (as such
term is defined in Rules&nbsp;13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as
amended) that occurred during the year ended December&nbsp;31, 2010 that has materially affected, or is
reasonably likely to materially affect, the Company&#146;s internal controls over financial reporting.
</DIV>
<DIV align="left">
<A name="C19172140"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;16. A. Audit Committee Financial Expert</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our board of directors has determined that Mr.&nbsp;Francisco Jos&#233; Ch&#233;vez Robelo is our audit
committee financial expert. Mr.&nbsp;Francisco Jos&#233; Ch&#233;vez Robelo is &#147;independent&#148; and meets the
requisite qualifications as defined in Item&nbsp;16A of Form 20-F.
</DIV>
<DIV align="left">
<A name="C19172141"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;16.B. Code of Ethics</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We have adopted a written code of ethics that applies to all of our employees, including our
principal executive officer, principal financial officer and principal accounting officer.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->127<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">You may request a copy of our code of ethics, at no cost, by writing to or telephoning us as
follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Grupo Televisa, S.A.B.<BR>
Avenida Vasco de Quiroga, No.&nbsp;2000<BR>
Colonia Santa Fe, 01210 M&#233;xico, D.F., M&#233;xico.<BR>
Telephone: (52) (55)&nbsp;5261-2000.
</DIV>
<DIV align="left">
<A name="C19172142"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;16.C. Principal Accountant Fees and Services</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">PricewaterhouseCoopers, S.C. acted as our independent auditor for the fiscal years ended
December&nbsp;31, 2009 and 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The chart below sets forth the total amount billed by our independent auditors for services
performed in the years 2009 and 2010, and breaks down these amounts by category of service:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>(in millions of Pesos)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Audit Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">         68.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">         78.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Audit-Related Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">         82.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">         88.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Audit Fees&#148; are the aggregate fees billed by our independent auditor for the audit of our
consolidated annual financial statements, services related to regulatory financial filings with the
SEC and attestation services that are provided in connection with statutory and regulatory filings
or engagements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Audit-Related Fees&#148; are fees charged by our independent auditor for assurance and related
services that are reasonably related to the performance of the audit or review of our financial
statements and are not reported under &#147;Audit Fees&#148;. This category comprises fees billed for
independent accountant review of our interim financial statements in connection with the offering
of our debt securities, advisory services associated with our financial reporting, and due
diligence reviews in connection with potential acquisitions and business combinations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Tax Fees&#148; are fees for professional services rendered by the Company&#146;s independent auditor
for tax compliance in connection with our subsidiaries and interests in the United States, as well
as tax advice on actual or contemplated transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Other Fees&#148; are fees charged by our independent auditor in connection with services rendered
other than audit, audit-related and tax services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We have procedures for the review and pre-approval of any services performed by
PricewaterhouseCoopers, S.C. The procedures require that all proposed engagements of
PricewaterhouseCoopers, S.C. for audit and non-audit services are submitted to the audit committee
for approval prior to the beginning of any such services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Audit Committee Pre-approval Policies and Procedures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our audit committee is responsible, among other things, for the appointment, compensation and
oversight of our external auditors. To assure the independence of our independent auditors, our
audit committee pre-approves annually a catalog of specific audit and non-audit services in the
categories Audit Services, Audit-Related Services, Tax-Related Services, and Other Services that
may be performed by our auditors, as well as the budgeted fee levels for each of these categories.
All other permitted services must receive a specific approval from our audit committee. Our
external auditor periodically provides a report to our audit committee in order for our audit
committee to review the services that our external auditor is providing, as well as the status and
cost of those services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During 2009 and 2010, none of the services provided to us by our external auditors were
approved by our audit committee pursuant to the de minimis exception to the pre-approval
requirement provided by paragraph (c)(7)(i)(C) of Rule&nbsp;2-01 of Regulation&nbsp;S-X.
</DIV>
<DIV align="left">
<A name="C19172143"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;16.D. Exemptions from the Listing Standards for Audit Committees</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Not applicable.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->128<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="left">
<A name="C19172144"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;16.E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table sets forth, for the periods indicated, information regarding purchases of
any of our equity securities registered pursuant to Section&nbsp;12 of the Exchange Act made by us or on
our behalf or by or on behalf of any affiliated purchaser (as that term is defined in Rule
10b-18(a)(3) under the Exchange Act):
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Purchases of Equity Securities by Televisa(3)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Maximum Number (or</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Appropriate Mexican Peso</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>CPOs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Value) of CPOs</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Purchased as part of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>that May Yet Be</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of CPOs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average Price</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Publicly Announced</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Purchased Under the</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Purchase Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Purchased</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Paid per CPO(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Plans or Programs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Plans or Programs(2)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>January 1 to January 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD nowrap align="right">         &#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">           0.0000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">239,164,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">17,294,931,850</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>February
1 to February 28</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46.9644</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">239,414,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,283,190,750</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>March 1 to March 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">900,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49.8017</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">240,314,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,238,369,227</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>April 1 to April 30</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51.6568</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">240,514,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,000,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>May 1 to May 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,277,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47.8880</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">245,792,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,747,266,404</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>June 1 to June 30</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47.3002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">249,292,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,581,715,604</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>July 1 to July 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47.7887</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">252,292,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,438,349,417</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>August 1 to August 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48.9507</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">256,392,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,237,651,533</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>September 1 to September 30</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,612,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48.4847</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">260,004,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,062,524,726</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>October 1 to October 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">621,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54.8365</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">260,626,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,028,427,395</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>November 1 to November 30</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,648,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56.3800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">263,274,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,879,127,565</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>December 1 to December 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,417,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60.8589</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">264,691,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,792,872,217</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">         25,526,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">           49.9092</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">264,691,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">             16,792,872,217</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</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>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The values have not been restated in constant Mexican Pesos and therefore represent nominal historical figures.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>The total amount of our share repurchase program was updated in accordance with the resolution that our stockholders approved
in a general meeting of the stockholders of Grupo Televisa, S.A.B.
held on April&nbsp;30, 2010.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Table does not include repurchases or purchases by the special purpose trust formed in connection with our stock purchase plan.</TD>
</TR>

</TABLE>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->129<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">





<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Purchases of Equity Securities by Special Purpose Trust<BR>
formed in connection with Long-Term Retention Plan(1)</B>
</DIV>


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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Maximum Number (or</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Appropriate Mexican</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Peso Value)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of CPOs</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>that May Yet Be</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>CPOs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Purchased Under the</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of CPOs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average Price</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Purchased as part of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Long-Term Retention </B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Purchase Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Purchased</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Paid per CPO(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>the
Long-Term Retention Plan</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Plan(3)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>January 1 to January 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,087,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">           51.4874</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,764,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>February
1 to February 28</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,405,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49.1177</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,170,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>March 1 to March 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,620,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49.6292</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,790,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>April 1 to April 30</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51.5000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,840,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>May 1 to May 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">793,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48.2124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,633,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>June 1 to June 30</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,633,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>July 1 to July 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,633,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>August 1 to August 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,633,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>September 1 to September 30</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47.3366</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,763,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>October 1 to October 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,763,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>November 1 to November 30</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,763,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>December 1 to December 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,763,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,085,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">           50.1499</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,763,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>See &#147;Directors, Senior Management and Employees &#151; Long-Term Retention Plan&#148; for a description of the
implementation, limits and other terms of our Long-Term Retention Plan.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>The values have not been restated in constant Mexican Pesos and therefore represent nominal historical figures.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Since the number of additional shares that may be issued pursuant to our Long-Term Retention Plan is affected
by, among other things, the number of shares held by the special equity trust, periodic grants made to certain
executives, the performance of those executives and the number of shares subject to other employee benefit
plans, it would be misleading to imply that there is a defined maximum number of shares that remain to be
purchased pursuant to our Long-Term Retention Plan.</TD>
</TR>

</TABLE>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->130<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">





<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Purchases of Equity Securities by Special Purpose Trust<BR>
formed in connection with Stock Purchase Plan(1)</B>
</DIV>


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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Maximum Number (or</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Appropriate Mexican</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Peso Value)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of CPOs</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>that May Yet Be</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>CPOs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Purchased Under the</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of CPOs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average Price</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Purchased as part of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Stock Purchase</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Purchase Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Purchased</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Paid per CPO(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>the Stock Purchase Plan</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Plan(3)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>January 1 to January 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,564,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>February
1 to February 28</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,564,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>March 1 to March 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,564,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>April 1 to April 30</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,564,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>May 1 to May 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,564,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>June 1 to June 30</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,564,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>July 1 to July 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,564,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>August 1 to August 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,564,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>September 1 to September 30</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,564,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>October 1 to October 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,564,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>November 1 to November 30</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,564,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>December 1 to December 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,564,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD nowrap align="right">           &#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,564,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>See &#147;Directors, Senior Management and Employees &#151; Stock Purchase Plan&#148; for a description of the
implementation, limits and other terms of our Stock Purchase Plan.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>The values have not been restated in constant Mexican Pesos and therefore represent nominal historical figures.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Since the number of additional shares that may be issued pursuant to our Stock Purchase Plan is affected by,
among other things, the number of shares held by the special equity trust, periodic grants made to certain
executives, the performance of those executives and the number of shares subject to other employee benefit
plans, it would be misleading to imply that there is a defined maximum number of shares that remain to be
purchased pursuant to our Stock Purchase Plan.</TD>
</TR>

</TABLE>

<DIV align="left">
<A name="C19172145"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;16.F. Change in Registrant&#146;s Certifying Accountant</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Not applicable.
</DIV>
<DIV align="left">
<A name="C19172146"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;16.G. Corporate Governance</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As a foreign private issuer with shares listed on the NYSE, we are subject to different
corporate governance requirements than a U.S. company under the NYSE listing standards. With
certain exceptions, foreign private issuers are permitted to follow home country practice
standards. Pursuant to Rule&nbsp;303.A11 of the NYSE listed company manual, we are required to provide a
summary of the significant ways in which our corporate governance practices differ from those
required for U.S. companies under the NYSE listing standards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We are a Mexican corporation with shares, in the form of CPOs listed on the <I>Bolsa Mexicana de
Valores</I>, or Mexican Stock Exchange. Our corporate governance practices are governed by our bylaws,
the Mexican Securities Market Law, and the regulations issued by the CNBV and the Mexican Stock
Exchange. Although compliance is not mandatory, we also substantially comply with the Mexican Code
of Best Corporate Practices (<I>C&#243;digo de Mejores Pr&#225;cticas Corporativas</I>), which was created in
January&nbsp;1999 by a group of Mexican business leaders and was endorsed by the CNBV. See &#147;Additional Information &#151; Bylaws&#148;
for a more detailed description of our corporate governance practices.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->131<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The table below sets forth a description of the significant differences between corporate
governance practices required for U.S. companies under the NYSE listing standards and the Mexican
corporate governance standards that govern our practices.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>NYSE rules</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Mexican rules</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Listed companies
must have a majority
of independent
directors.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Mexican Securities Market Law requires that listed companies have
at least 25% of independent directors. Our stockholder&#146;s meeting is
required to make a determination as to the independence of the
directors. The definition of independence under the Mexican
Securities Market Law differs in some aspects from the one applicable
to U.S. issuers under the NYSE standard and prohibits, among other
relationships, an independent director from being an employee or
officer of the company or a stockholder that may have influence over
our officers, relevant clients and contractors, as well as certain
relationships between the independent director and family members of
the independent director. In addition, our bylaws broaden the
definition of independent director. Our bylaws provide for an
executive committee of our board of directors. The executive
committee is currently composed of six members, and there are no
applicable Mexican rules that require any of the members to be
independent. The executive committee may generally exercise the
powers of our board of directors, subject to certain exceptions. Our
Chief Executive Officer is a member of our board of directors and the
executive committee.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Listed companies
must have a
nominating/corporate
governance committee
composed entirely of
independent
directors.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Listed companies are required to have a corporate practices committee.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Listed companies
must have a
compensation
committee composed
entirely of
independent
directors.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Mexican Code of Best Corporate Practices recommends listed
companies to have a compensation committee. While these rules are not
legally binding, companies failing to comply with the Mexican Code of
Best Business Practices&#146; recommendation must disclose publicly why
their practices differ from those recommended by the Mexican Code of
Best Business Practices.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Listed companies
must have an audit
committee with a
minimum of three
members and must be
independent.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Mexican Securities Market Law requires that listed companies must
have an audit committee. The Chairman and the majority of the members
must be independent.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Non-management
directors must meet
at regularly
scheduled executive
sessions without
management.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Our non-management directors are not required to meet at executive
sessions. The Mexican Code of Best Corporate Practices does not
expressly recommend executive sessions.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Listed companies
must require
shareholder approval
for equity
compensation plans,
subject to limited
exemptions.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Companies listed on the Mexican Stock Exchange are required to obtain
shareholder approval for equity compensation plans, provided that
such plans are subject to certain conditions.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Listed companies
must adopt and
disclose a code of
business conduct and
ethics for
directors, officers
and employees, and
promptly disclose
any waivers of the
code for directors
or executive
officers.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Companies listed on the Mexican Stock Exchange are not required to
adopt a code of ethics. However, we have adopted a code of ethics
which is available free of charge through our offices. See &#147;&#151; Code
of Ethics&#148; for directions on how to obtain a copy of our code of
ethics. Waivers involving any of our executive officers or directors
will be made only by our Board of Directors or a designated committee
of the Board.</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->132<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="left">
<A name="C19172147"></A>
</DIV>

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

<DIV align="left">
<A name="C19172148"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;17. Financial Statements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We have responded to Item&nbsp;18 in lieu of Item&nbsp;17.
</DIV>
<DIV align="left">
<A name="C19172149"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;18. Financial Statements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">See
pages F-1 through F-59, which are incorporated herein by reference.
</DIV>
<DIV align="left">
<A name="C19172150"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;19. Exhibits</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Documents filed as exhibits to this annual report appear on the following
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;Exhibits.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->133<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="left">
<A name="C19172151"></A>
</DIV>

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description of Exhibits</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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, 2009 (previously filed with the
Securities and Exchange Commission as Exhibit&nbsp;1.1
to the Registrant&#146;s Annual Report on Form&nbsp;20-F for
the year ended December&nbsp;31, 2008, and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indenture relating to Senior Debt Securities,
dated as of August&nbsp;8, 2000, between the
Registrant, as Issuer, and The Bank of New York,
as Trustee (previously filed with the Securities
and Exchange Commission as Exhibit&nbsp;4.1 to the
Registrant&#146;s Registration Statement on Form&nbsp;F-4
(File number 333-12738), as amended, and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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
F-4 (File number 333-14200) (the &#147;2001 Form&nbsp;F-4&#148;)
and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fourth Supplemental Indenture relating to the 8.5%
Senior Exchange Notes due 2032 between the
Registrant, as Issuer, and The Bank of New York
and Dexia Banque Internationale &#224; Luxembourg
(previously filed with the Securities Exchange
Commission as Exhibit&nbsp;4.5 to the Registrant&#146;s
Registration Statement on Form&nbsp;F-4 (the &#147;2002 Form
F-4&#148;) and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fifth Supplemental Indenture relating to the 8%
Senior Notes due 2011 between Registrant, as
Issuer, and The Bank of New York and Dexia Banque
Internationale &#224; Luxembourg (previously filed with
the Securities and Exchange Commission as Exhibit
4.5 to the 2001 Form&nbsp;F-4 and incorporated herein
by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sixth Supplemental Indenture relating to the 8.5%
Senior Notes due 2032 between Registrant, as
Issuer, and The Bank of New York and Dexia Banque
Internationale &#224; Luxembourg (previously filed with
the Securities and Exchange Commission as Exhibit
4.7 to the 2002 Form&nbsp;F-4 and incorporated herein
by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Seventh Supplemental Indenture relating to the 6
5/8% Senior Notes due 2025 between Registrant, as
Issuer, and The Bank of New York and Dexia Banque
Internationale &#224; Luxembourg, dated March&nbsp;18, 2005
(previously filed with the Securities and Exchange
Commission as Exhibit&nbsp;2.8 to the Registrant&#146;s
Annual Report on Form&nbsp;20-F for the year ended
December&nbsp;31, 2004 (the &#147;2004 Form&nbsp;20-F&#148;) and
incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Eighth Supplemental Indenture relating to the 6
5/8% Senior Notes due 2025 between Registrant, as
Issuer, and The Bank of New York and Dexia Banque
Internationale &#224; Luxembourg, dated May&nbsp;26, 2005
(previously filed with the Securities and Exchange
Commission as Exhibit&nbsp;2.9 to the 2004 Form&nbsp;20-F
and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ninth Supplemental Indenture relating to the 6
5/8% Senior Notes due 2025 between Registrant, as
Issuer, The Bank of New York and Dexia Banque
Internationale &#224; Luxembourg, dated September&nbsp;6,
2005 (previously filed with the Securities and
Exchange Commission as Exhibit&nbsp;2.8 to the
Registrant&#146;s Annual Report on Form&nbsp;20-F for the
year ended December&nbsp;31, 2005 (the &#147;2005 Form
20-F&#148;) and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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 31, 2006,
and incorporated herein by reference).</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->134<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description of Exhibits</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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, and
incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Twelfth Supplemental Indenture related to the 6.0% Senior
Notes due 2018 between Registrant, as Issuer, The Bank of
New York and The Bank of New York (Luxembourg) S.A., dated
as of May&nbsp;12, 2008 (previously filed with the Securities and
Exchange Commission as Exhibit&nbsp;2.11 to the Form&nbsp;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" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Deposit Agreement between the Registrant, The Bank
of New York, as depositary and all holders and beneficial
owners of the Global Depositary Shares, evidenced by Global
Depositary Receipts (previously filed with the Securities
and Exchange Commission as an Exhibit to the Registrant&#146;s
Registration Statement on Form&nbsp;F-6 (File number 333-146130)
 and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.13
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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 of August&nbsp;21, 2008 (previously
filed with the Securities and Exchange Commission as Exhibit
4.14 to the Registrant&#146;s Registration Statement on Form&nbsp;F-4
(File number 333-144460), as amended,
and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.14
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fourteenth Supplemental Indenture relating to the 6.625%
Senior Notes due 2040 between Registrant, as Issuer, The
Bank of New York Mellon and The Bank of New York
(Luxembourg) S.A., dated as of November&nbsp;30, 2009 (previously
filed with the Securities and Exchange Commission as Exhibit
4.15 to the Registrant&#146;s Registration Statement on Form&nbsp;F-4
(File number 333-164595), as amended,
and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.15
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fifteenth Supplemental Indenture relating to the 6.625%
Senior Exchange Notes due 2040 between Registrant, as
Issuer, The Bank of New York Mellon and The Bank of New York
(Luxembourg) S.A., dated as of March&nbsp;22, 2010 (previously
filed with the Securities and Exchange Commission as Exhibit
2.15 to the Registrant&#146;s Annual Report on Form&nbsp;20-F for the
year ended December&nbsp;31, 2009 and incorporated herein by
reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Indemnity Agreement between the Registrant and its
directors and executive officers (previously filed with the
Securities and Exchange Commission as Exhibit&nbsp;10.1 to the
Registrant&#146;s Registration Statement on Form&nbsp;F-4 (File number
33-69636), as amended,  and
incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Collateral Trust Agreement, dated as of
June&nbsp;13, 1997, as amended, among PanAmSat Corporation,
Hughes Communications, Inc., Satellite Company, LLC, the
Registrant and IBJ Schroder Bank and Trust Company
(previously filed with the Securities and Exchange
Commission as an Exhibit to the Registrant&#146;s Annual Report
on Form&nbsp;20-F for the year ended December&nbsp;31, 2001  and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Program License Agreement, dated as of
December&nbsp;19, 2001, by and between Productora de
Teleprogramas, S.A. de C.V. and Univision Communications
Inc. (&#147;Univision&#148;) (previously filed with the Securities and
Exchange Commission as Exhibit&nbsp;10.7 to the 2001 Form&nbsp;F-4 and
incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Participation Agreement, dated as of October&nbsp;2, 1996, by and
among Univision, Perenchio, the Registrant, Venevision and
certain of their respective affiliates (previously filed
with the Securities and Exchange Commission as Exhibit&nbsp;10.8
to Univision&#146;s Registration Statement on Form&nbsp;S-1 (File
number 333-6309)  and incorporated
herein by reference).</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->135<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description of Exhibits</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated International Program Rights
Agreement, dated as of December&nbsp;19, 2001, by and
among Univision, Venevision and the Registrant
(previously filed with the Securities and Exchange
Commission as Exhibit&nbsp;10.9 to the 2001 Form&nbsp;F-4 and
incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Co-Production Agreement, dated as of March&nbsp;27,
1998, between the Registrant and Univision Network
Limited Partnership (previously filed with the
Securities and Exchange Commission as an Exhibit to
Univision&#146;s Annual Report on Form&nbsp;10-K for the year
ended December&nbsp;31, 1997 and incorporated herein by
reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Program License Agreement, dated as of May&nbsp;31,
2005, between Registrant and Univision (previously
filed with the Securities and Exchange Commission
as Exhibit&nbsp;4.7 to the 2005 Form&nbsp;20-F and
incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Bylaws (<I>Estatutos Sociales</I>) of
Innova, S. de R.L. de C.V. (&#147;Innova&#148;) dated as of
December&nbsp;22, 1998 (previously filed with the
Securities and Exchange Commission as an Exhibit to
Innova&#146;s Annual Report on Form&nbsp;20-F for the year
ended December&nbsp;31, 2004 and incorporated herein by
reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English translation of investment agreement, dated
as of March&nbsp;26, 2006, between Registrant and M/A
and Gestora de Inversiones Audiovisuales La Sexta,
S.A. (previously filed with the Securities and
Exchange Commission as Exhibit&nbsp;4.7 to the 2005 Form
20-F and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English summary of Ps.1,162.5&nbsp;million credit
agreement, dated as of May&nbsp;17, 2004, between the
Registrant and Banamex (the &#147;May&nbsp;2004 Credit
Agreement&#148;) and the May&nbsp;2004 Credit Agreement (in
Spanish) (previously filed with the Securities and
Exchange Commission as Exhibit&nbsp;4.9 to the 2004 Form
20-F and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English summary of amendment to the May Credit
Agreement and the amendment to the May&nbsp;2004 Credit
Agreement (in Spanish) (previously filed with the
Securities and Exchange Commission as Exhibit&nbsp;4.10
to the 2004 Form&nbsp;20-F and incorporated herein by
reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English summary of Ps.2,000.0&nbsp;million credit
agreement, dated as of October&nbsp;22, 2004, between
the Registrant and Banamex (the &#147;October&nbsp;2004
Credit Agreement&#148;) and the October&nbsp;2004 Credit
Agreement (in Spanish) (previously filed with the
Securities and Exchange Commission as Exhibit&nbsp;4.11
to the 2004 Form&nbsp;20-F and incorporated herein by
reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.13
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English translation of Ps.2,100.0&nbsp;million credit
agreement, dated as of March&nbsp;10, 2006, by and among
Innova, the Registrant and Banamex (previously
filed with the Securities and Exchange Commission
as Exhibit&nbsp;4.7 to the 2005 Form&nbsp;20-F and
incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.14
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English summary of Ps.1,400.0&nbsp;million credit
agreement, dated as of April&nbsp;7, 2006, by and among
Innova, the Registrant and Banco Santander Serfin,
S.A. (the &#147;April&nbsp;2006 Credit Agreement&#148;) and the
April&nbsp;2006 Credit Agreement (in Spanish)
(previously filed with the Securities and Exchange
Commission as Exhibit&nbsp;4.7 to the 2005 Form&nbsp;20-F and
incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.15
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Administration Trust Agreement relating to Trust
No.&nbsp;80375, dated as of March&nbsp;23, 2004, by and among
Nacional Financiera, S.N.C., as trustee of Trust
No.&nbsp;80370, Banco Inbursa, S.A., as trustee of Trust
No.&nbsp;F/0553, Banco Nacional de M&#233;xico, S.A., as
trustee of Trust No.&nbsp;14520-1, Nacional Financiera,
S.N.C., as trustee of Trust No.&nbsp;80375, Emilio
Azc&#225;rraga Jean, Promotora Inbursa, S.A. de C.V.,
the Registrant and Grupo Televicentro, S.A. de C.V.
(as previously filed with the Securities and
Exchange Commission as an Exhibit to Schedules 13D
or 13D/A in respect of various parties&#146; to the
Trust Agreement (File number 005-60431) and
incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.16
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Full-Time Transponder Service Agreement, dated as
of November
&nbsp;_____, 2007, by and among Intelsat
Corporation, Intelsat LLC, Corporaci&#243;n de Radio y
Televisi&#243;n del Norte de M&#233;xico, S. de R. L. de C.V.
and SKY Brasil Servi&#231;os Ltda (previously filed with
the Securities and Exchange Commission as Exhibit
4.16 to the 2007 Form&nbsp;20-F and incorporated herein
by reference).</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->136<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description of Exhibits</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.17
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third Amended and Restated Program License Agreement, dated as of January&nbsp;22, 2009, by and between Televisa,
S.A. de C.V., as successor in interest to Televisa Internacional, S.A. de C.V. and Univision Communications
Inc. (previously filed with the Securities and Exchange Commission on February&nbsp;2, 2009 (File number
001-12610) and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.18*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Investment and Securities Subscription Agreement, dated as of February&nbsp;15, 2010, by and among NII Holdings,
Inc., Comunicaciones Nextel de Mexico, S.A. de C.V., Nextel International (Uruguay), LLC and the Registrant
(previously filed with the Securities and Exchange Commission as Exhibit&nbsp;4.19 to the Registrant&#146;s Annual
Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2009 and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.19*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Investment Agreement, dated as of December&nbsp;20, 2010 (the &#147;Investment Agreement&#148;), by and among the
Registrant, Televisa, S.A. de C.V., Univision Communications Inc., Broadcasting Media Partners, Inc., and
UCI&#146;s direct and indirect licensee subsidiaries named therein.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.20
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment, dated as of February&nbsp;28, 2011, to the Investment Agreement, dated as of December&nbsp;20, 2010, by and
among Broadcasting Media Partners, Inc., BMPI Services II, LLC, Univision Communications Inc., the Registrant
and Pay-TV Venture, Inc.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.21
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$1,125&nbsp;million aggregate principal amount of 1.5% Convertible Debentures due 2025 issued by Broadcasting
Media Partners, Inc. pursuant to the Investment Agreement, dated as of December&nbsp;20, 2010.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.22
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Certificate of Incorporation of Broadcasting Media Partners, Inc.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.23
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Bylaws of Broadcasting Media Partners, Inc. dated as of December&nbsp;20, 2010.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.24*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Stockholders Agreement, dated as of December&nbsp;20, 2010, by and among Broadcasting Media
Partners, Inc., Broadcast Media Partners Holdings, Inc., Univision Communications Inc., and certain
stockholders of Broadcasting Media Partners, Inc.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.25
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment, dated as of February&nbsp;28, 2011, to the Amended and Restated Stockholders Agreement, dated as of
December&nbsp;20, 2010, by and among Broadcasting Media Partners, Inc., Broadcast Media Partners Holdings, Inc.,
Univision Communications Inc., and certain stockholders of Broadcasting Media Partners, Inc.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.26*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Principal Investor Agreement, dated as of December&nbsp;20, 2010, by and among Broadcasting
Media Partners, Inc., Broadcast Media Partners Holdings, Inc., Univision Communications Inc., the Registrant
and certain investors.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.27*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated 2011 Program License Agreement, dated as of February&nbsp;28, 2011, by and among Televisa,
S.A. de C.V. and Univision Communications Inc.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.28
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment to International Program Rights Agreement, dated as of December&nbsp;20, 2010, by and among Univision
Communications Inc. and the Registrant.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.29*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated 2011 Mexico License Agreement, dated as of February&nbsp;28, 2011, by and among Univision
Communications Inc. and Videoserpel, Ltd.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.30
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Letter Agreement, dated as of February&nbsp;28, 2011, by and among Televisa, S.A. de C.V., the Registrant and
Univision Communications Inc.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.31*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Purchase and Assignment and Assumption Agreement, dated as of December&nbsp;20, 2010, by and among Pay-TV Venture,
Inc., TuTv LLC and Univision Communications Inc., solely for purposes of Section&nbsp;1.4, Televisa, S.A. de C.V.,
as successor to Visat, S.A. de C.V. and Televisa Internacional, S.A. de C.V., and, solely for purposes of
Section&nbsp;1.5, the Registrant.</TD>
</TR><!-- End Table Body -->
</TABLE>
</DIV>



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

<P align="center" style="font-size: 10pt"><!-- Folio -->137<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description of Exhibits</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.32
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English summary of Shareholders&#146; and Share Purchase Agreement, dated as of December&nbsp;16, 2010
(and amended on April&nbsp;7, 2011), by and among Grupo Salinas Telecom, S.A. de C.V., Mexico Media
Investments, S.L., Sociedad Unipersonal, GSF Telecom Holdings, S.A.P.I. de C.V., Orilizo
Holding B.V. and Grupo Iusacell, S.A. de C.V. and Assignment Agreement with respect to the
Shareholders&#146; and Share Purchase Agreement, dated as of April&nbsp;7, 2011, by and among Mexico
Media Investments S.L., Sociedad Unipersonal, as assignor and Corporativo Vasco de Quiroga,
S.A. de C.V., as assignee, with the consent of Grupo Salinas Telecom, S.A. de C.V., GSF
Telecom Holdings, S.A.P.I. de C.V., Orilizo Holding B.V. and and Grupo Iusacell, S.A. de C.V.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><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" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.33
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English summary of Irrevocable Guaranty Trust Agreement, dated as of December&nbsp;16, 2010 (and
amended on December 16, 2010 and April&nbsp;7, 2011), by and among Grupo Salinas Telecom, S.A. de C.V., M&#233;xico Media
Investments, S.L., GSF Telecom Holdings, S.A.P.I. de C.V. and Banco Invex, S.A., Instituci&#243;n
de Banca M&#250;ltiple, Invex Grupo Financiero and Assignment Agreement with respect to the
Irrevocable Guaranty Trust Agreement, dated as of April&nbsp;7, 2011, by and among Mexico Media
Investments S.L., Sociedad Unipersonal, as assignor and Corporativo Vasco de Quiroga, S.A. de
C.V., as assignee, with the consent of Grupo Salinas Telecom, S.A. de C.V., GSF Telecom
Holdings, S.A.P.I. de C.V. and Banco Invex, S.A., Instituci&#243;n de Banca M&#250;ltiple, Invex Grupo
Financiero.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><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" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.34
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English Summary of Amendment and Restatement of the Indenture, dated April&nbsp;7, 2011, relating
to the issuance of the Series&nbsp;1 and Series&nbsp;2 Debentures by GSF Telecom Holdings, Sociedad
An&#243;nima Promotora de Inversi&#243;n de Capital Variable with the consent of Deutsche Bank M&#233;xico,
Sociedad An&#243;nima, Instituci&#243;n de Banca M&#250;ltiple, Divisi&#243;n Fiduciaria and Assignment Agreement
with respect to the Series&nbsp;1 and Series&nbsp;2 Debentures, dated April&nbsp;7, 2011, by and among Mexico
Media Investments S.L., Sociedad Unipersonal, as assignor and Corporativo Vasco de Quiroga,
S.A. de C.V., as assignee, with the consent of GSF Telecom Holdings, S.A.P.I. de C.V. and
Deutsche Bank M&#233;xico, S.A., Instituci&#243;n de Banca M&#250;ltiple, Divisi&#243;n Fiduciaria.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><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" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.35
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English summary of Ps.400&nbsp;million credit agreement, dated as of March&nbsp;23, 2011, between the
Registrant and Banco Nacional de Mexico, S.A. integrante del Grupo Financiero Banamex.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><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" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.36
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English summary of Ps.800&nbsp;million credit agreement, dated as of March&nbsp;23, 2011, between the
Registrant and Banco Nacional de Mexico, S.A. integrante del Grupo Financiero Banamex.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><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" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.37
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English summary of Ps.400&nbsp;million credit agreement, dated as of March&nbsp;23, 2011, between the
Registrant and Banco Nacional de Mexico, S.A. integrante del Grupo Financiero Banamex.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><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" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.38
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English summary of Ps.2,500&nbsp;million credit agreement, dated as of March&nbsp;30, 2011, between the
Registrant and BBVA Bancomer, S.A., Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero BBVA
Bancomer.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><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" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.39
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English summary of Ps.2,500&nbsp;million credit agreement, dated as of March&nbsp;28, 2011, between the
Registrant and HSBC M&#233;xico, S.A., Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="center"><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" align="center"><DIV style="margin-left:0px; text-indent:-0px">4.40
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English summary of Ps.2,000&nbsp;million credit agreement, dated as of March&nbsp;30, 2011, between the
Registrant and Banco Santander (M&#233;xico), S.A., Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero
Santander.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">8.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">List of Subsidiaries of Registrant.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CEO Certification pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002, dated June 28, 2011.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CFO Certification pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002, dated June 28, 2011.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">13.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CEO Certification pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, dated June 28, 2011.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">13.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CFO Certification pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, dated June 28, 2011.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers S.C.</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Portions of this exhibit have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">(b)&nbsp;Financial Statement Schedules
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">All financial statement schedules relating to the Registrant are omitted because they are not
required or because the required information, if material, is contained in the audited year-end
financial statements or notes thereto.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->138<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="left">
<A name="C19172152"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F
and that it has duly caused and authorized the undersigned to sign this annual report on its
behalf.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>GRUPO TELEVISA, S.A.B.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">/s/ Salvi Rafael Folch Viadero</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"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Salvi Rafael Folch Viadero</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">/s/ Jorge Lutteroth Echegoyen</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"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jorge Lutteroth Echegoyen</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President &#151; Corporate Controller</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: 10pt">Date: June 28, 2011
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->139<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS OF</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>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="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- 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="#C19172300">Report of Independent Registered Public Accounting Firm</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">F-2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C19172301">Consolidated Balance Sheets as of December&nbsp;31, 2009 and 2010</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">F-3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C19172302">Consolidated Statements of Income for the Years Ended December&nbsp;31, 2008, 2009 and 2010</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">F-5</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="#C19172303">Consolidated Statements of Changes in Stockholders&#146; Equity for the Years Ended December&nbsp;31,
2008, <BR>
2009 and 2010</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">F-6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C19172304">Consolidated Statements of Cash Flows for the Years Ended December&nbsp;31, 2008, 2009 and 2010</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">F-7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C19172305">Notes to Consolidated Financial Statements for the Years Ended December&nbsp;31, 2008, 2009 and 2010</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">F-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>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify">
<A name="C19172300"></A>
</DIV>

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


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In our opinion, the accompanying consolidated balance sheets and the related consolidated
statements of income, of changes in stockholders&#146; equity and of cash flows, present fairly, in all
material respects, the financial position of Grupo Televisa, S.A.B. (the &#147;Company&#148;) and its
subsidiaries at December&nbsp;31, 2009 and 2010, and the results of
their operations, changes in their stockholders&#146; equity and their cash
flows for each of the three years in the period ended December&nbsp;31, 2010, in conformity with
Mexican Financial Reporting Standards. Also in our opinion, the Company maintained, in all material
respects, effective internal control over financial reporting as of December&nbsp;31, 2010, based on the
criteria established in Internal Control &#151; Integrated Framework issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO). The Company&#146;s management is responsible
for these financial statements, for maintaining effective internal control over financial reporting
and for its assessment of the effectiveness of internal control over financial reporting, included
in &#147;Management&#146;s Annual Report on Internal Control Over Financial Reporting&#148; appearing in Item&nbsp;15. Our
responsibility is to express opinions on these financial statements and on the Company&#146;s internal
control over financial reporting based on our integrated audits. We conducted our audits in
accordance with the standards of the Public Company Accounting Oversight Board (United States) and
with generally accepted auditing standards in Mexico. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the financial statements are free
of material misstatement and whether effective internal control over financial reporting was
maintained in all material respects. Our audits of the financial statements included examining, on
a test basis, evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. Our audit of internal control over
financial reporting included obtaining an understanding of internal control over financial
reporting, assessing the risk that a material weakness exists, and testing and evaluating the
design and operating effectiveness of internal control based on the assessed risk. Our audits also
included performing such other procedures as we consider necessary in the circumstances. We believe
that our audits provide a reasonable basis for our opinions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Mexican Financial Reporting Standards vary in certain significant respects from accounting
principles generally accepted in the United States of America. Information relating to the nature
and effect of such differences is presented in Note 23 to the consolidated financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A company&#146;s internal control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting
principles. A company&#146;s internal control over financial reporting includes those policies and
procedures that (i)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of the company; (ii)&nbsp;provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorization of management and
directors of the company; and (iii)&nbsp;provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of the company&#146;s assets that could have
a material effect on the financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Because of its inherent limitations, internal control over financial reporting may not prevent
or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are
subject to the risk that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">PricewaterhouseCoopers, S.C.<BR>
C. P. C. Miguel &#193;ngel &#193;lvarez Flores<BR>
Audit Partner<BR>
M&#233;xico, D. F.,<BR>
June&nbsp;28, 2011

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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

<DIV align="left">
<A name="C19172301"></A>
</DIV>

<!-- xbrl,bs -->
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Consolidated Balance Sheets</B>
<!-- xbrl,body -->
</DIV>

<DIV align="center" style="font-size: 10pt"><B>As of December&nbsp;31, 2009 and 2010</B></DIV>

<DIV align="center" style="font-size: 10pt"><B>(In thousands of Mexican Pesos) (Notes 1 and 2)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Notes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ASSETS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ps.</TD>
    <TD align="right" valign="top">       29,941,488</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ps.</TD>
    <TD align="right" valign="top">       20,942,531</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Temporary investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8,902,346</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10,446,840</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">38,843,834</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">31,389,371</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Trade notes and accounts receivable, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18,399,183</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17,701,125</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other accounts and notes receivable, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3,530,546</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4,180,233</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Due from affiliated companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">135,723</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">196,310</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Transmission rights and programming</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4,372,988</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4,004,415</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inventories, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,665,102</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,254,536</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,435,081</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,117,740</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">68,382,457</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">59,843,730</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivative financial instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">9</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,538,678</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">189,400</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transmission rights and programming</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5,915,459</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5,627,602</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6,720,636</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">21,837,453</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">6</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">33,071,464</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">38,651,847</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets and deferred charges, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">7</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10,859,251</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10,241,007</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">80,431</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">79,588</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ps.</TD>
    <TD align="right" valign="top">      126,568,376</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ps.</TD>
    <TD align="right" valign="top">      136,470,627</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The accompanying notes are an integral part of these consolidated financial statements.
</DIV>


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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




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


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>Consolidated Balance Sheets<BR>
As of December&nbsp;31, 2009 and 2010<BR>
(In thousands of Mexican Pesos) (Notes 1 and 2)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Notes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</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">LIABILITIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Short-term debt and current portion of long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">8</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ps.</TD>
    <TD align="right" valign="top">        1,433,015</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ps.</TD>
    <TD align="right" valign="top">        1,469,142</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of capital lease obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">8</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">235,271</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">280,137</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Trade accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6,432,906</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7,472,253</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Customer deposits and advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">19,858,290</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18,587,871</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Taxes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">940,975</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,443,887</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">464,621</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">750,743</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Employee benefits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">200,215</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">199,638</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Due to affiliated companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">34,202</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">48,753</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Derivative financial instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">9</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">74,329</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,577,835</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,982,309</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">32,177,330</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">33,309,062</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt, net of current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">8</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">41,983,195</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">46,495,660</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital lease obligations, net of current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">8</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,166,462</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">349,674</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivative financial instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">9</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">523,628</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">103,528</TD>
    <TD valign="top">&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 align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,054,832</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">495,508</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other long-term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3,078,411</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,747,494</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">19</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,765,381</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">681,797</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Retirement and termination benefits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">346,990</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">430,143</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">82,096,229</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">84,612,866</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commitments and contingencies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">11</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">STOCKHOLDERS&#146; EQUITY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital stock issued, no par value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">12</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10,019,859</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10,019,859</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additional paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4,547,944</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4,547,944</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14,567,803</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14,567,803</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&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 align="center" valign="top">13</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Legal reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,135,423</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,135,423</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unappropriated earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17,244,674</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23,583,384</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net income for the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6,007,143</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7,683,389</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">25,387,240</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">33,402,196</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated other comprehensive income, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">14</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3,401,825</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3,251,109</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shares repurchased</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">12</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(5,187,073</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(6,156,625</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23,601,992</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">30,496,680</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total controlling interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">38,169,795</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">45,064,483</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-controlling interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">15</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6,302,352</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6,793,278</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">44,472,147</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">51,857,761</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total liabilities and stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ps.</TD>
    <TD align="right" valign="top">      126,568,376</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ps.</TD>
    <TD align="right" valign="top">      136,470,627</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The accompanying notes are an integral part of these consolidated financial statements.
</DIV>
<!-- /xbrl,bs -->

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




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

<DIV align="left">
<A name="C19172302"></A>
</DIV>

<!-- xbrl,in -->
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Consolidated Statements of Income</B>
<!-- xbrl,body -->
</DIV>

<DIV align="center" style="font-size: 10pt"><B>For the Years Ended December&nbsp;31, 2008, 2009 and 2010</B></DIV>

<DIV align="center" style="font-size: 10pt"><B>(In thousands of Mexican Pesos, except per CPO amounts) (Notes 1 and 2)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Notes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">22</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ps.</TD>
    <TD align="right" valign="top">      47,972,278</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ps.</TD>
    <TD align="right" valign="top">      52,352,501</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ps.</TD>
    <TD align="right" valign="top">      57,856,828</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cost of sales (excluding depreciation
and amortization)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">21,556,025</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23,768,369</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">26,294,779</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Selling expenses (excluding depreciation
and amortization)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="bottom">3,919,163</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="bottom">4,672,168</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="bottom">4,797,700</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Administrative expenses (excluding
depreciation and amortization)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="bottom">3,058,168</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="bottom">3,825,507</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="bottom">4,602,415</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">6 and 7</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4,311,115</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4,929,589</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6,579,325</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">22</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15,127,807</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15,156,868</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15,582,609</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other expense, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">17</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">952,139</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,764,846</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">567,121</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Integral cost of financing, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">18</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">830,882</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,973,254</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3,028,645</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity in losses of affiliates, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,049,934</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">715,327</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">211,930</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12,294,852</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9,703,441</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">11,774,913</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">19</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3,564,195</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3,120,744</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3,258,986</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Consolidated net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8,730,657</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6,582,697</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8,515,927</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-controlling interest net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">15</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">927,005</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">575,554</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">832,538</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Controlling interest net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">13 and 14</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ps.</TD>
    <TD align="right" valign="top">       7,803,652</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ps.</TD>
    <TD align="right" valign="top">       6,007,143</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ps.</TD>
    <TD align="right" valign="top">       7,683,389</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD nowrap colspan="2" align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD nowrap colspan="2" align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD nowrap colspan="2" align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Controlling interest net income per CPO</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">20</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ps.</TD>
    <TD align="right" valign="top">            2.77</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ps.</TD>
    <TD align="right" valign="top">            2.14</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ps.</TD>
    <TD align="right" valign="top">            2.75</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap colspan="2" align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD nowrap colspan="2" align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD nowrap colspan="2" align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The accompanying notes are an integral part of these consolidated financial statements.
</DIV>
<!-- /xbrl,in -->

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




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

<DIV align="left">
<A name="C19172303"></A>
</DIV>

<!-- xbrl,se -->
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Consolidated Statements of Changes in Stockholders&#146; Equity</B>
<!-- xbrl,body -->
</DIV>

<DIV align="center" style="font-size: 10pt"><B>For the Years Ended December&nbsp;31, 2008, 2009 and 2010</B></DIV>

<DIV align="center" style="font-size: 10pt"><B>(In thousands of Mexican Pesos) (Notes 1 and 2)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Capital</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Additional</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Retained</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Comprehensive</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Non-controlling</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Issued</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Paid-In</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Earnings</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Loss) Income</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Repurchased</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Controlling</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Interest</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Stockholders&#146;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Note 12)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Capital</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Note 13)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Note 14)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Note 12)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Interest</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Note 15)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Equity</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at January&nbsp;1, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">           10,267,570</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">       4,547,944</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">      33,172,133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">      (3,009,468</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">      (7,939,066</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">      37,039,113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">      3,611,187</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">      40,650,300</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reclassification of cumulative
balances
to retained earnings (see Note 14)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,896,939</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,896,939</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">Dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,229,973</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,229,973</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,229,973</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share cancellation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(206,620</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,275,032</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,481,652</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">Repurchase of capital stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,251,148</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,251,148</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,251,148</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sale of repurchase shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(261,553</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">400,133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138,580</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138,580</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase in non-controlling interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,621,647</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,621,647</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">222,046</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">222,046</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">222,046</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,803,652</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">296,572</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,100,224</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,100,224</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at December&nbsp;31, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,060,950</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,547,944</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,534,334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,184,043</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,308,429</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,018,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,232,834</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,251,676</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,163,857</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,163,857</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,163,857</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share cancellation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(41,091</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(541,466</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">582,557</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">Repurchase of capital stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(759,003</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(759,003</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(759,003</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sale of repurchase shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(215,984</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">297,802</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,818</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,818</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase in non-controlling interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,069,518</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,069,518</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss on acquisition of non-controlling interest in Cablem&#225;s and Cablestar</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(56,210</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(56,210</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(56,210</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">371,783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">371,783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">371,783</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjustment to retained earnings for changes in tax consolidation (see Note 19)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(548,503</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(548,503</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(548,503</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,007,143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">217,782</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,224,925</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,224,925</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at December&nbsp;31, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,019,859</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,547,944</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,387,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,401,825</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,187,073</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,169,795</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,302,352</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,472,147</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Repurchase of capital stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,357,072</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,357,072</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,357,072</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sale of repurchase shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(304,470</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">387,520</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,050</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,050</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase in non-controlling interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">490,926</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">490,926</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gain on acquisition of non-controlling interest in a subsidiary of Sky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79,326</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79,326</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79,326</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">556,711</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">556,711</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">556,711</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,683,389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(150,716</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">7,532,673</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,532,673</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at December&nbsp;31, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">           10,019,859</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">       4,547,944</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">      33,402,196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">       3,251,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">      (6,156,625</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">      45,064,483</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">      6,793,278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">      51,857,761</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The accompanying notes are an integral part of these consolidated financial statements.
</DIV>
<!-- /xbrl,se -->

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




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

<DIV align="left">
<A name="C19172304"></A>
</DIV>

<!-- xbrl,cf -->
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Consolidated Statements of Cash Flows</B>
<!-- xbrl,body -->
</DIV>

<DIV align="center" style="font-size: 10pt"><B>For the Years Ended December&nbsp;31, 2008, 2009 and 2010</B></DIV>

<DIV align="center" style="font-size: 10pt"><B>(In thousands of Mexican Pesos) (Notes 1 and 2)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Operating activities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">       12,294,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">        9,703,441</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">       11,774,913</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Adjustments to reconcile income before income taxes
to net cash provided by operating activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Equity in losses of affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,049,934</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">715,327</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">211,930</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,311,115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,929,589</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,579,325</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Impairment of long-lived assets and other amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">669,222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,224,450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">354,725</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Provision for doubtful accounts and write-off
of receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">337,478</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">897,162</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">675,929</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Retirement and termination benefits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,467</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,397</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Gain on disposition of investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(90,565</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,113,294</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(19,531</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Write-down of investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">405,111</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Premium paid by early retirement of Guaranteed
Senior Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,982</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Stock-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">222,046</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">371,783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">556,711</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Derivative financial instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(895,734</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">644,956</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">804,971</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,529,221</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,832,675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,289,198</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Unrealized foreign exchange loss (gain), net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,981,960</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,003,537</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,460,284</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,910,672</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,263,946</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,873,503</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(Increase) decrease in trade notes and accounts
receivable, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,094,389</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,082,292</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,958</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(Increase) decrease in transmission rights
and programming</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,186,991</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(674,645</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">654,843</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(Increase) decrease in inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(375,153</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(45,148</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">402,874</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Increase in other accounts and notes receivable and other
current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(391,399</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,347,376</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(308,295</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Increase (decrease)&nbsp;in trade accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,577,231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(80,920</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(230,648</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(Decrease) increase in customer deposits and advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,187,734</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,242,021</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,822,956</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Increase in other liabilities, taxes payable and deferred taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,744,395</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158,066</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">661,198</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Decrease in retirement and termination benefits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(81,314</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,035</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,176</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income taxes paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,657,525</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,282,042</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,403,393</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,652,879</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,128,371</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,008,595</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net cash provided by operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,257,793</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,135,575</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,864,908</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Investing activities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Temporary investments, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,420,106</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(524,158</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,351,497</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Due from affiliated companies, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(89,826</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,309</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(103,295</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Held-to-maturity and available-for-sale investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(183,057</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,051,614</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(373,063</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Disposition of held-to-maturity and available-for-sale investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,269,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">234,158</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investment in Convertible Debentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,966,369</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Equity method and other investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,982,100</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(809,625</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,418,502</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Disposition of equity method and other investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109,529</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,807,419</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investments in property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,191,446</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,410,869</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,306,013</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Disposition of property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91,815</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">248,148</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">915,364</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investments in goodwill and other intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,489,174</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(569,601</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(712,070</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net cash used in investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,884,490</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,052,228</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27,273,868</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Financing activities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Issuance of Senior Notes due 2018</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,241,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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">Issuance of Notes due 2020</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">10,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Issuance of Senior Notes due 2040</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,612,055</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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">Prepayment of Senior Notes due 2013 (Sky)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(122,886</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 nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Prepayment of Senior Guaranteed Notes due 2015
and bank loan facility (Cablem&#225;s)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,876,798</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Repayment of Mexican Peso debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(480,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,162,460</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,050,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Repayment of foreign currency debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,206,210</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(32,534</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Capital lease payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(97,263</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(151,506</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(262,013</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other increase in debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,555</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">230,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,407,185</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,807,843</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,003,076</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Repurchase and sale of capital stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,112,568</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(677,185</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,274,022</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Dividends paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,229,973</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,163,857</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-controlling interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(332,029</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,344</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(243,558</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Derivative financial instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(346,065</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(206,776</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(52,535</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net cash (used in) provided by financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,885,521</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,640,883</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,435,464</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Effect of exchange rate changes on cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131,854</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(105,530</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(44,115</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net increase (decrease)&nbsp;in cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,619,636</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,663,066</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,017,611</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents of Cablem&#225;s, TVI and certain
businesses of TVI upon consolidation in 2008, 2009
and 2010, respectively</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">483,868</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,509</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,654</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,479,541</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,583,045</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,941,488</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">        33,583,045</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">        29,941,488</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">        20,942,531</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>
    <TD>&nbsp;</TD>
<TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The accompanying notes are an integral part of these consolidated financial statements.
</DIV>
<!-- /xbrl,cf -->


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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>
<!-- xbrl,ns -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


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

<DIV align="justify">
<A name="C19172305"></A>
</DIV>

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

<DIV align="center" style="font-size: 10pt"><B>For the Years Ended December&nbsp;31, 2008, 2009 and 2010</B></DIV>

<DIV align="center" style="font-size: 10pt"><B>(In thousands of Mexican Pesos, except per CPO, per share and exchange rate amounts)</B></DIV>


<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>1. Accounting Policies</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The principal accounting policies followed by Grupo Televisa, S.A.B. (the &#147;Company&#148;) and its
consolidated entities (collectively, the &#147;Group&#148;) and observed in the preparation of these
consolidated financial statements are summarized below.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>(a)&nbsp;Basis of Presentation</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The financial statements of the Group are presented on a consolidated basis in accordance with
Mexican Financial Reporting Standards (&#147;Mexican FRS&#148;) issued by the Mexican Financial Reporting
Standards Board (&#147;Consejo Mexicano de Normas de Informaci&#243;n Financiera&#148; or &#147;CINIF&#148;).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The consolidated financial statements include the assets, liabilities and results of operations of
all companies in which the Company has a controlling interest (subsidiaries). The consolidated
financial statements also include the accounts of variable interest entities, in which the Group is
deemed the primary beneficiary. The primary beneficiary of a variable interest entity is the party
that absorbs a majority of the entity&#146;s expected losses, receives a majority of the entity&#146;s
expected residual returns, or both, as a result of ownership, contractual or other financial
interest in the entity. See Note 1(b) for further discussion of all variable interest entities. All
significant intercompany balances and transactions have been eliminated from the financial
statements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Through December&nbsp;31, 2007, the Group recognized the effects of inflation in its consolidated
financial statements in accordance with Mexican FRS. Effective January&nbsp;1, 2008, Mexican FRS
requires that an entity discontinue recognizing the effects of inflation in financial statements
when general inflation applicable to a specific entity is less than 26% in a cumulative three-year
period. The cumulative inflation in Mexico measured by the National Consumer Price Index (&#147;NCPI&#148;)
for the three-year period ended December&nbsp;31, 2007, 2008 and 2009 was 11.6%, 15% and 14.5%,
respectively. Accordingly, the consolidated financial statements of the Group for the years ended
December&nbsp;31, 2008, 2009 and 2010, do not include any adjustments to recognize the effects of
inflation during those years. The cumulative inflation in Mexico measured by the NCPI for the
three-year period ended December&nbsp;31, 2010, was 15.2%.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The preparation of financial statements in conformity with Mexican FRS requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the dates of the financial statements and the reported
amounts of revenues and expenses during the reporting periods. Actual results could differ from
those estimates.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Certain reclassifications have been made to prior years&#146; financial information to conform to the
December&nbsp;31, 2010 presentation.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">These
consolidated financial statements were authorized for issuance on June&nbsp;17, 2011, by the
Group&#146;s Chief Financial Officer.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>(b)&nbsp;Members of the Group</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At December&nbsp;31, 2010, the Group consisted of the Company and its consolidated entities, including the following:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Company&#146;s</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="justify" style="border-bottom: 1px solid #000000"><B>Consolidated Entities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Ownership</B><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Business Segment</B><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Grupo Telesistema, S.A. de C.V. and subsidiaries, including Televisa,
S.A. de C.V. (&#147;Televisa&#148;)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="justify" valign="bottom" nowrap>Television Broadcasting</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify" valign="top" nowrap>Pay Television Networks</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify" valign="top">Programming Exports</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Editorial Televisa, S.A. de C.V. and subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="justify" valign="top">Publishing</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Innova, S. de R. L. de C.V. and subsidiaries (collectively, &#147;Sky&#148;) <SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">58.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="justify" valign="top">Sky</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Empresas Cablevisi&#243;n, S.A.B. de C.V. and subsidiaries<BR>
(collectively, &#147;Empresas Cablevisi&#243;n&#148;)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">51</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="justify" valign="bottom">Cable and Telecom</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cablem&#225;s, S.A. de C.V. and subsidiaries (collectively, &#147;Cablem&#225;s&#148;)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">58.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="justify" valign="top">Cable and Telecom</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Televisi&#243;n Internacional, S.A. de C.V. and subsidiaries (collectively, &#147;TVI&#148;)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="justify" valign="top">Cable and Telecom</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Corporativo Vasco de Quiroga, S.A. de C.V. and subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="justify" valign="top">Cable and Telecom</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify" valign="top">Other Businesses</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Grupo Distribuidoras Intermex, S.A. de C.V. and subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="justify" valign="top">Other Businesses</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sistema Radi&#243;polis, S.A. de C.V. and subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="justify" valign="top">Other Businesses</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Televisa Juegos, S.A. de C.V. and subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="justify" valign="top">Other Businesses</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="justify">Percentage of equity interest directly or indirectly held by the Company in the
consolidated entity.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="justify">See Note 22 for a description of each of the Group&#146;s business segments.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="justify">At December&nbsp;31, 2010, the Group had identified Sky as a variable interest entity and
the Group as the primary beneficiary of the investment in this entity. The Group has a 58.7%
interest in Sky, a satellite television provider in Mexico, Central America and the Dominican
Republic.</DIV></TD>
</TR>

</TABLE>

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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">






<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Group&#146;s Television Broadcasting, Sky, Cable and Telecom segments, as well as the Group&#146;s Radio
business, which is reported in the Other Businesses segment, require concessions (licenses)&nbsp;granted
by the Mexican Federal Government for a fixed term, subject to renewal in accordance with Mexican
law. Also, the Group&#146;s Gaming business, which is reported in the Other Businesses segment, requires
a permit granted by the Mexican Federal Government for a fixed term, subject to renewal in
accordance with Mexican law. Additionally, the Group&#146;s Sky businesses in Central America and the
Dominican Republic require concessions (licenses)&nbsp;or permits granted by local regulatory
authorities for a fixed term, subject to renewal in accordance with local laws. At December&nbsp;31,
2010, the expiration dates of the Group&#146;s concessions and permits were as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="justify" style="border-bottom: 1px solid #000000">Segments</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Expiration Dates</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Television Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify" valign="top">In 2021</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify" valign="top">Various from 2015 to 2027</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cable and Telecom</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify" valign="top">Various from 2013 to 2039</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Businesses:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Radio</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify" valign="top">Various from 2015 to 2016 <SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gaming</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify" valign="top">In 2030</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="justify">Concessions for three Radio stations in Guadalajara and Mexicali expired in 2008 and
2009, and renewal applications were timely filed before the Mexican regulatory authorities but
are still pending as certain related regulations of the applicable law are being reviewed by
the Mexican Federal Government. The Group&#146;s management expects that concessions for these
three stations will be renewed or granted by the Mexican Federal Government.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><B><I>(c)</I></B></TD>
    <TD>&nbsp;</TD>
    <TD><B><I>Foreign Currency Translation</I></B></TD>
</TR>

</TABLE>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Monetary assets and liabilities of Mexican companies denominated in foreign currencies are
translated at the prevailing exchange rate at the balance sheet date. Resulting exchange rate
differences are recognized in income for the year, within integral cost of financing.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Assets, liabilities and results of operations of non-Mexican subsidiaries and affiliates are first
converted to Mexican FRS and then translated to Mexican pesos. Assets and liabilities of
non-Mexican subsidiaries and affiliates operating in a local currency environment are translated
into Mexican Pesos at year-end exchange rates, and results of operations and cash flows are
translated at average exchange rates prevailing during the year. Resulting translation adjustments
are accumulated as a separate component of accumulated other comprehensive income or loss in
consolidated stockholders&#146; equity. Assets and liabilities of non-Mexican subsidiaries that use the
Mexican Peso as a functional currency are translated into Mexican Pesos by utilizing the exchange
rate of the balance sheet date for monetary assets and liabilities, and historical exchange rates
for nonmonetary items, with the related adjustment included in the consolidated statement of income
as integral result of financing.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>(d)&nbsp;Cash and Cash Equivalents and Temporary Investments</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Cash and cash equivalents consist of cash on hand and all highly liquid investments with an
original maturity of three months or less at the date of acquisition.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Temporary investments consist of short-term investments, including without limitation fixed
short-term deposits and corporate fixed income securities with a maturity of over three months and
up to one year at the date of acquisition, stock and/or other financial instruments, as well as
current maturities of noncurrent held-to-maturity securities. Temporary investments are valued at
fair value.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As of December&nbsp;31, 2009 and 2010, cash equivalents and temporary investments were primarily
denominated in U.S. Dollars and Mexican Pesos, with an average yield of approximately 1.0% for U.S.
Dollar deposits and 5.9% for Mexican Peso deposits in 2009, and approximately 0.58% for U.S. Dollar
deposits and 4.67% for Mexican Peso deposits in 2010.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>(e)&nbsp;Transmission Rights and Programming</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Programming is comprised of programs, literary works, production talent advances and films.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Transmission rights and literary works are valued at the lesser of acquisition cost and net
realizable value. Programs and films are valued at the lesser of production cost, which consists of
direct production costs and production overhead, and net realizable value. Payments for production
talent advances are initially capitalized and subsequently included as direct or indirect costs of
program production.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Group&#146;s policy is to capitalize the production costs of programs which benefit more than one
annual period and amortize them over the expected period of future program revenues based on the
Company&#146;s historical revenue patterns for similar productions.
</DIV>

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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Transmission rights, programs, literary works, production talent advances and films are recorded at
acquisition or production cost, and through December&nbsp;31, 2007, were restated by using the NCPI
factors, and specific costs for some of these assets, which were determined by the Group on the
basis of the last purchase price or production cost, or replacement cost whichever was more
representative. Cost of sales is calculated for the month in which such transmission rights, programs, literary works, production talent advances
and films are matched with related revenues, and through December&nbsp;31, 2007, was determined based on
restated costs.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Transmission rights are amortized over the lives of the contracts. Transmission rights in
perpetuity are amortized on a straight-line basis over the period of the expected benefit as
determined by past experience, but not exceeding 25&nbsp;years.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>(f)&nbsp;Inventories</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Inventories of paper, magazines, materials and supplies are valued at the lesser of acquisition
cost and net realizable value.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>(g)&nbsp;Investments</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Investments in companies in which the Group exercises significant influence (associates)&nbsp;or joint
control (jointly controlled entities) are accounted for by the equity method. The Group recognizes
equity in losses of affiliates up to the amount of its initial investment and subsequent capital
contributions, or beyond that when guaranteed commitments have been made by the Group in respect of
obligations incurred by investees, but not in excess of such guarantees. If an affiliated company
for which the Group had recognized equity losses up to the amount of its guarantees generates net
income in the future, the Group would not recognize its proportionate share of this net income
until the Group first recognizes its proportionate share of previously unrecognized losses.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Investments in debt securities that the Group has the ability and intent to hold to maturity are
classified as investments &#147;held-to-maturity,&#148; and reported at amortized cost. Investments in debt
securities or with readily determinable fair values that are not classified as held-to-maturity are
classified as &#147;available-for-sale,&#148; and are recorded at fair value with unrealized gains and losses
included in consolidated stockholders&#146; equity as accumulated other comprehensive result (see Notes
5 and 14).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Group assesses at each balance sheet date whether there is objective evidence that a financial
asset or group of financial assets is impaired. A financial asset or a group of financial assets is
impaired and impairment losses are incurred only if there is objective and other-than-temporary
evidence of impairment as a result of one or more events that occurred after the initial
recognition of the asset. If it is determined that a financial asset or group of financial assets
have sustained an other-than-temporary decline in their value a charge is recognized in income in
the related period.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For financial assets classified as held-to-maturity the amount of the loss is measured as the
difference between the asset&#146;s carrying amount and the present value of estimated future cash flows
(excluding future credit losses that have not been incurred) discounted at the financial asset&#146;s
original effective interest rate.
</DIV>


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


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Property, plant and equipment are recorded at acquisition cost and were restated through December
31, 2007 to constant Mexican Pesos using the NCPI, except for equipment of non-Mexican origin,
which was restated through that date by using an index which reflected the inflation in the
respective country of origin and the exchange rate of the Mexican Peso against the currency of such
country at the balance sheet date (&#147;Specific Index&#148;).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Depreciation of property, plant and equipment is based upon the restated carrying value of the
assets in use and is computed using the straight-line method over the estimated useful lives of the
assets ranging principally from 20 to 65&nbsp;years for buildings, from five to 20&nbsp;years for building
improvements, from three to 20&nbsp;years for technical equipment and from three to 10&nbsp;years for other
property and equipment.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>(i)&nbsp;Intangible Assets and Deferred Financing Costs</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Intangible assets and deferred financing costs are recognized at cost and were restated through
December&nbsp;31, 2007 by using the NCPI.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Intangible assets are composed of goodwill, publishing trademarks, television network concessions,
licenses and software, subscriber lists and other items. Goodwill, publishing trademarks and
television network concessions are intangible assets with indefinite lives and are not amortized.
Licenses and software, subscriber lists and other items are intangible assets with finite lives and
are amortized, on a straight-line basis, over their estimated useful lives, which range principally
from 3 to 20&nbsp;years.
</DIV>


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

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

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

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<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>(j)&nbsp;Impairment of Long-lived Assets</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Group reviews for impairment the carrying amounts of its long-lived assets, tangible and
intangible, including goodwill (see Note 7), at least once a year, or whenever events or changes in
business circumstances indicate that these carrying amounts may not be recoverable. To determine
whether an impairment exists, the carrying value of the reporting unit is compared with its fair
value. Fair value estimates are based on quoted market values in active markets, if available. If
quoted market prices are not available, the estimate of fair value is based on various valuation
techniques, including discounted value of estimated future cash flows, market multiples or
third-party appraisal valuations.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>(k)&nbsp;Customer Deposits and Advances</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Customer deposit and advance agreements for television advertising services provide that customers
receive preferential prices that are fixed for
the contract period for television broadcast advertising time based on rates established by the
Group. Such rates vary depending on when the advertisement is aired, including the season, hour,
day, rating and type of programming.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>(l)&nbsp;Stockholders&#146; Equity</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The capital stock and other stockholders&#146; equity accounts include the effect of restatement through
December&nbsp;31, 2007, determined by applying the change in the NCPI between the dates capital was
contributed or net results were generated and the balance sheet date. The restatement represented
the amount required to maintain the contributions, share repurchases and accumulated results in
Mexican Pesos in purchasing power as of December&nbsp;31, 2007.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>(m)&nbsp;Revenue Recognition</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Group derives the majority of its revenues from media and entertainment-related business
activities both in Mexico and internationally. Revenues are recognized when the service is provided
and collection is probable. A summary of revenue recognition policies by significant activity is as
follows:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="justify"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">Advertising revenues, including deposits and advances from customers for future advertising,
are recognized at the time the advertising services are rendered.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="justify"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">Revenues from program services for pay television and licensed television programs are
recognized when the programs are sold and become available for broadcast.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="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="justify"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">Revenues from magazine subscriptions are initially deferred and recognized proportionately
as products are delivered to subscribers. Revenues from the sales of magazines are
recognized on the date of circulation of delivered merchandise, net of a provision for
estimated returns.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="justify"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">The revenue from publishing distribution is recognized upon distribution of the products.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="justify"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">Sky program service revenues, including advances from customers for future direct-to-home
(&#147;DTH&#148;) program services, activation and installation fees, are recognized at the time the
service is provided.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="justify"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">Cable television, internet and telephone subscription, and pay-per-view and installation fees
are recognized in the period in which the services are rendered.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="justify"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">Revenues from telecommunications and data services are recognized in the period in which
these services are provided. Telecommunications services include long distance and local
telephony, as well as leasing and maintenance of telecommunications facilities.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="justify"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">Revenues from attendance to soccer games, including revenues from advance ticket sales for
soccer games and other promotional events, are recognized on the date of the relevant event.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="justify"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">Motion picture production and distribution revenues are recognized as the films are
exhibited.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="justify"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">Gaming revenues consist of the net win from gaming activities, which is the difference
between amounts wagered and amounts paid to winning patrons.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In respect to sales of multiple products or services, the Group evaluates whether it has fair value
evidence for each deliverable in the transaction. For example, the Group sells cable television,
internet and telephone subscription to subscribers in a bundled package at a rate lower than if the
subscriber purchases each product on an individual basis. Subscription revenues received from such
subscribers are allocated to each product in a pro-rata manner based on the fair value of each of
the respective services.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>(n)&nbsp;Retirement and Termination Benefits</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Plans exist for pension and other retirement benefits for most of the Group&#146;s employees (retirement
benefits), funded through irrevocable trusts. Contributions to the trusts are determined in
accordance with actuarial computations of funding requirements. Pension and other retirement
payments are made by the trust administrators. Increases or decreases in the liability for
retirement benefits are based upon actuarial calculations.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Seniority premiums and severance indemnities to dismissed personnel (termination benefits), other
than those arising from restructurings, are recognized based upon actuarial calculations. The
termination benefit costs are directly recognized in income as a provision, with no deferral of any
unrecognized prior service cost or related actuarial gain or loss.
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The employees&#146; profit sharing required to be paid under certain circumstances in Mexico, is
recognized in the consolidated statements of income as a direct benefit to employees.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>(o)&nbsp;Income Taxes</I></B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The income taxes are recognized in income as they are incurred.

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The recognition of deferred income taxes is made by using the comprehensive asset and liability
method. Under this method, deferred income taxes are calculated by applying the respective income
tax rate to the temporary differences between the accounting and tax values of assets and
liabilities at the date of the financial statements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A valuation allowance is provided for those deferred income tax assets for which it is more likely
than not that the related benefits will not be realized.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Effective January&nbsp;1, 2008, the Group classified in retained earnings the outstanding balance of
initial cumulative loss effect of deferred income taxes in the amount of Ps.3,224,437, as required
by Mexican FRS (see Note 14).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>(p)&nbsp;Derivative Financial Instruments</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Group recognizes derivative financial instruments as either assets or liabilities in the
consolidated balance sheet and measures such instruments at fair value. The accounting for changes
in the fair value of a derivative financial instrument depends on the intended use of the
derivative financial instrument and the resulting designation. For a derivative financial
instrument designated as a cash flow hedge, the effective portion of such derivative&#146;s gain or loss
is initially reported as a component of accumulated other comprehensive income and subsequently
reclassified into income when the hedged exposure affects income. The ineffective portion of the
gain or loss is reported in income immediately. For a derivative financial instrument designated as
a fair value hedge, the gain or loss is recognized in income in the period of change together with
the offsetting loss or gain on the hedged item attributed to the risk being hedged. For derivative
financial instruments that are not designated as accounting hedges, changes in fair value are
recognized in income in the period of change. During the years ended December&nbsp;31, 2008, 2009 and
2010, certain derivative financial instruments qualified for hedge accounting (see Note 9).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>(q)&nbsp;Comprehensive Income</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Comprehensive income includes the net income for the period presented in the income statement plus
other results for the period reflected in the stockholders&#146; equity which are from non-owner sources
(see Note 14).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>(r)&nbsp;Stock-based Compensation</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Effective January&nbsp;1, 2009, the Group adopted the guidelines of Mexican FRS NIF D-8, <I>Share-based
Payments, </I>which substituted the guidelines provided by IFRS 2, <I>Share-based Payment, </I>issued by the
International Accounting Standards Board, which were applied by the Group on a supplementary basis
through December&nbsp;31, 2008, as required by Mexican FRS. The adoption of the guidelines provided by
NIF D-8 did not have a significant effect on the Group&#146;s consolidated financial statements. The
provisions of NIF D-8 require, as well as those of IFRS 2, accruing in stockholders&#146; equity for
share-based compensation expense as measured at fair value at the date of grant, and applies to
those equity benefits granted to officers and employees (see Note 12). The Group accrued in
controlling stockholders&#146; equity a stock-based compensation expense (consolidated administrative
expense) of Ps.222,046, Ps.371,783 and Ps.556,711 for the years ended December&nbsp;31, 2008, 2009 and
2010, respectively.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>(s)&nbsp;Recently Issued Mexican FRS</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the first quarter of 2009, the Mexican Bank and Securities Commission (&#147;Comisi&#243;n Nacional
Bancaria y de Valores&#148; or &#147;CNBV&#148;), issued regulations for listed companies in Mexico requiring the
adoption of International Financial Reporting Standards (&#147;IFRS&#148;) issued by the International
Accounting Standards Board (&#147;IASB&#148;) to report comparative financial information for periods
beginning no later than January&nbsp;1, 2012. The Group has already implemented a plan to comply with
these regulations and start reporting its financial statements in accordance with IFRS in the first
quarter of 2012. At the current implementation stage, the Group is in the process of determining
estimated figures for those impacts resulting from the initial adoption of IFRS.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In December&nbsp;2009, the CINIF issued Mexican FRS that became effective on January&nbsp;1, 2011 as
follows:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Financial Reporting Standard (&#147;Norma de Informaci&#243;n Financiera&#148; or &#147;NIF&#148;) B-5, <I>Financial
Information by Segments, </I>replaces the previous Mexican FRS Bulletin B-5, <I>Financial Information by
Segments, </I>and sets out requirements for disclosure of information about an entity&#146;s operating
segments and also about the entity&#146;s products and services, the geographical areas in which it
operates, and its major customers. NIF B-5 confirms that reportable operating segments are those
that are based on the Group&#146;s method of internal reporting to senior management for making
operating decisions and evaluating performance of operating segments, and identified by certain
qualitative, grouping and quantitative criteria. NIF B-5 also requires additional disclosure of
interest income and expense, and certain liabilities, by segments. The adoption of NIF B-5 in 2011
is not expected to have a material impact on the Group&#146;s financial position, results of operations
and disclosures.
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">NIF B-9, <I>Financial Information at Interim Dates, </I>replaces the previous Mexican FRS Bulletin B-9,
<I>Financial Information at Interim Dates, </I>and provides guidelines for entities that are required to
prepare and present financial information at interim dates. NIF B-9 requires minimum financial
information at interim dates, including comparative condensed balance sheets and related
comparative condensed statements of income, changes in stockholders&#146; equity and cash flows, as well
as selected notes to these condensed financial statements. The adoption of NIF B-9 in 2011 is not
expected to have a material impact on the Group&#146;s interim financial position, results of operations
and disclosures.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the third quarter of 2010, the CINIF issued new guidelines under Mexican FRS, as follows:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Improvements to Mexican FRS 2011 </I>include two groups of improvements to Mexican FRS already issued:
(i)&nbsp;improvements to certain NIF, resulting in accounting changes in valuation, presentation or
disclosure in a company&#146;s financial statements, which became effective on January&nbsp;1, 2011; and (ii)
improvements to precise wording in certain NIF for clarification purposes, which do not require
accounting changes. Improvements generating accounting changes in valuation, presentation or
disclosure of a company&#146;s financial statements include: (i)&nbsp;initial
balance sheet presentation when retrospective adjustments are made; (ii)&nbsp;optional presentation of
available cash to be used in financing activities in a statement of cash flows; (iii)&nbsp;doubtful
accrued interest receivable; (iv)&nbsp;derivative financial instruments and hedge transactions: effects
to be excluded from hedge effectiveness, intra-group forecast transactions, hedge of a portfolio
portion, margin accounts, and impossibility of establishing a hedge relation for a life portion of
a hedge instrument; (v)&nbsp;definition of members of a family of a person as related parties; (vi)
leases: discount rate to be used in financial leases, disclosures in financial leases, and gain or
loss in sale and leaseback transactions. The Company&#146;s management believes that these improvements
to Mexican FRS will not have a significant impact in the Group&#146;s consolidated financial statements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the fourth quarter of 2010, the CINIF issued new guidelines under Mexican FRS, as follows:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">NIF C-4, <I>Inventories, </I>replaces previous Mexican FRS Bulletin C-4, <I>Inventories, </I>and became effective
on January&nbsp;1, 2011. This new standard sets up the valuation, presentation and disclosure guidelines
for initial and subsequent recognition of inventories in an entity&#146;s balance sheet. The adoption of
NIF C-4 in 2011 is not expected to have a material impact on the Group&#146;s financial position,
results of operations and disclosures.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">NIF C-5, <I>Prepayments, </I>replaces previous Mexican FRS Bulletin C-5, <I>Prepayments, </I>and became effective
on January&nbsp;1, 2011. This new standard sets up the guidelines for valuation, presentation and
disclosure related to prepayments in an entity&#146;s balance sheet. NIF C-5 requires that prepayments
made by an entity for the purchase of inventories, property, plant and equipment, and other similar
assets should be presented in a separate line in the balance sheet. The adoption of NIF C-5 in 2011
is not expected to have a material impact on the Group&#146;s financial position and disclosures.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">NIF C-6, <I>Property, Plant and Equipment, </I>replaces previous Mexican FRS Bulletin, C-6, <I>Property,
Machinery and Equipment</I>. This new standard sets up the valuation, presentation and disclosure
guidelines for initial and subsequent recognition of property, plant and equipment in an entity&#146;s
balance sheet. It also establishes the mandatory depreciation of representative components of
property, plant and equipment, as opposed to depreciating the remaining asset as a single
component. This Mexican FRS became effective as of January&nbsp;1, 2011, with exception of the changes
arising from the segregation of its components, which have a useful life clearly different to the
main asset. In this case, and for entities which have not performed such segregation, the
applicable disposition will become effective for periods beginning on January&nbsp;1, 2012. The Group is
currently evaluating the impact this standard will have on its consolidated financial statements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">NIF C-18, <I>Obligations Associated With the Retirement of Property, Plant and Equipment, </I>sets up the
guidelines for initial and subsequent recognition of a provision related to an entity&#146;s obligations
associated with the retirement of components of property, plant and equipment, and became effective
on January&nbsp;1, 2011. The adoption of NIF C-18 in 2011 is not expected to have a material impact on
the Group&#146;s financial position, results of operations and disclosures.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>2. Acquisitions, Investments and Dispositions</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 2006, the Group acquired a 50% interest in Televisi&#243;n Internacional, S.A. de C.V. (&#147;TVI&#148;), a
telecommunications company offering pay television, data and voice services in the metropolitan
area of Monterrey and other areas in northern Mexico. Effective October&nbsp;1, 2009, the Company has a
controlling interest in TVI as a result of a corporate governance amendment (the legal right to
designate the majority of TVI&#146;s board of directors), and began consolidating the assets,
liabilities and results of operations of TVI in its consolidated financial statements. Through
September&nbsp;30, 2009, the Group&#146;s investment in TVI was accounted for by using the equity method (see
Note 7).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In August&nbsp;2007, the Group announced an agreement signed by Cablestar, S.A. de C.V. (&#147;Cablestar&#148;),
an indirect subsidiary of the Company and Empresas Cablevisi&#243;n, to acquire the majority of the
assets of Bestel, S.A. de C.V. (&#147;Bestel&#148;), a Mexican facilities-based telecommunications company
engaged in providing data and long-distance services solutions to carriers and other
telecommunications service providers through a fiber-optic network of approximately 8,000
kilometers that covers the most important cities and economic regions of Mexico and the cities of
San Antonio and San Diego in the United States. In December&nbsp;2007, after obtaining the approval from
the Mexican regulatory authorities, Cablestar completed this transaction by acquiring, at an
aggregate purchase price of U.S.$256&nbsp;million (Ps.2,772,352), all of the outstanding equity of
Letseb, S.A. de C.V. (&#147;Letseb&#148;) and Bestel USA, Inc. (&#147;Bestel USA&#148;), the companies that owned the
majority of assets of Bestel. In connection with this acquisition: (i)&nbsp;Cablestar made an additional
capital contribution to Letseb in the amount of U.S.$69&nbsp;million (Ps.747,236), which was used by
Letseb to pay certain pre-acquisition liabilities; (ii)&nbsp;the Company granted a guarantee to a
third-party creditor for any amounts payable in connection with Letseb&#146;s long-term liability in the
amount of U.S.$80&nbsp;million; (iii)&nbsp;Empresas Cablevisi&#243;n issued long-term debt to finance this
acquisition in the amount of U.S.$225&nbsp;million (Ps.2,457,495); and (iv)&nbsp;Cablem&#225;s and TVI made
capital contributions for an aggregate amount of U.S.$100&nbsp;million related to their aggregate 30.8%
noncontrolling interest in Cablestar. In March&nbsp;2008, the parties agreed a purchase price adjustment
in accordance with the terms of the related acquisition agreement, and accordingly, the Group made
an additional payment in April&nbsp;2008 in the aggregate amount of U.S$18.7&nbsp;million (Ps.199,216).
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In February&nbsp;2008, the Group made an additional investment of U.S.$100&nbsp;million (Ps.1,082,560) to
increase its interest in the outstanding equity of Cablem&#225;s to 54.6%, and retained a 49% of the
voting equity of Cablem&#225;s. In May&nbsp;2008, the Mexican regulatory authorities announced that the Group
complied with all of the required regulatory conditions in connection with its investment in the
outstanding equity of Cablem&#225;s. Effective June&nbsp;1, 2008, the Company has a controlling interest in
Cablem&#225;s as a result of a corporate governance contractual amendment (the legal right to designate
the majority of Cablemas&#146; board of directors), and the Group began consolidating the assets,
liabilities and results of operations of Cablem&#225;s in its consolidated financial statements. Through
May&nbsp;31, 2008, the Group&#146;s investment in Cablem&#225;s was accounted for by using the equity method. In
February&nbsp;2009, the Group&#146;s controlling interest in the outstanding equity of Cablem&#225;s increased
from 54.5% to 58.3%, as a result of a capital contribution made by a Company&#146;s subsidiary and the
dilution of the non-controlling interest in Cablem&#225;s. The
Company retained 49% of the voting stock of Cablem&#225;s. This transaction between stockholders of the
Group resulted in a non-cash reduction of retained earnings attributable to the controlling
interest of Ps.118,353, with a corresponding increase in stockholders&#146; equity attributable to the
non-controlling interest. In December&nbsp;2009, the Group completed a final valuation and purchase
price allocation of the assets and liabilities of Cablem&#225;s in connection with the consolidation of
this Company&#146;s subsidiary in 2008, and recognized Ps.1,052,190 of concessions, Ps.636,436 of
trademarks, Ps.792,276 of a subscriber list, Ps.374,887 of interconnection contracts, and an
aggregate write-down of Ps.1,036,933 relating to technical equipment and other intangibles (see
Notes 1(b) and 7). On March&nbsp;31, 2011, the stockholders of Cablem&#225;s approved, among other matters, a
capital increase in Cablem&#225;s, by which a wholly-owned subsidiary of the Company increased its
equity interest in Cablem&#225;s from 58.3% to 90.8%.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In June&nbsp;2009, the Company entered into an agreement with a U.S. financial institution to acquire
for U.S.$41.8&nbsp;million (Ps.552,735) an outstanding loan facility of TVI in the principal amount of
U.S.$50&nbsp;million with a maturity in 2012, which was entered into by TVI in December&nbsp;2007, in
connection with the acquisition of the majority of the assets of Bestel described above. In July
2009, TVI prepaid this loan facility through an exchange with the Company of such loan receivable
with a carrying value, of U.S.$42.1&nbsp;million (Ps.578,284), for a 15.4% non-controlling interest held
by TVI in Cablestar and Ps.85,580 in cash. This transaction between stockholders resulted in a net
gain of Ps.62,143, which increased retained earnings attributable to the controlling interest in
consolidated stockholders&#146; equity.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In June&nbsp;2010, the Mexican Communications and Transportation Ministry (&#147;Secretar&#237;a de Comunicaciones
y Transportes&#148;) granted to the consortium formed by Telef&#243;nica M&#243;viles de M&#233;xico, S.A. de C.V.
(&#147;Telef&#243;nica&#148;), the Group and Megacable Holdings, S.A.B. de C.V. (&#147;Megacable&#148;), a favorable award
in the bidding process for a 20-year contract for the lease of a pair of dark fiber wires held by
the Mexican Federal Electricity Commission (&#147;Comisi&#243;n Federal de Electricidad&#148; or &#147;CFE&#148;). The
consortium, through the company Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V.
(&#147;GTAC&#148;), in which a subsidiary of Telef&#243;nica, a subsidiary of the Company and a subsidiary of
Megacable have an equal equity participation, was granted a contract to lease 19,457 kilometers of
dark fiber optic capacity from the CFE, along with the corresponding concession to operate a public
telecommunications network. In June&nbsp;2010, the Group made a capital contribution of Ps.54,667 in
connection with its 33.3% interest in GTAC. GTAC plans to have the network ready to offer
commercial services in the second half of 2011 (see Note 5).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In July&nbsp;2010, the Group sold its 25% interest in Controladora Vuela Compa&#241;&#237;a de Aviaci&#243;n, S.A. de
C.V. and subsidiaries (collectively &#147;Volaris&#148;) for a total consideration of U.S.$80.6&nbsp;million
(Ps.1,042,836) in cash. The Group&#146;s total capital contributions made in Volaris since October&nbsp;2005
amounted to U.S.$49.5&nbsp;million (Ps.574,884). As a result of this disposition, the Group recognized a
net pretax gain of Ps.783,981, which was accounted for in consolidated income for the year ended
December&nbsp;31, 2010, as other expense, net (see Note 17).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On December&nbsp;20, 2010, the Company, Univision, Univision&#146;s parent company, and other parties
affiliated with the investor groups that own Univision&#146;s parent company entered into various
agreements and completed certain transactions previously announced in October&nbsp;2010. As a result, in
December&nbsp;2010, the Group: (i)&nbsp;made a cash investment of U.S.$1,255&nbsp;million in Broadcasting Media
Partners, Inc. (&#147;BMP&#148;), the parent company of Univision, in the form of a capital contribution in
the amount of U.S.$130&nbsp;million (Ps.1,613,892), representing 5% of the outstanding common stock of
BMP, and U.S.$1,125&nbsp;million (Ps.13,904,222) aggregate principal amount of 1.5% Convertible
Debentures of BMP due 2025, which are convertible at the Company&#146;s option into additional shares
currently equivalent to a 30% equity stake of BMP, subject to existing laws and regulations in the
United States, and other conditions; (ii)&nbsp;acquired an option to purchase at fair value an
additional 5% equity stake in BMP, subject to existing laws and regulations in the United States,
and other terms and conditions and (iii)&nbsp;sold to Univision its entire interest in TuTv, LLC
(&#147;TuTv&#148;), which represented 50% of TuTv&#146;s capital stock, for an aggregate cash amount of U.S.$55
million (Ps.681,725). In connection with this investment, (i)&nbsp;the Company entered into an amended
Program License Agreement (&#147;PLA&#148;) with Univision, pursuant to which Univision has the right to
broadcast certain Televisa content in the United States for a term that commenced on January&nbsp;1,
2011 and ends on the later of 2025 or seven and one-half years after Televisa has sold two-thirds
of its initial investment in BMP, and which includes an increased percentage of royalties from
Univision and (ii)&nbsp;the Group entered into a new program license agreement with Univision, the
Mexico License Agreement, or MLA, under which the Group has the right to broadcast certain
Univision&#146;s content in Mexico for the same term as that of the PLA (see Notes 5 and 11).
</DIV>

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>3. Trade Notes and Accounts Receivable, Net</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Trade notes and accounts receivable as of December&nbsp;31, consisted of:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-interest bearing notes received from customers as deposits and advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">       14,515,450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">       13,313,673</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounts receivable, including value-added tax receivables related to advertising services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,430,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,966,189</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Allowance for doubtful accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,547,210</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,578,737</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">       18,399,183</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">      17,701,125</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>4. Transmission Rights and Programming</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At December&nbsp;31, transmission rights and programming consisted of:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transmission rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">       6,133,176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">    5,792,029</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Programming</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,155,271</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,839,988</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,288,447</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,632,017</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-current portion of:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Transmission rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,790,714</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,724,547</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Programming</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,124,745</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,903,055</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,915,459</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,627,602</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current portion of transmission rights and programming</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">       4,372,988</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">     4,004,415</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>5. Investments</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At December&nbsp;31, the Group had the following investments:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Ownership %</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">as of December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounted for by the equity method:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">BMP <SUP style="FONT-size: 85%; vertical-align: text-top">(a)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD nowrap align="right">                &#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">       1,613,892</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gestora de Inversiones Audiovisuales La Sexta, S.A. and subsidiaries
(collectively, &#147;La Sexta&#148;) <SUP style="FONT-size: 85%; vertical-align: text-top">(b)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,043,752</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">722,752</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">40.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">GTAC <SUP style="FONT-size: 85%; vertical-align: text-top">(c)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,645</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">33.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Ocesa Entretenimiento, S.A. de C.V. and subsidiaries
(collectively, &#147;OCEN&#148;)<SUP style="FONT-size: 85%; vertical-align: text-top"> (d)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">789,001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">819,913</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">40</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Volaris <SUP style="FONT-size: 85%; vertical-align: text-top">(e)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">248,162</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">301,324</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141,435</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,382,239</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,332,637</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other long&#151;term investments:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Convertible Debentures due 2025<SUP style="FONT-size: 85%; vertical-align: text-top"> (a)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,904,222</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">Loan and interest receivable from La Sexta <SUP style="FONT-size: 85%; vertical-align: text-top">(b)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">354,942</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">Loan and interest receivable from GTAC<SUP style="FONT-size: 85%; vertical-align: text-top"> (c)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">384,063</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">Held&#151;to&#151;maturity debt securities <SUP style="FONT-size: 85%; vertical-align: text-top">(f)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,169,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">935,494</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other available&#151;for&#151;sale investments <SUP style="FONT-size: 85%; vertical-align: text-top">(g)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,826,457</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,922,625</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">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">342,329</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,470</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,338,397</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,504,816</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right"> 6,720,636</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">      21,837,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left: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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(a)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="justify">The Group accounts for its 5% investment in common stock of BMP, the parent company
of Univision, under the equity method due to the Group&#146;s ability to exercise significant
influence over BMP&#146;s operations in accordance with Mexican FRS. Since December&nbsp;20, 2010, the
Group: (i)&nbsp;owned 526,336 Class &#147;C&#148; shares of common stock of BMP, representing 5% of the
outstanding total shares of BMP as of that date, (ii)&nbsp;held 1.5% Convertible Debentures due
2025 issued by BMP, which can be converted into additional shares currently equivalent to a
30% equity stake of BMP, at the option of the Group, subject to certain conditions and
regulations; (iii)&nbsp;owned an option to acquire at fair value an additional 5% of common stock
of BMP, at a future date, subject to certain conditions and regulations; (iv)&nbsp;had three of 20
designated members of the Board of Directors of BMP; and (v)&nbsp;had entered in program license
agreements with Univision, an indirect wholly-owned subsidiary of BMP, through the later of
2025 or seven and one-half years after Televisa has sold two-thirds of its initial investment
in BMP. As of December&nbsp;31, 2010, the 1.5% Convertible Debentures due 2025 are classified as
available-for-sale investments (see Note 2).</DIV></TD>
</TR>

</TABLE>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->F-15<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">





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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(b)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="justify">La Sexta is a free-to-air television channel in Spain. During 2008 and 2009, the
Group made additional capital contributions related to its interest in La Sexta in the amount
of &#128;44.4&nbsp;million (Ps.740,495) and &#128;35.7&nbsp;million (Ps.663,082), respectively. During the first
half of 2010, the Group made short-term loans in connection with its 40.5% interest in La
Sexta in the principal amount of &#128;21.5&nbsp;million (Ps.354,942). In February&nbsp;2011, these loans
were capitalized by the Company as investment in La Sexta and the Company&#146;s percentage
ownership in La Sexta increased from 40.5% to 40.8%.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(c)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="justify">GTAC is a company with a concession to operate a public telecommunications network
in Mexico with an expiration date in 2020. In June&nbsp;2010, a subsidiary of the Company entered
into a long-term credit facility agreement to provide financing to GTAC for up to Ps.668,217,
with an annual interest rate of the Mexican Interbank Interest Rate (&#147;Tasa de Inter&#233;s
Interbancaria de Equilibrio&#148; or &#147;TIIE&#148;) plus 200 basis points, and maturity in December&nbsp;2021.
Interest under this credit facility is payable at dates agreed by the parties between 2013 and
2021. As of December&nbsp;31, 2010, GTAC had used a principal amount of Ps.372,083 under this
credit facility, with a related accrued interest
receivable of Ps.11,980 as of that date (see Note 2).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(d)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="justify">OCEN is a majority-owned subsidiary of Corporaci&#243;n Interamericana de
Entretenimiento, S.A. de C.V., and is engaged in the live entertainment business in Mexico. In
2008 and 2009, OCEN paid dividends to the Group in the aggregate amount of Ps.56,000 and
Ps.56,000, respectively. The investment in OCEN includes a goodwill of Ps.359,613 as of
December&nbsp;31, 2009 and 2010 (see Note 16).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(e)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="justify">Volaris is a low-cost carrier airline with a concession to operate in Mexico and
abroad. In 2009, the Group made additional capital contributions related to its 25% interest
in Volaris in the amount of U.S.$5&nbsp;million (Ps.69,000). The Group disposed of its investment
in Volaris in the third quarter of 2010 (see Notes 2, 16 and 17).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(f)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="justify">Held-to-maturity securities represent corporate fixed income securities with
long-term maturities. These investments are stated at amortized cost. During 2008, the Group
recognized a write-down of Ps.405,111 on a held-to-maturity debt security reducing the
carrying amount of this security to zero (see Note 1 (g)). Maturities of these investments
subsequent to December&nbsp;31, 2010 are as follows: Ps.626,797 in 2012, Ps.106,517 in 2013,
Ps.56,900 in 2014 and Ps.145,280 thereafter.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(g)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="justify">In the second half of 2009, the Group invested an aggregate amount of U.S.$180
million in a telecom and media open-ended fund (see Note 1 (g)).</DIV></TD>
</TR>

</TABLE>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Group recognized equity in comprehensive loss of affiliates for the years ended December&nbsp;31,
2008, 2009 and 2010, as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity in losses of affiliates, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">      (1,049,934</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">      (715,327</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">      (211,930</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity in other comprehensive income (loss)&nbsp;of affiliates:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign currency translation adjustments, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">244,122</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(29,319</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(116,879</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(Loss) gain on equity accounts, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(58,109</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,598</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">        (863,921</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">      (705,121</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">      (324,211</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>6. Property, Plant and Equipment, Net</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Property, plant and equipment as of December&nbsp;31, consisted of:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Buildings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">          9,424,738</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">          9,466,384</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Buildings improvements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,670,084</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,698,781</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Technical equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,838,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,520,020</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Satellite transponders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,789,890</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,593,873</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Furniture and fixtures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">836,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">826,076</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transportation equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,559,816</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,525,029</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Computer equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,089,962</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,671,449</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Leasehold improvements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,383,541</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,303,689</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,592,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,605,301</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(32,145,471</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(36,900,013</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,447,079</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,705,288</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,648,171</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,085,914</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Construction in progress</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,976,214</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,860,645</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">         33,071,464</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">         38,651,847</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F-16<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Depreciation charged to income in 2008, 2009 and 2010 was Ps.3,867,182, Ps.4,390,339 and
Ps.5,697,642, respectively.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Satellite transponders are recorded as an asset equal to the net present value of committed
payments under a 15-year service agreement entered into with Intelsat Corporation (&#147;Intelsat&#148;) for
12 KU-band transponders on Intelsat&#146;s satellite IS-9 (see Note 8). Additionally, in connection with
a 15-year service agreement for 24 transponders on Intelsat&#146;s satellite IS-16 among Sky, Sky
Brasil Servicos Ltda., Intelsat and an affiliate, the Group recorded in 2010 a one-time fixed fee
in the aggregate amount of U.S.$138.6&nbsp;million (Ps.1,697,711), of which U.S.$27.7&nbsp;million and
U.S.$110.9&nbsp;million were paid in the first quarter of 2010 and 2011, respectively (see Note 11). As
of December&nbsp;31, 2009 and 2010, satellite transponders, net of accumulated depreciation, amounted to
Ps.676,180 and Ps.1,808,647, respectively.
</DIV>


<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>7. Intangible Assets and Deferred Charges, Net</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The balances of intangible assets and deferred charges as of December&nbsp;31, were as follows (see Note 1(i)):
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Gross</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Gross</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Carrying</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Accumulated</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Net Carrying</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Carrying</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Accumulated</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Net Carrying</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Amount</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Amortization</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Amount</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Amount</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Amortization</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Amount</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets with
indefinite lives:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">              2,774,189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">          2,529,594</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Publishing, TVI and other
trademarks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,264,555</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,396,880</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Television network concession</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">650,603</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">650,603</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cablem&#225;s concession
(see Note 2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,052,190</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,052,190</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">TVI concession (see Note 2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">262,925</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">262,925</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Telecom concession (see Note 2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">778,970</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">767,682</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sky concession</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96,042</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96,042</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets with finite
lives
and deferred charges:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Licenses and software</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">                          1,601,562</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">               (755,706</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">845,856</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">              1,881,493</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">             (1,097,123</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">784,370</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Subscriber lists
(see Note 2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,351,177</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(884,900</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,466,277</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,403,535</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,231,941</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,171,594</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Other intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">760,021</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(108,092</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">651,929</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">707,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(160,782</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">547,024</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Deferred financing costs
(see Note 8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,403,430</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(387,715</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,015,715</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,472,281</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(490,178</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">982,103</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">                          6,116,190</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">             (2,136,413</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">             10,859,251</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">              6,465,115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">             (2,980,024</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">         10,241,007</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Amortization of intangible assets with finite lives and deferred financing costs charged to income
in 2008, 2009 and 2010, was Ps.503,560, Ps.603,606 and Ps.985,827, respectively, of which
Ps.58,724, Ps.64,356 and Ps.70,668 in 2008, 2009 and 2010, respectively, was recorded as interest
expense (see Note 18) and Ps.903 and Ps.33,476 in 2008 and 2010,respectively, was recorded as other
expense in connection with the extinguishment of long-term debt (see Note 17).
</DIV>

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The changes in the net carrying amount of goodwill and trademarks for the year ended December&nbsp;31,
2010, were as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Foreign</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Balance as of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Currency</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Impairment</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Balance as of</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Translation</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Adjustments/</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Adjustments</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Acquisitions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Adjustments</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Reclassifications</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(see Note 17)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Television Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">            298,676</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">          86,813</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD nowrap align="right">            &#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">            385,489</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cable and Telecom</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,745,839</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(34,746</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,711,093</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">617,167</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(223,561</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">393,606</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,483</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(24,077</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">39,406</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Equity&#151;method investees
(see Note 5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,024</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(22,004</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(27,020</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">          2,774,189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">          86,813</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">            (80,827</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">          (250,581</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">          2,529,594</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trademarks (see Note 2):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">            505,708</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(283</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">               3,667</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">            509,092</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Telecom</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">669,495</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">669,495</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">TVI</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,352</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,352</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</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">128,941</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128,941</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">          1,264,555</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">         128,941</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(283</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">               3,667</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">          1,396,880</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</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>

<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>8. Long-term Debt and Capital Lease Obligations</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Long-term debt and capital lease obligations outstanding as of December&nbsp;31, were as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S. Dollar debt:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8% Senior Notes due 2011 <SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">941,119</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">           889,142</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6% Senior Notes due 2018<SUP style="FONT-size: 85%; vertical-align: text-top"> (1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,540,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,178,800</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.625% Senior Notes due 2025<SUP style="FONT-size: 85%; vertical-align: text-top"> (1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,848,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,414,560</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.50% Senior Notes due 2032 <SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,924,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,707,280</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.625% Senior Notes due 2040 <SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,848,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,414,560</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.375% Senior Guaranteed Notes due 2015 (Cablem&#225;s) <SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,285,076</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bank loan facility (Empresas Cablevisi&#243;n)<SUP style="FONT-size: 85%; vertical-align: text-top"> (3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,943,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,780,460</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bank loan facility (Cablem&#225;s)<SUP style="FONT-size: 85%; vertical-align: text-top"> (2) (3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">654,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total U.S. Dollar debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,016,210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,384,802</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mexican Peso debt:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.38% Notes due 2020 <SUP style="FONT-size: 85%; vertical-align: text-top">(4)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.49% Senior Notes due 2037<SUP style="FONT-size: 85%; vertical-align: text-top"> (1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,500,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bank loans <SUP style="FONT-size: 85%; vertical-align: text-top">(5)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,400,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,580,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bank loans (Sky) <SUP style="FONT-size: 85%; vertical-align: text-top">(6)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,500,000</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: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="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 Mexican Peso debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,400,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,580,000</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: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,416,210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,964,802</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: Current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,433,015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,469,142</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term debt, net of current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right"> 41,983,195</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">      46,495,660</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital lease obligations:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Satellite transponder lease obligation <SUP style="FONT-size: 85%; vertical-align: text-top">(7)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,108,451</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">           414,921</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other <SUP style="FONT-size: 85%; vertical-align: text-top">(8)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">293,282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">214,890</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total capital lease obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,401,733</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">629,811</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: Current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">235,271</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">280,137</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Capital lease obligations, net of current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right"> 1,166,462</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">           349,674</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>
    <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>


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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="justify">The Senior Notes due 2011, 2018, 2025, 2032, 2037 and 2040, in the outstanding
principal amount of U.S.$72&nbsp;million, U.S.$500&nbsp;million, U.S.$600&nbsp;million, U.S.$300&nbsp;million,
Ps.4,500,000 and U.S.$600&nbsp;million, respectively, are unsecured obligations of the Company,
rank equally in right of payment with all existing and future unsecured and unsubordinated
indebtedness of the Company, and are junior in right of payment to all of the existing and
future liabilities of the Company&#146;s subsidiaries. Interest on the Senior Notes due 2011, 2018,
2025, 2032, 2037 and 2040, including additional amounts payable in respect of certain Mexican
withholding taxes, is 8.41%, 6.31%, 6.97%, 8.94%, 8.93% and 6.97% per annum, respectively, and
is payable semi-annually. These Senior Notes may not be redeemed prior to maturity, except (i)
in the event of certain changes in law affecting the Mexican withholding tax treatment of
certain payments on the securities, in which case the securities will be redeemable, as a
whole but not in part, at the option of the Company; and (ii)&nbsp;in the event of a change of
control, in which case the Company may be required to redeem the securities at 101% of their
principal amount. Also, the Company may, at its own</DIV></TD>
</TR>

</TABLE>

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



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

<TR valign="top">
    <TD nowrap align="justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="justify">option, redeem the Senior Notes due 2018,
2025, 2037 and 2040, in whole or in part, at any time at a redemption price equal to the
greater of the principal amount of these Senior Notes or the present value of future cash
flows, at the redemption date, of principal and interest amounts of the Senior Notes
discounted at a fixed rate of comparable U.S. or Mexican sovereign bonds. The Senior Notes due
2011, 2018, 2032 and 2040 were priced at 98.793%, 99.280%, 99.431% and 98.319%, respectively,
for a yield to maturity of 8.179%, 6.097%, 8.553% and 6.755%, respectively. The Senior Notes
due 2025 were issued in two aggregate principal amounts of U.S.$400&nbsp;million and U.S.$200
million, and were priced at 98.081% and 98.632%, respectively, for a yield to maturity of
6.802% and 6.787%, respectively. The agreement of these Senior Notes contains covenants that
limit the ability of the Company and certain restricted subsidiaries engaged in Television
Broadcasting, Pay Television Networks and Programming Exports, to incur or assume liens,
perform sale and leaseback transactions, and consummate certain mergers, consolidations and
similar transactions. The Senior Notes due 2011, 2018, 2025, 2032, 2037 and 2040 are
registered with the U.S. Securities and Exchange Commission.</DIV></TD>
</TR>

</TABLE>



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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="justify">The Senior Guaranteed Notes due 2015 in the outstanding principal amount of
U.S.$174.7&nbsp;million at December&nbsp;31, 2009 were unsecured obligations of Cablem&#225;s and its
restricted subsidiaries and were guaranteed by such restricted subsidiaries. Interest on these
Senior Notes, including additional amounts payable in respect of certain Mexican withholding
taxes, was 9.858%, and was payable semi-annually. In November&nbsp;2010, Cablem&#225;s prepaid all of
its outstanding Guaranteed Senior Notes for an aggregate amount of U.S.$183&nbsp;million
(Ps.2,256,716), including accrued interest and a premium, as well as all of its outstanding loan
facility for an aggregate amount of U.S.$50&nbsp;million (Ps.622,118), including accrued interest.
This refinancing of debt was carried out through a Ps.2,500,000 loan facility provided to
Cablem&#225;s by a subsidiary of the Company, with an annual interest rate of 9.30%, which is due in
November&nbsp;2020 (see Notes 9 and 17).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="justify">In December&nbsp;2007, Empresas Cablevisi&#243;n and Cablem&#225;s entered into a 5-year term bank
loan facilities in the aggregate principal amount of U.S.$225&nbsp;million and U.S.$50&nbsp;million,
respectively, in connection with the financing for the acquisition of Letseb and Bestel USA
(see Note 2). Annual interest on these loan facilities was payable on a quarterly basis at
LIBOR plus an applicable margin that ranged from 0.475% to 0.800% depending on a leverage
ratio. As discussed in the paragraph above, in November&nbsp;2010, Cablem&#225;s prepaid all of its
outstanding loan facility. In March&nbsp;2011, Empresas Cablevisi&#243;n prepaid all of its outstanding
loan facility (see Note 9).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(4)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="justify">In October&nbsp;2010, the Company issued 7.38% Notes (&#147;Certificados Burs&#225;tiles&#148;) due 2020
through the Mexican Stock Exchange (&#147;Bolsa Mexicana de Valores&#148;) in the aggregate principal
amount of Ps.10,000,000. Interest on these Notes is payable semi-annually. The Company may, at
its own option, redeem these Notes, in whole or in part, at any semi-annual interest payment
date at a redemption price equal to the greater of the principal amount of the outstanding
Notes and the present value of future cash flows, at the redemption date, of principal and
interest amounts of the Notes discounted at a fixed rate of comparable Mexican sovereign
bonds. The agreement of these Notes contains covenants that limit the ability of the Company
and certain restricted subsidiaries appointed by the Company&#146;s Board of Directors, and engaged
in Television Broadcasting, Pay Television Networks and Programming Exports, to incur or
assume liens, perform sale and leaseback transactions, and consummate certain mergers,
consolidations and similar transactions.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="justify">Includes for 2009 and 2010, outstanding balances in the principal amount of
Ps.2,000,000 and Ps.1,000,000, respectively, in connection with certain credit agreement
entered into by the Company with a Mexican bank, with maturities in 2010 and 2012. Interest on
this loan is 10.35% per annum, and is payable on a monthly basis. Under the terms of this
credit agreement, the Company and certain restricted subsidiaries engaged in Television
Broadcasting, Pay Television Networks and Programming Exports are required to maintain (a)
certain financial coverage ratios related to indebtedness and interest expense; and (b)
certain restrictive covenants on indebtedness, dividend payments, issuance and sale of capital
stock, and liens. This line also includes in 2009 and 2010 outstanding balances in the
principal amount of Ps.400,000 and Ps.580,000, respectively, of current-term loans of TVI,
bearing different annual interest rates in the range of 7.10% and 8.35% and in the range of
TIIE plus 1.50% and TIIE plus 3.50%, with interest payable on a monthly basis.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(6)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="justify">The balance in 2009 and 2010 includes two long-term loans entered into by Sky with
Mexican banks in the aggregate principal amount of Ps.3,500,000 with a maturity in 2016. This
Sky long-term indebtedness is guaranteed by the Company. Annual interest on these two
long-term loans was in the range of 8.74% and 8.98% through the first quarter of 2009, and
TIIE plus 24 basis points for the remaining period through maturity, with interest payable on
a monthly basis. Under the terms of these loan agreements, Sky is required to maintain (a)
certain financial coverage ratios related to indebtedness and interest expense; and (b)
certain restrictive covenants on indebtedness, liens, asset sales, and certain mergers and
consolidations.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="justify">Sky is obligated to pay a monthly fee of U.S.$1.7&nbsp;million under a capital lease
agreement entered into with Intelsat (formerly PanAmSat Corporation) in February&nbsp;1999 for
satellite signal reception and retransmission service from 12 KU-band transponders on
satellite IS-9, which became operational in September&nbsp;2000. The service term for IS-9 will end
at the earlier of (a)&nbsp;the end of 15&nbsp;years or (b)&nbsp;the date IS-9 is taken out of service. In the
first half of 2010, Intelsat confirmed to Sky that IS-9 experienced certain technical
anomalies in its primary propulsion system, resulting in a shortened satellite life through
2012 instead of its original estimated life through 2015. Accordingly, Sky reduced the
carrying value of the corresponding asset and the present value of the minimum payments in
accordance with the related agreement and based on the remaining useful life of IS-9. The
obligations of Sky under the IS-9 agreement are proportionately guaranteed by the Company and
the other Sky equity owners in relation to their respective ownership interests (see Notes 6
and 11).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(8)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="justify">Includes minimum lease payments of property and equipment under leases that qualify
as capital leases. The capital leases have terms which expire at various dates between 2011
and 2022.</DIV></TD>
</TR>

</TABLE>

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">






<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In March&nbsp;2011, the Company entered into long-term credit agreements with four Mexican banks in the
aggregate principal amount of Ps.8,600,000, with an annual interest rate between 8.09% and 9.4%,
payable on a monthly basis, and principal maturities between 2016 and 2021. The proceeds of these
loans will be used for general corporate purposes. Under the terms of these loan agreements, the
Company is required to (a) maintain certain financial coverage ratios related to indebtedness and
interest expense; and (b) comply with the restrictive covenant on spin-offs, mergers and similar transactions.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Maturities of Debt and Capital Lease Obligations</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Debt maturities for the years subsequent to December&nbsp;31, 2010, are as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">                                                                          1,469,142</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,780,460</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2016 and thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,715,200</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">                                                                         47,964,802</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Future minimum payments under capital lease obligations for the years subsequent to December&nbsp;31, 2010, are as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">             330,717</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">318,206</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,519</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,166</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2015</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,077</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,359</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">762,044</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: amount representing interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132,233</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">             629,811</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-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>

<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>9. Financial Instruments</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Group&#146;s financial instruments recorded in the balance sheet include cash and cash equivalents,
temporary investments, accounts and notes receivable, long-term loan receivable from GTAC,
convertible debentures issued by BMP with an option to convert these debentures, debt securities
classified as held-to-maturity investments, investments in securities in the form of an open-ended
fund classified as available-for-sale investments, accounts payable, debt and derivative financial
instruments. For cash and cash equivalents, temporary investments, accounts receivable, accounts
payable, and short-term notes payable due to banks and other financial institutions, the carrying
amounts approximate fair value due to the short maturity of these instruments. The fair value of
the Group&#146;s long-term debt securities are based on quoted market prices.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The fair value of the long-term loans that the Group borrowed from leading Mexican banks (see Note
8) was estimated using the borrowing rates currently available to the Group for bank loans with
similar terms and average maturities. The fair value of held-to-maturity securities,
available-for-sale investments, and currency option, interest rate swap and share put option
agreements was based on quotes obtained from financial institutions.
</DIV>


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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Carrying</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Carrying</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Value</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Fair Value</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Value</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Fair Value</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Temporary investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">       8,902,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">       8,902,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">10,446,840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">      10,446,840</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Convertible Debentures (see Note 5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,904,222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,904,222</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term loan and interest receivable from GTAC
(see Note 5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">384,063</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">442,840</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Held-to-maturity debt securities (see Note 5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,169,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,196,146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">935,494</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">933,606</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other available-for-sale investments (see Note 5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,826,457</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,826,457</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,922,625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,922,625</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">Senior Notes due 2011, 2018, 2025, 2032 and 2040</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">      27,101,119</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">      27,841,242</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">25,604,342</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">      28,801,931</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Senior Notes due 2037</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,055,580</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,207,320</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Notes due 2020</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">10,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,474,300</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Senior Guaranteed Notes due 2015 (Cablem&#225;s)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,285,076</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,494,549</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term notes payable to Mexican banks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,900,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,135,443</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,080,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,442,615</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bank loan facility (Empresas Cablevisi&#243;n)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,943,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,601,257</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,780,460</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,575,555</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bank loan facility (Cablem&#225;s)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">654,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">572,123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The carrying values (based on estimated fair values), notional amounts, and maturity dates of the
Group&#146;s derivative financial instruments at December&nbsp;31, were as follows:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2009:
</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Notional Amount</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD nowrap align="justify" style="border-bottom: 1px solid #000000">Derivative Financial Instruments</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Carrying Value</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">(U.S. Dollars in Thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Maturity Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Derivatives not recorded as accounting hedges:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cablem&#225;s forward <SUP style="FONT-size: 85%; vertical-align: text-top">(g)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">                                1,577</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">U.S.$13,000/ Ps.170,908</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">January, February and March 2010</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cablem&#225;s forward and cross-currency swaps<SUP style="FONT-size: 85%; vertical-align: text-top"> (a)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,001,055</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">U.S.$175,000/ Ps.1,880,375 and</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">U.S.$175,000/ Ps.1,914,850</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 2015</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cross-currency interest rate swaps <SUP style="FONT-size: 85%; vertical-align: text-top">(b)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,141</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">U.S.$200,000/ Ps.2,165,550</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March 2010</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Derivatives recorded as accounting hedges
(cash flow hedges):</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Empresas Cablevisi&#243;n&#146;s cross-currency swaps <SUP style="FONT-size: 85%; vertical-align: text-top">(c)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">419,974</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">U.S.$225,000/ Ps.2,435,040</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">December 2012</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cablem&#225;s cross-currency swap <SUP style="FONT-size: 85%; vertical-align: text-top">(d)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91,804</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">U.S.$50,000/ Ps.541,275</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December 2012</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cross-currency interest rate swaps<SUP style="FONT-size: 85%; vertical-align: text-top"> (b)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,845</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">U.S.$1,650,000/ Ps.21,240,300</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March and May 2011</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="1" align="center" valign="top" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="1" align="center" valign="top" style="border-top: 0px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">               1,545,396</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="1" align="center" valign="top" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="1" align="center" valign="top" style="border-top: 0px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Liabilities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Derivatives not recorded as accounting hedges:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cablem&#225;s forward and swaption <SUP style="FONT-size: 85%; vertical-align: text-top">(a)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">                               486,228</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">U.S.$175,000/ Ps.1,914,850</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 2015</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sky&#146;s interest rate swaps <SUP style="FONT-size: 85%; vertical-align: text-top">(e)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,410</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Ps.1,400,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">April 2016</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cablem&#225;s embedded derivatives <SUP style="FONT-size: 85%; vertical-align: text-top">(f)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,990</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">U.S.$7,176</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December 2010 to February 2018</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="1" align="center" valign="top" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="1" align="center" valign="top" style="border-top: 0px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">                               523,628</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&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>
    <TD nowrap colspan="2" align="center" valign="top" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD nowrap colspan="2" align="center" valign="top" style="border-top: 0px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="justify">Includes short-term derivative financial instruments of Ps.6,718 in 2009, which were
included in other accounts and notes receivables, net in the consolidated balance sheet.</DIV></TD>
</TR>

</TABLE>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2010:
</DIV>

<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="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Notional Amount</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="justify" style="border-bottom: 1px solid #000000">Derivative Financial Instruments</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Carrying Value</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">(U.S. Dollars in Thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Maturity Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Derivatives recorded as accounting hedges
(cash flow hedges):</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Empresas Cablevisi&#243;n&#146;s cross-currency <BR>

swaps <SUP style="FONT-size: 85%; vertical-align: text-top">(c)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">           189,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">U.S.$225,000/ Ps.2,435,040</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">December 2012</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">           189,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Liabilities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Derivatives recorded as accounting hedges:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cross-currency interest rate swaps <SUP style="FONT-size: 85%; vertical-align: text-top">(b)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">            74,329</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">U.S.$2,000,000/ Ps.25,727,550</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">March and July 2011</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Derivatives not recorded as accounting hedges:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sky&#146;s interest rate swaps <SUP style="FONT-size: 85%; vertical-align: text-top">(e)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102,485</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Ps.1,400,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">April 2016</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cablem&#225;s embedded derivatives <SUP style="FONT-size: 85%; vertical-align: text-top">(f)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,043</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">U.S.$3,852</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom" nowrap>July 2011 to February 2018</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">           177,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<!-- xbrl -->






<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="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(a)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In 2005, 2006 and 2007, Cablem&#225;s entered into forward, interest-only cross-currency
swaps and swaption agreements, as amended, with a U.S. financial institution to hedge U.S.$175
million of its U.S. Dollar foreign exchange and interest rate exposure related to its Senior
Guaranteed Notes due 2015. Under these transactions, (i)&nbsp;in 2015, Cablem&#225;s would have received
and made payments in the aggregate notional amounts of U.S.$175&nbsp;million and Ps.1,880,375,
respectively; (ii)&nbsp;Cablem&#225;s made semi-annual payments calculated based on a notional amount of
U.S.$175&nbsp;million at an annual rate of 2.88%; (iii)&nbsp;Cablem&#225;s received semi-annual payments
calculated based on the aggregate notional amount of U.S.$175&nbsp;million at an annual rate of
9.375%, and Cablem&#225;s made monthly payments calculated based on an aggregate notional amount of
Ps.1,914,850 at an annual rate of 9.07%; and (iv)&nbsp;if the counterparty had exercised an option
under a related swaption agreement, Cablem&#225;s would have received monthly payments based on the
aggregate notional amount of Ps.1,914,850 at an annual rate of 7.57%, and Cablem&#225;s would have
made monthly payments calculated based on the same notional amount at an annual interest rate
of a 28-day TIIE . The Group recorded the change in fair value of these transactions in the
integral cost of financing (foreign exchange gain or loss). In February&nbsp;2010, Cablem&#225;s
cancelled these forward and interest-only cross-currency swaps agreements and entered into
full cross currency swap and interest rate swap agreements with a foreign financial
institution to hedge U.S.$175&nbsp;million of its U.S. Dollar foreign exchange and interest rate
exposure related to its Senior Guaranteed Notes due 2015. Under these transactions, (i)&nbsp;in
2015, Cablem&#225;s would have received and made payments in the aggregate notional amounts of
U.S.$175&nbsp;million and Ps.1,880,375, respectively; (ii)&nbsp;Cablem&#225;s made monthly payments
calculated based on an aggregate notional amount of Ps.1,880,375 at an annual rate of TIIE
plus 182.3 basis points, and Cablem&#225;s received semi-annual payments calculated based on an
aggregate notional amount of U.S.$175&nbsp;million at an annual rate of 6.445%; (iii)&nbsp;Cablem&#225;s
received monthly payments calculated based on the aggregate notional amount of Ps.1,880,375 at
an annual rate of TIIE plus 182.3 basis points, and Cablem&#225;s made monthly payments calculated
based on an aggregate notional amount of Ps.1,914,850 at an annual rate of 9.172%; and (iv)&nbsp;if
the counterparty had exercised an option under a related swaption agreement, Cablem&#225;s would
have received monthly payments based on the aggregate notional amount of Ps.1,914,850 at an
annual rate of 7.57%, and Cablem&#225;s would have made monthly payments calculated based on the
same notional amount at an annual interest rate of a 28-day TIIE. In November&nbsp;2010, Cablem&#225;s
liquidated these derivative contracts and received a net cash amount of U.S.$30.2&nbsp;million
(Ps.372,697) in connection with a prepayment of its Senior Guaranteed Notes with maturity in
2015 (see Note 8).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(b)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In order to reduce the adverse effects of exchange rates on the Senior Notes due
2018, 2025, 2032 and 2040, during 2005, 2009 and 2010, the Company entered into interest rate
swap agreements with various financial institutions that allow the Company to hedge against
Mexican Peso depreciation on interest payments to be made in 2009, 2010 and 2011. Under these
transactions, the Company receives semi-annual payments based on the aggregate notional amount
U.S.$1,850&nbsp;million and U.S.$2,000&nbsp;million as of December&nbsp;31, 2009 and 2010, respectively, at
an average annual rate of 6.76% and 6.75%, respectively, and the Company makes semi-annual
payments based on an aggregate notional amount of Ps.23,405,850 and Ps.25,727,550 as of
December&nbsp;31, 2009 and 2010, respectively, at an average annual rate of 7.03% and 6.95%,
respectively, without an exchange of the notional amount upon which the payments are based. As
a result of the change in fair value of these transactions, in the years ended December&nbsp;31,
2008, 2009 and 2010, the Company recorded a gain (loss)&nbsp;of Ps.96,878, Ps.(25,280) and
Ps.(93,321), respectively, relating to the interest rate swaps not recorded as accounting
hedges, in the integral cost of financing (foreign exchange gain or loss), and as of December
31, 2009 and 2010, the Company has recorded in consolidated stockholders&#146; equity, as
accumulated other comprehensive income or loss attributable to the controlling interest, a
cumulative gain (loss)&nbsp;for changes in fair value of Ps.25,845 and Ps.(74,329), respectively,
relating to interest rate swaps recorded as accounting hedges.</DIV></TD>
</TR>

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">





<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="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(c)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In December&nbsp;2007, in connection with the issuance of its U.S.$225&nbsp;million long-term
debt, Empresas Cablevisi&#243;n entered into a cross-currency swap agreement to hedge interest rate
risk and foreign currency exchange risk on such long-term debt. Under this agreement, Empresas
Cablevisi&#243;n receives variable rate coupon payments in U.S. dollars at an annual interest rate
of LIBOR to 90&nbsp;days plus 42.5 basis points, and principal amount payments in U.S. dollars, in
exchange for fixed rate coupon payments in Mexican Pesos at an annual interest
rate of 8.3650%, and principal amount payments in Mexican Pesos. At the final exchange, Empresas
Cablevisi&#243;n will receive a principal amount of U.S.$225&nbsp;million, in exchange for Ps.2,435,040. At
December&nbsp;31, 2009 and 2010, this derivative contract qualified as a cash flow hedge, and
therefore, the Group has recorded in consolidated stockholders&#146; equity, as accumulated other
comprehensive income or loss, a cumulative gain for changes in fair value of Ps.400,577 and
Ps.170,003, respectively, together with a cumulative unrealized foreign exchange loss of
Ps.485,505 and Ps.322,965, respectively, related to the long-term debt. In March&nbsp;2011, Empresas
Cablevisi&#243;n liquidated this derivative contract and received a cash amount of U.S.$7.6&nbsp;million
(Ps.91,200) in connection with a prepayment of its U.S.$225&nbsp;million debt (see Note 8).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(d)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In December&nbsp;2007, in connection with the issuance of its U.S.$50&nbsp;million long-term
debt, Cablem&#225;s entered into a cross-currency swap agreement to hedge interest rate risk and
foreign currency exchange risk on such long-term debt. Under this agreement, Cablem&#225;s received
variable rate coupon payments in U.S. dollars at an annual interest rate of LIBOR to 90&nbsp;days
plus 52.5 basis points, and principal amount payments in U.S. dollars, in exchange for fixed
rate coupon payments in Mexican Pesos at an annual interest rate of 8.51%, and principal
amount payments in Mexican Pesos. At the final exchange, Cablem&#225;s would have received a
principal amount of U.S.$50&nbsp;million, in exchange for Ps.541,275. At December&nbsp;31, 2008 and
2009, this derivative contract qualified as a cash flow hedge, and therefore, the Group
recorded in stockholders&#146; equity, as accumulated other comprehensive income or loss, a
cumulative gain for changes in fair value of Ps.169,893 and Ps.122,421, respectively, together
with a cumulative unrealized foreign exchange loss of Ps.173,360 and Ps.138,670, respectively,
related to the long-term debt. In November&nbsp;2010, Cablem&#225;s liquidated this agreement and
received a cash amount of U.S.$2.4&nbsp;million (Ps.30,055) in connection with a prepayment of its
U.S.$50&nbsp;million bank loan facility (see Note 8).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(e)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In December&nbsp;2006, Sky entered into a derivative transaction agreement from April
2009 through April&nbsp;2016 to hedge the variable interest rate exposure resulting from a Mexican
Peso loan of a total principal amount of Ps.1,400,000. Under this transaction, Sky receives
28-day payments based on an aggregate notional amount of Ps.1,400,000 at an annual variable
rate of TIIE&#043;24 basis points and makes 28-day payments based on the same notional amount at an
annual fixed rate of 8.415%. The Group recorded the change in fair value of this transaction
in the consolidated integral cost of financing (interest expense).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(f)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Certain Cablem&#225;s office lease agreements include embedded derivatives identified as
forwards for obligations denominated in U.S. Dollars. The Group recognizes changes in related
fair value as foreign exchange gain or loss in the consolidated integral cost of financing.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(g)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">As of December&nbsp;31, 2009, Cablem&#225;s had foreign currency contracts with an aggregate
notional amount of U.S.$13&nbsp;million to exchange U.S. Dollars for Mexican Pesos at an average
rate of Ps.13.15 per U.S. Dollar in connection with 2010 cash flow requirements.</DIV></TD>
</TR>

</TABLE>
</DIV>


<!-- xbrl,n -->



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>10. Retirement and Termination Benefits</B>
</DIV>
<!-- xbrl,body -->

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Certain companies in the Group have collective bargaining contracts which include defined benefit
pension plans and other retirement benefits for substantially all of their employees. Additionally,
the Group has a defined benefit pension plan for executives. All pension benefits are based on
salary and years of service rendered.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Under the provisions of the Mexican labor law, seniority premiums are payable based on salary and
years of service to employees who resign or are terminated prior to reaching retirement age. Some
companies in the Group have seniority premium benefits which are greater than the legal
requirement. After retirement age employees are no longer eligible for seniority premiums.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Retirement and termination benefits are actuarially determined by using real assumptions (net of
inflation) and attributing the present value of all future expected benefits proportionately over
each year from date of hire to age 65. The Group used a 4% discount rate and 2% salary scale for
each of 2008, 2009 and 2010. The Group used a 20.4%, 14.2% and 8.6% return on assets rate for 2008,
2009 and 2010, respectively. The Group makes voluntary contributions from time to time to trusts
for the pension and seniority premium plans which are generally deductible for tax purposes. As of
December&nbsp;31, 2009 and 2010, plan assets were invested in a portfolio that primarily consisted of
debt and equity securities, including shares of the Company. Pension and seniority premium benefits
are paid when they become due.
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->F-23<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The reconciliation between defined benefit obligations and net projected (liability)&nbsp;asset as of
December&nbsp;31, as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Seniority</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Severance</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2010</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Total</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Pensions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Premiums</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Indemnities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Total</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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">Vested benefit obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">        115,047</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">         156,244</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">           7,161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD nowrap align="right"> &#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">          163,405</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unvested benefit obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,869,682</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,195,501</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">276,290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">574,930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,046,721</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="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">Defined benefit obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,984,729</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,351,745</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">283,451</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">574,930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,210,126</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fair value of plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,749,629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,270,905</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">512,832</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,783,737</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="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">Status of the plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(235,100</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(80,840</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">229,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(574,930</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(426,389</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrecognized prior service cost
for transition liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,598</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,434</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,336</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,729</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,499</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrecognized prior service cost
for plan amendments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,045</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117,552</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(41,850</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">392</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,094</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net actuarial (gain)&nbsp;loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(287,533</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(170,715</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,813</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,555</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(145,347</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net projected (liability)&nbsp;asset in the
consolidated balance sheet</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">      (346,990</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">        (86,569</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">         214,680</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">         (558,254</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">        (430,143</TD>
    <TD nowrap>)</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As of December&nbsp;31, 2009 and 2010, items subject to amortization for retirement and termination
benefits are to be amortized over periods of 2 to 3&nbsp;years and 2 to 1&nbsp;years, respectively.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The components of net periodic pension, seniority premium and severance indemnities cost for the
years ended December&nbsp;31, consist of the following:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">        115,598</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">        125,269</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">        141,414</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124,719</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139,505</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">149,644</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Prior service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,947</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,583</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">229</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected return on plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(321,805</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(192,372</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(144,062</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net amortization and deferral</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(15,789</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(48,828</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">          5,467</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">         58,196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">         98,397</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Group&#146;s defined benefit obligations, plan assets, funded status and balance sheet balances as
of December&nbsp;31, associated with retirement and termination benefits, are presented as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Seniority</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Severance</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2010</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Total</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Pensions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Premiums</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Indemnities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Total</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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">Defined benefit obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">Beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,842,468</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,160,368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">267,110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">557,251</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,984,729</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125,269</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,540</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,443</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,431</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141,414</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139,505</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88,777</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,022</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,845</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">149,644</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Actuarial (gain)&nbsp;loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(90,856</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,581</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(7,525</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(64,194</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,862</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Benefit paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(50,278</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(37,521</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(21,599</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(10,403</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(69,523</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Acquisition of companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,621</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">End of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,984,729</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,351,745</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">283,451</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">574,930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,210,126</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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">Fair value of plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">Beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,404,589</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,249,707</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">499,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,749,629</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Actuarial return on plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">192,372</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102,169</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,893</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144,062</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Actuarial loss (gain)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179,156</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(43,449</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(13,021</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(56,470</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Contributions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,499</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,414</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Benefits paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(33,987</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(37,522</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(17,376</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(54,898</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="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">End of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,749,629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,270,905</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">512,832</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,783,737</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">(Over) under funded status of the plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(235,100</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(80,840</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">229,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(574,930</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(426,389</TD>
    <TD nowrap>)</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The weighted average asset allocation by asset category as of December&nbsp;31, was as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity Securities <SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">46.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">17.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fixed rate instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">54.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">82.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</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>
    <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 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="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Included within plan assets at December&nbsp;31, 2009 and 2010 are shares of the Group
held by the trust with a fair value of Ps.779,920 and Ps.284,623, respectively.</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The changes in the net projected liability (asset)&nbsp;as of December&nbsp;31, are as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Seniority</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Severance</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2010</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Total</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Pensions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Premiums</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Indemnities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Total</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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">Beginning net projected liability (asset)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right"> 352,390</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right"> 18,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right"> (214,556</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">   542,603</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">  346,990</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net periodic cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,626</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,767</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,397</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net actuarial gain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(49,765</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 nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Contributions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(7,499</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,414</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,414</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Benefits paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(16,292</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(2,477</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(11,353</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(13,830</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquisition of companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,960</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="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">End net projected liability (asset)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right"> 346,990</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right"> 86,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right"> (214,680</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">   558,254</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">  430,143</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The retirement and termination benefits at December&nbsp;31, and actuarial adjustments for the year
ended December&nbsp;31, are summarized as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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">Pensions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">Defined benefit obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">834,123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">872,167</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,098,111</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,160,368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,351,745</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,254,603</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,153,205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,024,239</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,249,707</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,270,905</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Status of the plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">420,480</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">281,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(73,872</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(80,840</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Actuarial adjustments <SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(644,624</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(435,665</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(134,388</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(304,281</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(170,715</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Seniority Premiums</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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">Defined benefit obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">270,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">261,941</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">274,043</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">267,110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">283,451</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">548,355</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">475,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">380,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">499,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">512,832</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Status of the plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">278,267</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">213,584</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106,307</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">232,812</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">229,381</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Actuarial adjustments <SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(92,444</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(7,569</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,533</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,517</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,813</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Severance Indemnities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">Defined benefit obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">370,379</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">413,701</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">470,314</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">557,251</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">574,930</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Status of the plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(370,379</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(413,701</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(470,314</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(557,251</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(574,930</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Actuarial adjustments <SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,129</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(25,682</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,555</TD>
    <TD>&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="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">On defined benefit obligations and plan assets.</DIV></TD>
</TR>

</TABLE>
</DIV>


<!-- xbrl,n -->



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>11. Commitments and Contingencies</B>
</DIV>
<!-- xbrl,body -->

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As of
December 31, 2010, the Group had commitments for programming obligations in the aggregate amount of U.S.$145.3 million (Ps.1,795,708).
</div>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At December&nbsp;31, 2010, the Group had commitments in an aggregate amount of Ps.141,014, of which
Ps.15,706 were commitments related to gaming operations, Ps.31,428 were commitments to acquire
television technical equipment, Ps.85,769 were commitments for the acquisition of software and
related services, and Ps.8,111 were construction commitments for building improvements and
technical facilities.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As of December&nbsp;31, 2010, the Group has commitments of capital contributions to be made in 2011
related to its 33.3% equity interest in GTAC in the amount of Ps.159,000 (see Note 5).
</DIV>

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At December&nbsp;31, 2010, the Group had the following aggregate minimum annual commitments for the use
of satellite transponders (other than transponders for Sky described below):
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Thousands of</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">U.S. Dollars</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">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">U.S.$</TD>
    <TD align="right">9,373</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,467</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,760</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,520</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2015 and thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">706</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">U.S.$</TD>
    <TD align="right">24,826</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Group has guaranteed 58.7% of Sky&#146;s minimum commitments for use of satellite transponders over
a period ending in 2015. This guarantee is estimated to be in the aggregate amount of approximately
U.S.$56.9&nbsp;million (undiscounted)&nbsp;as of December&nbsp;31, 2010 (see Notes 8 and 9).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has guaranteed the obligation of Sky for direct loans in an aggregate principal amount
of Ps.3,500,000, which are reflected in the December&nbsp;31, 2010 balance sheet as long-term debt (see
Note 8).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The 15-year service agreement for transponders on IS-16 contemplates a monthly service fee of
U.S.$150,000 to be paid by Sky through September&nbsp;2015 (see Note 6).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In March&nbsp;2010, Sky reached an agreement with a subsidiary of Intelsat to lease 24 transponders on
Intelsat IS-21 satellite, which will be mainly used for signal reception and retransmission
services over the satellite&#146;s estimated 15-year service life. IS-21 intends to replace Intelsat
IS-9 as Sky&#146;s primary transmission satellite and is currently expected to start service in the
third quarter of 2012. The lease agreement for 24 transponders on IS-21 contemplates a monthly
payment of U.S.$3.0&nbsp;million to be paid by Sky beginning in September&nbsp;2012.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Group leases facilities, primarily for its Gaming business, under operating leases expiring
through 2047. As of December&nbsp;31, 2010, non-cancellable annual lease commitments (undiscounted)&nbsp;are
as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">        371,591</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">305,785</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">254,347</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">230,497</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2015</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,623</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,046,344</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">      2,359,187</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In January&nbsp;2009, the Company and Univision announced an amendment to the Program License Agreement
(the &#147;PLA&#148;), between Televisa and Univision. The amended PLA includes a simplified royalty
calculation, as well as a provision for certain yearly minimum guaranteed advertising, with a value
of U.S.$66.5&nbsp;million, U.S.$68.1&nbsp;million and U.S.$69.6&nbsp;million for the fiscal years 2009, 2010 and
2011, respectively, to be provided by Univision, at no cost, for the promotion of the Group&#146;s
businesses commencing in 2009. In connection with this amendment and in return for certain other
consideration, Televisa and Univision agreed to dismiss certain claims that were pending in a
District Court Action for the Central District of California, with the exception of a counterclaim
filed by Univision in October&nbsp;2006, whereby it sought a judicial declaration that on or after
December&nbsp;19, 2006, pursuant to the PLA, Televisa may not transmit or permit others to transmit any
television programming into the United States by means of the Internet. The counterclaim was
subsequently dismissed in connection with a further amendment to the PLA and other transactions
between BMP, Univision and the Company entered into and completed in December&nbsp;2010.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In December&nbsp;2010, the Company and Univision announced the completion of certain agreements among
related parties by which, among other transactions, the Company made an investment in BMP, the
parent company of Univision, and the PLA between Televisa and Univision was amended and extended
through the later of 2025 or seven and one-half years after Televisa has sold two-thirds of its
initial investment in BMP.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">There are various other legal actions and claims pending against the Group which are filed in the
ordinary course of businesses. In the opinion of the Group&#146;s management, none of these actions and
claims are expected to have a material adverse effect on the Group&#146;s financial statements as a
whole; however, the Group&#146;s management is unable to predict the outcome of any of these legal
actions and claims.
</DIV>


<!-- xbrl,n -->



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>12. Capital Stock, Stock Purchase Plan and Long-term Retention Plan</B>
</DIV>
<!-- xbrl,body -->

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has four classes of capital stock: Series &#147;A&#148; Shares, Series &#147;B&#148; Shares, Series &#147;D&#148;
Shares and Series &#147;L&#148; Shares, with no par value. The Series &#147;A&#148; Shares and Series &#147;B&#148; Shares are
common shares. The Series &#147;D&#148; Shares are limited-voting and preferred dividend shares, with a
preference upon liquidation. The Series &#147;L&#148; Shares are limited-voting shares.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s shares are publicly traded in Mexico, primarily in the form of Ordinary Participation
Certificates (&#147;CPOs&#148;), each CPO representing 117 shares comprised of 25 Series &#147;A&#148; Shares, 22
Series &#147;B&#148; Shares, 35 Series &#147;D&#148; Shares and 35 Series &#147;L&#148; Shares; and in the United States in the
form of Global Depositary Shares (&#147;GDS&#148;), each GDS representing five CPOs. Non-Mexican holders of
CPOs do not have voting rights with respect to the Series &#147;A&#148;, Series &#147;B&#148; and Series &#147;D&#148; Shares.
</DIV>

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At December&nbsp;31, 2010, shares of capital stock and CPOs consisted of (in millions):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Authorized</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Repurchased</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Held by a</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Held by a</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">and</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">by the</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Company&#146;s</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Company&#146;s</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Issued<SUP style="FONT-size: 85%; vertical-align: text-top"> (1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Company <SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Trust <SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Subsidiary <SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Outstanding</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Series &#147;A&#148; Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,879.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(970.1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(6,677.3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,173.4</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111,058.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Series &#147;B&#148; Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,995.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(853.7</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(3,377.7</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(598.4</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,165.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Series &#147;D&#148; Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,333.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,358.2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,656.7</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(919.2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,399.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Series &#147;L&#148; Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,333.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,358.2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,656.7</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(919.2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,399.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">346,541.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(4,540.2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(13,368.4</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(3,610.2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">325,023.0</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shares in the form of CPOs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">285,257.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(4,540.2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(5,538.2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(3,072.6</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">272,106.5</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CPOs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,438.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(38.8</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(47.3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(26.3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,325.7</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</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 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="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">As of December&nbsp;31, 2010, the authorized and issued capital stock amounted to
Ps.10,019,859 (nominal Ps.2,368,792).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In 2008, 2009 and 2010, the Company repurchased 2,698.2&nbsp;million, 1,553.4&nbsp;million and
2,986.6&nbsp;million shares, respectively, in the form of 23.1&nbsp;million, 13.3&nbsp;million and 25.5
million CPOs, respectively, in the amount of Ps.1,112,568, Ps.705,068 and Ps.1,274,022,
respectively, in connection with a share repurchase program that was approved by the Company&#146;s
stockholders and is exercised at the discretion of management. In April&nbsp;2008 and 2009, the
Company&#146;s stockholders approved the cancellation of 7,146.1&nbsp;million and 1,421.2&nbsp;million shares
of capital stock, respectively, in the form of 61.1&nbsp;million and 12.1&nbsp;million CPOs,
respectively, which were repurchased by the Company
under this program.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In connection with the Company&#146;s Long-Term Retention Plan described below.</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Under the Company&#146;s bylaws, the Company&#146;s Board of Directors consists of 20 members, of which the
holders of Series &#147;A&#148; Shares, Series &#147;B&#148; Shares, Series &#147;D&#148; Shares and Series &#147;L&#148; Shares, each
voting as a class, are entitled to elect eleven members, five members, two members and two members,
respectively.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Holders of Series &#147;D&#148; Shares are entitled to receive an annual, cumulative and preferred dividend
equal to 5% of the nominal capital attributable to those Shares (nominal Ps.0.00034177575 per
share) before any dividends are payable in respect of Series &#147;A&#148; Shares, Series &#147;B&#148; Shares or
Series &#147;L&#148; Shares. Holders of Series &#147;A&#148; Shares, Series &#147;B&#148; Shares and Series &#147;L&#148; Shares are
entitled to receive the same dividends as holders of Series &#147;D&#148; Shares if stockholders declare
dividends in addition to the preferred dividend that holders of Series &#147;D&#148; Shares are entitled to.
If the Company is liquidated, Series &#147;D&#148; Shares are entitled to a liquidation preference equal to
the nominal capital attributable to those Shares (nominal Ps.0.00683551495 per share) before any
distribution is made in respect of Series &#147;A&#148; Shares, Series &#147;B&#148; Shares and Series &#147;L&#148; Shares.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At December&nbsp;31, 2010, the restated tax value of the Company&#146;s common stock was Ps.26,190,958. In
the event of any capital reduction in excess of the tax value of the Company&#146;s common stock, such
excess will be treated as dividends for income tax purposes (see Note 13).
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company adopted a Stock Purchase Plan (the &#147;Plan&#148;) that provides, in conjunction with the
Long-term Retention Plan described below, for the grant of options to sell up to 8% of the
Company&#146;s capital stock to key Group employees. Pursuant to this Plan, as of December&nbsp;31, 2009 and
2010, the Company had assigned approximately 117.4&nbsp;million CPOs and 125.7&nbsp;million CPOs,
respectively, at exercise prices that range from Ps.11.21 to Ps.26.16 per CPO, subject to certain
conditions, including vesting periods within five years from the time the awards are granted. The
shares sold pursuant to the Plan, some of which have been registered pursuant to a registration
statement on Form S-8 under the Securities Act of 1933 of the United States, as amended, can only
be transferred to the plan participants when the conditions set forth in the Plan and the related
agreements are satisfied.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During 2008 and 2009 approximately 2.0&nbsp;million CPOs and 0.1&nbsp;million CPOs, respectively, were vested
and transferred to participants to be exercised pursuant to this Plan in the amount of Ps.24,306
and Ps.371, respectively. No CPOs were vested and transferred to participants during 2010.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Long-Term Retention Plan</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company adopted a Long-term Retention Plan (the &#147;Retention Plan&#148;) which supplements the
Company&#146;s existing Stock Purchase Plan described above, and provides for the grant and sale of the
Company&#146;s capital stock to key Group employees. Pursuant to the Retention Plan, as of December&nbsp;31,
2009 and 2010, the Company had assigned approximately 100.5&nbsp;million CPOs and 125.6&nbsp;million CPOs or
CPOs equivalent, respectively, at exercise prices that range from Ps.13.45 per CPO to Ps.60.65 per
CPO, subject to certain conditions, including adjustments based on the Group&#146;s consolidated
operating income and exercise periods between 2008 and 2013. In 2009, 2010 and January&nbsp;2011,
approximately 11.7&nbsp;million CPOs, 13.7&nbsp;million CPOs and 2.0&nbsp;million CPOs, respectively, were vested
and transferred to participants to be exercised pursuant to this Retention Plan in the amounts of
Ps.112,009, Ps.88,652 and Ps.19,097, respectively.
</DIV>

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As of December&nbsp;31, 2010, the designated Retention Plan trust owned approximately 4.7&nbsp;million CPOs
or CPOs equivalents, which have been reserved to a group of employees, and may be granted at a
price of approximately Ps.28.05 per CPO, subject to certain conditions, in vesting periods between
2013 and 2023.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In connection with the Company&#146;s Plan and Retention Plan, the Group has determined the stock-based
compensation expense (see Note 1(r)) by using the Black-Scholes pricing model at the date on which
the stock was granted to personnel under the Group&#146;s stock-based compensation plans, on the
following arrangements and weighted-average assumptions:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000">Stock Purchase Plan</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000">Long-Term Retention Plan</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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">Arrangements:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">Year of grant</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2010</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Number of CPOs or CPOs
equivalent granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,918</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,971</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,869</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Contractual life</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">3-5 years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">1-3 years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">1-3 years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">3-5 years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">3 years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">3 years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">3 years</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Assumptions:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">Dividend yield</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">3.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">3.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">0.64</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">3.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">0.73</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">0.82</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">0.48</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Expected volatility <SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">31.88</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">21.81</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">35.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">21.98</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">33.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">31.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">35.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Risk-free interest rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">9.35</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">6.52</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">4.96</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">7.54</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">8.87</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">5.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">5.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Expected average life of awards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" nowrap align="right">4.01 years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" nowrap align="right">2.62 years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" nowrap align="right">1.22 years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" nowrap align="right">3.68 years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" nowrap align="right">2.84 years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" nowrap align="right">2.89 years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" nowrap align="right">2.85 years</TD>
    <TD>&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="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Volatility was determined by reference to historically observed prices of the
Group&#146;s CPOs.</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A summary of the stock awards for employees as of December&nbsp;31, is presented below (in constant
Pesos and thousands of CPOs):
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">CPOs or</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">CPOs or</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">CPOs</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Average</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">CPOs</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Average</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">equivalent</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Exercise Price</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">equivalent</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Exercise Price</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock Purchase Plan:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Outstanding at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.96</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,279</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.82</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(7,932</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,727</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Forfeited</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 nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Outstanding at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,279</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.82</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.95</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exercisable at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,279</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.82</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">552</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.36</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-Term Retention Plan:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Outstanding at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,443</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79,839</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29.75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34.88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,869</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38.48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(8,735</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(12,278</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Forfeited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(726</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(541</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38.91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Outstanding at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79,839</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91,889</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36.60</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exercisable at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,364</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.44</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As of December&nbsp;31, 2010, the weighted-average remaining contractual life of the awards under the
Long-term Retention Plan is 1.20&nbsp;years.
</DIV>


<!-- xbrl,n -->



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>13. Retained Earnings</B>
</DIV>

<!-- xbrl,body -->

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In accordance with Mexican law, the legal reserve must be increased by 5% of annual net profits
until it reaches 20% of the capital stock amount. As the legal reserve reached 20% of the capital
stock amount, no additional increases were required in 2008, 2009 and 2010. This reserve is not
available for dividends, but may be used to reduce a deficit or may be transferred to stated
capital. Other appropriations of profits require the vote of the stockholders.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In April&nbsp;2008, the Company&#146;s stockholders approved the payment of a dividend in the aggregate
amount of Ps.2,229,973, which consisted of Ps.0.75 per CPO and Ps.0.00641025641 per share of series
&#147;A&#148;, &#147;B&#148;, &#147;D&#148; and &#147;L&#148;, not in the form of a CPO, and was paid in cash in May&nbsp;2008.
</DIV>

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In April&nbsp;2009, the Company&#146;s stockholders approved the payment of a dividend in the aggregate
amount of Ps.5,183,020, which consisted of a Ps.1.75 per CPO and Ps.0.014957264957 per share of
series &#147;A&#148;, &#147;B&#148;, &#147;D&#148; and &#147;L&#148;, not in the form of a CPO, and was paid in cash in May&nbsp;2009.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In December&nbsp;2009, the Company&#146;s stockholders approved the payment of a dividend in the aggregate
amount of Ps.3,980,837, which consisted of a Ps.1.35 per CPO and Ps.0.011538461538 per share of
series &#147;A&#148;, &#147;B&#148;, &#147;D&#148; and &#147;L&#148;, not in the form of a CPO, and was paid in cash in December&nbsp;2009.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">No dividend payment was approved by our stockholders during 2010.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Dividends, either in cash or in other forms, paid by the Mexican companies in the Group will be
subject to income tax if the dividends are paid from earnings that have not been subject to Mexican
income taxes computed on an individual company basis under the provisions of the Mexican Income Tax
Law. In this case, dividends will be taxable by multiplying such dividends by a 1.4286 factor and
applying to the resulting amount the income tax rate of 30%.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As of December&nbsp;31, 2010, cumulative earnings that have been subject to income tax and can be
distributed by the Company free of Mexican withholding tax were approximately Ps.7,399,436. In
addition, the payment of dividends is restricted under certain circumstances by the terms of
certain Mexican Peso loan agreements (see Note 8).
</DIV>


<!-- xbrl,n -->



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>14. Comprehensive Income</B>
</DIV>

<!-- xbrl,body -->

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Comprehensive income related to the controlling interest for the years ended December&nbsp;31, 2008,
2009 and 2010, was as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">      7,803,652</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">      6,007,143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">      7,683,389</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other comprehensive income (loss), net:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign currency translation adjustments, net <SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">352,726</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(154,482</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(219,846</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrealized gain on available-for-sale investments, net of income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">339,881</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162,864</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(Loss) gain on equity accounts of investees, net <SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(58,109</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,598</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Result from hedge derivative contracts, net of income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(7,142</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(98,332</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total other comprehensive income (loss), net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">296,572</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">217,782</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(150,716</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">      8,100,224</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">      6,224,925</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">      7,532,673</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</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>

</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="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The amounts for 2008, 2009 and 2010 are presented net of income tax provision
(benefit)&nbsp;of Ps.148,010, Ps.(70,914) and Ps.(85,496), respectively.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(2) </SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Represents losses or gains in other stockholders&#146; equity accounts of equity
investees, as well as other comprehensive income recognized by equity investees.</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The changes in components of accumulated other comprehensive (loss)&nbsp;income for the years ended
December&nbsp;31, 2008, 2009 and 2010, were as follows:
</DIV>



<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Gain</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Cumulative</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Cumulative</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Cumulative</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Cumulative</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">(Loss) on</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Result</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Result from</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Result from</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Result from</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Effect of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Accumulated</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Equity</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">from Hedge</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Accumulated</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Available-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Holding</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Foreign</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Deferred</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Other</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Accounts of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Derivative</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Monetary</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">For-Sale</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Non-Monetary</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Currency</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Income</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Comprehensive</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">Investees</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Contracts</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Result</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Investments</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Assets</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Translation</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Taxes</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(Loss) Income</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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">Balance at<br>
January&nbsp;1, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">4,236,050</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(35,186</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(2,637,316</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(1,348,579</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(3,224,437</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(3,009,468</TD>
    <TD nowrap>)</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reclassifications to
retained earnings</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">35,186</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,637,316</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,224,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,896,939</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current year change</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(58,109</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">352,726</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">296,572</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at<br>
December&nbsp;31, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,177,941</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(995,853</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,184,043</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current year change</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(7,142</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">339,881</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(154,482</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">217,782</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at<br>
December&nbsp;31, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,217,466</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(5,187</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">339,881</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,150,335</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,401,825</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current year change</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,598</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(98,332</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">162,864</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(219,846</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(150,716</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at<br>
December&nbsp;31, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">4,222,064</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(103,519</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">502,745</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(1,370,181</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">3,251,109</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>

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



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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In conjunction with certain provisions of Mexican FRS that became effective on January&nbsp;1, 2008,
related to reclassifying to retained earnings certain outstanding balances that were recognized in
accumulated other comprehensive result in accordance with previous accounting guidelines, the Group
reclassified to retained earnings the outstanding balances of cumulative loss from holding
non-monetary assets, accumulated monetary loss and cumulative effect of deferred income taxes in
the aggregate amount of Ps.5,896,939.
</DIV>


<!-- xbrl,n -->



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>15. Non-controlling Interest</B>
</DIV>
<!-- xbrl,body -->

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Non-controlling interest at December&nbsp;31, consisted of:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital stock <SUP style="FONT-size: 85%; vertical-align: text-top">(1) </SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">      2,235,945</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">      2,186,745</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additional paid-in capital<SUP style="FONT-size: 85%; vertical-align: text-top"> (1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,767,260</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,770,593</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Legal reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,259</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141,756</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Retained earnings from prior years <SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">571,959</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">876,877</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income for the year <SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">575,554</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">832,538</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>&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">Cumulative result from hedge derivative contracts, net of income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(23,546</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(49,419</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cumulative result from foreign currency translation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,926</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,082</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">      6,302,352</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">      6,793,278</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</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="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In June&nbsp;2009 and March&nbsp;2011, the stockholders of Empresas Cablevisi&#243;n made capital
contributions in cash to increase the capital stock of this Company&#146;s subsidiary in the
aggregate amount of Ps.3,699,652 and Ps.3,000,000, respectively, of which Ps.1,811,800 and
Ps.1,469,165, respectively, was contributed by the non-controlling interest.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In 2009, 2010 and March&nbsp;2011, the holding companies of the Sky segment paid a
dividend to its equity owners in the aggregate amount of Ps.2,750,000, Ps.500,000, and
Ps.1,250,000, respectively, of which Ps.1,136,669, Ps.206,667 and Ps.516,667 were paid to its
non-controlling equity owners.</DIV></TD>
</TR>

</TABLE>
</DIV>


<!-- xbrl,n -->



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>16. Transactions with Related Parties</B>
</DIV>

<!-- xbrl,body -->

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The principal transactions carried out by the Group with affiliated companies, including equity
investees, stockholders and entities in which stockholders have an equity interest, for the years
ended December&nbsp;31, were as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenues:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Programming production and transmission rights <SUP style="FONT-size: 85%; vertical-align: text-top">(a)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">       69,911</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">       14,482</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">        6,665</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Administrative services<SUP style="FONT-size: 85%; vertical-align: text-top"> (b)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,297</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,320</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,232</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Advertising <SUP style="FONT-size: 85%; vertical-align: text-top">(c)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,647</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,026</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,435</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,613</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">      210,855</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">      107,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">       74,945</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Costs:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Donations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">       72,617</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">      107,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">      104,256</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Administrative services <SUP style="FONT-size: 85%; vertical-align: text-top">(b)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,577</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,457</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Technical services <SUP style="FONT-size: 85%; vertical-align: text-top">(d)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,321</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103,909</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,394</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,478</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130,966</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">      195,993</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">      287,398</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">      372,073</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</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 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="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(a)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Services rendered to OCEN and Volaris in 2008 and La Sexta in 2009 and 2010.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(b)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Group receives revenue from and is charged by affiliates for various services,
such as equipment rental, security and other services, at rates which are negotiated. The
Group provides management services to affiliates, which reimburse the Group for the incurred
payroll and related expenses.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(c)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Advertising services rendered to OCEN and Volaris in 2008 and 2009, and OCEN and
Editorial Cl&#237;o, Libros y Videos, S.A. de C.V. (&#147;Editorial Cl&#237;o&#148;) in 2010.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(d)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In 2008, 2009 and 2010, Sky received services from a subsidiary of DirecTV Latin
America for play-out, uplink and downlink of signals.</DIV></TD>
</TR>

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">






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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="justify">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">A consulting firm owned by a relative of one of the Group&#146;s directors, which has provided
consulting services and research in connection with the effects of the Group&#146;s programming on
its viewing audience. Total fees for such services during 2008 and 2009 amounted to Ps.20,811
and Ps.21,215, respectively.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="justify">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">From time to time, a Mexican bank made loans to the Group, on terms substantially similar to
those offered by the bank to third parties. Some members of the Group&#146;s Board serve as board
members of this bank.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="justify">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Two of the Group&#146;s directors are members of the board as well as stockholders of a Mexican
company, which is a producer, distributor and exporter of beer in Mexico. Such company
purchases advertising services from the Group in connection with the promotion of its products
from time to time, paying rates applicable to third-party advertisers for these advertising
services.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="justify">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Several other members of the Company&#146;s current board serve as members of the boards and/or
are stockholders of other companies, some of which purchased advertising services from the
Group in connection with the promotion of their respective products and services, paying rates
applicable to third-party advertisers for these advertising services.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="justify">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">During 2008, 2009 and 2010, a professional services firm in which a current director of the
Company is a partner on leave of absence and does not currently
receive any form of compensation from, or participates in any way in,
the profits of such firm,   provided legal advisory services to the Group in connection with
various corporate matters. Total fees for such services amounted to Ps.15,550, Ps.13,459 and
Ps.19,669, respectively.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="justify">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">A television production company, indirectly controlled by a company where a member of the
board and executive of the Company is a stockholder, provided production services to the Group
in 2008, in the amount of Ps.973.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="justify">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">During 2008 and 2009 the Group paid sale commissions to a company where a member of the board
and executive of the Company is a stockholder, in the amount of Ps.8,731 and Ps.723,
respectively.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="justify">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">During 2008, 2009 and 2010, a company in which a current director and executive of the
Company is a stockholder, purchased unsold advertising from the Group for a total of
Ps.234,296, Ps.233,707 and Ps.301,259, respectively.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="justify">(9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">During 2009 and 2010, a professional services firm in which two current directors of the
Company maintain an interest provided finance advisory services to the Group in connection
with various corporate matters. Total fees for such services amounted to Ps.13,854 and
Ps.347,005, respectively.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All significant account balances included in amounts due from affiliates bear interest. In 2008,
2009 and 2010, average interest rates of 8.2%, 6.0% and 4.9% were charged, respectively. Advances
and receivables are short-term in nature; however, these accounts do not have specific due dates.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Customer deposits and advances as of December&nbsp;31, 2009 and 2010, included deposits and advances
from affiliates and other related parties, in an aggregate amount of Ps.29,666 and Ps.4,990,
respectively, which were primarily made by Volaris in 2009 and Editorial Cl&#237;o in 2009 and 2010.
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->F-31<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>17. Other Expense, Net</B>
</DIV>
<!-- xbrl,body -->

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Other expense for the years ended December&nbsp;31, is analyzed as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss (gain)&nbsp;on disposition of investments, net<SUP style="FONT-size: 85%; vertical-align: text-top"> (1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">       12,931</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">       (90,565</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">      (1,200,794</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Donations (see Note 16)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78,856</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133,325</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124,100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financial advisory and professional services <SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">188,825</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">606,922</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Employees&#146; profit sharing <SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,345</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,033</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,548</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss on disposition of property and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,394</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233,540</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">394,319</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Impairment adjustments <SUP style="FONT-size: 85%; vertical-align: text-top">(4)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">609,595</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,160,094</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250,581</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss on early retirement of Senior Guaranteed Notes <SUP style="FONT-size: 85%; vertical-align: text-top">(5)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,458</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156,486</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102,594</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">231,987</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">      952,139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">      1,764,846</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">          567,121</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV 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="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In 2010 includes a net gain on disposition of a 25% stake in common stock of
Volaris, and a 50% stake in the equity of TuTv in the amount of Ps.783,981 and Ps.679,651,
respectively (see Note 2).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes financial advisory services in connection with contemplated dispositions
and strategic planning projects and professional services in connection with certain
litigation and other matters, net in 2008 of other income for Ps.284,472 related to certain
payments from Univision that had previously been recorded by the Group as customer deposits
and advances (Ps.236,032) as well as a settlement amount of U.S.$3.5&nbsp;million (Ps.48,440) paid
by Univision to the Company (see Notes 2, 11 and 16).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Mexican companies in the Group are required by law to pay employees, in addition
to their agreed compensation and benefits, employees&#146; profit sharing at the statutory rate of
10% based on their respective taxable incomes (calculated without reference to inflation
adjustments and tax loss carryforwards).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(4)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">During 2008, 2009 and 2010, the Group tested for impairment the carrying value of
certain trademarks of its Publishing segment, as well as goodwill of certain businesses of its
Television Broadcasting, Cable and Telecom and Publishing segments. As a result of such
testing, impairment adjustments were made to trademarks and goodwill in 2008, 2009 and 2010
(see Note 7).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes in 2010 a premium paid in the amount of U.S.$8.2&nbsp;million (Ps.100,982) and
unamortized financing costs of Ps.33,476 in connection with the prepayment of the Guaranteed
Senior Notes of Cablem&#225;s (see Note 8).</DIV></TD>
</TR>

</TABLE>
</DIV>


<!-- xbrl,n -->



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>18. Integral Cost of Financing, Net</B>
</DIV>
<!-- xbrl,body -->

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Integral cost of financing for the years ended December&nbsp;31, consisted of:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense <SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">        2,816,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">        3,136,411</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">        3,615,276</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,299,789</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,053,411</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,047,505</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreign exchange (gain)&nbsp;loss, net <SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(685,698</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">890,254</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">460,874</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">          830,882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">        2,973,254</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">        3,028,645</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV 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="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Interest expense includes a net loss from related derivative contracts of Ps.1,741,
Ps.123,242 and Ps.255,420 in 2008, 2009, and 2010, respectively (see Notes 8 and 9).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes in 2008, 2009 and 2010, a net (gain)&nbsp;loss from foreign currency derivative
contracts of Ps.(889,562), Ps.529,621 and Ps.516,381, respectively.</DIV></TD>
</TR>

</TABLE>
</DIV>


<!-- xbrl,n -->



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>19. Income Taxes</B>
</DIV>
<!-- xbrl,body -->

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Mexican corporate income tax rate in 2008, 2009 and 2010 was 28%, 28% and 30%, respectively. In
accordance with current Mexican Income Tax Law, the corporate income tax rate will be 30% in 2011
and 2012, 29% in 2013, and 28% in 2014.
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->F-32<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Flat Rate Business Tax (&#147;Impuesto Empresarial a Tasa &#218;nica&#148; or &#147;IETU&#148;) became effective as of
January&nbsp;1, 2008. This flat tax replaces Mexico&#146;s asset tax and is applied along with Mexico&#146;s
regular income tax. In general, Mexican companies are subject to paying the greater of the IETU or
the income tax. The flat tax is calculated by applying a tax rate of 16.5% in 2008, 17% in 2009,
and 17.5% in 2010 and thereafter. Although the IETU is defined as a minimum tax, it has a wider
taxable base as some of the tax deductions allowed for income tax purposes are not allowed for the
IETU. As of December&nbsp;31, 2008, 2009 and 2010, this tax did not have an effect on the Group&#146;s
deferred tax position, and the Group does not expect to have to pay this tax in the near future on
a tax consolidated basis.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In December&nbsp;2009, the Mexican government enacted certain amendments and changes to the Mexican
Income Tax Law that became effective as of January&nbsp;1, 2010. The main provisions of these amendments
and changes are as follows: (i)&nbsp;the corporate income tax rate is increased from 28% to 30% for the
years 2010 through 2012, and will be reduced to 29% and 28% in 2013 and 2014, respectively; and
(ii)&nbsp;under certain circumstances, the deferred income tax benefit derived from tax consolidation of
a parent company and its subsidiaries is limited to a period of five years; therefore, the
resulting deferred income tax has to be paid starting in the sixth year following the fiscal year
in which the deferred income tax benefit was received; (iii)&nbsp;the payment of this tax has to be made
in installments of 25% in the first and second year, 20% in the third year and 15% in the fourth
and fifth year; and (iv)&nbsp;taxpayers paid in 2010 the first installment of the cumulative amount of
the deferred tax benefits determined as of December&nbsp;31, 2004.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The income tax provision for the years ended December&nbsp;31, 2008, 2009 and 2010 was comprised as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income taxes, current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right"> 3,146,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right"> 4,040,332</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">      3,967,007</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income taxes, deferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">417,856</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(919,588</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(708,021</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right"> 3,564,195</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right"> 3,120,744</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">      3,258,986</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following items represent the principal differences between income taxes computed at the
statutory rate and the Group&#146;s provision for income taxes.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">%</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Statutory income tax rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Differences in inflation adjustments for tax and book purposes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unconsolidated income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-controlling interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Special tax consolidation items</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(9</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Changes in valuation allowances:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Asset tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tax loss carryforwards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreign operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(3</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity in losses of affiliates, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax losses of subsidiaries, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(4</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Flat rate business tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(4</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Effective income tax rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Group has tax loss carryforwards at December&nbsp;31, 2010, 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="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Amount</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Expiration</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating tax loss carryforwards:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unconsolidated:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mexican subsidiaries<SUP style="FONT-size: 85%; vertical-align: text-top"> (1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">3,148,020</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap>From 2011 to 2020</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-Mexican subsidiaries<SUP style="FONT-size: 85%; vertical-align: text-top"> (2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,256,489</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">From 2011 to 2029</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">        7,404,509</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left: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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&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="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">During 2008, 2009 and 2010, certain Mexican subsidiaries utilized unconsolidated
operating tax loss carryforwards of Ps.699,845, Ps.1,254,029 and Ps.2,467,930, respectively.
In 2008, 2009 and 2010, the carryforwards amounts include the operating tax loss carryforwards
related to the noncontrolling interest of Sky.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Approximately for the equivalent of U.S.$344.4&nbsp;million related to losses from
subsidiaries in Europe, South America and the United States.</DIV></TD>
</TR>

</TABLE>
</DIV>



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

<P align="center" style="font-size: 10pt"><!-- Folio -->F-33<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<!-- xbrl -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The deferred taxes as of December&nbsp;31, 2009 and 2010, were principally derived from the following
temporary differences:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">884,255</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,369,786</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,396,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,468,497</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tax loss carryforwards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">897,152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">944,406</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Allowance for doubtful accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">428,605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">456,326</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Customer advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">839,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">834,743</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other items</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">447,936</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">542,337</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(379,286</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(400,173</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Property, plant and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,365,307</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,389,794</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Prepaid expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,619,263</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,503,034</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tax losses of subsidiaries, net <SUP style="font-size: 85%; vertical-align: text-top">(a)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(161,686</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(49,911</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred income taxes of Mexican companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,367,458</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,273,183</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred income taxes of foreign subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,462</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">640,184</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Asset tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">925,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,444,041</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Flat rate business tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,097</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,735</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Valuation allowances<SUP style="font-size: 85%; vertical-align: text-top"> (b)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(3,826,622</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(4,837,579</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends distributed among Group&#146;s entities <SUP style="font-size: 85%; vertical-align: text-top">(a) (c)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(548,503</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(413,454</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred income tax liability, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(1,898,612</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(864,890</TD>
    <TD nowrap>)</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred tax liability current portion <SUP style="font-size: 85%; vertical-align: text-top">(d)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(133,231</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(183,093</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred tax liability long-term</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,765,381</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(681,797</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(1,898,612</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(864,890</TD>
    <TD nowrap>)</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>
    <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>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="justify"><SUP style="font-size: 85%; vertical-align: text-top">(a)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="justify">In 2009, reflects the effects of income tax payable in connection with the 2010
Mexican Tax reform.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="font-size: 85%; vertical-align: text-top">(b)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="justify">Reflects valuation allowances of foreign subsidiaries of Ps.607,934 and Ps.1,050,442
as of December&nbsp;31, 2009 and 2010, respectively.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="font-size: 85%; vertical-align: text-top">(c)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="justify">Income tax provision recorded in December&nbsp;2009 as an adjustment to retained
earnings.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="font-size: 85%; vertical-align: text-top">(d)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="justify">Income tax provision accounted for as taxes payable in the consolidated balance
sheet as of December&nbsp;31, 2009 and 2010.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A roll forward of the Group&#146;s valuation allowance for 2010 is as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Tax Loss</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Carryforwards</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Asset Tax</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Goodwill</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Total</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(1,505,086</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(925,496</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(1,396,040</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(3,826,622</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(423,412</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(520,477</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(67,068</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,010,957</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(1,928,498</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(1,445,973</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(1,463,108</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(4,837,579</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The change in the deferred income tax liability for the year ended December&nbsp;31, 2010, representing
a credit of Ps.1,033,722 was recognized 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="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Credit to stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(73,020</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Credit to the provision for deferred income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(708,021</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Credit to other expense, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(5,857</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Credit to cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(246,824</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(1,033,722</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->F-34<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<!-- xbrl -->

<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>20. Earnings per CPO/Share</B>
</DIV>

<!-- xbrl,body -->

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the years ended December&nbsp;31, 2008, 2009 and 2010, the weighted average of outstanding total
shares, CPOs and Series &#147;A&#148;, Series &#147;B&#148;, Series &#147;D&#148; and Series &#147;L&#148; Shares (not in the form of CPO
units), was as follows (in thousands):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">329,579,613</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">329,304,371</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">326,849,555</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CPOs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,364,642</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,362,289</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,341,308</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shares not in the form of CPO units:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Series &#147;A&#148; Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,915,849</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,915,849</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,915,849</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Series &#147;B&#148; Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Series &#147;D&#148; Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">239</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">239</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">239</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Series &#147;L&#148; Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">239</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">239</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">239</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Earnings per CPO and per each Series &#147;A&#148;, Series &#147;B&#148;, Series &#147;D&#148; and Series &#147;L&#148; Share (not in the
form of a CPO unit) for the years ended December&nbsp;31, 2008, 2009 and 2010, are presented as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Per Each</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Per Each</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Per Each</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Series &#147;A&#148;, &#147;B&#148;,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Series &#147;A&#148;, &#147;B&#148;,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Series &#147;A&#148;, &#147;B&#148;,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Per</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&#147;D&#148; and &#147;L&#148;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Per</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&#147;D&#148; and &#147;L&#148;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Per</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&#147;D&#148; and &#147;L&#148;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">CPO</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Share</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">CPO</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Share</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">CPO</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Share</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">Controlling interest net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">2.77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">2.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">2.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

<TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>21. Foreign Currency Position</B>
</DIV>
<!-- xbrl,body -->

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The foreign currency position of monetary items of the Group at December&nbsp;31, 2010, was as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Foreign</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Currency</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Amounts</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Year-End</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Mexican</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(Thousands)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Exchange Rate</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Pesos</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. Dollars</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,705,002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">12.3576</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">33,427,333</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Euros</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84,495</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.4838</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,392,799</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Argentinean Pesos</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158,839</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.1080</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">493,672</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Chilean Pesos</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,159,848</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0264</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">241,820</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Colombian Pesos</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,995,329</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0064</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121,570</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other currencies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200,478</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Liabilities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. Dollars</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,934,741</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">12.3576</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">36,266,355</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Euros</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,809</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.4838</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,238</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Argentinean Pesos</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,175</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.1080</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">239,860</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Chilean Pesos</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,917,841</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0264</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">420,231</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Colombian Pesos</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,193,475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0064</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135,638</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other currencies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82,384</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As of
June&nbsp;17, 2011, the exchange rate was Ps.11.9143 per U.S. Dollar, which represents the
interbank free market exchange rate on that date as reported by Banco Nacional de M&#233;xico, S.A.
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->F-35<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<!-- xbrl -->


<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>22. Segment Information</B>
</DIV>
<!-- xbrl,body -->

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Reportable segments are those that are based on the Group&#146;s method of internal reporting.
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Group is organized on the basis of services and products. The Group&#146;s segments are strategic
business units that offer different entertainment services and products. The Group&#146;s reportable
segments are as follows:
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Television Broadcasting segment includes the production of television programming and
nationwide broadcasting of Channels 2, 4, 5 and 9 (&#147;television networks&#148;), and the production of
television programming and broadcasting for local television stations in Mexico and the United
States. The broadcasting of television networks is performed by television repeater stations in
Mexico which are wholly-owned, majority-owned or minority-owned by the Group or otherwise
affiliated with the Group&#146;s networks. Revenues are derived primarily from the sale of advertising
time on the Group&#146;s television network and local television station broadcasts.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Pay Television Networks segment includes programming services for cable and pay-per-view
television companies in Mexico, other countries in Latin America, the United States and Europe. The
programming services consist of both programming produced by the Group and programming produced by
others. Pay television network revenues are derived from domestic and international programming
services provided to independent cable television systems in Mexico and the Group&#146;s DTH satellite
and cable television businesses, and from the sale of advertising time on programs provided to pay
television companies in Mexico.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Programming Exports segment consists of the international licensing of television programming.
Programming exports revenues are derived from international program licensing fees.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Publishing segment primarily consists of publishing Spanish-language magazines in Mexico, the
United States and Latin America. Publishing revenues include subscriptions, sales of advertising
space and magazine sales to distributors.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Sky segment includes direct-to-home (&#147;DTH&#148;) broadcast satellite pay television services in
Mexico, Central America and the Dominican Republic. Sky revenues are primarily derived from program
services, installation fees and equipment rental to subscribers, and national advertising sales.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Cable and Telecom segment includes the operation of a cable and telecommunication system in the
Mexico City metropolitan area (Cablevisi&#243;n); the operation of telecommunication facilities through
a fiber-optic network that covers the most important cities and economic regions of Mexico and the
cities of San Antonio and San Diego in the United States (Bestel); beginning in June&nbsp;2008, the
operation of cable and telecommunication networks covering 49 cities of Mexico (Cablem&#225;s); and
beginning in October&nbsp;2009, the operation of cable and telecommunications networks covering
Monterrey and suburban areas (TVI). The cable and telecommunication businesses derive revenues from
cable subscribers, principally from basic and premium television services subscription,
pay-per-view fees, installation fees, Internet services subscription and telephone services
subscription as well as from local and national advertising sales. The telecommunication facilities
business derives revenues from providing data and long-distance services solutions to carriers and
other telecommunications service providers through its fiber-optic network.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Other Businesses segment includes the Group&#146;s domestic operations in sports and show business
promotion, soccer, feature film production and distribution, internet, gaming, radio, and
publishing distribution.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F-36<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
 <!-- xbrl -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The table below presents information by segment and a reconciliation to consolidated total for the
years ended December&nbsp;31:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Total</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Intersegment</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Consolidated</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Segment</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Revenues</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Revenues</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Revenues</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Income (Loss)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2008:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Television Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">21,460,653</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">296,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">21,164,641</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">10,504,876</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pay Television Networks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,212,502</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">692,388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,520,114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,378,152</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Programming Exports</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,437,237</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,410</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,410,827</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,076,769</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,700,361</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,436</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,685,925</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">648,626</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,162,172</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,154,162</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,416,783</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cable and Telecom</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,623,367</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,271</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,617,096</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,134,813</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,498,615</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79,102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,419,513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(242,812</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Segment totals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,094,907</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,122,629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,972,278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,917,207</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reconciliation to consolidated
amounts:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Eliminations and corporate expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,122,629</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,122,629</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(478,285</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation and amortization expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(4,311,115</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consolidated total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">47,972,278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">47,972,278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">15,127,807</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Television Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">21,561,636</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">163,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">21,398,582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">10,323,899</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pay Television Networks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,736,579</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">795,139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,941,440</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,660,364</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Programming Exports</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,845,918</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,829,003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,437,220</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,356,056</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,510</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,340,546</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">190,709</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,005,216</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,227</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,989,989</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,478,847</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cable and Telecom</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,241,787</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,174</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,176,613</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,971,868</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,771,444</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95,116</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,676,328</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(318,201</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Segment totals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,518,636</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,166,135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,352,501</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,744,706</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reconciliation to consolidated
amounts:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Eliminations and corporate expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,166,135</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,166,135</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(658,249</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation and amortization expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(4,929,589</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consolidated total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">52,352,501</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">52,352,501</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">15,156,868</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Television Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">22,750,082</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">396,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">22,353,782</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">10,714,296</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pay Television Networks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,146,172</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">504,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,641,812</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,622,022</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Programming Exports</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,074,766</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,639</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,068,127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,503,640</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,229,588</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,795</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,162,793</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">425,296</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,248,160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,116</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,198,044</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,074,517</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cable and Telecom</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,814,196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,654</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,752,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,907,172</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,812,476</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132,748</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,679,728</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(184,038</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Segment totals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,075,440</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,218,612</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,856,828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,062,905</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reconciliation to consolidated
amounts:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Eliminations and corporate expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,218,612</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,218,612</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(900,971</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation and amortization expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(6,579,325</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consolidated total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">57,856,828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">57,856,828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">15,582,609 </TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</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>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="justify"><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Consolidated totals represent consolidated operating income.</TD>
</TR>

</TABLE>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The accounting policies of the segments are the same as those described in the Group&#146;s summary of
significant accounting policies (see Note 1). The Group evaluates the performance of its segments
and allocates resources to them based on operating income before depreciation and amortization.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F-37<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<!-- xbrl -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Intersegment Revenue</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Intersegment revenue consists of revenues derived from each of the segments principal activities as
provided to other segments.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Group accounts for intersegment revenues as if the revenues were from third parties, that is,
at current market prices.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Non-allocated corporate expenses include payroll for certain executives, related employee benefits
and other general than are not subject to be allocated within the Group&#146;s business segments.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The table below presents segment information about assets, liabilities, and additions to property,
plant and equipment as of and for the years ended December&nbsp;31:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Additions to</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Segment</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Segment</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Property,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Assets</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Liabilities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Plant and</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">at Year-End</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">at Year-End</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Equipment</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2008:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Continuing operations:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Television operations <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">74,632,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">27,221,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,126,784</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,571,663</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">875,531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82,747</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,692,386</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,814,814</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,273,819</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cable and Telecom</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,024,327</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,037,061</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,144,334</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,272,716</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,616,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">563,762</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">113,193,537</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">47,565,867</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">5,191,446</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Continuing operations:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Television operations <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">74,038,118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">29,299,493</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,430,521</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,096,383</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">765,645</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,788</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,705,015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,852,274</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,727,163</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cable and Telecom</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,338,625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,769,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,205,784</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,895,410</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,808,245</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">271,656</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">117,073,551</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">48,495,110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">6,654,912</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Continuing operations:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Television operations <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">66,808,602</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">27,100,859</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,581,920</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,760,671</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">600,898</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,910</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,772,696</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,280,103</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,454,219</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cable and Telecom</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,177,882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,765,277</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,508,618</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,583,729</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,761,387</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207,979</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">112,103,580</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">43,508,524</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">12,761,646</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</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>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="justify"><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="justify">Segment assets and liabilities information is not maintained by the Group for each
of the Television Broadcasting, Pay Television Networks and Programming Exports segments. In
management&#146;s opinion, there is no reasonable or practical basis to make allocations due to the
interdependence of these segments. Consequently, management has presented such information on
a combined basis as television operations.</DIV></TD>
</TR>

</TABLE>

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<!-- xbrl -->


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Segment assets reconcile to total assets as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Segment assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">117,073,551</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">112,103,580</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments attributable to:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Television operations <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,171,016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,160,554</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cable and Telecom</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">211,965</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500,635</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other Businesses <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,386,679</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,176,264</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill attributable to:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Television operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">322,719</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">385,455</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">617,203</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">393,642</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cable and Telecom</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,339,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,304,796</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">445,701</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">445,701</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">126,568,376</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">136,470,627</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="justify"><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Includes goodwill attributable to equity investments of Ps.49,024 in 2009 (see Note
7).</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP> </TD>
    <TD>&nbsp;</TD>
    <TD>Includes goodwill attributable to equity investments of Ps.359,613 in 2009 and 2010
(see Note 5).</TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Equity method loss for the years ended December&nbsp;31, 2008, 2009 and 2010 attributable to equity
investment in television operations, approximated Ps.952,347, Ps.847,339 and Ps.223,929,
respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Segment liabilities reconcile to total liabilities as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Segment liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">48,495,110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">43,508,524</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Debt not attributable to segments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,601,119</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,104,342</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">82,096,229</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">84,612,866</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Geographical segment information:</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Additions to</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Total</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Segment Assets</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Property, Plant</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Net Sales</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">at Year-End</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">and Equipment</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2008:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mexico</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">41,176,318</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">91,024,558</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">5,029,480</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other countries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,795,960</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,168,979</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161,966</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">47,972,278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">113,193,537</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">5,191,446</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mexico</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">44,574,144</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">96,678,472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">6,606,342</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other countries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,778,357</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,395,079</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,570</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">52,352,501</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">117,073,551</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">6,654,912</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mexico</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">50,203,485</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">107,398,140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">12,727,312</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other countries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,653,343</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,705,440</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,334</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">57,856,828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">112,103,580</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">12,761,646</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Net sales are attributed to geographical segment based on the location of customers.
</DIV>



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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<!-- xbrl -->

<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>23. Differences between Mexican FRS and U.S. GAAP</B>
</DIV>
<!-- xbrl,body -->

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Group&#146;s consolidated financial statements are prepared in accordance with Mexican FRS (see
Note 1 (a)), which differs in certain significant respects from accounting principles generally
accepted in the United States (&#147;U.S. GAAP&#148;). The principal differences between Mexican FRS and U.S.
GAAP as they relate to the Group, are presented below, together with explanations of the
adjustments that affect net income and stockholders&#146; equity as of December&nbsp;31, 2009 and 2010, and
for the years ended December&nbsp;31, 2008, 2009 and 2010.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Reconciliation of Net Income</I></B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</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">Controlling interest net income as reported under Mexican FRS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">7,803,652</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">6,007,143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">7,683,389</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S. GAAP adjustments:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(a)&nbsp;Capitalization of financing costs, net of accumulated depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105,205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,622</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,560</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(b)&nbsp;Deferred costs, net of amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,818</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(c)&nbsp;Deferred debt refinancing costs, net of amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,574</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,317</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,573</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(d)&nbsp;Purchase accounting adjustments:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Amortization of network affiliation agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(4,176</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depreciation of fixed assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(12,118</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(12,118</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(12,118</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Amortization of other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(5,006</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(5,006</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(5,006</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Impairment of goodwill for Bay City Television</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">427,095</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">184,055</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Impairment of goodwill for Editorial Televisa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(611,977</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Amortization of subscribers list</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(156,268</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(156,268</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(52,090</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(h)&nbsp;Production and film costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(133,983</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(21,338</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">172,282</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(i)&nbsp;Deferred income taxes and employees&#146; profit sharing:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,565</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91,356</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(59,159</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Impact of 2010 Mexican tax reform</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(548,503</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred employees&#146; profit sharing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,065</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,357</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(31,399</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(j)&nbsp;Maintenance reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(18,062</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(k)&nbsp;Non-controlling interest on U.S. GAAP adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,465</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total U.S. GAAP adjustments, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">326,174</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,021,503</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106,643</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income attributable to the controlling interest under U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,129,826</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,985,640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,790,032</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income attributable to the non-controlling interest under U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">919,540</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">575,554</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">832,538</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consolidated net income under U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">9,049,366</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">5,561,194</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">8,622,570</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->F-40<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<!-- xbrl -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Reconciliation of Stockholders&#146; Equity</I></B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total stockholders&#146; equity under Mexican FRS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">44,472,147</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">51,857,761</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S. GAAP adjustments:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(a)&nbsp;Capitalization of financing costs, net of accumulated depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(631,266</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(568,706</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(c)&nbsp;Deferred debt refinancing costs, net of amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(478,941</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(447,368</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(d)&nbsp;Purchase accounting adjustments:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Broadcast license</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,913</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,913</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fixed assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,171</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,053</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,451</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,445</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill on acquisition of non-controlling interest in Editorial Televisa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">746,451</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">746,451</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Subscribers list</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,090</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill on acquisition of non-controlling interest in Sky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,236</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,236</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(e)&nbsp;Goodwill and other intangible assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reversal of Mexican FRS goodwill amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,380</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,380</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reversal of Mexican FRS amortization of intangible assets with indefinite lives</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109,988</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109,988</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(f)&nbsp;Equity method investees:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">OCEN</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(2,446</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(2,446</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cablem&#225;s</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(25,057</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(25,057</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(g)&nbsp;Pension plan and seniority premiums</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111,890</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,754</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(h)&nbsp;Production and film costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,670,093</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,497,811</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(i)&nbsp;Deferred income taxes and employees&#146; profit sharing:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">732,836</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">706,118</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred employees&#146; profit sharing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(121,857</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(153,256</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(k)&nbsp;Non-controlling interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(6,338,862</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(6,829,788</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total U.S. GAAP adjustments, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(7,115,116</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(7,575,094</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Controlling interest under U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,357,031</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,282,667</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-controlling interest under U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,338,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,829,788</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total stockholders&#146; equity under U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">43,695,893</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">51,112,455</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A summary of the Group&#146;s statement of changes in stockholders&#146; equity with balances determined
under U.S. GAAP is as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="justify" style="border-bottom: 1px solid #000000"><B>Changes in U.S. GAAP stockholders&#146; equity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at January&nbsp;1,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">46,808,548</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">43,695,893</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income for the year attributable to the controlling interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,985,640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,790,032</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Repurchase of capital stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(759,003</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,357,072</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends paid to the controlling interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(9,163,857</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sale of capital stock under stock-based compensation plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,818</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,050</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">371,783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">556,711</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss on acquisition of non-controlling interest in Cablem&#225;s and Cablestar</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(56,210</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gain on acquisition of non-controlling interest in a subsidiary of Sky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79,326</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other comprehensive income:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Changes in other comprehensive income of equity investees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,598</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cumulative result from hedge derivative contracts, net of income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(7,142</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(98,332</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Change in fair value of available-for-sale financial assets, net of income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">339,881</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162,864</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign currency translation, net of income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(154,482</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(219,846</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pension and post retirement, net of income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139,874</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(75,695</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-controlling interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,069,518</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">490,926</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at December&nbsp;31,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">43,695,893</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">51,112,455</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<!-- xbrl -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>(a)&nbsp;Capitalization of Financing Costs, Net of Accumulated Depreciation</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Prior to 2007, Mexican FRS allowed, but did not require, capitalization of financing costs as
part of the cost of assets under construction. Financing costs capitalized included interest costs,
gains from monetary position and foreign exchange losses. Since January&nbsp;1, 2007, the Group has been applying NIF D-6, &#147;Capitalization of financing costs,&#148; which is
similar to the provisions set forth under U.S. GAAP.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">U.S. GAAP requires the capitalization of interest during construction of qualifying assets. In
an inflationary economy, such as Mexico, acceptable practice is to capitalize interest net of the
monetary gain on the related Mexican Peso debt, but not on U.S. dollar or other stable currency
debt. In both instances U.S. GAAP does not allow the capitalization of foreign exchange losses. No
amounts were subject to capitalization under either U.S. GAAP or Mexican FRS for any of the periods
presented. Rather, the U.S. GAAP net income adjustments reflect the difference in depreciation
expense related to amounts capitalized prior to 2003. There have been no significant projects
subject to capitalization since then. During 2008, a significant amount of technical equipment was
fully amortized and as a result a lower depreciation expense was recognized in 2009. During 2010,
the Group reduced the estimated useful lives of certain technical equipment resulting in a higher
depreciation expense for Mexican FRS purposes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>(b)&nbsp;Deferred Costs, Net of Amortization</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Under Mexican FRS, certain entity preoperating and development costs (including those related
to web site development) and other deferred costs are capitalized and subsequently amortized on a
straight-line basis once the related venture commences operations, defined as the period when
revenues are generated. In addition, other expenditures which are expected to generate significant
and identifiable future benefits are also capitalized and amortized over the expected future
benefit period.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Under U.S. GAAP, development and other deferred costs are generally expensed as incurred given
that the assessment of future economic benefits is uncertain. In the case of web site development
costs, certain costs are capitalized and others expensed in accordance with ASC 350-50, &#147;Accounting
for Web Site Development Costs&#148; (formerly EITF Issue No.&nbsp;00-2). Consequently, the U.S. GAAP net
income reconciliation reflects the write-off, for U.S. GAAP purposes, of the preoperating and other
deferred costs (including certain web site development costs) capitalized under Mexican FRS, net of
the reversal of any amortization which is reflected under Mexican FRS. Such costs were fully
amortized on December&nbsp;31, 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>(c)&nbsp;Deferred Debt Refinancing Costs, Net of Amortization</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In 2005, the Group issued Senior Notes due 2025 to fund the Group&#146;s tender offers made for any
or all of the Senior Notes due 2011, and the Mexican Peso equivalent of UDI-denominated Notes due
2007. In conjunction therewith, under Mexican FRS, premiums paid to the old noteholders were
capitalized and are being amortized as an adjustment of interest expense over the remaining term of
the Senior Notes due 2025.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For U.S. GAAP purposes, premiums paid by the debtor to the old creditors are to be associated
with the extinguishment of the old debt instrument and included in determining the debt
extinguishment gain or loss to be recognized. The adjustment to U.S. GAAP net income reflects the
reversal of amortization expense recorded under Mexican FRS in such periods.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>(d)&nbsp;Purchase Accounting Adjustments</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In 1996, the Group acquired Bay City Television, Inc. (&#147;Bay City&#148;) and Radio Televisi&#243;n, S.A.
de C.V. and under Mexican FRS, recognized the difference between the purchase price and net book
value as goodwill. For U.S. GAAP purposes, the purchase price was allocated, based on fair values,
primarily to the broadcast license, network affiliation agreements, programming and advertising
contracts, fixed assets and other assets. Such purchase price adjustments were being amortized over
the remaining estimated useful lives of the respective assets. The U.S. GAAP net income adjustment
for each of the periods presented herein represents the amortization of the various definite lived
intangibles mentioned above for U.S. GAAP purposes. In addition, in 2008 and 2009 for Mexican FRS
purposes, the Group recorded an impairment of goodwill for an amount of Ps.427,095 and Ps.184,055
respectively. Therefore, the 2008 and 2009 U.S. GAAP net income reconciliation reflects the
reversal of such impairment. The goodwill recognized for Mexican FRS purposes was allocated to
intangible assets for U.S. GAAP and where applicable are being amortized; therefore, the related
goodwill impairments for Mexican FRS purposes were reversed for U.S. GAAP purposes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In 2000, the Group acquired all of the interest owned by a minority shareholder in Editorial
Televisa by issuing treasury shares of capital stock. Under Mexican FRS, this acquisition was
accounted for as a purchase, with the purchase price equal to the carrying value of the Group&#146;s
treasury shares at the acquisition date, with related goodwill of Ps.87,771 being recognized. Under
U.S. GAAP, this acquisition was also accounted for by the purchase method, with the purchase price
being equal to the fair value of the shares issued by the Group, which was greater than the
carrying value of the treasury stock. The incremental purchase price under U.S. GAAP of
Ps.1,358,428 was allocated to goodwill. There is no net income adjustment as goodwill is no longer
amortized for either Mexican FRS or U.S. GAAP purposes. The U.S. GAAP stockholders&#146; equity
adjustment for each of the periods presented reflects the difference in the goodwill carrying value
under U.S. GAAP versus Mexican FRS. During the fourth quarter of 2009, the Group recognized an
impairment charge of Ps.611,977 for U.S. GAAP purposes (see Note 23 (e)).
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
 <!-- xbrl -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In April&nbsp;2006, the Group exercised its right to acquire two-thirds of the equity interest in
Sky that DIRECTV acquired from Liberty Media. This non-controlling interest acquisition amounted to
approximately U.S.$58.7&nbsp;million (Ps.699,891). After this transaction, the Group (i)&nbsp;increased its
equity stake in Sky from 52.7% to 58.7%; and (ii)&nbsp;under Mexican FRS, recognized the excess of the
purchase price over the carrying value of this non-controlling interest totaling Ps.711,311 within
stockholders&#146; equity. Under U.S. GAAP, for acquisitions prior to January&nbsp;1, 2009, where there is no
change in control, the acquisition of non-controlling interest should be accounted for using the
purchase method of accounting. The Group has recognized an intangible asset related to the
subscribers&#146; list that should be amortized on a straight-line basis over its estimated subscriber
period. In addition, the difference between the purchase price and the fair value of the net assets
acquired, including identifiable intangible assets, was recorded as goodwill in the amount of
Ps.86,236. The U.S. GAAP net income adjustment reflects only the amortization of the subscribers&#146;
list recognized for U.S. GAAP purposes. As of December&nbsp;31, 2010, related subscribers&#146; list were
fully amortized.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>(e)&nbsp;Goodwill and Other Intangible Assets</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">While both Mexican FRS and U.S. GAAP require that impairment tests of goodwill and indefinite
lived intangibles be performed at least annually, there could be several potential differences
between Mexican FRS and U.S. GAAP in the timing and amounts of impairments recognized. Differences
could include: (i)&nbsp;the level at which the goodwill impairment test should be performed; that is at
the cash generating unit level for Mexican FRS and at the reporting unit for U.S. GAAP, (ii)&nbsp;for
long-lived assets other than goodwill, a difference in the recoverable amount for Mexican FRS and
the fair value for U.S. GAAP, and (iii)&nbsp;difference in the computation methodology for goodwill;
that is a &#147;one-step&#148; impairment test for Mexican FRS and a &#147;two-step&#148; impairment test for U.S. GAAP
purposes. Further, Mexican FRS permits the reversal of previously recognized impairments while
under U.S. GAAP, it is prohibited.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In addition to the above mentioned aspects, a potential difference between the carrying amount
of goodwill and other long-lived intangible assets can exist between Mexican FRS and U.S. GAAP
because of differences in past purchase price allocations and cumulative impairments recognized.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The carrying amount of goodwill by segment under U.S. GAAP as of December&nbsp;31, 2009 and 2010,
is as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consolidated subsidiaries:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Television Broadcasting<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">337,094</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">423,907</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cable and
Telecom<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,339,543</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,304,797</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">

<TD><DIV style="margin-left:30px; text-indent:-15px">Publishing<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,370,184</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,146,623</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other
segments<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179,301</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155,224</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity
method investees<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">521,134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">472,110</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">3,747,256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">3,502,661</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>
    <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>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="justify"><sup>(1)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Increase relates to a minor acquisition in the Television Broadcasting segment (see Note 7).</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><sup>(2)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Decreases relate to minor adjustments/reclassifications (see Note 7).</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><sup>(3)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Decreases relate to impairments as described below.</TD>
</TR>

</TABLE>

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
 <!-- xbrl -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The changes in the net carrying amount of goodwill and trademarks for the Cable and Telecom
segment, Publishing segment and Equity method investee for the years ended December&nbsp;31, 2009 and
2010, for U.S. GAAP purposes were as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Cable and Telecom &#151; Goodwill</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="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">4,259,514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,339,543</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Adjustments/Reclassifications <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(2,167,533</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(34,746</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Impairments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(752,438</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,339,543</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,304,797</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="justify"><sup>(1)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Reflects the final valuation and purchase price allocation of Cablem&#225;s in December&nbsp;2009 (see Note 2).</TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During the fourth quarter of 2009, as a result of a reduction in revenues related to
long-distance telephone services, management revised its future cash flow expectations, which
lowered the fair value estimates of this business. As a result of the lower fair value estimates,
the Group concluded that the carrying amount of its telecom reporting unit within the Cable and
Telecom segment exceeded its fair value. Therefore, the Group recognized a pre-tax goodwill
impairment charge of Ps.752,438, representing the entire carrying value of goodwill. There is no
difference in the related pre-tax goodwill impairment charge for Mexican FRS purposes. For the year
ended December&nbsp;31, 2010, no related goodwill impairment charge was recognized for either Mexican
FRS or U.S. GAAP purposes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The changes in the net carrying amount of goodwill for the Publishing segment and Equity method
investees for the year ended December&nbsp;31, 2010, for U.S. GAAP purposes were as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Publishing &#151; Goodwill</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="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">2,058,548</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,370,184</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign currency translation adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,517</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Adjustments/Reclassifications</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(48,757</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Impairments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(638,090</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(223,561</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,370,184</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,146,623</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During the fourth quarter of 2009, as a result of a reduction in demand for certain magazines,
along with lower-than-projected profits, management revised its future cash flow expectations,
which lowered the fair value estimates of this business principally as it relates to the Mexican
operations. As a result of the lower fair value estimates, the Group concluded that the carrying
amount of its Publishing segment, which is the reporting unit, exceeded its fair value. As a
result, the Group compared the implied fair value of the goodwill in the reporting unit with the
carrying value and recorded a Ps.611,977 pre-tax impairment charge for U.S. GAAP purposes (see Note
23 (d)). Furthermore, the Group recognized an additional pre-tax goodwill impairment of Ps.26,113
in its Publishing segment as of December&nbsp;31, 2009 for both Mexican FRS and U.S. GAAP purposes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During 2010, the Group continued monitoring the market associated with its Publishing segment,
which has experienced a general slow-down in Latin America. Accordingly, the Group reduced its cash
flow expectations for some of its foreign operations. As a result, the Group compared the implied
fair value of the goodwill in the reporting unit with the carrying value and recorded a Ps.223,561
pre-tax impairment charge. There is no difference in the related pre-tax goodwill impairment charge
for Mexican FRS purposes (see Note 7).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Publishing &#151; Trademarks</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="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">681,041</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">523,692</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Acquisitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,232</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign currency translation adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(8,093</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(283</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Adjustments/reclassifications</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,667</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Impairments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(197,488</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">523,692</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">527,076</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->F-44<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
 <!-- xbrl -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During the annual impairment test, the Group analyzed the valuation of its other
indefinite-lived intangibles, consisting exclusively of trademarks. The Group estimated the fair
value of trademarks by performing a discounted cash flow analysis based on the relief-from-royalty
approach. This approach treats the trade name as if it were licensed by the Group rather than owned
and calculates its value based on the discounted cash flow of the projected license payments. The
analysis resulted in a pre-tax trademark impairment charge of Ps.197,488 in the fourth quarter of
2009, as a result of a reduction in demand for certain magazines. There is no difference in the
related pre-tax trademark impairment charge for Mexican FRS purposes. FRS purposes. For the year
ended December&nbsp;31, 2010, no related trademark impairment charge was recognized for either Mexican
FRS or U.S. GAAP purposes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Furthermore, the Group recognized an additional pre-tax goodwill impairment of Ps.27,020 in
its equity method investees as of December&nbsp;31, 2010 for both Mexican FRS and U.S. GAAP purposes
(see Note 7).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A summary of the changes in the carrying value of the Group&#146;s goodwill on a U.S. GAAP basis
for the years ended December&nbsp;31, 2009 and 2010, is as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>December 31, 2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>December 31, 2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Impairment</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Carrying</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Impairment</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Carrying</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Gross</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Charges</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Gross</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Charges</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Value</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">7,867,461</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(537,427</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">7,330,034</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">5,675,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(1,927,955</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">3,747,256</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjustments and other changes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(2,192,250</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,390,528</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(3,582,778</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,986</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(250,581</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(244,595</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">5,675,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(1,927,955</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">3,747,256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">5,681,197</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(2,178,536</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">3,502,661</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The U.S. GAAP net carrying value of intangible assets as of December&nbsp;31, 2009 and 2010,
amounted to:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trademarks <SUP style="font-size: 85%; vertical-align: text-top">(1)(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,282,539</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,414,864</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Television
network concession
<SUP style="font-size: 85%; vertical-align: text-top">(1)</sup></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">742,607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">742,607</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cablem&#225;s concessions <SUP style="font-size: 85%; vertical-align: text-top">(1)</sup></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,052,190</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,052,190</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">TVI concession <SUP style="font-size: 85%; vertical-align: text-top">(1)</sup></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">262,925</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">262,925</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Telecom concession <SUP style="font-size: 85%; vertical-align: text-top">(1)</sup></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">778,970</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">767,682</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sky concession <SUP style="font-size: 85%; vertical-align: text-top">(1)</sup></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96,042</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96,042</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Network affiliation agreements <SUP style="font-size: 85%; vertical-align: text-top">(1)</sup></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,913</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,913</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Licenses and software</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">845,856</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">784,370</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Subscriber list</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,531,085</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,184,312</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred financing costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">536,774</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">534,735</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">639,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">534,306</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">7,888,112</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">7,493,946</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="justify"><sup>(1)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>Indefinite-lived.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><sup>(2)</sup></TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="justify">Increase relates to the net effect of a minor acquisition and
adjustments/reclassifications recognized for both Mexican FRS and U.S.
GAAP purposes (see Note 7).</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The aggregate amortization expense for intangible assets subject to amortization under U.S. GAAP,
is estimated at Ps.852,335 for each of the next five fiscal years.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>(f)&nbsp;Equity Method Investees</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Cablem&#225;s</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 3%">Through May&nbsp;31, 2008, the Group&#146;s investment in Cablem&#225;s was accounted for by using the equity
method. For Mexican FRS purposes in 2007, Cablem&#225;s recorded a reversal of a goodwill impairment
loss previously recognized, as a result of changes in economic conditions affecting its investment.
Under U.S. GAAP, reversal of goodwill impairment losses is not allowed. Effective June&nbsp;1, 2008, the
Company has a controlling interest in Cablem&#225;s as a result of a corporate governance contractual
amendment (the legal right to designate the majority of Cablemas&#146; board of directors), and the
Group began consolidating the assets, liabilities and results of operations of Cablem&#225;s in its
consolidated financial statements (see Note 2).
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F-45<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<!-- xbrl -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>BMP</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On December&nbsp;20, 2010, the Group (i)&nbsp;made a cash investment of U.S.$1,255&nbsp;million in
Broadcasting Media Partners, Inc. (&#147;BMP&#148;), the parent company of Univision, in the form of a
capital contribution in the amount of U.S.$130&nbsp;million (Ps.1,613,892), representing 5% of the
outstanding common stock of BMP, and U.S.$1,125&nbsp;million (Ps.13,904,222) aggregate principal amount
of 1.5% Convertible Debentures of BMP due 2025, which are convertible at the option of the Company
into additional shares currently equivalent to a 30% equity stake of BMP, subject to existing laws
and regulations in the United States, and other conditions, (ii)&nbsp;acquired an option to purchase at
fair value an additional 5% of the common stock of BMP at a future date, subject to existing laws
and regulations in the United States, and other terms and conditions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In connection with this investment, (i)&nbsp;the Company entered into an amended Program License
Agreement (&#147;PLA&#148;) with Univision, pursuant to which Univision has the right to broadcast certain
Televisa content in the United States for a term that commenced on January&nbsp;1, 2011 and ends on the
later of 2025 or seven and one-half years after Televisa has sold two-thirds of its initial
investment in BMP, and which includes an increased percentage of royalties from Univision; (ii)&nbsp;the
Company entered into a new program license agreement with Univision under which the Group has the right to broadcast certain Univision&#146;s content in Mexico for the
same term as that of the PLA; and (iii)&nbsp;three representatives of Televisa joined Univision&#146;s Board
of Directors, which was increased to 20 members.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As a result of this transaction, the Group determined it exercises significant influence over
the operating and financial policies of BMP for purposes of Mexican FRS and U.S. GAAP; therefore,
the Group accounts for its 5% investment in BMP under the equity method for both Mexican FRS and
U.S. GAAP purposes (see Notes 2, 5 and 11).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>(g)&nbsp;Pension Plan and Seniority Premiums</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">There are no differences between Mexican FRS and U.S. GAAP in respect to the components of net
periodic pension and seniority premium plan cost (see Note 10).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Plan Assets or Liability at December&nbsp;31</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The pension and seniority premium plan liability and the severance indemnities as of December
31, 2009 and 2010, under ASC 715 &#147;Compensation-Retirement Benefits&#148; (formerly SFAS No.&nbsp;158), is as
follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Projected benefit obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,427,478</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,635,196</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plan assets (see Note 10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,749,629</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,783,737</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Funded status</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(322,151</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(148,541</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Prepaid pension asset</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(322,151</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(148,541</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Severance indemnities &#151; projected benefit obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">557,251</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">574,930</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance sheet liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">235,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">426,389</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in benefit obligation:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Projected benefit obligation at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,372,154</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,427,478</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,417</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,983</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107,207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108,799</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actuarial gain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(105,091</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,056</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquisition</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Benefits paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(37,142</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(59,120</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Projected benefit obligation at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,427,478</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,635,196</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



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

<P align="center" style="font-size: 10pt"><!-- Folio -->F-46<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<!-- xbrl -->

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Pension and Seniority Premiums Plan Assets</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of December&nbsp;31, 2010, the pension plan and seniority premiums obligations were overfunded,
and the assets of the pension plan and seniority premiums (collectively referred as the &#147;Plan
Assets&#148;) are held in separate trusts.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Plan Assets are invested according to specific investment guidelines determined by the
technical committees of the pension plan and seniority premiums trusts and in accordance with
actuarial computations of funding requirements. These investment guidelines require a minimum
investment of 30% of the Plan Assets in fixed rate instruments, or mutual funds comprised of fixed
rate instruments. The Plan Assets that are invested in mutual funds are all rated &#147;AA&#148; or &#147;AAA&#148; by
at least one of the main rating agencies. These mutual funds vary in liquidity characteristics
ranging from one day to one month. The investment goals of the Plan Assets are to preserve
principal, diversify the portfolio, maintain a high degree of liquidity and credit quality, and
deliver competitive returns subject to prevailing market conditions. Currently, the Plan Assets do
not engage in the use of financial derivative instruments.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of December&nbsp;31, 2010, the Group has undertaken a more conservative approach of investing
its Plan Assets by mainly investing in fixed rate instruments. The Group&#146;s target allocation in the
foreseeable future is approximately 20% in equity securities and 80% in fixed rate instruments.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Group&#146;s pension and seniority premiums plans actual asset allocation as of December&nbsp;31,
2009 and 2010, and the expected weighted average long-term rate of return by asset category were as
follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Percentage of Plan</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Assets as of December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">46.0          </TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">17.1        </TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fixed rate instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">54.0          </TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">82.9        </TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">100.0          </TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">100.0        </TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The weighted average expected long-term rate of return of Plan Assets of 20.4%, 14.2% and 8.6%
were used in determining net periodic pension cost in 2008, 2009 and 2010, respectively. This rate
reflects an estimate of long-term future returns for the Plan Assets. This estimate is primarily a
function of the asset classes (equities versus fixed income) in which the Plan Assets are invested
and the analysis of past performance of these asset classes over a long period of time. This
analysis includes expected long-term inflation and the risk premiums associated with equity
investments and fixed income investments.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table summarizes the Group&#146;s Plan Assets measured at fair value on a recurring
basis as of December&nbsp;31, 2009 and 2010:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Quoted Prices in</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Internal</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Internal Models</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Active Markets</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Models with</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>with Significant</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>as of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>for Identical</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Significant</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unobservable</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Observable Inputs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Inputs</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 3)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common stocks <SUP style="font-size: 85%; vertical-align: text-top">(1)</sup></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">779,920</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">779,920</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mutual funds
(fixed rate instruments) <SUP style="font-size: 85%; vertical-align: text-top">(2)</sup></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">497,736</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">497,736</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Money market
securities <SUP style="font-size: 85%; vertical-align: text-top">(3)</sup></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">446,973</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">446,973</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other equity securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total investment assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,749,629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,724,629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Quoted Prices in</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Internal</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Internal Models</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Active Markets</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Models with</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>with Significant</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>as of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>for Identical</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Significant</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unobservable</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Observable Inputs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Inputs</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 3)</B></TD>
    <TD>&nbsp;</TD>
</TR>



<TR style="font-size: 10pt"><TD>&nbsp;</TD></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common stocks <SUP style="font-size: 85%; vertical-align: text-top">(1)</sup></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">284,623</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">284,623</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mutual funds
(fixed rate instruments) <SUP style="font-size: 85%; vertical-align: text-top">(2)</sup></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">718,017</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">718,017</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Money market
securities <SUP style="font-size: 85%; vertical-align: text-top">(3)</sup></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">756,097</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">756,097</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other equity securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total investment assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,783,737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,758,737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="justify"><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="justify">Common stocks are valued at the closing price reported on the active market on which the individual securities are traded. All
common stock included in this line item relate to the Group&#146;s CPOs.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="justify"><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="justify">Mutual funds consist of fixed rate instruments. These are valued at the net asset value provided by the administrator of the fund.</DIV></TD>
</TR>

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

<TR valign="top">

<TD nowrap align="justify"><SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="justify">Money market securities consist of government debt securities, which are valued based on observable prices from the new issue
market, benchmark quotes, secondary trading and dealer quotes.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Group does not expect to make significant contributions to its Plan Assets in 2011.
</DIV>


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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<!-- xbrl -->



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table summarizes the changes in accumulated other comprehensive income for the
year ended December&nbsp;31, related to pension and post-retirement plans (net of income tax):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated other comprehensive (loss)&nbsp;income as of beginning of year (net of income tax)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(61,552</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">78,323</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net gain (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128,823</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(109,875</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortization of net gain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,156</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,904</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortization of prior service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(13,104</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(14,724</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated other comprehensive income as of end of year (net of income tax)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">78,323</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">2,628</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The amounts recognized in accumulated other comprehensive income as of December&nbsp;31, are as
follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Prior service costs, net of income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(122,950</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(99,115</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net actuarial gains, net of income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">201,273</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,743</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated other comprehensive income as of end of year (net of income tax)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">78,323</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">2,628</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>(h)&nbsp;Production and Film Costs</I></B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Under Mexican FRS, the Group capitalizes production costs related to programs, which benefit
more than one period, and amortizes them proportionately over the projected program revenues that
are based on the Group&#146;s historic revenue patterns for similar types of production. For Mexican FRS
purposes, royalty agreements that are not film-specific are considered in projecting program
revenues to capitalize related production costs.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Under U.S. GAAP, the Group follows the provisions of the ASC 926, &#147;Entertainment-Films&#148;
(formerly SoP 00-2). Pursuant to ASC 926, production costs related to programs are also capitalized
and amortized over the period in which revenues are expected to be generated (ultimate revenues).
In evaluating ultimate revenues, the Group uses projected program revenue on a program-by-program
basis, taking into consideration secondary market revenue only for those programs where a firm
commitment or licensing arrangement exists related to specific individual programs. For U.S. GAAP
purposes, royalty agreements that are not film-specific are not considered in the ultimate
revenues. Exploitation costs are expensed as incurred. In addition, Mexican FRS allows the
capitalization of artist exclusivity contracts and literary works subject to impairment
assessments, whereas U.S. GAAP is generally more restrictive as to their initial capitalization and
subsequent write-offs. The 2010 U.S. GAAP net income adjustment is mainly to remove the
amortization of artist exclusivity and literary works capitalized under Mexican FRS that do not
meet the capitalization criteria under U.S. GAAP.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>(i)&nbsp;Deferred Income Taxes and Employees&#146; Profit Sharing</I></B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Under Mexican FRS, the Group applies the provisions of NIF D-4, &#147;Income Taxes&#148;, which uses the
comprehensive asset and liability method for the recognition of deferred income taxes for existing
temporary differences.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">U.S. GAAP, ASC 740 &#147;Income Taxes&#148; (formerly SFAS No.&nbsp;109) requires recognition of deferred tax
liabilities and assets for the expected future tax consequences of events that have been included
in the financial statements or tax returns. Under this method, deferred tax liabilities and assets
are determined based on the difference between the financial statement and tax bases of assets and
liabilities using tax rates in effect for the year in which the differences are expected to
reverse.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<!-- xbrl -->

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The components of the net deferred tax liability applying ASC 740 consist of the following:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net deferred income tax liability recorded under Mexican FRS on Mexican FRS
balances (see Note 19)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(1,898,612</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(864,890</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reclassification of income tax payable related to subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161,686</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,911</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net deferred income tax amount under ASC 740 applied to Mexican FRS balances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,736,926</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(814,979</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Impact of U.S. GAAP adjustments:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Capitalization of financing costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189,380</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170,612</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Purchase accounting adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(67,688</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(46,923</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pension plan and seniority premiums</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(33,567</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,126</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Production and film costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">501,028</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">449,344</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred debt refinancing costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143,683</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,211</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">732,836</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">706,118</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net deferred income tax liability under U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,004,090</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(108,861</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred income tax amount under ASC 740 applied to Mexican FRS balances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,736,926</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(814,979</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net deferred income tax liability adjustment required under U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">732,836</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">706,118</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The components of net deferred employees&#146; profit sharing (&#147;EPS&#148;) liability applying ASC 740
consist of the following:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred EPS liability:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">2,047</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">2,879</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Noncurrent:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(91,175</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(106,051</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Deferred costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(56,294</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(58,648</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Pension plan and seniority premiums</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,646</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(16,350</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(27,082</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total deferred EPS liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(121,857</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(153,256</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The provisions (benefits)&nbsp;for income taxes from continuing operations, on a U.S. GAAP basis,
by jurisdiction as of December&nbsp;31, are as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mexican</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">2,917,021</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">3,489,807</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">3,389,900</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreign</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">169,448</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">246,917</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">577,107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,086,469</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,736,724</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,967,007</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mexican</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">428,161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(158,833</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(648,862</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreign</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">428,161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(158,833</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(648,862</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">3,514,630</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">3,577,891</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">3,318,145</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<!-- xbrl -->

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">ASC 740 &#147;Income Taxes&#148; (formerly FIN No.&nbsp;48) became effective for the Group on January&nbsp;1, 2007
and prescribes a comprehensive model for the recognition, measurement, financial statement
presentation and disclosure of uncertain tax positions taken or expected to be taken in a tax
return. ASC 740 provides guidance on derecognition, classification, interest and penalties,
accounting in interim periods, disclosure and transition. The adoption of this pronouncement had no
effect on the Group&#146;s overall financial position or results of operations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Group classifies income tax related interest and penalties as income taxes in the
consolidated financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following tax years remain open to examination and adjustment by the Group&#146;s six major tax
jurisdictions:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mexico
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify" valign="top">2005 and all following years</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">United States of America
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify" valign="top">2007 and all following years for federal tax examinations, and 2005 and all following years for state tax examinations</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Argentina
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify" valign="top">2004 and all following years</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chile
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify" valign="top">2008 and all following years</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Colombia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify" valign="top">2008 and all following years, and 2005 and all following years for companies having a tax loss</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Switzerland
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify" valign="top">2009 and all following years</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Impact of 2010 Mexican tax reform</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The 2010 Mexican Tax Reform law was enacted on December&nbsp;7, 2009 and became effective on
January&nbsp;1, 2010. This law resulted in several changes to Mexican tax consolidation rules, as well
as increases to future tax rates. Among the Mexican tax consolidation changes is a modification to
the treatment of intercompany dividends declared. Certain intercompany dividends paid that were
previously not subject to income tax now become taxable under the new law. This change in law has
resulted in the Group recognizing an additional deferred tax liability equal to Ps.548,503. For
Mexican FRS purposes, pursuant to INIF 18 (see Note 1(t)), this additional deferred tax liability
was recorded as a direct reduction to retained earnings. For U.S. GAAP purposes, this amount should
be recognized as deferred income tax expense. The adjustment to U.S. GAAP net income for the year
ended December&nbsp;31, 2009 reflects the recognition in earnings of this additional deferred tax
liability.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>(j)&nbsp;Maintenance Reserve</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Under Mexican FRS, it is acceptable to accrue for certain expenses which management believes
will be incurred in subsequent periods. Under U.S. GAAP, these costs are expensed as incurred. As
of December&nbsp;31, 2008, the related accrual was completely utilized for Mexican FRS purposes;
therefore, no U.S. GAAP equity adjustment was recorded as of December&nbsp;31, 2009 and 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>(k)&nbsp;Non-controlling Interest on U.S. GAAP Adjustments</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This adjustment represents the allocation to the non-controlling interest of non-wholly owned
subsidiaries of certain U.S. GAAP adjustments related to such subsidiaries. For the years ended
December&nbsp;31, 2009 and 2010, no U.S. GAAP adjustments had an effect on the non-controlling interest.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of January&nbsp;1, 2009, the Group adopted ASC 810 &#147;Consolidation&#148; (formerly SFAS No.&nbsp;160) which
clarifies that a non-controlling interest in a subsidiary is an ownership interest in the
consolidated entity that should be reported as stockholders&#146; equity in the consolidated financial
statements. The presentation and disclosure requirements have been applied retrospectively for all
periods presented.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F-50<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<!-- xbrl -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Additional Disclosure Requirements</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Presentation in the Financial Statements &#151; Operating Income</I></B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Under Mexican FRS, the Group recognizes various costs as non-operating expenses, which would
be considered operating expenses under U.S. GAAP. Such costs include primarily impairment charges,
certain financial advisory and professional fees, restructuring charges and employees&#146; profit
sharing expense (see Note 17). The differences relate primarily to the Television Broadcasting and
Sky segments. Operating income of the Television Broadcasting segment under U.S. GAAP would have
been Ps.12,680,515, Ps.13,017,192 and Ps.12,859,149 and operating income of the Sky segment under
U.S. GAAP would have been Ps.4,242,453, Ps.4,322,579 and Ps.5,022,427 for the years ended December
31, 2008, 2009 and 2010, respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">To provide a better understanding of the differences in accounting standards, the table below
presents the Group&#146;s condensed consolidated statements of operations for the three years ended
December&nbsp;31, 2008, 2009 and 2010, under U.S. GAAP in a format consistent with the presentation of
U.S. GAAP consolidated statements of operations, after reflecting the adjustments described in (a)
to (k)&nbsp;above:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">47,972,278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">52,352,501</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">57,856,828</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cost of providing services (exclusive of depreciation and amortization)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,708,070</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,789,707</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,122,497</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Selling, administrative and other expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,345,226</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,406,786</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,546,552</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,427,287</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,147,715</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,656,647</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,491,695</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,008,293</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,531,132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Integral result of financing, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(740,584</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(2,877,581</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(2,926,404</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other (expense)&nbsp;income, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(137,181</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(276,300</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">547,917</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income before income taxes, non-controlling interest and equity in earnings
or losses of affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,613,930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,854,412</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,152,645</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax and assets tax &#151; current and deferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(3,514,630</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(3,577,891</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(3,318,145</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income before non-controlling interest and equity in earnings or losses of
affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,099,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,276,521</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,834,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity in losses of affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(1,049,934</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(715,327</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(211,930</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consolidated net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,049,366</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,561,194</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,622,570</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="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">Less: Net income attributable to the non-controlling interest under U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">919,540</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">575,554</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">832,538</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income attributable to the controlling interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">8,129,826</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">4,985,640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">7,790,032</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average common shares outstanding (in millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">329,580</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">329,304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">326,850</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Presentation in the financial statements &#151; Earnings per CPO and per share</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As disclosed in Note 12, the Group has four classes of capital stock, Series &#147;A&#148;, Series &#147;B&#148;,
Series &#147;L&#148; and Series &#147;D&#148;. Holders of the Series &#147;D&#148; shares, and therefore holders of the CPOs, are
entitled to an annual, cumulative and preferred dividend of approximately nominal Ps.0.00034177575
per Series &#147;D&#148; share before any dividends are payable on the Series &#147;A&#148;, Series &#147;B&#148; or Series &#147;L&#148;
shares. Series &#147;A&#148; and Series &#147;B&#148; shares, not in the form of a CPO, and CPOs all participate in
income available to common shareholders. Due to this, for purposes of U.S. GAAP, the &#147;two-class&#148;
method has been used to present both basic and diluted earnings per share.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F-51<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<!-- xbrl -->

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Earnings per CPO and per share under U.S. GAAP are presented in constant Pesos for the years
ended December&nbsp;31, 2008, 2009 and 2010, as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Series &#147;A&#148;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Series &#147;A&#148;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Series &#147;A&#148;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>and &#147;B&#148;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>and &#147;B&#148;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>and &#147;B&#148;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>CPO</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>CPO</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>CPO</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Basic EPS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income from continuing
operations available to
common shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,824,748</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,305,066</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,189,029</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">796,603</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,533,370</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,256,650</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income available to
common shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,824,748</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,305,066</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,189,029</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">796,603</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,533,370</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,256,650</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average number
of common shares
outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,364,642</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,916,036</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,362,289</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,916,036</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,341,308</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,916,036</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic earnings per
CPO/share (net income
attributable to the
controlling interest)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">2.89</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1.77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">2.79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Diluted EPS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dilutive potential shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,613</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,384</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total diluted weighted
average common shares
outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,406,317</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,916,036</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,415,902</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,916,036</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,392,692</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,916,036</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Diluted earnings per
CPO/share (net income
attributable to the
controlling interest)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">2.84</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1.73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">2.73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Presentation in the Financial Statements &#151; Consolidated Balance Sheets</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">To provide a better understanding of the differences in accounting standards, the table below
presents the condensed consolidated balance sheet as of December&nbsp;31, 2009 and 2010, in a format
consistent with the presentation of condensed consolidated balance sheets under U.S. GAAP, and
after reflecting the adjustments described in (a)&nbsp;to (k)&nbsp;above:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px"><B>ASSETS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">29,941,488</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">20,942,531</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Temporary investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,902,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,446,840</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trade notes and accounts receivable, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,399,183</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,701,125</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other accounts and notes receivable, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,530,546</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,180,233</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Due from affiliated companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135,723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">196,310</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transmission rights and programming</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,372,988</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,004,415</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,665,102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,254,536</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current deferred taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,342,143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,050,217</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,435,081</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,117,740</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,724,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,893,947</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-current assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivative financial instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,538,678</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189,400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transmission rights and programming</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,245,366</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,129,791</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,693,133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,809,950</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,458,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,089,194</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,747,256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,502,661</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,888,112</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,493,946</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,932,193</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,505,635</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115,882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110,033</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">131,343,589</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">142,724,557</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->F-52<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<!-- xbrl -->
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px"><B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current portion of long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,433,015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,469,142</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current portion of capital lease obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">235,271</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">280,137</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trade accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,432,906</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,472,253</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Customer deposits and advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,858,290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,587,871</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Taxes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">807,744</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,260,794</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current deferred taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,741,122</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,656,290</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">464,621</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">750,743</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Employee benefits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200,215</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">199,638</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,577,835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,982,309</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Due from affiliated companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,202</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,753</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,785,221</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,707,930</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-current liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,983,195</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,495,660</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivative financial instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">523,628</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177,857</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital lease obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,166,462</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">349,674</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Customer deposits and advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,054,832</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">495,508</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other long-term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,240,097</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,797,405</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,659,161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,161,679</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pension and seniority premiums</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">235,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">426,389</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,647,696</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91,612,102</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commitments and contingencies
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">
Controlling interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,357,031</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,282,667</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-controlling interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,338,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,829,788</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total stockholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,695,893</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,112 455</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total liabilities and stockholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">131,343,589</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">142,724,557</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Effective January&nbsp;1, 2008, Mexican FRS NIF B-2, &#147;Statement of Cash Flows&#148; requires a statement
of cash flows as a part of a full set of financial statements in place of a statement of changes in
financial position. Under NIF B-2, restatement of financial statements for years provided before
2008 is not required. Under U.S. GAAP, ASC 230 &#147;Statement of Cash Flows&#148; (formerly SFAS 95), a
statement of cash flows is required, which presents only cash movements and excludes non-cash
items.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The statement of cash flows prepared in accordance with Mexican FRS for the years ending
December&nbsp;31, 2008, 2009, and 2010 present substantially the same information as that required under
U.S. GAAP as interpreted by ASC 230 <I>&#147;Statement of Cash Flows&#148;</I>, except for the following
differences: (i)&nbsp;interest paid under Mexican FRS is presented under financing activities, while for
U.S. GAAP purposes is presented under operating activities and (ii)&nbsp;the recognition in operating
activities of the U.S. GAAP adjustments.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F-53<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<!-- xbrl -->

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table set forth the condensed statements of cash flows prepared in accordance
with U.S. GAAP:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash provided by operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">19,850,608</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">12,327,732</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">13,861,832</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash used in investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(12,884,490</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(11,052,228</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(27,273,868</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash provided by (used in) financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">521,664</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(4,833,040</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,438,540</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest  paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(2,407,185</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(2,807,843</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(3,003,076</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Supplemental disclosures about non-cash activities:</I></B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Note receivable related to customer deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">14,383,384</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">14,515,450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">13,313,673</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Group is primarily exposed to foreign exchange risk and interest-rate risk. Accordingly,
the Group enters into certain derivative instruments in order to manage its exposure to these
risks. As a matter of policy, the Group uses derivatives for risk management purposes, and does not
use derivatives for speculative purposes (see Note 9).
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Assets and Liabilities Measured at Fair Value on a Recurring Basis</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">All fair value adjustments as of December&nbsp;31, 2009 and 2010 represent assets or liabilities
measured at fair value on a recurring basis. In determining fair value, the Group&#146;s financial
instruments are separated into three categories: temporary investments, available-for sale
investments and derivative financial instruments. Fair values as of December&nbsp;31, 2009 and 2010,
were calculated as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Quoted Prices in</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Internal Models</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Internal Models</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Active Markets for</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>with Significant</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>with Significant</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Identical</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Observable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unobservable</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>as of December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Inputs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Inputs</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 3)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Temporary investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">8,902,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">5,394,502</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">3,507,844</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Available-for-sale investments:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Open ended fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,826,457</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,826,457</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivative financial instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,545,396</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,545,396</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">13,274,199</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">5,394,502</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">7,879,697</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivative financial instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">523,628</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">523,628</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">523,628</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">523,628</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Quoted Prices in</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Internal Models</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Internal Models</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Active Markets for</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>with Significant</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>with Significant</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Identical</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Observable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unobservable</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>as of December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Inputs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Inputs</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 3)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Temporary investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">10,446,840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">3,238,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">7,208,507</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Available-for-sale investments:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Open ended fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,922,625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,922,625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Convertible Debentures due 2025</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,904,222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,904,222</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivative financial instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">27,463,087</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">3,238,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">10,320,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">13,904,222</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivative financial instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">177,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">177,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">177,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">177,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<!-- xbrl -->

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The table below presents the reconciliation for all assets and liabilities measured at fair
value using internal models with significant unobservable inputs (Level 3) during the year ended
December&nbsp;31, 2010.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Convertible <BR>
Debentures</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>due 2025</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total gain or losses (realized/unrealized)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Included in earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Included in other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Purchase, issuance and settlements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,904,222</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">13,904,222</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Temporary Investments</B>. Temporary investments include highly liquid securities, including
without limitation debt with a maturity of three months, or over, and up to one year at the balance
sheet date, stock and other financial instruments denominated
principally in U.S. dollars and Mexican Pesos
(see Note 1(d)).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Temporary investments are generally valued using quoted market prices or alternative pricing
sources with reasonable levels of price transparency. The types of instruments valued based on
quoted market prices in active markets include mostly fixed short-term deposits, equities and
corporate fixed income securities denominated in U.S. dollars and Mexican Pesos. Such instruments
are classified in Level 1 or Level 2 depending on the observability of the significant inputs.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For positions that are not traded in active markets or are subject to transfer restrictions,
valuations are adjusted to reflect illiquidity and/or non-transferability. Such adjustments are
generally based on available market evidence. Such instruments are classified in Level 2.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Available-for-sale Investments. </B>Investments in debt securities or with readily determinable
fair values, not classified as held-to-maturity are classified as &#147;available-for-sale,&#148; and are
recorded at fair value with unrealized gains and losses included in consolidated stockholders&#146;
equity as accumulated other comprehensive result (see Note 1(g)).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Available-for-sale investments are generally valued using quoted market prices or alternative
pricing sources with reasonable levels of price transparency. Such instruments are classified in
Level 1, Level 2, and Level 3 depending on the observability of the significant inputs.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In the second half of 2009, the Group invested U.S.$180&nbsp;million in an open ended fund (the
&#147;Fund&#148;) that has as a primary objective to achieve capital appreciation by using a broad range of
strategies through investments and transactions in telecom, media and other sectors across global
markets, including Latin America and other emerging markets. Pursuant to the offering circular of
the Fund, a shareholder may not redeem any shares until at least 180&nbsp;days after their issuance.
Subsequent to this, shares may be redeemed on a quarterly basis at the Net Asset Value (&#147;NAV&#148;) per
share as of such redemption date (see Notes 5 and 9).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Group determined the fair value of the Fund using the NAV per share. The NAV per share is
calculated by determining the value of the fund assets and subtracting all of the funds liabilities
and dividing the result by the total number of issued shares.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Convertible Debentures due 2025</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As described in Note 23 (f), on December&nbsp;20, 2010, the Company made a cash investment in the
form of 1.5% Convertible Debentures due 2025 issued by BMP, the parent company of Univision, in the
principal amount of U.S.$1,125&nbsp;million (Ps.13,904,222), which are convertible at the option of the
Company into additional shares currently equivalent to a 30% equity stake of BMP, subject to
existing laws and regulations in the United States, and other conditions (see Notes 2, 5 and 9).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Group determined the fair value of the Convertible Debentures using the income approach
based on post-tax discounted cash flows. The income approach requires management to make judgments and
involves the use of significant estimates and assumptions. These estimates and assumptions include
long-term growth rates and operating margins used to calculate projected future cash flows,
risk-adjusted discount rates based on weighted average cost of capital, among others. The Group&#146;s
estimates for market growth are based on historical data, various internal estimates and observable
external sources when available, and are based on assumptions that are consistent with the
strategic plans and estimates use to manage the underlying business. Since the described
methodology is an internal models with significant unobservable inputs, the Convertible Debentures
are classified in Level 3.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F-55<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<!-- xbrl -->

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Derivative Financial Instruments. </B>Derivative Financial Instruments include swaps, forwards and
options (see Notes 1(p) <font style="white-space: nowrap">and 9).</font>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Group&#146;s derivative portfolio is entirely over-the-counter (&#147;OTC&#148;). The Group&#146;s derivatives
are valued using industry standard valuation models; projecting the Group&#146;s future cash flows
discounted to present value, using market-based observable inputs including interest rate curves,
foreign exchange rates, and forward and spot prices for currencies.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">When appropriate, valuations are adjusted for various factors such as liquidity, bid/offer
spreads and credit spreads considerations. Such adjustments are generally based on available market
evidence. In the absence of such evidence, management&#146;s best estimate is used. All derivatives are
classified in Level 2.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The majority of the Group&#146;s non-financial instruments, which include goodwill, intangible
assets, inventories, transmission rights and programming and property, plant and equipment, are not
required to be carried at fair value on a recurring basis. However, if certain triggering events
occur (or at least annually in the 4<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> quarter for goodwill and indefinite-lived
intangible assets) such that a non-financial instrument is required to be evaluated for impairment,
a resulting asset impairment would require that the non-financial instrument be recorded at the
lower of carrying amount or its fair value.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The impairment test for goodwill involves a comparison of the estimated fair value of each of
the Group&#146;s reporting units to its carrying amount, including goodwill. The Group determines the
fair value of a reporting unit using a combination of a discounted cash flow analysis and a
market-based approach, which utilize significant unobservable inputs (Level 3) within the fair
value hierarchy. The impairment test for intangible assets not subject to amortization involves a
comparison of the estimated fair value of the intangible asset with its carrying value. The Group
determines the fair value of the intangible asset using a discounted cash flow analysis, which
utilizes significant unobservable inputs (Level 3) within the fair value hierarchy. Determining
fair value requires the exercise of significant judgment, including judgment about appropriate
discount rates, perpetual growth rates, the amount and timing of expected future cash flows, as
well as relevant comparable company earnings multiples for the market-based approach.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Once an asset has been impaired, it is not remeasured at fair value on a recurring basis;
however, it is still subject to fair value measurements to test for recoverability of the carrying
amount.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The asset balances shown in the consolidated balance sheets that were measured at fair value
on a non-recurring basis amounted to Ps.971 of goodwill as of December&nbsp;31, 2010. Related
impairments are discussed in Note 23 (e)&nbsp;to these consolidated financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>ASC 810 &#147;Consolidation&#148; (formerly FIN 46(R)-8)</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On December&nbsp;31, 2008, the Group adopted for U.S. GAAP purposes, ASC 810 which requires
additional disclosures about its involvement with consolidated VIEs (see Note 1(b)).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The table below presents the assets and liabilities of VIEs which have been consolidated on
the Group&#146;s balance sheet as of December&nbsp;31, 2009 and 2010, and the Group&#146;s maximum exposure to
loss resulting from its involvement with consolidated VIEs as of December&nbsp;31, 2009 and 2010.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="justify" style="border-bottom: 1px solid #000000"><B><I>(In thousands of Mexican Pesos)</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Sky</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>TuTv <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></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">As of December&nbsp;31, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">5,681,802</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">96,897</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Non-current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,275,419</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,072</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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"><B>Total Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">9,957,221</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">97,969</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,908,001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">44,812</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Non-current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,027,248</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="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 Liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">6,935,249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">44,812</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Maximum loss exposure</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">5,844,889</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">48,985</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Sky</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">As of December&nbsp;31, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">4,637,870</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Non-current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,369,503</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Total Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">12,007,373</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">3,945,096</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Non-current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,714,652</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Total Liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">7,659,748</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Maximum loss exposure</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">7,048,328</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-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>


<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="justify"><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV align="justify">On December&nbsp;20, 2010, the Company, Univision and other related parties completed certain
transactions. In addition to these transactions, the Company sold its 50% interest in TuTv and as a
result the Company had no interest in TuTv as of December&nbsp;31, 2010 (see Notes 2 and 17).</DIV></TD>
</TR>
</table>

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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<!-- xbrl -->

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Group&#146;s maximum exposure to loss is based on the unlikely event that all of the assets in
the VIEs become worthless and incorporates not only potential losses associated with assets
recorded on the Group&#146;s balance sheet but also potential losses associated with off-balance sheet
commitments such as unfunded liquidity commitments and other contractual arrangements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Group did not provide any additional financial support to these VIEs during 2009 and 2010.
Further, the Group does not have any contractual commitments or obligations to provide additional
financial support to Sky.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Accounting for Revenue Arrangements with Multiple Deliverables (ASU 2009-13)</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In September&nbsp;2009, the FASB issued ASU 2009-13 &#147;Revenue Recognition: Multiple-Deliverable
Revenue Arrangements &#151; a consensus of the FASB Emerging Issues Task Force&#148;, which provides for a
new methodology for establishing the fair value for a deliverable in a multiple-element
arrangement. When vendor specific objective or third-party evidence for deliverables in a
multiple-element arrangement cannot be determined, the Group will be required to develop a best
estimate of the selling price of separate deliverables and to allocate the arrangement
consideration using the relative selling price method. This guidance will be effective for fiscal
years beginning on or after June&nbsp;15, 2010. The Group does not expect the adoption of this Update to
materially impact its consolidated financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Software Revenue Recognition (ASU 2009-14)</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In September&nbsp;2009, the FASB issued ASU 2009-14 &#147;Software: Certain Revenue Arrangements That
Include Software Elements &#151; a consensus of the FASB Emerging Issues Task Force&#148;, which provides
for a new methodology for recognizing revenue for tangible products that are bundled with software
products. Under the new guidance, tangible products that are bundled together with software
components that are essential to the functionality of the tangible product will no longer be
accounted for under the software revenue recognition accounting guidance. This guidance will be
effective for fiscal years beginning on or after June&nbsp;15, 2010. The Group does not expect the
adoption of this Update to materially impact its consolidated financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Improving Disclosures about Fair Value Measurements (ASU 2010-6)</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In January&nbsp;2010, the FASB issued ASU 2010-06 &#147;Improving Disclosures about Fair Value
Measurements&#148;, ASC 820, Fair Value Measurements and Disclosures. This Update requires the
disclosure of transfers between the observable input categories and activity in the unobservable
input category for fair value measurements. The guidance also requires disclosures about the inputs
and valuation techniques used to measure fair value and became effective for interim and annual
reporting periods beginning January&nbsp;1, 2010. The new disclosures and clarifications of existing
disclosures are effective for interim and annual reporting periods beginning after December&nbsp;15,
2009, except for the disclosures about purchases, sales, issuances, and settlements in the roll
forward of activity in Level 3 fair value measurements. Those disclosures are effective for fiscal
years beginning after December&nbsp;15, 2010, and for interim periods within those fiscal years. The
Group is currently evaluating the impact this Update will have on its consolidated financial
statements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Compensation &#151; Stock Compensation (Topic 718): Effects of Denominating the Exercise Price of a
Share-Based Payment Awards in the Currency of the Market in Which the Underlying Equity
Security Trades (ASU 2010-13)</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In April&nbsp;2010, the FASB issued ASU 2010-13 &#147;Compensation &#151; Stock Compensation (Topic 718):
Effects of Denominating the Exercise Price of a Share-Based Payment Awards in the Currency of the
Market in Which the Underlying Equity Security Trades&#148;. This Update provides amendments to Topic
718 to clarify that an employee share-based payment award with an exercise price denominated in the
currency of a market in which a substantial portion of the entity&#146;s equity securities trades should
not be considered to contain a condition that is not a market, performance, or service condition.
Therefore, an entity would not classify such an award as a liability if it otherwise qualifies as
equity. The amendments in this Update are effective for fiscal years, and interim periods within
those fiscal years, beginning on or after December&nbsp;15, 2010. The Group does not expect the adoption
of this Update will materially impact its consolidated financial statements.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<!-- xbrl -->

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Entertainment &#151; Casinos (Topic 924): Accruals for Casino Jackpot Liabilities (ASU 2010-16)</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In April&nbsp;2010, the FASB issued ASU 2010-16 &#147;Entertainment &#151; Casinos (Topic 924): Accruals for
Casino Jackpot Liabilities&#148;. This ASU clarifies that an entity should not accrue a casino jackpot
liability (or portions thereof) before the jackpot is won if the entity can avoid paying that
jackpot. Jackpots should be accrued and charged to revenue when an entity has the obligation to pay
the jackpot. ASU 2010-16 is effective for fiscal years and interim periods within those fiscal
years, beginning on or after December&nbsp;15, 2010. The Group does not expect the adoption of this
Update will materially impact its consolidated financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Defined Contribution Pension Plans (Topic 962) (ASU 2010-25)</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In September&nbsp;2010, the FASB issued ASU 2010-25 &#147;Defined Contribution Pension Plans (Topic
962)&#148;. ASU 2010-25 clarifies how loans to participants should be classified and measured by
defined contribution pension benefits. The amendments in ASU 2010-25 affect any defined
contribution pension plan that allows participant loans. The amendments in ASU 2010-25 require
that participant loans be classified as notes receivable from participants, which are segregated
from plan investments and measured at their unpaid principal balance plus any accrued but unpaid
interest. ASU 2010-25 is effective for fiscal years ending after December&nbsp;15, 2010 and should be
applied retrospectively to all prior periods presented. Early adoption is permitted. The Group
does not expect the adoption of this Update will materially impact its consolidated financial
statements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Intangible &#151; Goodwill and Other (Topic 350): When to Perform Step 2 of the Goodwill Impairment
Test for Reporting Units with Zero or Negative Carrying Amounts (ASU 2010-28)</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In December&nbsp;2010, the FASB issued ASU 2010-28 &#147;Intangible &#151; Goodwill and Other (Topic 350):
When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero or Negative
Carrying Amounts,&#148; which provides additional guidance on when to perform the second step of the
goodwill impairment test for reporting units with zero or negative carrying amounts. Under this
guidance, an entity is required to perform the second step of the goodwill impairment test for
reporting units with zero or negative carrying amounts if qualitative factors indicate that it is
more likely than not that a goodwill impairment exists. The qualitative factors are consistent with
the existing guidance, which requires that goodwill of a reporting unit be tested for impairment
between annual tests if an event occurs or circumstances change that would more likely than not
reduce the fair value of a reporting unit below its carrying amount. This guidance will be
effective for fiscal years beginning after December&nbsp;15, 2010. The Group is currently evaluating the
impact this Update will have on its consolidated financial statements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Business Combination (Topic 805): Disclosures of Supplementary Pro Forma Information for
Business Combinations
(ASU 2010-29)</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In December&nbsp;2010, the FASB issued ASU 2010-29 &#147;Business Combination (Topic 805): Disclosures
of Supplementary Pro Forma Information for Business Combinations,&#148; which updates existing
disclosure requirements related to supplementary pro forma information for business combinations.
Under the updated guidance, a public entity that presents comparative financial statements should
disclose revenue and earnings of the combined entity as though the business combination that
occurred during the current year had occurred as of the beginning of the comparable prior annual
reporting period only. The guidance also expands the supplemental pro forma disclosures to include
a description of the nature and amount of material, nonrecurring pro forma adjustments directly
attributable to the business combination included in the reported pro forma revenue and earnings.
This guidance will be effective for business combinations with an acquisition date on or after the
beginning of the first annual reporting period beginning on or after December&nbsp;15, 2010. The Group
is currently evaluating the impact this Update will have on its consolidated financial statements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP
and International Financial Reporting Standards(IFRS) (Topic 820)&#151;Fair Value Measurement (ASU
2011-04)</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In May&nbsp;2011, the FASB issued ASU 2011-04 &#147;Amendments to Achieve Common Fair Value Measurement
and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards(IFRS)
(Topic 820)&#151;Fair Value Measurement&#148;, to provide a consistent definition of fair value and ensure
that the fair value measurement and disclosure requirements are similar between U.S. GAAP and IFRS.
This Update changes certain fair value measurement principles and enhances the disclosure
requirements particularly for level 3 fair value measurements. This guidance will be effective
prospectively for the year ending December&nbsp;31, 2012. The Group does not expect the adoption of this
Update will materially impact its consolidated financial statements.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C19172tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<!-- xbrl -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Consolidated valuation and qualifying accounts</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Balance at</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Balance at</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Beginning</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>End</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="justify" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Year</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Additions</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Deductions</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Year</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Continuing operations:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reserve for damage, obsolescence or deterioration of
inventories:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Year ended December&nbsp;31, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">19,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">35,678</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(9,519</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">45,540</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Year ended December&nbsp;31, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,540</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,198</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(9,438</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,300</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Year ended December&nbsp;31, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,257</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(12,269</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88,288</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Allowances for doubtful accounts<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP>:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Year ended December&nbsp;31, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,102,866</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">637,476</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(427,242</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">1,313,100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Year ended December&nbsp;31, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,313,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,047,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(397,811</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,962,734</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Year ended December&nbsp;31, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,962,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">676,835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">&nbsp;</TD>
    <TD align="right">(596,969</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,042,600</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Valuation allowances deferred income tax:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Year ended December&nbsp;31, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">3,832,186</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">140,618</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="justify">Ps.</TD>
    <TD align="right">(585,943</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="justify">Ps.</TD>
    <TD align="right">3,386,861</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Year ended December&nbsp;31, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,386,861</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">439,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,826,622</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Year ended December&nbsp;31, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,826,622</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,010,957</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,837,579</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




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

<TD nowrap align="justify"><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Includes allowances for trade and non-trade doubtful accounts.</TD>
</TR>

</TABLE>

<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>24. Subsequent Events</B>
</DIV>

<!-- xbrl,body -->

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On April&nbsp;7, 2011, the Company and Grupo Iusacell, S.A. de C.V. (&#147;Iusacell&#148;) announced that
they reached an agreement under which the Company will make an investment of U.S.$37.5&nbsp;million in
equity representing 1.093875% of the outstanding shares and U.S.$1,565&nbsp;million in mandatory
convertible debt of Iusacell as described in the following sentences. Upon conversion of the debt,
which is subject to regulatory approval and other customary closing conditions, the equity
participation of the Company in Iusacell would be 50%. The convertible debt of Iusacell was divided
into two tranches, the Series&nbsp;1 Debentures and the Series&nbsp;2 Debentures. The Series&nbsp;1 Debentures are
the 364,996 registered unsecured debentures of GSF, par value U.S.$1,000 each, representing in the
aggregate U.S.$365&nbsp;million, issued against the payment we made in cash on April&nbsp;7, 2011. The Series
2 Debentures are the 1,200,000 registered unsecured debentures of GSF, par value U.S.$1,000 each,
representing in the aggregate U.S.$1,200&nbsp;million, payable in cash by us no later than October&nbsp;31,
2011 (in a single up-front installment or in multiple installments).
As of June&nbsp;17, 2011,
U.S.$600&nbsp;million of the amount payable in respect of the Series
2 Debentures had been paid, and U.S.$600&nbsp;million remains to be paid no later than October&nbsp;31,
2011. In addition, the Company agreed to make an additional payment of U.S.$400&nbsp;million to Iusacell
if cumulative earnings before interest, taxes, depreciation and amortization, or EBITDA, of
Iusacell reaches U.S.$3,742&nbsp;million at any time from January&nbsp;1, 2011 and up to December&nbsp;31, 2015.
Under the terms of this transaction, the Company and Iusacell would have equal corporate governance
rights. Iusacell is a provider of telecommunication services, primarily engaged in providing mobile
services throughout Mexico.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On April&nbsp;29, 2011, the Company&#146;s stockholders approved (i)&nbsp;the payment of a dividend for an
aggregate amount of up to Ps.1,036,664, which consisted of Ps.0.35 per CPO and Ps.0.00299145299 per
share, not in the form of a CPO, which was paid in cash in May&nbsp;2011; (ii)&nbsp;the merger of Cablem&#225;s
into the Company on April&nbsp;29, 2011, for which regulatory
approvals were obtained on February&nbsp;24, 2011 and June 17, 2011; (iii)&nbsp;an increase in
the capital stock of the Company, which consisted of 2,901.6&nbsp;million shares in the form of 24.8
million CPOs, in connection with the merger of Cablem&#225;s into the Company, by which the Company
increased its interest in the Cablem&#225;s business from 90.8% to
100%; and (iv)&nbsp;an additional issuance of 17,550&nbsp;million
shares of the capital stock of the Company in the form of 150
million CPOs, subject to the preemptive rights of existing
stockholders, which are expected to be paid in
cash by the special purpose trust of the Company&#146;s Retention
Plan in the second half of 2011.
</DIV>
<!-- /xbrl,ns -->
<P align="center" style="font-size: 10pt">&nbsp;

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.19
<SEQUENCE>2
<FILENAME>c19172exv4w19.htm
<DESCRIPTION>EXHIBIT 4.19
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 4.19</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;4.19</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Execution Copy</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>BROADCASTING MEDIA PARTNERS, INC.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>BMPI SERVICES II, LLC</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UNIVISION COMMUNICATIONS INC.</B>
</DIV>


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


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


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PAY-TV VENTURE, INC.</B>
</DIV>


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


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>December&nbsp;20, 2010</B>
</DIV>

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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE I SALE, CONTRIBUTION AND PURCHASE</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.1 Sale and Purchase</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.2 Closing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE II DELIVERIES AND PAYMENT</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.1 Class&nbsp;C/D Common Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.2 Debentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.3 BMPS2 Units</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.4 TuTV Interests</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.5 Use of Proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE III REPRESENTATIONS AND WARRANTIES OF BMP, BMPS2 AND
UNIVISION</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.1 Organization and Good Standing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.2 Organizational Documents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.3 Authorization and Enforceability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.4 Capitalization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.5 Valid Issuance of BMPS2 Units, C/D Shares, Debentures, Televisa Option
Shares, Debenture Shares and TV Warrants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.6 Non-Contravention</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.7 No Dividends, Distributions, or Share Repurchases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.8 Securities Act</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.9 Permits and Licenses; Compliance with Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.10 Univision SEC Documents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.11 Disclosure Controls and Procedures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.12 Absence of Certain Changes or Events; Compliance with Certain Covenants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.13 No Undisclosed Liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.14 Litigation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.15 Employee Benefit Plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.16 Labor Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.17 Trademarks, Patents and Copyrights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>TABLE OF CONTENTS<BR>
(continued)</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="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.18 Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.19 Title to Properties; Assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.20 Material Contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.21 Related Party Transactions; Agreements of Principal Investors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.22 Brokers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.23 Digital Television</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.24 Claims Against Televisa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.25 Certain Fees and Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.26 Certain Financing Transactions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.27 Sole Representations and Warranties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE IV REPRESENTATIONS AND WARRANTIES OF TELEVISA</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.1 Organization and Good Standing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.2 Authorization and Enforceability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.3 Non-Contravention</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.4 Indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.5 Investment Representations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.6 Claims Against the Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.7 Televisa Affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.8 Sole Representations and Warranties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE V MUTUAL CONDITIONS PRECEDENT</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.1 HSR</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.2 No Injunction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE VI CONDITIONS TO THE OBLIGATIONS OF TELEVISA AND TELEVISA TUTV AT CLOSING</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.1 Representations and Warranties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.2 Performance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.3 Material Adverse Effect</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.4 Compliance Certificate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.5 Charter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.6 Bylaws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>TABLE OF CONTENTS<BR>
(continued)</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="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top"><!-- Blank Space -->
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.7 Secretary&#146;s Certificate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.8 Debentures and Common Stock Certificates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.9 Stockholders Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.10 Participation, Registration Rights and Coordination Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.11 Service Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.12 Principal Investor Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.13 Limited Liability Company Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.14 Program License and Other Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.15 Letter of Credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.16 Side Letter Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.17 Litigation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.18 TuTV Purchase Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE VII CONDITIONS TO THE OBLIGATIONS OF THE SELLERS AND UNIVISION AT CLOSING</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.1 Representations and Warranties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.2 Performance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.3 Compliance Certificate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.4 Stockholders Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.5 Participation, Registration Rights and Coordination Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.6 Principal Investor Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.7 Limited Liability Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.8 Program License and Other Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.9 Litigation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.10 TuTV Purchase Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE VIII COVENANTS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.1 Conduct of Business by the Company Prior to Closing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.2 Efforts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.3 Standstill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.4 Notification of Certain Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.5 Televisa Option</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.6 Letter of Credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.7 FCC Requirements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.8 No Material Business Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>TABLE OF CONTENTS<BR>
(continued)</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="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE IX TERMINATION</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.1 Termination</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.2 Effect of Termination</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE X INDEMNIFICATION</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.1 Survival of Representations and Warranties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.2 Indemnification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.3 Indemnification Procedures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.4 Certain Limitations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE XI MISCELLANEOUS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.1 Amendments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.2 Entire Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.3 Assignment; Binding Effect; Third Party Beneficiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.4 Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.5 Execution of Counterparts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.6 Severability of Provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.7 Governing Law</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.8 Consent to Jurisdiction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.9 Waiver of Jury Trial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.10 Injunctive Relief</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.11 No Announcements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.12 Condition of Business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.13 No Recourse</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.14 Headings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.15 Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.16 Payment Gross-Up</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE XII DEFINITIONS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.1 Certain Matters of Construction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.2 Definitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBITS:</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="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top">Exhibit&nbsp;A
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Debentures</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">Exhibit&nbsp;B
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Amended and Restated BMP Charter</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="left" valign="top">Exhibit&nbsp;C
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Amended and Restated BMP Bylaws</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">Exhibit&nbsp;D
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Amended and Restated Stockholders Agreement</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="left" valign="top">Exhibit&nbsp;E
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Amended and Restated Participation, Registration Rights and Coordination Agreement</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">Exhibit&nbsp;F
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Amended and Restated Management Agreement</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="left" valign="top">Exhibit&nbsp;G
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Amended and Restated Principal Investor Agreement</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">Exhibit&nbsp;H
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of BMPS2 LLC Agreement</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="left" valign="top">Exhibit&nbsp;I
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of 2011 Program License Agreement</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">Exhibit&nbsp;J
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Second Program License Agreement</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="left" valign="top">Exhibit&nbsp;K
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of International Program Rights Amendment</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">Exhibit&nbsp;L
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Mexico License Agreement</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="left" valign="top">Exhibit&nbsp;M
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Sales Agency Agreement</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">Exhibit&nbsp;N
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Letter of Credit</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="left" valign="top">Exhibit&nbsp;O
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Release</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">Exhibit&nbsp;P
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of TuTV Purchase Agreement</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="left" valign="top">Exhibit&nbsp;Q
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Amended and Restated Services Agreement</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">Exhibit&nbsp;R
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Technical Assistance Agreement</DIV></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This INVESTMENT AGREEMENT (the &#147;<U>Agreement</U>&#148;) is made and entered into as of December
20, 2010, by and among Broadcasting Media Partners, Inc., a Delaware corporation (&#147;<U>BMP</U>&#148;),
BMPI Services II, LLC, a Delaware limited liability company (&#147;<U>BMPS2</U>&#148;) (and together with
BMP, the &#147;<U>Sellers</U>&#148;), Univision Communications Inc., a Delaware corporation
(&#147;<U>Univision</U>&#148;), Grupo Televisa, S.A.B., a Mexico corporation (&#147;<U>Televisa</U>&#148;), and
Pay-TV Venture, Inc., a Delaware corporation (&#147;<U>Televisa TuTV</U>&#148;). Certain capitalized terms
used herein are specifically defined in <U>Article&nbsp;XII</U>.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>W I T N E S S E T H:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, BMP, Televisa, Univision and Televisa, S.A. de C.V. have entered into a binding
Memorandum of Understanding (the &#147;<U>MOU</U>&#148;), dated as of October&nbsp;4, 2010 (the &#147;<U>MOU
Date</U>&#148;), providing for, among other things, an investment by Televisa in BMP on the terms and
conditions set forth therein;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, the MOU requires the parties thereto to use reasonable best efforts to enter into
long-form documents reflecting the terms and conditions set forth in the MOU, and in connection
therewith the Parties are entering into this Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, BMP desires to issue and sell to Televisa, and Televisa desires to directly or
indirectly purchase, (i)&nbsp;shares of capital stock of BMP and (ii)&nbsp;debentures of BMP, with an annual
interest rate of 1.5%, convertible into shares of capital stock of BMP (or warrants exercisable
therefor), in each case, upon the terms and conditions hereinafter set forth;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, BMPS2 desires to issue and sell to Televisa, and Televisa desires to directly or
indirectly purchase, Units of BMPS2 in exchange for shares of capital stock of BMP, upon the terms
and conditions hereinafter set forth;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Televisa TuTV owns a membership interest (the &#147;<U>TuTV Interest</U>&#148;) in TuTV LLC, a
Delaware limited liability company (&#147;<U>TuTV</U>&#148;), which membership interest is equal to 50% of
the aggregate membership interests of TuTV;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Televisa TuTV is a party to that certain Limited Liability Company Agreement of TuTV,
dated as of April&nbsp;28, 2003 (as amended, restated and supplemented, the &#147;<U>TuTV LLC
Agreement</U>&#148;); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Televisa TuTV desires to sell and assign to Univision, and Univision desires to
purchase and assume from Televisa TuTV (and BMP shall cause Univision to so purchase and assume),
the TuTV Interest and Televisa TuTV&#146;s rights and obligations under the TuTV LLC Agreement pursuant
to a Purchase Agreement in substantially the form set forth on <U>Exhibit&nbsp;P</U> (the &#147;<U>TuTV
Purchase Agreement</U>&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements
hereinafter contained, the Parties hereby agree as follows:
</DIV>

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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SALE, CONTRIBUTION AND PURCHASE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.1 <U>Sale and Purchase</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;<I>Issuance and Sale by BMP to Televisa</I>. Upon the terms and subject to the conditions
contained herein, at the Closing, (i)&nbsp;BMP shall issue and sell to Televisa, or to a direct or
indirect subsidiary of Televisa designated by Televisa, and Televisa shall, or shall procure that a
direct or indirect subsidiary of Televisa shall, purchase from BMP, 526,075 (five hundred
twenty-six thousand seventy-five) shares of Class&nbsp;C Common Stock and 0 (zero)&nbsp;shares of Class&nbsp;D
Common Stock (collectively, the &#147;<U>C/D Shares</U>&#148;) for the aggregate cash purchase price of $130
million (one hundred thirty million dollars) (the &#147;<U>C/D Share Purchase Price</U>&#148;), and (ii)&nbsp;BMP
shall issue and sell to Televisa, or to a direct or indirect subsidiary of Televisa designated by
Televisa, and Televisa shall, or shall procure that a direct or indirect subsidiary of Televisa
shall, purchase from BMP, 1.5% convertible debentures in substantially the form of <U>Exhibit
A</U> (collectively, the &#147;<U>Debentures</U>&#148;) in an aggregate principal amount of $1.125&nbsp;billion
(one billion one hundred twenty-five million dollars) which are initially convertible into
4,856,074 (four million eight hundred fifty-six thousand seventy-four) shares of Class&nbsp;A Common
Stock, Class&nbsp;B Common Stock, Class&nbsp;C Common Stock and/or Class&nbsp;D Common Stock in accordance with
the terms thereof (the &#147;<U>Debenture Shares</U>&#148;) and/or warrants exercisable for Debenture Shares
in the form attached as an exhibit to the Debentures in accordance with the terms thereof (the
&#147;<U>TV Warrants</U>&#148;) for the aggregate cash purchase price of $1.125&nbsp;billion (one billion one
hundred twenty-five million dollars) (the &#147;<U>Debenture Purchase Price</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;<I>Issuance and Sale by BMPS2 to Televisa. </I>Upon the terms and subject to the conditions
contained herein, at the Closing and immediately following the transactions contemplated by
<U>Section&nbsp;1.1(a)</U> above, BMPS2 shall sell and issue to Televisa, or to a direct or indirect
subsidiary of Televisa designated by Televisa, and Televisa shall, or shall procure that a direct
or indirect subsidiary of Televisa shall, purchase from BMPS2, 500 Tranche One Common Units of
BMPS2, 333 Tranche Two Common Units of BMPS2 and 167 Tranche Three Common Units of BMPS2
(collectively, the &#147;<U>BMPS2 Units</U>&#148;) in consideration for Televisa&#146;s contribution of 15,782
(fifteen thousand seven hundred eighty-two) shares of Class&nbsp;C Common Stock to BMPS2 and $33,750,000
(thirty-three million seven hundred fifty thousand dollars) in aggregate principal amount of the
Debentures (the &#147;<U>BMPS2 Unit Consideration</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;<I>Sale of the TuTV Interest to Univision</I>. Upon the terms and subject to the conditions
contained herein and the TuTV Purchase Agreement, at the Closing, Televisa TuTV shall assign and
sell to Univision, and Univision shall assume and purchase from Televisa TuTV, the TuTV Interest
for the aggregate cash purchase price of $55,000,000 (fifty-five million dollars) (the &#147;<U>TuTV
Purchase Price</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.2 <U>Closing</U>. The closing of the sale and purchase of the securities provided for in
<U>Section&nbsp;1.1</U> hereof (the &#147;<U>Closing</U>&#148;) shall take place at the offices of Weil, Gotshal
&#038; Manges LLP, 767 Fifth Avenue, New York, NY 10153 (or such other place as the parties agree) on a
date to be specified by the parties, which date shall be the fifth business day after the
satisfaction or waiver of the conditions set forth in <U>Articles VI</U> and <U>VII</U> (other
than conditions that are by their nature to be satisfied at the Closing, but subject to the
satisfaction or waiver of those conditions at such time); <U>provided</U> that the Closing shall
occur no earlier than December&nbsp;13, 2010, unless another time, place and date is agreed between BMP
and Televisa in writing. The date on which the Closing shall be held is referred to in this
Agreement as the &#147;<U>Closing Date</U>.&#148;
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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


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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Upon the terms and subject to the conditions set forth in this Agreement, the Parties hereto
shall consummate the following transactions as of the Closing:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.1 <U>Class&nbsp;C/D Common Stock</U>. On the Closing, Televisa shall deliver, or shall procure that
a direct or indirect subsidiary of Televisa delivers, to BMP by wire transfer of immediately
available funds to the account designated by BMP (such account to be designated in writing at least
five (5)&nbsp;business days prior to the Closing Date) the C/D Share Purchase Price, and BMP shall issue
526,075 (five hundred twenty six thousand and seventy five) shares of Class&nbsp;C Common Stock to
Televisa or to such subsidiary of Televisa designated by Televisa.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.2 <U>Debentures</U>. On the Closing, Televisa shall, or shall procure that a direct or indirect
subsidiary of Televisa shall, deliver to BMP, by wire transfer of immediately available funds to
the account designated by BMP (such account to be designated in writing at least five (5)&nbsp;business
days prior to the Closing Date), the Debenture Purchase Price, and BMP shall issue the Debentures
to Televisa or to such subsidiary of Televisa designated by Televisa.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.3 <U>BMPS2 Units</U>. On the Closing, Televisa shall, or shall procure that a direct or
indirect subsidiary of Televisa shall, deliver to BMPS2 the BMPS2 Unit Consideration, in exchange
for the issuance by BMPS2 of the BMPS2 Units to Televisa or to such subsidiary of Televisa
designated by Televisa.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.4 <U>TuTV Interests</U>. On the Closing, BMP shall cause Univision to deliver to Televisa TuTV,
by wire transfer of immediately available funds to the account designated by Televisa TuTV (such
account to be designated at least five (5)&nbsp;business days prior to the Closing Date), the TuTV
Purchase Price, in exchange for the TuTV Interests.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.5 <U>Use of Proceeds</U>. By the later of (a)&nbsp;forty-five (45)&nbsp;days following the Closing Date
or (b)&nbsp;March&nbsp;31, 2011, the Company shall cause to be used not less than $1.1&nbsp;billion of the C/D
Shares Purchase Price and the Debenture Purchase Price to redeem the 9.75%/10.50% senior toggle
notes due 2015 of Univision and pay any accrued but unpaid interest thereon and any related
premiums in connection therewith.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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</DIV>

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


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>REPRESENTATIONS AND WARRANTIES OF BMP, BMPS2 AND UNIVISION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Except as set forth in the disclosure schedules (the &#147;<U>Disclosure Schedules</U>&#148;) delivered
to Televisa on October&nbsp;4, 2010 and updated as agreed upon by Televisa and Univision prior to the
date hereof or in (or incorporated by reference in) the Univision SEC Documents filed prior to
October&nbsp;4, 2010, each of BMP, BMPS2 and Univision hereby represents and warrants to Televisa (it
being understood that (a)&nbsp;the
representations and warranties contained in this <U>Article&nbsp;III</U> apply only with respect
to the period from and after March&nbsp;29, 2007 (unless otherwise indicated), and (b)&nbsp;matters disclosed
in or pursuant to any one section or subsection of the Disclosure Schedules or with respect to a
section or subsection of this <U>Article&nbsp;III</U> are deemed to be disclosed in all other sections
or subsections of the Disclosure Schedules and with respect to all other sections or subsections of
this <U>Article&nbsp;III</U> to which the relevance of such matters is reasonably apparent on its
face), the following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.1 <U>Organization and Good Standing</U>. Each of BMP, BMPH, BMPS2, Univision and their
respective subsidiaries is a corporation or limited liability company, as applicable, duly
organized or formed, validly existing and in good standing under the laws of its jurisdiction of
organization or formation and has all requisite power and authority to carry on its business as now
conducted and as proposed to be conducted. Each of BMP, BMPH, BMPS2, Univision and their
respective subsidiaries is duly qualified or licensed as a foreign corporation to do business, and
is in good standing, in each jurisdiction in which the character of the properties owned, leased or
operated by it or the nature of its business makes such qualification or licensing necessary,
except for such failures to be so qualified or licensed and in good standing as would not have,
individually or in the aggregate, a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.2 <U>Organizational Documents</U>. Each of BMP, BMPH, BMPS2 and Univision has made available to
Televisa a complete and correct copy of the charter, bylaws and equivalent organizational documents
of BMP, BMPH, BMPS2 and Univision, each as amended to date (the &#147;<U>Organizational
Documents</U>&#148;). The Organizational Documents (and equivalent organizational documents of
subsidiaries of BMP, BMPH or BMPS2) are in full force and effect. None of BMP, BMPH, BMPS2,
Univision or any of their respective subsidiaries is in violation of any provision of its
respective Organizational Documents (or equivalent organizational documents).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.3 <U>Authorization and Enforceability</U>. All corporate and limited liability company action
on the part of each of BMP, BMPH, BMPS2, Univision and their respective subsidiaries necessary for
the authorization, execution, delivery and performance of the MOU and this Agreement by BMP, BMPH,
BMPS2, Univision and their respective subsidiaries and for the authorization, issuance and delivery
of the BMPS2 Units, the C/D Shares and the Debentures being sold under this Agreement and the TV
Warrants and shares of Common Stock issuable upon exercise of rights under the Debentures and the
TV Warrants, including any consents, approvals or agreements required from the board of directors
of BMP, BMPH, BMPS2, Univision and their respective subsidiaries, the Principal Investors and any
other shareholders of BMP, BMPH, BMPS2, Univision and their respective subsidiaries, have been
taken and obtained. This Agreement and the MOU have been duly and validly executed and delivered
by each of BMP, BMPS2 and Univision and (assuming due authorization, execution and delivery by the
other Parties hereto) shall, subject to <U>Section&nbsp;11.2</U> with respect to the MOU, constitute
the valid and legally binding obligation of each of BMP, BMPS2 and Univision, enforceable against
each of BMP, BMPS2 and Univision in accordance with their terms, except to the extent the
enforceability thereof may be limited by bankruptcy laws, insolvency laws, reorganization laws,
moratorium laws or other laws of general applicability affecting creditors&#146; rights generally or by
general equitable principles (regardless of whether enforcement is sought in a proceeding in equity
or at law). Each of BMP, BMPS2 and Univision has taken all action necessary to exempt the
transactions contemplated by the MOU and this Agreement from the provisions of Section&nbsp;203 of the
Delaware General Corporation Law, and such action is effective as of the date hereof. No other
state takeover, &#147;moratorium,&#148; &#147;fair price,&#148; &#147;affiliate transaction&#148; or similar
statute or regulation under any applicable Law is applicable to any of the transactions
contemplated by the MOU or this Agreement.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.4 <U>Capitalization</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;As of the date hereof, the authorized capital stock of BMP consists of 40,500,000 shares
of capital stock, of which (i)&nbsp;500,000 shares are classified and designated as Preferred Stock and
(ii)&nbsp;40,000,000 shares are classified and designated as common stock. As of the date hereof,
9,995,418 shares of BMP common stock are issued and outstanding and owned as set forth in
<U>Schedule&nbsp;3.4(a)</U>, and no other shares of capital stock (including any Preferred Stock) of
BMP are issued and outstanding. As of the date hereof, <U>Schedule&nbsp;3.4(a)</U> also sets forth the
amounts and classes of shares of common stock of BMP owned by each of the Principal Investor
Groups. BMPH is a wholly owned subsidiary of BMP, and Univision is a wholly owned subsidiary of
BMPH. As of the date hereof, the authorized capital stock of BMPH consists of 8,015,000 shares of
capital stock, of which (i)&nbsp;8,000,000 shares are classified and designated as Preferred Stock, none
of which are issued and outstanding, and (ii)&nbsp;15,000 shares are classified and designated as common
stock, of which 10,000 shares are issued and outstanding. The authorized capital stock of
Univision consists of 100,000 shares of common stock, of which 2,000 shares are issued and
outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;<U>BMPS2</U>. The equity of BMPS2 consists of 2,000 Units, of which (i)&nbsp;500 Units are
classified and designated as Tranche One Common Units and of which 500 Units are issued and
outstanding, (ii)&nbsp;500 Units are classified and designated as Tranche One Performance Units that are
Tranche One Service Related Performance Units and of which 500 Units are issued and outstanding
and, , (iii)&nbsp;333 Units are classified and designated as Tranche Two Common Units and of which 333
Units are issued and outstanding, (iv)&nbsp;333 Units are classified and designated as Tranche Two
Performance Units that are Tranche Two Service Related Performance Units and of which 333 Units
are issued and outstanding, (v)&nbsp;167 Units are classified and designated as Tranche Three Common
Units and of which 167 Units are issued and outstanding, and (vi)&nbsp;167 Units are classified and
designated as Tranche Three Performance Units that are Tranche Three Service Related Performance
Units and of which 167 Units are issued and outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;<U>Schedule&nbsp;3.4(c)</U> sets forth a capitalization table reflecting the number and
classes of Shares and Units of each of BMP, BMPH, BMPS2 and Univision that will be authorized,
issued and outstanding immediately after the Closing, on an as-converted basis, including the
number and classes of Shares owned by each of the Principal Investor Groups, in each case assuming
(i)&nbsp;the purchase and sale of all of the C/D Shares, BMPS2 Units and Debentures hereunder, (ii)&nbsp;that
the number shares of Common Stock required for the conversion of the Debentures based upon a
principal amount of $1.125&nbsp;billion has been duly and validly reserved for issuance upon the
conversion of the Debentures into shares of Common Stock, and (iii)&nbsp;that the number of shares of
Common Stock to be purchased by Televisa comprising the Additional Equity Amount (assuming all such
shares are acquired through issuances by BMP) has been duly and validly reserved. Immediately
after the Closing, (w), the C/D Shares will represent five (5)&nbsp;percent of the issued and
outstanding equity of BMP and 7.46% of the issued and outstanding voting equity of BMP, (y)&nbsp;the C/D
Shares, the Debenture Shares and the BMPS2 Units together will represent, directly and indirectly,
thirty-five (35)&nbsp;percent of the issued and outstanding (on an as-exercised and as-converted basis)
equity of BMP.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;Except as set forth above, there are no outstanding subscriptions, options, warrants,
calls, convertible securities or other similar rights, agreements, commitments or contracts of any
kind to which BMP, BMPH, BMPS2, Univision or any of their respective subsidiaries is a party or by
which BMP, BMPH, BMPS2, Univision or any of their respective subsidiaries is bound obligating BMP,
BMPH, BMPS2, Univision or any of their respective subsidiaries to issue, deliver or sell, or cause
to be issued, delivered or sold, additional shares of capital stock of, or other equity or voting
interests in, or securities convertible into, or exchangeable or exercisable for, shares of capital
stock of, or other equity or voting interests in, BMP, BMPH, BMPS2, Univision or any of their
respective subsidiaries or obligating BMP, BMPH, BMPS2, Univision or any of their respective
subsidiaries to issue, grant, extend or enter into any such security, option, warrant, call, right
or contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.5 <U>Valid Issuance of BMPS2 Units, C/D Shares, Debentures, Televisa Option Shares, Debenture
Shares and TV Warrants</U>. When issued in accordance with the terms of this Agreement, the BMPS2
Units, C/D Shares and Debentures will be duly authorized, validly issued, fully paid and
nonassessable, free and clear of all Liens and preemptive rights. The Televisa Option Shares and
Debenture Shares have been duly and validly reserved for issuance. When issued and delivered in
accordance with the terms of this Agreement, the Debentures and the TV Warrants, the Televisa
Option Shares, the TV Warrants, the Debenture Shares and the Shares issuable upon exercise of the
TV Warrants will be duly authorized, validly issued, fully paid and nonassessable, free and clear
of all Liens and preemptive rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.6 <U>Non-Contravention</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;The execution, delivery or performance by BMP, BMPS2 and Univision of this Agreement and
by BMP and Univision of the MOU, and the consummation by BMP, BMPS2, BMPH, Univision and their
respective subsidiaries of the transactions contemplated hereby and thereby does not and will not
(i)&nbsp;conflict with or violate any provision of the organizational documents of BMP, BMPH, BMPS2,
Univision or any of their respective Subsidiaries or any other agreements or binding arrangements
entered into by and among BMP, BMPH, BMPS2, Univision or their respective subsidiaries or any of
the Principal Investors and any of their respective shareholders or Affiliates or between or among
any of the foregoing (it being understood that, with respect to the Principal Investors and their
respective shareholders or Affiliates the representation contained in this <U>clause (i)</U> is
being given to the Company&#146;s knowledge), (ii)&nbsp;assuming the consents, approvals and authorizations
specified in <U>Section&nbsp;5.1</U> have been received and the waiting periods referred to therein
have expired or terminated, conflict with or violate any (x)&nbsp;Law applicable to BMP, BMPH, BMPS2,
Univision or any of their respective subsidiaries or by which any property or asset of BMP, BMPH,
BMPS2, Univision or any of their respective subsidiaries is bound or affected or (y)&nbsp;any Company
Permit, or (iii)&nbsp;result in any breach of, or constitute a default (with or without notice or lapse
of time, or both) under, or give to others any right of termination, amendment, acceleration or
cancellation of, or result in the creation of a Lien, other than any Permitted Lien, upon any of
the properties or assets of BMP, BMPH, BMPS2, Univision or any of their respective subsidiaries,
pursuant to any note, bond, mortgage, indenture or credit agreement, or any other contract,
agreement, lease, license, permit, franchise or other instrument or obligation to which BMP, BMPH,
BMPS2, Univision or any of their respective subsidiaries is a party or by which BMP, BMPH, BMPS2,
Univision or any of their respective subsidiaries or any property or asset of BMP, BMPH, BMPS2,
Univision or any of their respective subsidiaries is bound or affected, other than, in the case of
clauses (ii)&nbsp;and (iii), any such violation, conflict, default, termination, cancellation,
acceleration or Lien that would not have, individually or in the aggregate, a Material Adverse
Effect.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;The execution and delivery of the MOU and this Agreement by BMP, Univision and BMPS2 does
not, and the consummation by BMP, BMPH, BMPS2 and Univision of the transactions contemplated by
this Agreement will not, require any consent, approval, authorization, waiver or permit of, or
filing with or notification to, any Governmental Authority, except for applicable requirements of
the Securities Act and the HSR Act, and except where failure to obtain such other consents,
approvals, authorizations or permits, or to make such filings or notifications, would not have,
individually or in the aggregate, a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.7 <U>No Dividends, Distributions, or Share Repurchases</U>. Since and inclusive of March&nbsp;30,
2007, none of BMP, BMPH, BMPS2 or Univision has declared or paid any dividend or distribution
(whether in cash, securities, or other assets) to any holders of its capital stock or repurchased
any shares of its capital stock, except for dividends made by Univision solely to BMPH and made by
BMPH solely to BMP and the repurchase of equity upon termination of employment. No accrued or
declared dividends on any capital stock of BMP, BMPH, BMPS2 or Univision, including any accrued or
declared dividends on the 8.64% Cumulative Preferred Stock of BMPH, are outstanding and unpaid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.8 <U>Securities Act</U>. The sale and issuance of the BMPS2 Units, the C/D Shares, the
Debentures, the TV Warrants, the Televisa Option Shares and the Debenture Shares and the exercise
of rights under the Debentures, the TV Warrants and the Televisa Option in accordance with the
terms of this Agreement (assuming the accuracy of the representations and warranties of Televisa
contained in <U>Article&nbsp;IV</U> hereof) will be exempt from the registration requirements of the
Securities Act, and all applicable state securities laws. None of BMP, BMPH, BMPS2 or Univision,
nor anyone acting on their behalf has taken or will take any action that would cause the loss of
any such exemption.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.9 <U>Permits and Licenses; Compliance with Laws</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;Each of BMP, BMPH, BMPS2, Univision and their respective subsidiaries is in possession of
all Company Permits, and no suspension or cancellation of any of the Company Permits is pending or,
to the knowledge of BMP, BMPH, BMPS2 and Univision, threatened, except where the failure to have,
or the suspension or cancellation of, any of the Company Permits would not have, individually or in
the aggregate, a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;None of BMP, BMPH, BMPS2, Univision or any of their respective subsidiaries is in conflict
with, or in default or violation of, (i)&nbsp;any Laws applicable to BMP, BMPH, BMPS2, Univision or any
of their respective subsidiaries or by which any property or assets of BMP, BMPH, BMPS2, Univision
or any of their respective subsidiaries is bound or affected, (ii)&nbsp;any of the Company Permits or
(iii)&nbsp;any note, bond, mortgage, indenture, agreement, lease, license, permit or other obligation to
which BMP, BMPH, BMPS2, Univision or any of their respective subsidiaries is a party or by which
BMP, BMPH, BMPS2, Univision or any of their respective subsidiaries or any property or asset of
BMP, BMPH, BMPS2, Univision or any of their respective subsidiaries is bound or affected, except
for any such conflicts, defaults or violations that would not have, individually or in the
aggregate, a Material Adverse Effect (it being understood that, as to matters related to the
Company FCC Licenses, <U>Section&nbsp;3.9(c)</U> will be applicable).
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;The Company FCC Licenses are in full force and effect and have not been revoked,
suspended, canceled, rescinded or terminated and have not expired, and are not subject to any
material conditions except for conditions applicable to broadcast licenses generally or as
otherwise disclosed on
the face of the Company FCC Licenses. BMP, BMPH, BMPS2, Univision and their respective
subsidiaries have operated the Company Stations in compliance in all respects with the terms of the
Company FCC Licenses and the Federal Communications Laws, and they have timely filed or made all
applications, reports and other disclosures required by the FCC to be filed or made with respect to
the Company Stations and have timely paid all material FCC regulatory fees with respect thereto,
except as would not have, individually or in the aggregate, a Material Adverse Effect. There is
not, as of the date of this Agreement, pending or, to the Company&#146;s knowledge, threatened before
the FCC any proceeding, notice of violation, order of forfeiture or complaint or investigation
against BMP, BMPH, BMPS2, Univision or any of their respective subsidiaries, or any of the Company
Stations, except for any such proceedings, notices, orders, complaints, or investigations that
would not have, individually or in the aggregate, a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.10 <U>Univision SEC Documents</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;From March&nbsp;29, 2007 to May&nbsp;21, 2009 (when Univision was legally permitted to cease all
filings with the SEC), Univision filed with the SEC all forms, documents, registration statements
and reports which are required to be filed with the SEC (as amended to date, the &#147;<U>Univision SEC
Documents</U>&#148;). As of their respective dates, or, if amended, as of the date of the last such
amendment the Univision SEC Documents complied in all material respects with the requirements of
the Securities Act or the Exchange Act, as the case may be, and the applicable rules and
regulations promulgated thereunder, and none of the Univision SEC Documents at the time they were
filed or, if amended, as of the date of such amendment contained any untrue statement of a material
fact or omitted to state any material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;The consolidated financial statements (including all related notes and schedules) of
Univision currently in the investor relations section of Univision&#146;s website (i.e.,
www.univision.net), the audited financial statements for the fiscal year ended December&nbsp;31, 2009
(the &#147;<U>2009 Audited Financials</U>&#148;) and for the fiscal quarters ended March&nbsp;31, 2010, June&nbsp;30,
2010 and September&nbsp;30, 2010, fairly present in all material respects the consolidated financial
position of Univision and its consolidated subsidiaries as at the respective dates thereof and
their consolidated results of operations and consolidated cash flows for the respective periods
then ended (subject, in the case of the unaudited statements, to normal year-end adjustments and to
any other adjustments described therein including the notes thereto) in conformity with GAAP
(except, in the case of the unaudited statements, as permitted by Form 10-Q of the SEC) applied on
a consistent basis during the periods involved (except as may be indicated therein or in the notes
thereto). BMP has no assets or liabilities other than its ownership of 100% of the common stock of
BMPH. BMPH has no assets or liabilities other than its ownership of 100% of the common stock of
Univision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.11 <U>Disclosure Controls and Procedures</U>. Univision has established and maintains
disclosure controls and procedures over financial reporting (as such terms are defined in
paragraphs (e)&nbsp;and (f), respectively, of Rule&nbsp;13a-15 under the Exchange Act) as required by Rule
13a-15 under the Exchange Act. Univision&#146;s disclosure controls and procedures are designed to
ensure that information that was or would be required to be disclosed in periodic reports which
Univision would be required to file or submit under the Exchange Act if it were an Exchange Act
reporting company is recorded, processed, summarized and reported within the required time periods.
As of December&nbsp;31, 2009, Univision had concluded, following an evaluation under the supervision
and with the participation of the
Chief Executive Officer and Chief Financial Officer of Univision of the effectiveness of
Univision&#146;s disclosure controls and procedures, that Univision&#146;s disclosure controls and procedures
were effective (taking into account that such disclosures and procedures are designed to comply
with Univision&#146;s reporting requirements proscribed by the documents relating to its indebtedness).
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.12 <U>Absence of Certain Changes or Events; Compliance with Certain Covenants</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;From December&nbsp;31, 2009, except as otherwise contemplated or permitted by this Agreement,
the businesses of BMP, BMPH, BMPS2 (to the extent in existence), Univision and their respective
subsidiaries have been conducted in the ordinary course of business consistent with past practice
and, from such date through the date of this Agreement, there has not been a Material Adverse
Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Since October&nbsp;4, 2010, (i)&nbsp;the business of BMP, BMPH, BMPS2 (to the extent in existence),
Univision and their respective subsidiaries has been conducted in the ordinary course consistent
with past practice in all material respects, and (ii)&nbsp;none of BMP, BMPH, BMPS2, Univision or their
respective subsidiaries has taken or permitted to be taken any action that, were it to be taken
after October&nbsp;4, 2010, would require the approval of or consultation with Televisa pursuant to
<U>Section&nbsp;8.1</U> if the requirements of <U>Section&nbsp;8.1</U> had been effective commencing on
October&nbsp;4, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.13 <U>No Undisclosed Liabilities</U>. Except (a)&nbsp;as reflected or reserved against in the 2009
Audited Financials or (b)&nbsp;for liabilities or obligations incurred in the ordinary course of
business since the date of such balance sheets, neither Univision nor any of its subsidiaries has
any liabilities or obligations of any nature, whether or not accrued, contingent or otherwise, that
would be required by GAAP to be reflected on a consolidated balance sheet (or the notes thereto) of
Univision and its subsidiaries, other than those which would not have, individually or in the
aggregate, a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.14 <U>Litigation</U>. Except as disclosed in the Univision SEC Documents, there is no claim,
action, proceeding or investigation pending or, to the knowledge of BMP, BMPH, BMPS2 or Univision,
threatened against any of the foregoing or any of their subsidiaries, or any of their or their
subsidiaries&#146; respective properties or assets at law or in equity, and there are no Orders, before
any arbitrator or Governmental Authority, in each case as would have, individually or in the
aggregate, a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.15 <U>Employee Benefit Plans</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;None of the compensation payable by BMP, BMPH, BMPS2, Univision or their respective
subsidiaries shall fail to be deductible under Section&nbsp;280G of the Code by reason of the
transactions contemplated by this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Each Company Benefit Plan has been operated and administered in all respects in accordance
with its terms and applicable Law, including but not limited to ERISA and the Code, except for
instances of noncompliance that would not have, individually or in the aggregate, a Material
Adverse Effect. There are no investigations by any Governmental Authority, termination proceedings
or other claims (except routine claims for benefits payable under the Company Benefit Plans)
against or involving any Company Benefit Plan or asserting any rights to or claims for benefits
under any Company Benefit Plan other than any such investigations, proceedings, or claims that
would not have, individually or in the aggregate, a Material Adverse Effect.
</DIV>
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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;No Company Benefit Plan is subject to Section&nbsp;302 or Title IV of ERISA or Section&nbsp;412 of
the Code. No liability under Title IV or Section&nbsp;302 of ERISA has been incurred by BMP, BMPH,
BMPS2, Univision or any of their respective subsidiaries or any ERISA Affiliate that has not been
satisfied in full.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;Each Company Benefit Plan intended to be qualified under Section 401(a) of the Code, and
the trust (if any) forming a part thereof, has received a favorable determination letter from the
IRS as to its qualification under the Code and to the effect that each such trust is exempt from
taxation under Section 501(a) of the Code, and nothing has occurred since the date of such
determination letter that has, individually or in the aggregate, a Material Adverse Effect on such
qualification or tax-exempt status.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(e)&nbsp;None of the Company Benefit Plans provides that the execution of the MOU or this Agreement
and consummation of the transactions contemplated thereby and hereby will, either alone or in
combination with another event, (i)&nbsp;entitle any participants therein to severance pay, retention
bonuses or other payments or compensation or (ii)&nbsp;accelerate the time of payment or vesting, or
result in any funding or increase in payments or benefits due to, participants therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.16 <U>Labor Matters</U>. There are no collective bargaining agreements or similar agreements to
which BMP, BMPH, BMPS2, Univision or any of their respective subsidiaries is a party. There is no
labor strike or lockout, or, to the knowledge of BMP, BMPH, BMPS2 and Univision, threat thereof, by
or with respect to any employee of the BMP, BMPH, BMPS2, Univision or any of their respective
subsidiaries, except where such strike or lockout would not have, individually or in the aggregate,
a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.17 <U>Trademarks, Patents and Copyrights</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;Except as would not have, individually or in the aggregate, a Material Adverse Effect, (i)
each of BMP, BMPH, BMPS2, Univision and their respective subsidiaries own, or possess necessary or
required licenses or other necessary or required rights to use in the manner currently used, all
patents, patent rights, trademarks, trademark rights, trade names, trade name rights, copyrights,
domain names, service marks, service mark rights, trade secrets, applications to register, and
registrations for, any of the foregoing know-how and other proprietary rights and information (the
&#147;<U>Intellectual Property Rights</U>&#148;) used in connection with the business of each of BMP, BMPH,
BMPS2, Univision and their respective subsidiaries as currently conducted (the &#147;<U>Company
Intellectual Property Rights</U>&#148;) free and clear of all Liens, (ii)&nbsp;neither BMP, BMPH, BMPS2,
Univision nor any of their respective subsidiaries has received, since March&nbsp;29, 2007, any written
charge, complaint, claim, demand or notice challenging the validity of any of the Company
Intellectual Property Rights and (iii)&nbsp;to the knowledge of BMP, BMPH, BMPS2 and Univision, all
Company Intellectual Property Rights are valid, subsisting and enforceable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;The conduct of the businesses of each of BMP, BMPH, BMPS2 and their respective
subsidiaries does not infringe upon, misappropriate or otherwise violate any Intellectual Property
Rights of any other person, except for any such infringement, misappropriation or other violation
that would not have, individually or in the aggregate, a Material Adverse Effect. None of BMP,
BMPH, BMPS2, Univision or any of their respective subsidiaries is a party to or has received, since
March&nbsp;29, 2007, any written charge, complaint, claim, action, demand or notice alleging any
infringement, misappropriation or other violation by BMP, BMPH, BMPS2, Univision or any of their
respective subsidiaries (including any claim that BMP, BMPH, BMPS2, Univision or any of their
respective
subsidiaries must license or refrain from using any Company Intellectual Property Rights of
any other person) that has not been settled or otherwise fully resolved, except for any such
infringement, misappropriation or other violation that would not have, individually or in the
aggregate, a Material Adverse Effect. To the knowledge of BMP, BMPH, BMPS2 and Univision, no other
person has infringed, misappropriated or otherwise violated any Company Intellectual Property
Rights, except for any such infringement, misappropriation or other violation that would not have,
individually or in the aggregate, a Material Adverse Effect.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;None of BMP, BMPH, BMPS2, Univision or any of their respective subsidiaries is in breach
of or default under the terms of any Intellectual Property License where such breach or default
would have, individually or in the aggregate, a Material Adverse Effect. To the knowledge of BMP,
BMPH, BMPS2 and Univision, no other party to any Intellectual Property License is in breach of or
default under the terms of any Intellectual Property License where such breach or default would
have, individually or in the aggregate, a Material Adverse Effect. Each Intellectual Property
License is a valid and binding obligation of BMP, BMPH, BMPS2, Univision or their respective
subsidiaries, as applicable, and, to the knowledge of BMP, BMPH, BMPS2 and Univision, is in full
force and effect, except such as would not have, individually or in the aggregate, a Material
Adverse Effect; <U>provided</U> that (i)&nbsp;such enforcement may be subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other similar Laws, now or hereafter in effect, relating
to creditors&#146; rights generally and (ii)&nbsp;equitable remedies of specific performance and injunctive
and other forms of equitable relief may be subject to equitable defenses and to the discretion of
the court before which any proceeding therefore may be brought.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.18 <U>Taxes</U>. Except as would not have, individually or in the aggregate, a Material Adverse
Effect, (i)&nbsp;each of BMP, BMPH, BMPS2, Univision and their respective subsidiaries have prepared (or
caused to be prepared) and timely filed (taking into account any extension of time within which to
file) all Tax Returns required to be filed by any of them and all such filed Tax Returns (taking
into account all amendments thereto) are complete and accurate; (ii)&nbsp;each of BMP, BMPH, BMPS2,
Univision and their respective subsidiaries have paid all Taxes that are shown on such Tax Returns
to be payable by them; (iii)&nbsp;as of the date of this Agreement, there are not pending or, to the
knowledge of BMP, BMPH, BMPS2, Univision and any of their respective subsidiaries, threatened in
writing any audits, examinations, investigations, or other proceedings in respect of any Taxes;
(iv)&nbsp;there are no Liens for Taxes on any of the assets of BMP, BMPH, BMPS2, Univision or any of
their respective subsidiaries other than Permitted Liens; (v)&nbsp;none of BMP, BMPH, BMPS2, Univision
or any of their respective subsidiaries has been a &#147;controlled corporation&#148; or a &#147;distributing
corporation&#148; in any distribution occurring during the two (2)&nbsp;year period ending on the date hereof
that was purported or intended to be governed by Section&nbsp;355 of the Code (or any similar provision
of state, local or foreign Law); (vi)&nbsp;all amounts of Tax required to be withheld by BMP, BMPH,
BMPS2, Univision and each of their respective subsidiaries have been timely withheld and paid over
to the appropriate Governmental Authority; (vii)&nbsp;no deficiency for any Tax has been asserted or
assessed by any Governmental Authority in writing against BMP, BMPH, BMPS2, Univision or any of
their respective subsidiaries (or, to the knowledge of BMP, BMPH, BMPS2 and Univision, has been
threatened or proposed), except for deficiencies which have been satisfied by payment, settled or
been withdrawn or which are being diligently contested in good faith by appropriate proceedings and
for which adequate reserves have been established in accordance with GAAP; (viii)&nbsp;none of BMP,
BMPH, BMPS2, Univision or any of their respective subsidiaries has waived any statute of
limitations in respect of Taxes agreed to any extension of time with respect to an assessment or
deficiency for Taxes (other than pursuant to extensions of time to file Tax Returns obtained in the
ordinary course); (ix)&nbsp;none of BMP, BMPH,
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt">BMPS2, Univision or any of their respective subsidiaries
(A) has been a member of an affiliated group filing a consolidated federal income Tax Return (other
than a group the common parent of which was BMP or Univision) or (B)&nbsp;has any liability for the
Taxes of any person (other than BMP, BMPH, BMPS2, Univision or any of their respective
subsidiaries) under Treasury Regulation&nbsp;Section&nbsp;1.1502-6 (or any similar provision of state, local
or foreign Law), as a transferee or successor, or pursuant to any indemnification, allocation or
sharing agreement with respect to Taxes that could give rise to a payment or indemnification
obligation (other than agreements among BMP, BMPH, BMPS2, Univision and their respective
subsidiaries and other than customary tax indemnifications contained in credit or other commercial
agreements the primary purpose of which does not relate to Taxes); (x)&nbsp;none of BMP, BMPH, BMPS2,
Univision or any of their respective subsidiaries has engaged in any &#147;listed transaction&#148; within
the meaning of Treasury Regulation&nbsp;Section&nbsp;1.6011-4(b)(2); and (xi)&nbsp;each of BMP, BMPH, BMPS2 and
Univision is not, and has not been at any time within the last five (5)&nbsp;years, a &#147;United States
real property holding corporation&#148; within the meaning of Section&nbsp;897 of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.19 <U>Title to Properties; Assets</U>. Except as would not have, individually or in the
aggregate, a Material Adverse Effect:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;Each of BMP, BMPH, BMPS2, Univision and their respective subsidiaries has good and valid
fee simple title to its owned properties and assets or good and valid leasehold interests in all of
its leasehold properties and assets except for such as are no longer used or useful in the conduct
of its businesses or as have been disposed of in the ordinary course of business. All such
properties and assets, other than properties and assets in which BMP, BMPH, BMPS2, Univision or any
of their respective subsidiaries has a leasehold interests, are free and clear of all Liens other
than Permitted Liens.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Each of BMP, BMPH, BMPS2, Univision and their respective subsidiaries has complied with
the terms of all leases to which it is a party and under which it is in occupancy, and all property
which it owns, and all such leases and deeds are in full force and effect. BMP, BMPH, BMPS2,
Univision and their respective subsidiaries enjoy peaceful and undisturbed possession under all
leases that are material to the business of BMP, BMPH, BMPS2, Univision and their respective
subsidiaries taken as a whole and there are no existing defaults by BMP, BMPH, BMPS2, Univision or
any of their respective subsidiaries beyond any applicable grace periods under such leases.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;The assets of BMP, BMPH, BMPS2, Univision and each of their respective subsidiaries
constitute all of the properties, assets and rights forming a part of, used, held or intended to be
used in, and all such properties, assets and rights as are necessary in, the conduct of the
business as it is now being conducted and is being contemplated to be conducted by BMP, BMPH,
BMPS2, Univision and their respective subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.20 <U>Material Contracts</U>. None of BMP, BMPH, BMPS2, Univision or any of their respective
subsidiaries is in breach of or default under the terms of any Company Material Contract where such
breach or default would have, individually or in the aggregate, a Material Adverse Effect. To the
knowledge of BMP, BMPH, BMPS2 and Univision, no other party to any Company Material Contract is in
breach of or default under the terms of any Company Material Contract where such breach or default
would have, individually or in the aggregate, a Material Adverse Effect. Each Company Material
Contract is a valid and binding obligation of the BMP, BMPH, BMPS2, Univision and/or each of their
respective subsidiaries and, to the knowledge of BMP, BMPH, BMPS2 and Univision, is in full force
and effect, except such as would not have, individually or in the aggregate, a Material Adverse
Effect;
<U>provided</U> that (i)&nbsp;such enforcement may be subject to applicable bankruptcy, insolvency,
reorganization, moratorium or other similar Laws, now or hereafter in effect, relating to
creditors&#146; rights generally and (ii)&nbsp;equitable remedies of specific performance and injunctive and
other forms of equitable relief may be subject to equitable defenses and to the discretion of the
court before which any proceeding therefor may be brought.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.21 <U>Related Party Transactions; Agreements of Principal Investors</U>. None of the Principal
Investors or their affiliated investment funds, the Company, BMPS2 or the Company&#146;s subsidiaries,
or any management-level employee, officer, or director of any of the foregoing (together,
&#147;<U>Related Persons</U>&#148;) (i)&nbsp;owes any amount to BMP, BMPH, BMPS2, Univision or any of their
respective subsidiaries nor does BMP, BMPH, BMPS2, Univision or any of their respective
subsidiaries owe any amount to, or is committed to making any loan or extend or guarantee credit to
or for the benefit of, any Related Person, (ii)&nbsp;knows of any claim or cause of action or any
action, suit, or proceeding it may have against BMP, BMPH, BMPS2, Univision or any of their
respective subsidiaries or (iii)&nbsp;owns, directly or indirectly, in whole or in part, any real
property, leasehold interests, or other property or any Company Permits, the use of which is
necessary for the conduct of the business of BMP, BMPH, BMPS2, Univision or their respective
subsidiaries as currently conducted. Since January&nbsp;1, 2008, no Related Person has had or currently
has any direct or indirect interest in any material contract, other than with respect to
reimbursement of expenses not to exceed $100,000 in the aggregate and as set forth in the
Disclosure Schedule, to which BMP, BMPH, BMPS2, Univision or their respective subsidiaries is a
party or by which it is bound. There are no agreements, arrangements or understandings entered
into since January&nbsp;1, 2008 by any of BMP, BMPH, BMPS2, Univision or any of their respective
subsidiaries with any Principal Investor or any Affiliate or affiliated investment fund of a
Principal Investor, except for (x)&nbsp;the Transaction Agreements, the Management Agreement dated as of
March&nbsp;29, 2007, by and among BMP, BMPH, Univision and certain Managers (as defined therein) and the
Saban Arrangements or (y)&nbsp;any ordinary course commercial agreement, arrangement or understanding
(or series of related agreements, arrangements or understandings) that is not for management,
consulting and/or advisory services provided by the Principal Investors or their affiliated
investment managers and that did not, and is not reasonably expected to, involve the receipt or
expenditure of $500,000 or more in any calendar year period. All agreements set forth on
<U>Schedule&nbsp;3.21</U>, other than the management agreements of the Principal Investors or their
affiliated investment managers, are on an arms&#146;-length basis. No Principal Investors or any
Affiliate or affiliated investment fund of a Principal Investor knows of any claim or cause of
action or any action, suit, or proceeding it may have against BMP, BMPH, BMPS2, Univision or any of
their respective subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.22 <U>Brokers</U>. No broker, finder or investment banker is entitled to any brokerage,
finder&#146;s or other fee or commission in connection with the transactions contemplated hereby or the
related agreements based upon arrangements made by or on behalf of BMP, BMPH, BMPS2 or Univision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.23 <U>Digital Television</U>. Each full-power Company Station (other than radio stations) (i)
has been assigned a channel by the FCC for the provision of digital television service
(&#147;<U>DTV</U>&#148;) and (ii)&nbsp;has constructed and is operating a DTV facility on its assigned digital
channel pursuant to, and in accordance with, a DTV authorization issued by the FCC and the
<U>Federal Communications Laws</U>, except as would not have, individually or in the aggregate, a
Company Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.24 <U>Claims Against Televisa</U>. As of the date hereof, there is no Action by BMP, BMPH,
BMPS2, Univision or any of their respective Affiliates pending against Televisa or any of its
Affiliates and, to the knowledge of BMP, BMPH, BMPS2 and Univision, there is no basis for any such
Action.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.25 <U>Certain Fees and Expenses</U>. Since January&nbsp;1, 2008, there were no fees or expense
reimbursement payments or other amounts, other than reimbursement of out-of-pocket expenses not in
excess of $100,000 in the aggregate and as set forth on the Disclosure Schedules, owed by BMP,
BMPH, BMPS2, Univision or their respective subsidiaries to any Principal Investor or any Principal
Investor&#146;s affiliated investment funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.26 <U>Certain Financing Transactions</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;Univision has successfully (i)&nbsp;completed an offering of $750&nbsp;million principal amount of
7.875% senior secured notes of Univision with a maturity of November&nbsp;1, 2020, (ii)&nbsp;completed an
amendment to the Univision Credit Agreement (x)&nbsp;extending the maturity of $5.6996&nbsp;billion in
principal amount of first-lien term loans under the Univision Credit Agreement to March&nbsp;31, 2017
(unless such maturity is shortened to January&nbsp;29, 2015 under the conditions specified in such
amendment), (y)&nbsp;converting $137.0&nbsp;million principal amount of revolving loans under the Univision
Credit Agreement to term loans thereunder due March&nbsp;31, 2017, and (z)&nbsp;extending the maturity with
respect to $409.0&nbsp;million of revolving loan commitments under the Univision Credit Agreement to
March&nbsp;29, 2016 (unless such maturity is shortened to January&nbsp;29, 2015 under the conditions
specified in such amendment), (iii)&nbsp;completed an offer to purchase up to $460.0&nbsp;million aggregate
principal amount of its 9.75%/10.50% senior toggle notes due 2015 and (iv)&nbsp;completed an offering of
$500.0&nbsp;million principal amount of 8.5% senior unsecured notes of Univision with a maturity of May
15, 2021.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;The Univision Credit Agreement has been effectively amended as of October&nbsp;26, 2010, to
provide that the term &#147;Permitted Investors&#148; means, for purposes of the Univision Credit Agreement,
(i)&nbsp;the Principal Investors, their respective limited partners and any Person making an investment
in BMP, BMPH or its subsidiaries concurrently with the Principal Investors, (ii)&nbsp;the members of
management of BMP, BMPH and its subsidiaries who are investors, directly or indirectly, in the US
Borrower (as defined in the Univision Credit Agreement) and (iii)&nbsp;Televisa and/or one or more of
its Affiliates (as defined in the Univision Credit Agreement). No amendments other than those
described in this <U>Section&nbsp;3.26</U> have been made to the Univision Credit Agreement since June
19, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.27 <U>Sole Representations and Warranties</U>. Except for the representations and warranties
set forth in this <U>Article&nbsp;III</U> or in any instrument or certificate delivered to Televisa or
executed by BMP, BMPS2 or Univision under this Agreement, BMP, BMPS2 and Univision make no other
representations and warranties to Televisa or any subsidiary of Televisa in connection with the
purchase by Televisa or by any subsidiary of Televisa of the BMPS2 Units, C/D Shares or the
Debentures hereunder.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE IV</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>REPRESENTATIONS AND WARRANTIES OF TELEVISA</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Televisa hereby represents and warrants to BMP that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.1 <U>Organization and Good Standing</U>. Televisa is duly organized, validly existing and in
good standing under the laws of its jurisdiction of organization. Televisa has all requisite power
and authority to carry on its business as now conducted. Televisa indirectly holds at least 99.9% of
the outstanding capital stock of Multimedia Telecom, S.A. de C.V.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.2 <U>Authorization and Enforceability</U>. The execution, delivery and performance by Televisa
of the MOU and this Agreement and the transactions contemplated thereby and hereby have been duly
authorized by all necessary action on the part of Televisa. The MOU and this Agreement have been
duly and validly executed and delivered by it and (assuming due authorization, execution and
delivery by the other Parties hereto) shall, subject to <U>Section&nbsp;11.2</U> with respect to the
MOU, constitute its valid and legally binding obligation, enforceable against Televisa in
accordance with its terms, except to the extent the enforceability thereof may be limited by
bankruptcy laws, insolvency laws, reorganization laws, moratorium laws or other laws affecting
creditors&#146; rights generally or by general equitable principles (regardless of whether enforcement
is sought in a proceeding in equity or at law).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.3 <U>Non-Contravention</U>. The execution, delivery or performance by Televisa of the MOU and
this Agreement and the transactions contemplated hereby and thereby do not violate any provision of
the organizational documents of Televisa or any Law or material agreement by which Televisa is
bound.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.4 <U>Indebtedness</U>. As of the date hereof, neither Televisa nor any of its Affiliates
(excluding any Person with respect to which &#147;Chinese Walls&#148; or other similar confidentiality or
compliance policies are in place to prevent such Persons from having access to material non-public
information regarding the Company and which Person does not have and has not had access to material
non-public information regarding the Company) owns, directly or indirectly, any bonds, notes,
debentures, or other Indebtedness of the Company, including any of the 9.75%/10.50% senior toggle
notes due 2015 of Univision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.5 <U>Investment Representations</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;The C/D Shares, Debentures and BMPS2 Units (collectively, the &#147;<U>Securities</U>&#148;) to be
purchased by Televisa will be acquired by Televisa or a direct or indirect subsidiary of Televisa
for investment for Televisa&#146;s or such subsidiary&#146;s own account, not as a nominee or agent other
than with respect to any of its own Affiliates, and not with a view to the sale or distribution of
any part thereof in violation of applicable federal and state securities laws, and Televisa has no
current intention of selling, granting participation in or otherwise distributing the same, in each
case, in violation of applicable federal and state securities laws; <U>provided</U> that Televisa
or a direct or indirect subsidiary of Televisa will contribute the BMPS2 Unit Consideration to
BMPS2 in accordance with the terms of this Agreement and the BMPS2 LLC Agreement. Televisa further
represents that it does not have any contract, undertaking, agreement or arrangement with any
Person to sell, transfer or grant participation to such Person, or to any third Person, with
respect to any of the Securities, in each case, in violation of applicable federal and state
securities laws; <U>provided</U> that Televisa or a direct or indirect subsidiary of Televisa will
contribute the BMPS2 Unit Consideration to BMPS2 in accordance with the terms of this Agreement and
the BMPS2 LLC Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Televisa understands that the Securities have not been registered under the Securities Act
on the basis that the sale provided for in this Agreement and the issuance of securities hereunder
is exempt from registration under the Securities Act pursuant to Section&nbsp;4(2) thereof and
regulations issued thereunder.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;Televisa has such knowledge and experience in financial and business matters as to be
capable of evaluating the merits and risks of its investment. Televisa is an &#147;accredited
investor,&#148; as such term is defined in Rule 501(a) of Regulation&nbsp;D promulgated under the Securities
Act. Televisa understands that no federal or state agency has passed upon this investment or upon
the Company, nor has any such agency made any finding or determination as to this investment.
Televisa is aware that its acquisition of the Securities is a speculative investment involving a
high degree of risk and that there is no guarantee that it will realize any gain from such
investment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;Televisa understands that the Securities may not be sold, transferred or otherwise
disposed of without registration under the Securities Act or an exemption therefrom, and that in
the absence of an effective registration statement covering the Securities or an available
exemption from registration under the Securities Act, the Securities may be required to be held
indefinitely. Televisa is prepared to bear the economic risk of this investment for an indefinite
period of time and to afford a complete loss of its investment in the Securities. In particular,
Televisa acknowledges that it is aware that the Securities may not be sold pursuant to Rule&nbsp;144
promulgated under the Securities Act unless all of the conditions of that Rule are met.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(e)&nbsp;The certificates evidencing the Securities, if any, shall also bear any legend required by
any applicable state securities law, the Stockholders Agreement, the Principal Investor Agreement
and any other agreement to which the Televisa is a party providing for a legend.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.6 <U>Claims Against the Company</U>. As of the date hereof, other than the pending appeal
titled <I>Televisa, S.A. de C.V. et al. v. Univision Communications Inc. et al.</I>, there is no Action by
Televisa or any of its Affiliates pending against BMP or any of its Affiliates and, to the
knowledge of Televisa, there is no basis for any such Action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.7 <U>Televisa Affiliates</U>. For purposes of this Article&nbsp;IV, all references to Televisa shall
be deemed to also include any Affiliates of Televisa that are party to any Transaction Agreements
as of, or immediately following, the Closing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.8 <U>Sole Representations and Warranties</U>. Except for the representations and warranties set
forth in this <U>Article&nbsp;IV</U> or in any instrument or certificate delivered to BMP, BMPS2 or
Univision or executed by Televisa under this Agreement, Televisa makes no other representations or
warranties to the Sellers in connection with the purchase by Televisa or any direct or indirect
subsidiary of Televisa of the C/D Shares, the Debentures, the BMPS2 Units, the Televisa Option
Shares, the Debenture Shares or the TV Warrants hereunder or the transfer of the TuTV Interests to
Univision.
</DIV>

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


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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Each of the Parties&#146; obligations under <U>Article&nbsp;I</U> hereof are subject to the
satisfaction or waiver (to the extent waiver is permitted by Law), on or prior to the Closing Date,
of the following conditions:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.1 <U>HSR</U>. Any waiting period (and any extension thereof) under the HSR Act applicable to
the transactions contemplated by this Agreement shall have expired or early termination shall have
been granted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.2 <U>No Injunction</U>. No Governmental Authority of competent jurisdiction shall have issued
an Order or taken any other action restraining, enjoining or otherwise prohibiting the consummation
of the transactions contemplated by this Agreement.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE VI</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONDITIONS TO THE OBLIGATIONS OF TELEVISA AND TELEVISA TUTV AT CLOSING</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Televisa&#146;s obligation to purchase or procure that a direct or indirect subsidiary of Televisa
purchases the C/D Shares, the Debentures, and the BMPS2 Units at the Closing, and Televisa TuTV&#146;s
obligation to sell the TuTV Interest, are subject to the satisfaction or waiver (to the extent
waiver is permitted by Law), on or prior to the Closing Date, of the following conditions:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.1 <U>Representations and Warranties</U>. The representations and warranties of the Sellers and
Univision contained in <U>Article&nbsp;III</U> shall be true and correct in all respects or, in the
case of representations and warranties that are not qualified as to materiality, shall be true and
correct in all material respects (other than with respect to the representations and warranties in
<U>Section&nbsp;3.4</U>, which shall be true and correct in all respects other than for inaccuracies
that are de minimis in the aggregate, and other than the representations and warranties in
<U>Sections&nbsp;3.3</U>, <U>3.5</U>, and <U>3.7</U>, which shall be true and correct in all
respects), each as of the date hereof and as of the Closing Date with the same force and effect as
if they had been made on the Closing Date (except that representations and warranties that are made
as of a particular date or period shall be true and correct only as of such date or period).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.2 <U>Performance</U>. The Sellers and Univision shall have performed and complied in all
material respects with all covenants and obligations contained in this Agreement required to be
performed or complied with by each of them on or before the Closing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.3 <U>Material Adverse Effect</U>. Since December&nbsp;31, 2009, there shall not have occurred a
Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.4 <U>Compliance Certificate</U>. Each of BMP, BMPS2 and Univision shall have delivered to
Televisa a certificate dated as of the Closing Date and signed by an authorized officer thereof,
confirming the conditions set forth in <U>Sections&nbsp;6.1</U>, <U>6.2</U> and <U>6.3</U> have been
satisfied.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.5 <U>Charter</U>. BMP and its stockholders shall have duly authorized and BMP shall have filed
with the Secretary of State of the State of Delaware, and such Secretary of State shall have
accepted, the Amended and Restated BMP Charter in the form attached hereto as <U>Exhibit&nbsp;B</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.6 <U>Bylaws</U>. BMP shall have amended and restated its bylaws substantially in the form
attached hereto as <U>Exhibit&nbsp;C</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.7 <U>Secretary&#146;s Certificate</U>. Televisa shall have received from the secretary of BMP a
certificate having attached thereto and certifying to be true, correct and complete: (i)&nbsp;the bylaws
of BMP, BMPH and Univision as in effect at the time of the Closing; and (ii)&nbsp;copies of resolutions
approved by the relevant Board authorizing the transactions contemplated by this Agreement and
setting the size of each Board at twenty (20)&nbsp;members (<U>provided</U>, <U>however</U>, that
three (3)&nbsp;directorships on each such Board shall be vacant until such vacancies are filled by
directors designated by Televisa), the Executive Committee of each Board at six (6)&nbsp;members each
and establishing the composition of each Board and each Board&#146;s
Audit Committee, Compensation Committee, Nominating Committee and other committees of each Board in
accordance with the Principal Investor Agreement.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.8 <U>Debentures and Common Stock Certificates</U>. Televisa, or a direct or indirect subsidiary
of Televisa designated by Televisa, shall have received (i)&nbsp;the original Debentures duly executed
by an authorized officer of BMP and (ii)&nbsp;stock certificates from BMP representing the C/D Shares
duly executed by the appropriate officers of BMP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.9 <U>Stockholders Agreement</U>. Each of the Principal Investors, the Bank Investors, the
Management Investors, BMP, BMPH, Univision, BMPS1 and BMPS2 shall have executed and delivered a
counterparty signature to the Amended and Restated Stockholders Agreement substantially in the form
attached hereto as <U>Exhibit&nbsp;D</U> (as amended from time to time, the &#147;<U>Stockholders
Agreement</U>&#148;), effective as of the Closing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.10 <U>Participation, Registration Rights and Coordination Agreement</U>. Each of the Principal
Investors, the Bank Investors, the Management Investors, BMP, BMPH, Univision, BMPS1 and BMPS2
shall have executed and delivered a counterparty signature to the Amended and Restated
Participation, Registration Rights and Coordination Agreement substantially in the form attached
hereto as <U>Exhibit&nbsp;E</U> (as amended from time to time, the &#147;<U>Participation, Registration
Rights and Coordination Agreement</U>&#148;), effective as of the Closing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.11 <U>Service Agreements</U>. Each of (x)&nbsp;BMP, BMPH, Univision, Madison Dearborn Partners IV,
L.P., Madison Dearborn Partners V-B, L.P., Providence Equity Partners V Inc., Providence Equity
Partners L.L.C., KSF Corp., THL Managers VI, LLC and TPG Capital, L.P. shall have executed and
delivered a counterparty signature to the Amended and Restated Management Agreement substantially
in the form attached hereto as <U>Exhibit&nbsp;F</U>, (y)&nbsp;BMP, BMPH and Univision shall have executed
and delivered a counterparty signature to the Technical Assistance Agreement substantially in the
form attached hereto as <U>Exhibit&nbsp;R</U>, and (z)&nbsp;BMP, SCG Investments IIB LLC, BMPS1 and BMPS2
shall have executed and delivered a counterparty signature to the Amended and Restated Services
Agreement in the form attached hereto as <U>Exhibit&nbsp;Q</U> (the agreements referenced in this
<U>Section&nbsp;6.11</U>, as they may be amended from time to time, the &#147;<U>Service Agreements</U>&#148;),
in each case effective as of the Closing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.12 <U>Principal Investor Agreement</U>. Each Principal Investor, BMP, BMPH and Univision shall
have executed and delivered a counterparty signature to the Amended and Restated Principal Investor
Agreement substantially in the form attached hereto as <U>Exhibit&nbsp;G</U> (as amended from time to
time, the &#147;<U>Principal Investor Agreement</U>&#148;), effective as of the Closing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.13 <U>Limited Liability Company Agreement</U>. Each of BMP, SCG Investments II LLC and BMPS2
shall have executed and delivered a counterparty signature to the Amended and Restated Limited
Liability Company Agreement of BMPS2 substantially in the form attached hereto as <U>Exhibit&nbsp;H</U>
(as amended from time to time, the &#147;<U>BMPS2 LLC Agreement</U>&#148;), effective as of the Closing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.14 <U>Program License and Other Agreements</U>. Univision shall have executed and delivered a
counterparty signature to the (i)&nbsp;2011 Program License Agreement substantially in the form attached
hereto as <U>Exhibit&nbsp;I</U> (the &#147;<U>2011 Program License Agreement</U>&#148;), (ii)&nbsp;the Second Program
License Agreement substantially in the form attached hereto as <U>Exhibit&nbsp;J</U> (the &#147;<U>Second
Program License Agreement</U>&#148;), (iii)&nbsp;letter amendment to the International Program Rights
Agreement substantially in the
form attached hereto as <U>Exhibit&nbsp;K</U> (the &#147;<U>IPRA Amendment</U>&#148;), (iv)&nbsp;Mexico License
Agreement substantially in the form attached hereto as <U>Exhibit&nbsp;L</U> (the &#147;<U>Mexico License
Agreement</U>&#148;), and (v)&nbsp;the Sales Agency Agreement substantially in the form attached hereto as
<U>Exhibit&nbsp;M</U> (the &#147;<U>Sales Agency Agreement</U>&#148;), each effective as of the Closing.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.15 <U>Letter of Credit</U>. A Letter of Credit substantially in the form attached hereto as
<U>Exhibit&nbsp;N</U> shall have been delivered to Televisa and shall be in full force and effect as of
the Closing (the &#147;<U>Letter of Credit</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.16 <U>Side Letter Agreements</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;Each of the Principal Investors shall have complied in all material respects with all
covenants contained in their respective Side Letter Agreements required to be performed or complied
with by them on or before the Closing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;The representations and warranties of each of the Principal Investors contained in their
respective Side Letter Agreements shall be true and correct in all material respects on and as of
the MOU Date, and on and as of the date hereof and the Closing Date with the same force and effect
as if they had been made at the date hereof and the Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.17 <U>Litigation</U>. BMP shall have delivered to Televisa a duly executed release,
substantially in the form of <U>Exhibit&nbsp;O</U>, and a duly executed stipulation of discontinuance
with prejudice of any and all of BMP, Univision and their respective Affiliate&#146;s actions, suits and
proceedings pending or threatened against Televisa and its Affiliates relating to the Program
License Agreement to be filed with the U.S. Court of Appeals for the Ninth Circuit as promptly as
possible following the Closing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.18 <U>TuTV Purchase Agreement</U>. Univision shall have executed and delivered a counterparty
signature to the TuTV Purchase Agreement, effective as of the Closing, and the conditions to
Televisa TuTV&#146;s obligations set forth therein relating to the assignment and sale of the TuTV
Interests shall have been satisfied or waived (to the extent waiver is permitted by Law).
</DIV>

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


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONDITIONS TO THE OBLIGATIONS OF THE SELLERS AND UNIVISION AT CLOSING</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Each Seller&#146;s obligation to sell the C/D Shares, the Debentures, and the BMPS2 Units, as
applicable, and Univision&#146;s obligation to acquire the TuTV Interest, at the Closing is subject to
the satisfaction or waiver (to the extent waiver is permitted by Law) by BMP, on or prior to the
Closing Date, of the following conditions:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.1 <U>Representations and Warranties</U>. The representations and warranties of Televisa
contained in <U>Article&nbsp;IV</U> hereof shall be true and correct in all respects or, in the case of
representations and warranties that are not qualified as to materiality, shall be true and correct
in all material respects, each as of the date hereof and as of the Closing Date with the same force
and effect as if they had been made on the Closing Date (except for representations and warranties
that are made as of a particular date or period shall be true and correct only as of such date or
period).
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.2 <U>Performance</U>. Televisa shall have performed and complied in all material respects with
all covenants and obligations contained in this Agreement required to be performed or complied with
by it on or before the Closing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.3 <U>Compliance Certificate</U>. Televisa shall have delivered to the Sellers a certificate
dated as of the Closing Date and signed by an authorized officer of Televisa, confirming the
conditions set forth in <U>Sections&nbsp;7.1</U> and <U>7.2</U> have been satisfied.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.4 <U>Stockholders Agreement</U>. Televisa shall have executed and delivered a counterparty
signature to the Stockholders Agreement, effective as of the Closing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.5 <U>Participation, Registration Rights and Coordination Agreement</U>. Televisa shall have
executed and delivered a counterparty signature to the Participation, Registration Rights and
Coordination Agreement, effective as of the Closing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.6 <U>Principal Investor Agreement</U>. Televisa shall have executed and delivered a
counterparty signature to the Principal Investor Agreement, effective as of the Closing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.7 <U>Limited Liability Agreements</U>. Televisa shall have executed and delivered a
counterparty signature to the BMPS2 LLC Agreement, effective as of the Closing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.8 <U>Program License and Other Agreements</U>. Televisa, S.A. de C.V. shall have executed and
delivered a counterparty signature to the (i)&nbsp;2011 Program License Agreement, (ii)&nbsp;the Mexico
License Agreement, (iii)&nbsp;the Second Program License Agreement, (iv)&nbsp;the Sales Agency Agreement, and
(v)&nbsp;the IPRA Amendment, each effective as of the Closing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.9 <U>Litigation</U>. Televisa shall have delivered to BMP a duly executed release,
substantially in the form of <U>Exhibit&nbsp;O</U>, and a duly executed stipulation of discontinuance
with prejudice of any and all of Televisa&#146;s actions, suits and proceedings pending or threatened
against the BMP, Univision and their respective Affiliates relating to the Program License
Agreement to be filed with the U.S. Court of Appeals for the Ninth Circuit as promptly as possible
following the Closing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.10 <U>TuTV Purchase Agreement</U>. Televisa TuTV shall have executed and delivered a
counterparty signature to the TuTV Purchase Agreement, effective as of the Closing, and the
conditions to Univision&#146;s obligations set forth therein relating to the assignment and sale of the
TuTV Interests shall have been satisfied or waived (to the extent waiver is permitted by Law).
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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


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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.1 <U>Conduct of Business by the Company Prior to Closing</U>. BMP and Univision covenant and
agree that they shall procure that, from the date hereof until the Closing, except (i)&nbsp;to the
extent required by Law, (ii)&nbsp;to the extent agreed in advance in writing by Televisa, or (iii)&nbsp;to
the extent expressly required under this Agreement, the business of the Company shall be conducted
only in, and such entities shall not take any action except in, the ordinary course of business and
in a manner consistent with past practice in all material respects; and the Company shall use its
commercially reasonable efforts to preserve substantially intact its business organization, and to
keep available the
services of those of their present officers, employees and consultants who are integral to the
operation of its businesses as presently conducted. Without limiting the foregoing, prior to the
Closing, the Company shall consult with Televisa prior to taking any action that would, following
the Closing, require the consent of the Majority Principal Investors or Majority PITV Investors (in
each case as defined in the Stockholders Agreement). Furthermore, the Company agrees with Televisa
that from the date hereof until the Closing, except as may be consented to in advance in writing by
Televisa (not to be unreasonably withheld or delayed), the Company shall not, and shall not permit
any subsidiary to:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;issue, sell, dispose of or grant any shares of its or its subsidiaries&#146; capital stock, or
any options, warrants, convertible securities or other rights of any kind to acquire any shares of
its capital stock (or equivalent securities); <U>provided</U>, <U>however</U>, that (i)&nbsp;BMP, BMPH
and Univision may issue such securities pursuant to the Recapitalization and the Equity Incentive
Plans (subject to Section&nbsp;4.4.3 of the Amended and Restated BMP Charter as if the provisions
thereof were in effect) and may issue shares upon exercise of any option exercisable for its
capital stock which option was outstanding as of the MOU Date and reflected in <U>Schedule
3.4(a)</U>, and (ii)&nbsp;each subsidiary of BMP may issue such securities of itself to BMP and each
other direct or indirect wholly-owned subsidiary of BMP;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;other than pursuant to the Recapitalization, adjust, recapitalize, reclassify, combine,
split, subdivide, redeem, purchase or otherwise acquire any shares of capital stock of BMP, BMPS2
or any of their respective subsidiaries other than in connection with the repurchase of equity from
members of management (other than the Chairman) upon termination of employment in accordance with
the terms of equity awards under Equity Incentive Plans which awards were outstanding as of the MOU
Date and reflected in <U>Schedule&nbsp;3.4(a)</U>;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;take any action that would, following the Closing, require the consent of Televisa alone
and not in combination with other parties pursuant to Section&nbsp;2.4 of the Principal Investor
Agreement, Section&nbsp;4.4.3 of Article&nbsp;VIII of the Amended and Restated BMP Charter, or Section&nbsp;17.1
of the 2011 Program License Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;take any action that would adversely affect the ability of the parties to consummate the
transactions contemplated by this Agreement; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(e)&nbsp;authorize, approve or enter into any agreement or otherwise make any commitment to do any
of the foregoing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The rights and obligations under this <U>Section&nbsp;8.1</U> shall terminate on the Closing Date,
<U>provided</U> that such termination shall not relieve the Company for any breach of this Section
8.1 which occurred as a result of actions (of failure to take action) prior to the Closing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.2 <U>Efforts</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;Subject to the terms and conditions set forth in this Agreement, each of the Parties
hereto shall use their respective commercially reasonable efforts to take promptly, or cause to be
taken, all actions, and to do promptly, or cause to be done, and to assist and cooperate with the
other parties in doing, all things necessary, proper or advisable under applicable Law to
consummate the transactions contemplated by this Agreement. To the extent required by the HSR Act,
the Company and Televisa shall use commercially reasonable efforts to promptly comply with or cause
to be complied with any requests by the Federal Trade Commission or the United States Department of
Justice for information concerning
such transactions, in each case so that the waiting period applicable to this Agreement and
the transactions contemplated herein under the HSR Act shall expire as soon as practicable after
the execution and delivery of this Agreement; it being acknowledged and agreed that the filing
required to be made pursuant to the HSR Act with the Federal Trade Commission and the United States
Department of Justice, concerning the transactions contemplated herein was made on October&nbsp;22, 2010
and that early termination thereof was granted on November&nbsp;8, 2010. Each of Televisa, on the one
hand, and BMP, on the other hand, shall be responsible for one half of the payment of all HSR
filing fees incurred in connection with such filing and any filings pursuant to <U>Section
8.2(d)</U>.
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Subject to applicable legal limitations, BMP shall keep Televisa and Televisa shall keep
BMP reasonably apprised of the status of matters relating to the completion of the transactions
contemplated by this Agreement, including promptly furnishing the other with copies of notices or
other written communications received by such party, as the case may be, or any of their respective
subsidiaries or Affiliates, from any third party and/or any Governmental Authority with respect to
such transactions. BMP shall permit counsel for Televisa, and Televisa shall permit counsel for
BMP, reasonable opportunity to review in advance, any proposed written communication to any
Governmental Authority. BMP shall consider in good faith the views of Televisa, and Televisa shall
consider in good faith the views of the BMP, in connection with such proposed written
communications. Each of BMP and Televisa agrees that, unless and until this Agreement is
terminated pursuant to <U>Section&nbsp;9.1</U>, it will not withdraw its filing under the HSR Act or
any other applicable Law without the written consent of the other party, and each of BMP and
Televisa agrees that it will not enter into any timing agreement with any Governmental Authority
without the written consent of the other party. To the extent practicable under the circumstances,
BMP agrees that it shall not, and shall procure that its Affiliates do not, participate in any
substantive meeting or discussion, either in person or by telephone, with any Governmental
Authority in connection with the proposed transactions unless it consults with Televisa in advance
and, to the extent not prohibited by such Governmental Authority, it gives Televisa the opportunity
to attend and participate, and Televisa agrees to do the same with respect to BMP. If any
administrative or judicial action or proceeding, including any proceeding by a private party, is
instituted (or threatened to be instituted) challenging the transactions contemplated by this
Agreement as violative of the HSR Act or any regulatory Law, each of BMP and Televisa shall
cooperate in all commercially reasonable respects with each other and shall use its respective
commercially reasonable efforts to contest and resist any such action or proceeding and to have
vacated, lifted, reversed or overturned any decree, judgment, injunction or other order, whether
temporary, preliminary or permanent, that is in effect and that prohibits, prevents or restricts
consummation of the transactions contemplated hereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;The rights and obligations under this <U>Section&nbsp;8.2</U> (other than those specified in
the last sentence of <U>Section&nbsp;8.2(a)</U> above and in <U>Section&nbsp;8.2(d)</U> below) shall
terminate on the Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;To the extent required by the HSR Act in connection with any acquisition by Televisa of
Shares pursuant to the exercise of any Preferential Rights, the conversion of any Convertible
Securities or otherwise, the Company and Televisa shall use commercially reasonable efforts to
cooperate and promptly comply with or cause to be complied with any requests by the Federal Trade
Commission or the United States Department of Justice for information concerning such transactions,
in each case so that the waiting period applicable to such transactions under the HSR Act shall
expire as soon as practicable.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT THE OMITTED PORTIONS OF THIS
DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND <FONT style="white-space: nowrap">EXCHANGE COMMISSION</font></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.3 <U>Standstill</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)
Televisa covenants and agrees that ***
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>provided</U>, that (I)&nbsp;this Standstill shall not affect the ability of the directors on the
Board appointed by Televisa to serve and act in their capacity as directors consistent with their
fiduciary duties, (II)&nbsp;subject to Section&nbsp;5.1.1 of the Stockholders Agreement, Televisa may
exercise the Debentures, the TV Warrants, the Preferential Rights and any other rights, including
pre-emptive, approval, tag-along and veto rights and rights with respect to an event of default
under the Debentures, in accordance with this Agreement and the other Transaction Agreements and
(III)&nbsp;Televisa may submit, on a confidential basis, proposals to the Board and/or Principal
Investors relating to any matters, including as to the matters set forth in this <U>Section
8.3(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Notwithstanding the foregoing, after (i)&nbsp;the Principal Investors have Transferred at least
*** of the Principal Investors&#146; Total Ownership Amount to Persons that are not Permitted
Transferees of such Principal Investor or a Purchaser of Control in a Compliant Change of Control
Transaction, and (ii)&nbsp;each Principal Investor Group has Transferred at least *** of the aggregate
number of shares of Common Stock held at the Closing by such Principal Investor (adjusted, in each
case, for stock-splits, stock dividends, reverse stock splits, stock combinations,
recapitalizations and other similar capitalization changes) to Persons that are not Permitted
Transferees of such Principal Investor (not including <U>clause (b)(ii)</U> of the &#147;Permitted
Transferee&#148; definition) or a Purchaser of Control in a Compliant Change of Control Transaction,
Televisa may make alone or as a group a public offer for all of the outstanding shares of BMP that
the Televisa Investors do not already own; <U>provided</U> that such offer is conditioned on
acceptance of such offer or approval by holders of a majority of the shares of BMP not then owned
by Televisa Investors and the offer provides for the same consideration to all other stockholders
of BMP, and Televisa provides all non-accepting stockholders the opportunity to sell their shares
of BMP at the same price for at least thirty (30)&nbsp;days after consummation of the transaction.
After a Principal Investor Sell-Down, if a Person or Group makes an unsolicited offer that would
result in a Change of Control and such offer has not been withdrawn, Televisa may alone or as part
of a group make an offer for all shares of BMP the Televisa Investors do not already own so long as
the offer has a minimum offer acceptance condition of at least *** of the outstanding shares of
BMP, which condition Televisa shall not waive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;Notwithstanding the foregoing provisions in <U>Section&nbsp;8.3(a)</U>, the provisions of
<U>Section&nbsp;8.3</U> shall no longer apply in the event that any of BMP, BMPH or Univision or any
subsidiary thereof that is a Significant Subsidiary thereof commences or becomes subject to
(voluntarily or involuntarily) any case, action or proceeding before any court or other
Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation,
receivership, dissolution, winding-up or relief of debtors or any general assignment for the
benefit of creditors, composition, marshaling of assets for creditors, or other, similar
arrangement in respect of its creditors generally or any substantial portion of its creditors, in
each case undertaken under the Laws of any jurisdiction; <U>provided</U> that if such case, action
or proceeding is involuntary, it shall have continued undismissed for sixty (60)&nbsp;days or more or an
order or decree approving or ordering any of the foregoing shall be entered prior to the end of
such sixty (60)&nbsp;day period.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;In the event any stockholder of BMP converts its voting shares of Common Stock into
non-voting shares of Common Stock, BMP shall promptly notify the Televisa Investors of such
conversion and the number of voting shares of Common Stock that is or will be held by such
stockholder and all stockholders following such conversion and shall provide the Televisa Investors
with a certificate
signed by an authorized Senior Officer stating that such conversion has occurred, the number
of shares of Common Stock which have been converted and, if actually known to BMP, the reasons for
effectuating such conversion. Not later than the fifteenth (15<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>) business day after
the Televisa Investors receive such notice and certificate, the Televisa Investors will convert (by
delivery to BMP of (i)&nbsp;written notice of such conversion and (ii)&nbsp;the certificate(s), duly endorsed
for transfer, evidencing such shares to be converted), and each Televisa Investor hereby authorizes
the Company to convert on its behalf, and such conversion shall be deemed to automatically have
occurred, in the event it fails to deliver to the Company within such 15 business-day period the
items set forth in clauses (i)&nbsp;and (ii)&nbsp;above, in accordance with the provisions of the Amended and
Restated BMP Charter with respect to such Common Stock, an amount of the Televisa Investors&#146; voting
shares of Common Stock (pro-rata amongst the Televisa Investors, based on the number of voting
shares of Common Stock held by such Televisa Investors or as otherwise determined by Televisa) into
non-voting shares of Common Stock such that the Televisa Investors&#146; aggregate Equity Percentage
(but without regard to clause (a)&nbsp;of the definition of Equity Percentage) is no greater than the
Maximum Equity Percentage (i.e., if the Televisa Investors&#146; aggregate Equity Percentage (without
regard to clause (a)&nbsp;of the definition of Equity Percentage) is increased by the conversion by a
stockholder of BMP of its voting shares of Common Stock into non-voting shares of Common Stock but
the Televisa Investors&#146; aggregate Equity Percentage (without regard to clause (a)&nbsp;of the definition
of Equity Percentage) is as a result thereof less than or equal to the Maximum Equity Percentage,
then no conversion of any shares of Common Stock of Televisa Investors will be required). In the
event any stockholder of BMP converts its non-voting shares of Common Stock into voting shares of
Common Stock, BMP shall promptly notify the Televisa Investors of such conversion and the number of
non-voting shares of Common Stock that is or will be held by such stockholder and all stockholders
of BMP following such conversion and shall provide the Televisa Investors with a certificate signed
by an authorized Senior Officer stating that such conversion has occurred, the number of shares of
Common Stock which have been converted and, if actually known to BMP, the reasons for effectuating
such conversion. The Televisa Investors will be permitted to convert (by delivery to BMP of (x)
written notice of such conversion and (y)&nbsp;the certificate(s), duly endorsed for transfer,
evidencing such shares to be converted), in accordance with the provisions of the Amended and
Restated Charter of BMP with respect to such Common Stock, an amount of the Televisa Investors&#146;
non-voting shares of Common Stock (pro-rata amongst the Televisa Investors, based on the number of
non-voting shares of Common Stock held by all Televisa Investors or as otherwise determined by
Televisa) into voting shares of Common Stock up to the Maximum Equity Percentage. Notwithstanding
the foregoing, nothing contained herein shall be deemed to limit or restrict in any way the right
of the Televisa Investors, at any time and from time to time, to convert their non-voting shares of
Common Stock into voting shares of Common Stock up to the Maximum Equity Percentage. In each case,
BMP shall promptly thereafter issue and send to the applicable Televisa Investors new certificates,
registered in the name of such Televisa Investors, evidencing the applicable shares of Common Stock
into which such Televisa Investors converted their respective shares of Common Stock.
Notwithstanding the foregoing, the Parties agree and acknowledge that Televisa and its Permitted
Transferees shall have no obligation to procure the agreement of, or compliance by, any Televisa
Investor who is not a Permitted Transferee of Televisa and Televisa&#146;s percentage of voting shares
shall not be adversely affected as a result of such non-compliance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.4 <U>Notification of Certain Matters</U>. The Sellers and Univision shall give notice to
Televisa and Televisa shall give notice to the Sellers and Univision, as promptly as reasonably
practicable upon becoming aware of (a)&nbsp;any fact, change, condition, circumstance, event, occurrence
or non-occurrence that has caused or is reasonably likely to cause any representation or warranty
in this Agreement made by it to be untrue or inaccurate in any respect at any time after the date
hereof and prior
to the Closing or (b)&nbsp;any material failure on its part to comply with or satisfy any covenant,
condition or agreement to be complied with or satisfied by it hereunder.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT THE OMITTED PORTIONS OF THIS
DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND <FONT style="white-space: nowrap">EXCHANGE COMMISSION</font></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.5 <U>Televisa Option</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;Subject to <U>Section&nbsp;8.3(a)</U>, on and after the *** of the Closing Date, but prior to
the earlier of *** (with the price to be paid by Televisa for such Additional Equity Amount to be
equal to the offering price(s) to the public in such offering(s)), Televisa shall have the right to
purchase shares of Class&nbsp;C Common Stock (or to the extent that a purchase of Class&nbsp;C Common Stock
would cause the voting Equity Percentage to exceed the Maximum Equity Percentage, Class&nbsp;D Common
Stock), up to a maximum of the number of shares equal to the remaining Additional Equity Amount
(each such share, a &#147;<U>Televisa Option Share</U>&#148; and, collectively, the &#147;<U>Televisa Option
Shares</U>&#148;) at a purchase price per Televisa Option Share equal to the Fair Market Value thereof
in accordance with the following provisions of this <U>Section&nbsp;8.5</U> (the &#147;<U>Televisa
Option</U>&#148;); <U>provided</U> that if BMP undertakes or proposes to undertake a spin-off,
split-off, or similar transaction, Televisa may exercise the Televisa Option prior to the ***
anniversary of the date hereof (and in any event prior to the consummation of such spin-off,
split-off or similar transaction provided that Televisa is given reasonable notice and a
reasonable period of time in the context of the transaction to exercise the Televisa Option prior
to such consummation) so as to allow Televisa to participate in such transaction with respect to
the Additional Equity Amount (if the Televisa Option is not exercised within such reasonable period
of time, then it shall again become exercisable *** the *** anniversary of the Closing);
<U>provided</U>, <U>further</U>, that if Televisa reasonably believes that the issuance of Class
C Common Stock and/or Class&nbsp;D Common Stock would not be prudent in light of legal requirements, or
if the issuance of Class&nbsp;C Common Stock and/or Class&nbsp;D Common Stock pursuant to the Televisa Option
would cause the Equity Percentage Cap to be exceeded, then BMP shall, after good faith consultation
with Televisa, issue to Televisa additional Debentures or TV Warrants (whichever the Board of BMP
elects; it being understood that the economic terms of any such Debentures or TV Warrants shall be
determined so as to be as equivalent as reasonably practicable to the economic terms of the Class&nbsp;C
Common Stock and/or Class&nbsp;D Common Stock which Televisa would have otherwise acquired, but in any
case the number of shares of Class&nbsp;C Common Stock and/or Class&nbsp;D Common Stock underlying such
Debentures or TV Warrants shall be no less than the number of shares of Class&nbsp;C Common Stock and/or
Class&nbsp;D Common Stock that Televisa would have otherwise acquired) to Televisa in place of the
shares of Class&nbsp;C Common Stock and/or Class&nbsp;D Common Stock (and the shares of Common Stock
underlying such Debentures or TV Warrants shall be deemed to be the &#147;Televisa Option Shares&#148; for
purposes of this Agreement).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;To exercise the Televisa Option, Televisa shall furnish to BMP a written notice of its
election to exercise its Televisa Option, which notice shall specify the number of Televisa Option
Shares with respect to which the Televisa Option are being exercised (the &#147;<U>Televisa Option
Notice</U>&#148;), and BMP shall promptly furnish the Televisa Option Notice to each Principal Investor.
At any time prior to the closing of such exercise of the Televisa Option, Televisa may for any
reason withdraw its Televisa Option Notice and decline to purchase Televisa Option Shares pursuant
to the Televisa Option, but, notwithstanding any such withdrawal, such notice shall count as one
exercise by Televisa of the Televisa Option for purposes of, but subject to the provisos in,
<U>Section&nbsp;8.5(h)</U>.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;No later than ten (10)&nbsp;days after the date of the Televisa Option Notice (the &#147;<U>Banker
Selection Date</U>&#148;), each of Televisa and BMP shall be entitled to select and engage an investment
banker of recognized standing in North America (the &#147;<U>Initial Appraisers</U>&#148;). The Initial
Appraisers shall be
entitled to consult with each other with respect to their reports, and BMP and Univision shall
provide them with the Company&#146;s most recent consolidated financial statements and financial
forecasts for the then-current year, any other forecasts and projections customarily produced by
BMP, BMPH, Univision and/or their subsidiaries, and other information that is customary and
reasonably requested regarding BMP&#146;s and its subsidiaries&#146; business and financial condition and
results of operation. Each of the Initial Appraisers shall have thirty (30)&nbsp;days to determine a
Preliminary Fair Market Value and provide Televisa and BMP with a written report thereon (the
&#147;<U>Appraiser Report</U>&#148;). If the higher of the Preliminary Fair Market Values as determined by
the Initial Appraisers is not more than 110% of the lower of such Preliminary Fair Market Values,
then the Fair Market Value shall equal the average of the two Preliminary Fair Market Values. If
the higher Preliminary Fair Market Value is more than 110% of the lower Preliminary Fair Market
Value, then not more than ten (10)&nbsp;days after the delivery of both Appraiser Reports to Televisa
and BMP, the Initial Appraisers will together designate another investment banker of recognized
standing in North America who is not Affiliated with the Company or any of its subsidiaries or any
PITV Investor (the &#147;<U>Third Appraiser</U>&#148;), who shall be informed of the Preliminary Fair Market
Values determined by the Initial Appraisers and provided with copies of their Appraiser Reports and
the information that BMP and Univision provided to the Initial Appraisers. The Third Appraiser
will have thirty (30)&nbsp;days to determine a Preliminary Fair Market Value and provide Televisa and
BMP with a written report thereon. If the Third Appraiser&#146;s Preliminary Fair Market Value is
within the middle one-third of the range of values between the Preliminary Fair Market Values of
the Initial Appraisers (the &#147;<U>Mid-Range</U>&#148;), then the Fair Market Value shall be equal to the
Preliminary Fair Market Value of the Third Appraiser. If the Third Appraiser&#146;s Preliminary Fair
Market Value does not fall within the Mid-Range, then the Fair Market Value will be the average of
(i)&nbsp;the Third Appraiser&#146;s Preliminary Fair Market Value and (ii)&nbsp;either the high or low Preliminary
Fair Market Value of the Initial Appraisers, whichever is closest to the Third Appraiser&#146;s
Preliminary Fair Market Value; <U>provided</U> that the Fair Market Value shall not be less than
the lower of the Preliminary Fair Market Values determined by the Initial Appraisers or greater
than the higher of the Preliminary Fair Market Values determined by the Initial Appraisers; and
<U>provided</U> <U>further</U> that if the Televisa Option Notice is delivered during a Sponsor
Sale or Merger Exit, the Fair Market Value shall be based upon the valuation determined in
connection with such Sponsor Sale or Merger Exit. For purposes hereof, &#147;<U>Fair Market Value</U>&#148;
means the fair market value determined in accordance with this <U>Section&nbsp;8.5(c)</U>, and the
&#147;<U>Preliminary Fair Market Value</U>&#148; means the total value that would reasonably be expected to
be received in respect of the shares of Common Stock (on a fully diluted, as converted and as
exercised basis including conversion of the Debentures) as of the Banker Selection Date in a sale
of the entire company, with no discount as a result of the voting rights or illiquidity of any such
shares or because any such shares represent a minority equity interest in BMP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;Within five (5)&nbsp;days after the determination of Fair Market Value in accordance with
<U>Section&nbsp;8.5(c)</U>, BMP shall notify Televisa (i)&nbsp;whether BMP shall issue and sell, or (ii)
whether the Principal Investors and the Tag Along Holders shall sell subject to and in accordance
with Section&nbsp;3.1 of the Stockholders Agreement (in either case, the &#147;<U>Televisa Option
Sellers</U>&#148;), the Televisa Option Shares; <U>provided</U> that if BMP issues and sells the
Televisa Option Shares, the proceeds from such sale shall be used to retire Indebtedness of
Univision. The scope of the representations and warranties of the Televisa Option Sellers or BMP,
as applicable (and such party&#146;s indemnification obligations with respect to a breach thereof) in
connection with the issuance and/or sale of any Televisa Option Shares shall be limited to
customary representations and warranties relating to non-contravention, no liens or other
encumbrances and title and ownership of, and authority to sell, the Televisa Option Shares.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT THE OMITTED PORTIONS OF THIS
DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND <FONT style="white-space: nowrap">EXCHANGE COMMISSION</font></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(e)&nbsp;Within fifteen (15)&nbsp;days following the election set forth in the first sentence of Section
8.5(d), or at such other time as is mutually agreed between Televisa and the Televisa Option
Sellers (or, BMP if the Majority Principal Investors have elected for BMP to issue and sell the
shares), the closing of the Televisa Option shall occur, and the Televisa Option Sellers shall
sell, or BMP shall issue and sell, as applicable, to Televisa the Televisa Option Shares in
exchange for a cash amount in immediately available funds equal to the Fair Market Value of such
Televisa Option Shares as set forth in this <U>Section&nbsp;8.5</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(f)&nbsp;Each of Televisa and BMP shall pay the fees and expenses of the Initial Appraiser that it
selects and half of the fees and expenses of the Third Appraiser; <U>provided</U>,
<U>however</U>, that if the Televisa Option Sellers elect to sell the Televisa Option Shares (in
lieu of issuance thereof by BMP), the Televisa Option Sellers shall pay the fees and expenses of
the Initial Appraiser that BMP selects and any half of the fees and expenses of the Third Appraiser
in lieu of such payment by BMP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(g)&nbsp;In the event that Televisa reasonably believes, on the advice of legal counsel with
expertise in Federal Communications Laws, that Televisa cannot exercise its Televisa Option to the
full extent set forth under this <U>Section&nbsp;8.5</U> (or any lesser amount that Televisa desires to
be issued) because of Foreign Ownership Restrictions, then Televisa shall have the right to, but
shall not be required to, assign such Televisa Option to (i)&nbsp;an FCC-Approved Trust, (ii)&nbsp;any other
Person while regulatory or judicial relief is being sought with respect to such Foreign Ownership
Restrictions or (iii)&nbsp;any other Person if the FCC has ordered that Televisa reduce its voting or
equity ownership in BMP, or Televisa has received written notification from the FCC of an
investigation with respect to Televisa&#146;s ownership of BMP, and provided in either case in this
clause (iii)&nbsp;that Televisa seeks regulatory or judicial relief related to such order or
investigation within six (6)&nbsp;months of the transfer to such Person. The assignment set forth in
the preceding sentence shall only be for the period during which such Foreign Ownership
Restrictions prevent Televisa from holding such Televisa Option Shares or while Televisa is
actively seeking regulatory or judicial relief with respect to the Foreign Ownership Restrictions
or from the applicable order or investigation, as applicable (or in the case of clause (iii)&nbsp;of the
preceding sentence, prior to the six (6)&nbsp;month anniversary of the transfer to the other Person and
thereafter while Televisa is seeking regulatory or judicial relief related to such order or
investigation) and once such period terminates, such FCC-Approved Trust or other Person shall
assign such rights and transfer such Televisa Option Shares to Televisa or as otherwise permitted
under the Transaction Documents or otherwise comply with the terms of any applicable order of the
FCC or regulatory or judicial decision. Upon any such assignment set forth in this <U>Section
8.5(g)</U>, the FCC-Approved Trust or other Person to which such assignment is made shall become
party to <U>Sections&nbsp;8.5</U> and <U>11.13</U> of this Agreement and the other Transaction
Agreements as a &#147;Televisa Investor&#148; (and, upon joining <U>Sections&nbsp;8.5</U> and <U>11.13</U> of
this Agreement and the other Transaction Agreements as a Televisa Investor, such trust or other
Person shall have the right to exercise such Televisa Option and hold such Televisa Option Shares).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(h)&nbsp;The Televisa Option can be exercised in whole or in part a maximum of ***; <U>it</U>
<U>being</U> <U>understood</U> that the *** termination date referenced in the first sentence of
this <U>Section&nbsp;8.5</U> shall be extended by any such *** Period; and <U>provided</U>,
<U>further</U>, that an exercise will not be deemed to have occurred and Televisa will not be
deemed to have lost any rights to exercise the Televisa Option if the acquisition of the Televisa
Option Shares pursuant to such exercise is not consummated, other than in connection with a
withdrawal by Televisa of a Televisa Option Notice as set forth in <U>Section&nbsp;8.5(b)</U> or as a
result of a breach by Televisa of its obligations set forth in this <U>Section&nbsp;8.5</U> (and, for
the avoidance of doubt, the failure of any Televisa Option exercise to be consummated shall not be
deemed to be due to a
breach by Televisa, and Televisa shall not be deemed to be in breach of its obligations under
this <U>Section&nbsp;8.5</U> or to have lost any of its rights to exercise the Televisa Option, if the
failure of such consummation is due to FCC or other regulatory issues or requirements not being
resolved or obtained, as applicable; <U>provided</U> that such failure shall be deemed to be a
breach by Televisa of its obligations set forth in this <U>Section&nbsp;8.5</U> if Televisa fails to
make any requisite regulatory filings (e.g., HSR Act filing, if applicable) in connection with such
exercise of the Televisa Option).
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.6 <U>Letter of Credit</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;On or prior to Closing, BMP shall cause the Letter of Credit to be issued to Televisa or
such subsidiary of Televisa as Televisa may designate (the &#147;<U>Beneficiary</U>&#148;) for the
Beneficiary&#146;s sole benefit in an amount not to exceed the Maximum Stated Amount. The Letter of
Credit will be issued by a major U.S. financial institution of international reputation selected by
BMP and reasonably acceptable to Televisa (the &#147;<U>L/C Issuer</U>&#148;), it being understood that each
of the financial institutions listed on <U>Schedule&nbsp;8.6(a)</U> is acceptable to Televisa.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;All fees and expenses, including any margin fees, payable to the L/C Issuer in respect of
the Letter of Credit shall be payable by BMP and shall not be deducted from the amount of the
Letter of Credit or be owed by Televisa or the Beneficiary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;In addition to the other rights of Televisa and the Beneficiary set forth in this
<U>Section&nbsp;8.6</U>, the Beneficiary shall have the right to draw down the Letter of Credit upon
presentation to the L/C Issuer of a draw request stating (i) (x)&nbsp;an Event of Default under Section
7(a)(i) of the Debentures has occurred and is continuing (an &#147;<U>Interest Payment Event of
Default</U>&#148;), or (y)&nbsp;an Event of Default under Section&nbsp;7(a)(iii) or (iv)&nbsp;of the Debentures shall
have occurred and is continuing, and (ii)&nbsp;the amount to be drawn (any such right, a &#147;<U>Draw Down
Right</U>&#148;). The Letter of Credit shall provide that the draw request shall be honored within the
customary timeframes for standby letters of credit after presentation of any conforming draw
request. The initial face amount of the Letter of Credit shall be $90&nbsp;million (subject to
reduction for any amounts previously drawn and as further provided below, the &#147;<U>Maximum Stated
Amount</U>&#148;), and it shall permit multiple draws. Notwithstanding any rights of the Beneficiary
under this <U>Section&nbsp;8.6</U> to draw down the Letter of Credit, a failure by BMP to timely make
any payment of principal, premium or interest on the Debentures shall constitute an Event of
Default in accordance with the terms set forth in Section 7(a) of the Debentures, and any exercise
by the Beneficiary of its drawdown rights hereunder shall not act as or be deemed to be a waiver of
any Event of Default under the terms of the Debenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;The Beneficiary shall not exercise a Draw Down Right in an amount in excess of the lesser
of (i)&nbsp;the Maximum Stated Amount, and (ii) (x)&nbsp;in the case of an Interest Payment Event of Default
for no more than three (3)&nbsp;consecutive interest payments under the Debentures, the amount of the
unpaid interest due on the Debentures, and (y)&nbsp;in the case of any other Draw Down Right, the net
present value of all remaining interest payments (discounted based on the Treasury Rate) (the
&#147;<U>Remaining Payment Obligations</U>&#148;).
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT THE OMITTED PORTIONS OF THIS
DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND <FONT style="white-space: nowrap">EXCHANGE COMMISSION</font></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(e)&nbsp;Following the end of a fiscal quarter of BMP (but if not practicable, then at the end of
each fiscal year of BMP), if the Maximum Stated Amount of the Letter of Credit at the end of such
period exceeds the Remaining Payment Obligations calculated as at the end of such period, then the
Beneficiary shall within ten (10)&nbsp;business days after the end of such period submit a reduction
certificate
to the L/C Issuer requesting the reduction of the Maximum Stated Amount to an amount equal to
the then Remaining Payment Obligations, and, if the Beneficiary fails to do so within such period,
BMP may replace the Letter of Credit for a Letter of Credit with a face amount equal to the then
Remaining Payment Amount. In the event that BMP elects to so replace the existing Letter of
Credit, the Beneficiary shall take all actions, including the return of the existing Letter of
Credit, reasonably requested by BMP to facilitate the replacement of the existing Letter of Credit.
In the event that (i) (x)&nbsp;a Qualified Public Offering has occurred, and (y)&nbsp;the Consolidated
Leverage Ratio is *** or lower (which calculation shall be set forth in reasonable detail in an
officer&#146;s certificate delivered to the Beneficiary), or (ii)&nbsp;all of the Debentures have been
converted in full into equity in accordance with the terms thereof or have otherwise been repaid in
full in cash (any event described in <U>clause (i)</U> or <U>(ii)</U> a &#147;<U>Termination
Event</U>&#148;), then BMP shall deliver written notice to the Beneficiary of such Termination Event and
the Beneficiary shall, within ten (10)&nbsp;business days after such written notice, deliver a reduction
certificate to the L/C Issuer causing the Letter of Credit to automatically terminate. The
Beneficiary shall execute and deliver such documentation as is necessary to cause the Letter of
Credit to be reduced or terminated in such circumstances, and any failure by the Beneficiary to do
so shall entitle BMP to seek and obtain specific enforcement of such obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(f)&nbsp;The term of the Letter of Credit shall either be until December&nbsp;31, 2020, or shall be renewed
on a periodic basis (no more frequently than annually) until the earlier to occur of December&nbsp;31,
2020 or a Termination Event; <U>provided</U> that if within thirty (30)&nbsp;days prior to the
then-current expiration date of the Letter of Credit prior to December&nbsp;31, 2020, (i)&nbsp;the Letter of
Credit is not renewed for a period of at least one (1)&nbsp;year after the then current expiration date
(or, in the case of any period ending on December&nbsp;31, 2020, less than one year), and (ii)&nbsp;a
replacement Letter of Credit is not delivered to the Beneficiary (which replacement Letter of
Credit shall be for the Maximum Stated Amount, or, if less, the then Remaining Payment Obligations
and that contains terms and conditions that would otherwise qualify as an initial Letter of Credit
hereunder), then the Beneficiary may elect to draw down an amount on the Letter of Credit equal to
the full amount of the Remaining Payment Obligations (an &#147;<U>Expiration Draw</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(g)&nbsp;Any interest payments otherwise payable under the Debentures shall be reduced by the
amount drawn by the Beneficiary on the Letter of Credit; <U>provided</U>, that if the Beneficiary
elects to convert the Debentures after an Expiration Draw, and the amount drawn exceeds the
interest otherwise payable up to and including the date of such conversion, then the Beneficiary
may elect (i)&nbsp;to reduce the amount of principal of the Debentures by the amount of such excess
immediately prior to such conversion, or (ii)&nbsp;to pay to BMP the amount of such excess in cash
promptly upon such conversion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(h)&nbsp;In the event that the face amount of the Letter of Credit is reduced from time to time, or
the Letter of Credit is terminated and not replaced by a Letter of Credit with an equivalent face
amount, BMP shall cause any funds returned to BMP or its Affiliates as a result of such reduction
or termination to be contributed to Univision and used by Univision to reduce any of its then
outstanding Indebtedness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.7 <U>FCC Requirements</U>. Notwithstanding anything to the contrary herein, BMP and its
subsidiaries shall not (x)&nbsp;take any action in order to comply with the Federal Communications Laws,
including in order to maintain the Company FCC Licenses, that Discriminates against Televisa or the
Televisa Investors, or (y)&nbsp;take any action with respect to or adversely impacting any Televisa
Investors which is prohibited by Section&nbsp;5 of Article&nbsp;Eighth of the Amended and Restated BMP
Charter.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.8 <U>No Material Business Operations</U>. BMP shall not, and shall procure that BMPH and any
other subsidiary of BMP that is a direct or indirect parent entity of Univision shall not, engage
in any material business other than that which is directly related to the holding of all of the
outstanding shares of BMPH and Univision, respectively.
</DIV>

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


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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.1 <U>Termination</U>. This Agreement may be terminated at any time before the Closing Date:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;by mutual written consent of BMP and Televisa;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;by BMP, if Televisa breaches or fails to perform in any respect any of its
representations, warranties or covenants contained in this Agreement, or if any representation or
warranty of Televisa shall become untrue, in any case such that the conditions set forth in
<U>Sections&nbsp;7.1</U> or <U>7.2</U> would not be satisfied and such breach cannot be cured, or if
capable of being cured, has not been cured by the earlier of sixty (60)&nbsp;days from the occurrence of
such breach and the Drop Dead Date;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;by Televisa, if (i)&nbsp;the Sellers breach or fail to perform in any respect any of their
respective representations, warranties or covenants contained in this Agreement or if any
representation or warranty of the Sellers shall become untrue, in any case such that the conditions
set forth in <U>Sections&nbsp;6.1</U> or <U>6.2</U> would not be satisfied, or (ii)&nbsp;any of the
Principal Investors breach or fail to perform in any respect any of their obligations set forth in
any Side Letter Agreement or if any representation or warranty of any Principal Investors shall
become untrue, in any case such that the conditions set forth in <U>Section&nbsp;6.16</U> would not be
satisfied, and, in the case of clauses (i)&nbsp;and (ii)&nbsp;such breach cannot be cured, or if capable of
being cured, has not been cured by the earlier of sixty (60)&nbsp;days from the occurrence of such
breach and the Drop Dead Date;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;by either (i)&nbsp;BMP or (ii)&nbsp;Televisa in the event the Closing shall not have occurred by
April&nbsp;4, 2012 (the &#147;<U>Drop Dead Date</U>&#148;); <U>provided</U>, that the right to terminate this
Agreement under this <U>Section&nbsp;9.1(d)</U> shall not be available if the failure of the Party so
requesting termination to fulfill any obligation under this Agreement shall have been the cause of
the failure of the Closing to occur on or before such date; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(e)&nbsp;by either BMP or Televisa in the event that any Governmental Authority of competent
jurisdiction shall have issued an Order or taken any other action restraining, enjoining or
otherwise prohibiting the transactions contemplated by this Agreement and such Order or other
action shall have become final and non-appealable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Party seeking to terminate this Agreement pursuant to this <U>Section&nbsp;9.1</U> (other than
<U>Section&nbsp;9.1(a)</U>) shall give prompt written notice of such termination to the other Parties.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.2 <U>Effect of Termination</U>. In the event of the termination of this Agreement pursuant to
<U>Section&nbsp;9.1</U>, this Agreement shall become void and have no effect, without any liability on
the part of any Party or its members, stockholders, managers, directors or officers;
<U>provided</U>, <U>however</U>, that the obligations of the Parties set forth in <U>Section
11.3</U> relating to assignment, <U>Section&nbsp;11.4</U> relating to notices,
<U>Section&nbsp;11.7</U> relating to governing law, <U>Section&nbsp;11.8</U> relating to consent to
jurisdiction, <U>Section&nbsp;11.9</U> relating to waiver of jury trial and <U>Section&nbsp;11.13</U>
relating to no recourse shall survive such termination and be enforceable hereunder.
Notwithstanding the foregoing, nothing in this <U>Section&nbsp;9.2</U> shall relieve any Party of
liability for any fraud or breach of any covenant or agreement or for any breach of its
representations and warranties contained in this Agreement prior to the date of termination, and if
it shall be judicially determined that termination of this Agreement pursuant to <U>Section&nbsp;9.1
(b)</U> or <U>(c)</U> was caused by a breach of any covenant or agreement or breach of any
representation or warranty contained in this Agreement or fraud, then, in addition to other
remedies at law or equity for breach of this Agreement, the Party so found to have breached any
covenant or agreement or breached its representations and warranties contained in this Agreement
shall indemnify and hold harmless the other Party for its costs, fees and expenses of its counsel,
accountants, financial advisors, consultants and other experts and advisors as well as fees and
expenses incident to negotiation, preparation and execution of this Agreement and related
documentation and consents, and damages may include the benefit of the bargain of the transaction
to the non-breaching party.
</DIV>

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


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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.1 <U>Survival of Representations and Warranties</U>. The representations and warranties of
BMP, BMPS2, Univision and Televisa contained in <U>Article&nbsp;III</U> and <U>Article&nbsp;IV</U>,
respectively, including as set forth in any certificate delivered pursuant hereto with respect to
the accuracy of such representations and warranties on or prior to Closing, shall terminate at
Closing, other than the representations and warranties of (a)&nbsp;BMP, BMPS2 and Univision set forth in
<U>Sections&nbsp;3.1</U> (Organization and Good Standing), <U>3.3</U> (Authorization and
Enforceability), <U>3.4</U> (Capitalization), <U>3.5</U> (Valid Issuance of BMPS2 Units, C/D
Shares, Debentures, Televisa Option Shares, Debenture Shares and TV Warrants), <U>3.6</U>
(Non-Contravention), <U>3.7</U> (No Dividends, Distributions or Share Repurchases), <U>3.8</U>
(Securities Act), <U>3.12(b)</U> (Compliance with Certain Covenants), <U>3.21</U> (Related Party
Transactions; Agreements of Principal Investors) and <U>3.25</U> (Certain Fees and Expenses) and
(b)&nbsp;Televisa set forth in <U>Sections&nbsp;4.1</U> (Organization and Good Standing) and <U>4.2</U>
(Authorization and Enforceability). Notwithstanding anything to the contrary in this Agreement, a
Party&#146;s right to pursue claims for fraud shall not be limited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.2 <U>Indemnification</U>. Each of BMP, BMPS2 and Univision, severally and not jointly, hereby
agrees to indemnify and hold Televisa harmless from and against, and pay to Televisa the amount of
any damages, losses, liabilities, obligations, claims, interest or expenses (including reasonable
attorneys&#146; fees and expenses), whether or not involving a third party claim, based upon,
attributable to or resulting from the failure of the representations and warranties set forth in
<U>Sections&nbsp;3.1</U> (Organization and Good Standing), <U>3.3</U> (Authorization and
Enforceability), <U>3.4</U> (Capitalization), <U>3.5</U> (Valid Issuance of BMPS2 Units, C/D
Shares, Debentures, Televisa Option Shares, Debenture Shares and TV Warrants), <U>3.6</U>
(Non-Contravention), <U>3.7</U> (No Dividends, Distributions or Share Repurchases), <U>3.8</U>
(Securities Act), <U>3.12(b)</U> (Compliance with Certain Covenants), <U>3.21</U> (Related Party
Transactions; Agreements of Principal Investors) and <U>3.25</U> (Certain Fees and Expenses) to be
true and correct in all respects as of the date hereof and the Closing Date.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.3 <U>Indemnification Procedures</U>. In the event any claim for indemnification under
<U>Section&nbsp;10.2</U> against an indemnifying party is made, the indemnified party shall give prompt
notice to the indemnifying party (<U>provided</U> that any failure to provide such notice shall
not affect the indemnification
obligations of the Parties under this Agreement except to the extent such failure materially
prejudices the potential defenses of the indemnifying party). The indemnifying party shall have
the right to defend, settle or compromise any claim, demand, action or proceeding initiated by a
third party with counsel of its own choosing that is reasonably acceptable to the indemnified party
(unless the indemnified party agrees to assume the cost of the defense or any settlement), at its
sole cost and expense; <U>provided</U>, <U>however</U>, that no settlement or compromise may be
entered into by the indemnifying party without the prior written consent (not to be unreasonably
withheld or delayed) of the indemnified party. The indemnified party may select counsel to
participate in any such defense at its sole cost and expense. In connection with any such claim,
action or proceeding, the Parties shall cooperate with each other and provide each with access to
relevant books and records in their possessions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.4 <U>Certain Limitations</U>. Notwithstanding anything to the contrary contained in this
Agreement, no Party shall be liable to the other parties under this Agreement for any special,
consequential, punitive, indirect or exemplary damages (including lost or anticipated revenues or
profits relating to the same) arising from any claim relating to this Agreement, whether such claim
is based on warranty, contract, tort (including negligence or strict liability) or otherwise.
</DIV>

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


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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.1 <U>Amendments</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;<I>Oral Modifications</I>. This Agreement may not be orally amended, modified extended or
terminated, nor shall any oral waiver of any of its terms be effective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;<I>Waiver, Written Modifications</I>. This Agreement may be amended, modified, extended,
supplemented or waived (&#147;<U>Amendment</U>&#148;), only by an agreement in writing signed by BMP and
Televisa; <U>provided</U>, that the Party against whom enforcement of any such waiver is sought
may waive any right hereunder by an instrument in writing signed by such Party. A copy of each
such Amendment shall be sent to each Party hereto and shall be binding upon each Party hereto
except to the extent otherwise required by Law; <U>provided</U> that the failure to deliver a copy
of such Amendment shall not impair or affect the validity of such Amendment. To the extent the
Amendment of any Section of this Agreement would require a specific consent pursuant to this
<U>Section&nbsp;11.1(b)</U>, any Amendment to the definitions used in such Section as applied to such
Section shall also require the specified consent. No action taken pursuant to this Agreement,
including any investigation by or on behalf of any Party, shall be deemed to constitute a waiver by
the Party taking such action of compliance with any representation, warranty, covenant or agreement
contained herein. The waiver by any Party hereto of a breach of any provision of this Agreement
shall not operate or be construed as a further or continuing waiver of such breach or as a waiver
of any other or subsequent breach. No failure on the part of any Party to exercise, and no delay
in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall
any single or partial exercise of such right, power or remedy by such Party preclude any other or
further exercise thereof or the exercise of any other right, power or remedy. All remedies
hereunder are cumulative and are not exclusive of any other remedies provided by law.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.2 <U>Entire Agreement</U>. This Agreement, the other Transaction Agreements and the related
Exhibits and Schedules hereto and thereto set forth the entire understanding and agreement of the
Parties, and supersede all prior agreements, arrangements and communications, whether oral or
written, with respect to the subject matter hereof (including the MOU).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.3 <U>Assignment; Binding Effect; Third Party Beneficiaries</U>. The rights and obligations of
any Party hereto under this Agreement may not be assigned (by operation of law or otherwise) or
delegated to any other Person; <U>provided</U> that the Sellers&#146; rights and obligations may be
assigned by operation of law following the Closing to a successor; <U>provided</U> that any such
assignment shall not relieve such Sellers of their respective obligations hereunder (unless such
assignment is to a Purchaser of Control who agrees to assume such obligations); and Televisa may
assign any of its rights and obligations to acquire any of the C/D Shares, the Televisa Option
Shares, Debentures, Debenture Shares, TV Warrants and/or BMPS2 Units hereunder to one or more of
its Permitted Transferees, <U>provided</U> that any such assignment shall not relieve Televisa of
its obligations hereunder, or to any trust arrangement or other Person in accordance with
<U>Section&nbsp;8.5(g)</U>. Except as expressly provided in this Agreement, this Agreement shall not
be construed so as to confer any right or benefit upon any Person other than the Parties to this
Agreement, and their respective successors and assigns. Except as provided below, this Agreement
shall be solely for the benefit of the signatories to this Agreement, and no other Person or entity
shall be a third-party beneficiary hereof. Each Party acknowledges and agrees that,
notwithstanding anything to the contrary in this Agreement, the Persons referenced in <U>Section
10.3</U> and <U>Section&nbsp;11.13</U> have relied on <U>Section&nbsp;10.3</U> and <U>Section&nbsp;11.13</U>,
respectively, are express third party beneficiaries of <U>Section&nbsp;10.3</U> and <U>Section
11.13</U>, respectively, and are entitled to enforce the obligations of the Parties under
<U>Section&nbsp;10.3</U> and <U>Section&nbsp;11.13</U>, respectively, directly against the other Parties to
the full extent thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.4 <U>Notices</U>. All notices, requests, consents and other communications hereunder to any
Party shall be deemed to be sufficient if contained in a written instrument and (a)&nbsp;delivered
personally, (b)&nbsp;sent by facsimile, or (c)&nbsp;sent by overnight courier, in each case, addressed as set
forth on <U>Schedule&nbsp;11.4</U>, or if not set forth thereon, in the records of BMP. Notice to the
holder of record of any shares of capital stock shall be deemed to be notice to the holder of such
shares for all purposes hereof. Unless otherwise specified herein, such notices or other
communications shall be deemed effective (x)&nbsp;on the date received, if personally delivered, (y)&nbsp;on
the date received if delivered by facsimile on a business day, or if not delivered on a business
day, on the first business day thereafter and (z)&nbsp;seven (7)&nbsp;business days after being sent by
overnight courier. Each of the Parties hereto shall be entitled to specify a different address by
giving notice as aforesaid to each of the other Parties hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.5 <U>Execution of Counterparts</U>. This Agreement may be executed in any number of
counterparts and by different Parties hereto on separate counterparts, each of which counterparts,
when so executed and delivered, shall be deemed to be an original and all of which counterparts,
taken together, shall constitute but one and the same Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.6 <U>Severability of Provisions</U>. In the event that any provision hereof would, under
applicable Law (other than Federal Communications Laws, in which case any modification or
limitation must be agreed by each of Televisa, on the one hand, and the Majority Principal
Investors, on the other hand (or, if there are no Principal Investors, the agreement of Televisa
and the Board of the Company shall be required)), be invalid or unenforceable in any respect, such
provision shall be construed by modifying or limiting it so as to be valid and enforceable to the
maximum extent compatible with, and possible under, applicable Law. The provisions hereof are
severable, and in the event any provision
hereof should be held invalid or unenforceable in any respect pursuant to the preceding sentence,
it shall not invalidate, render unenforceable or otherwise affect any other provision hereof.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.7 <U>Governing Law</U>. This Agreement and the negotiation, execution, performance or
nonperformance, interpretation, termination, construction and all matters based upon, arising out
of or related to this Agreement, whether arising in law or in equity (collectively, the
&#147;<U>Covered Matters</U>&#148;), and all claims or causes of action (whether in contract or tort) that
may be based upon, arise out of or relate to the Covered Matters, except for documents, agreements
and instruments that specify otherwise, shall be governed by the laws of the State of Delaware
without giving effect to its principles or rules of conflict of laws to the extent that such
principles or rules would require or permit the application of laws of another jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.8 <U>Consent to Jurisdiction</U>. Each Party to this Agreement, by its execution hereof, (a)
hereby irrevocably submits to the exclusive jurisdiction of the Chancery Court of the State of
Delaware (and if Chancery Court does not accept jurisdiction, the federal court located in Delaware
and if the federal court in Delaware does not accept jurisdiction, any other state court in
Delaware) for the purpose of any action, claim, cause of action or suit (in contract, tort or
otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement, the
Covered Matters, the transactions contemplated hereby or relating to the subject matter hereof, (b)
hereby waives to the extent not prohibited by applicable law, and agrees not to assert, and agrees
not to allow any of its affiliates to assert, by way of motion, as a defense or otherwise, in any
such action, any claim that it is not subject personally to the jurisdiction of the above-named
courts, that its property is exempt or immune from attachment or execution, that any such
proceeding brought in one of the above named courts is improper, or that this Agreement or the
subject matter hereof may not be enforced in or by such court and (c)&nbsp;hereby agrees not to commence
or maintain any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry,
proceeding or investigation arising out of or based upon this Agreement, the transactions
contemplated hereby or relating to the subject matter hereof other than before one of the
above-named courts nor to make any motion or take any other action seeking or intending to cause
the transfer or removal of any such action, claim, cause of action or suit (in contract, tort or
otherwise), inquiry, proceeding or investigation to any court other than one of the above-named
courts whether on the grounds of inconvenient forum or otherwise. Notwithstanding the foregoing,
any Party to this Agreement may commence and maintain an action to enforce a judgment of any of the
above-named courts in any court of competent jurisdiction in the United States. Each Party hereto
hereby consents to service of process in any such proceeding in any manner permitted by Delaware
law, and agrees that service of process by registered or certified mail, return receipt requested,
at its address specified on <U>Schedule&nbsp;11.4</U> is reasonably calculated to give actual notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.9 <U>Waiver of Jury Trial</U>. Each of the parties hereto hereby waives, to the fullest extent
permitted by applicable law, any right it may have to a trial by jury in respect of any action,
claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or
investigation arising out of or based upon this Agreement, the transactions contemplated hereby or
relating to the subject matter hereof or thereof. Each of the parties hereto (i)&nbsp;certifies that no
representative of any other Party has represented, expressly or otherwise, that such other Party
would not, in the event of any such litigation, seek to enforce the foregoing waiver and (ii)
acknowledges that it has been induced to enter into this Agreement by, among other things, the
consideration received by such Party pursuant to the transactions contemplated by this Agreement.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.10 <U>Injunctive Relief</U>. The parties hereto acknowledge that money damages are not an
adequate remedy for violations of this Agreement and that any Party, in addition to any other
rights and remedies which the Party may have hereunder or at law or in equity, may, in his or its
sole discretion, apply to the Chancery Court of the State of Delaware (or, if such court does not
have jurisdiction, the other courts specified in <U>Section&nbsp;11.8</U>) for specific performance or
injunction or such other relief as such court may deem just and proper in order to enforce this
Agreement or prevent any violation hereof and, to the extent permitted by applicable law, each
Party waives any objection to the imposition of such relief. All rights, powers and remedies
provided under this Agreement or otherwise available in respect hereof at law or in equity shall be
cumulative and not alternative, and the exercise or beginning of the exercise of any thereof by any
Party shall not preclude the simultaneous or later exercise of any other such rights, powers or
remedies by such Party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.11 <U>No Announcements</U>. BMP and Televisa shall cooperate together in good faith and
consult with each other with respect to a press release announcing the Closing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.12 <U>Condition of Business</U>. Televisa acknowledges and agrees that any claims Televisa may
have for breach of any representation or warranty by BMP BMPS2 or Univision under this Agreement
shall be based solely on the representations and warranties of such Parties set forth in
<U>Article&nbsp;III</U> (as qualified by the Disclosure Schedules) and any instrument or certificate
delivered or executed by or on behalf of BMP, BMPS2 or Univision under this Agreement, and further
represents that neither of the Sellers, nor any of their respective Affiliates, nor any officer,
employee, director, agent, representative, or advisor of the Sellers, Univision or the Principal
Investors has, prior to the date hereof, made any representation, express or implied, as to the
accuracy or completeness of any information regarding the Sellers or any of their subsidiaries or
the transactions contemplated hereby not expressly set forth in this Agreement, the other
Transaction Agreements, the Commercial Agreements or any instrument or certificate delivered or
executed by or on behalf of BMP, BMPS2, Univision or their Affiliates thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.13 <U>No Recourse</U>. Notwithstanding anything that may be expressed or implied in this
Agreement, and notwithstanding the fact that certain of the Parties hereto may be corporations,
partnerships, limited liability companies or trusts, each Party to this Agreement covenants, agrees
and acknowledges that no recourse under this Agreement or any documents or instruments delivered in
connection with this Agreement shall be had against any current or future director, officer,
employee, general or limited partner, member, shareholder, manager or trustee of any Party hereto
or of any partner, member, manager, trustee, Affiliate (other than with respect to the Principal
Investors as explicitly set forth in the Stockholders Agreement, the Participation, Registration
Rights and Coordination Agreement, the Principal Investor Agreement and any other Transaction
Agreements) or assignee thereof, as such (and <U>provided</U> that such recourse may be had
against any such Person in its capacity as a Party hereto or thereto, if applicable), whether by
the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any
statute, regulation or other applicable law, it being expressly agreed and acknowledged that no
personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any
current or future officer, agent or employee of any Party hereto or any current or future member of
any Party hereto or any current or future director, officer, employee, partner, member,
shareholder, manager or trustee of any Party hereto or of any Affiliate or assignee thereof, in its
capacity as such (and <U>provided</U> that such liability may attach to, be imposed on or
otherwise be incurred by any such Person in its capacity as a Party hereto or as a party to any
Transaction Agreement, if applicable), for any obligation of any Party under this Agreement or any
documents or instruments delivered in
connection with this Agreement for any claim based on, in respect of or by reason of such
obligations or their creation.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.14 <U>Headings</U>. The Article and Section headings used or contained in this Agreement are
for convenience of reference only and shall not affect the construction of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.15 <U>Expenses</U>. Except as provided otherwise in any Transaction Agreement, each Party
shall bear its own expenses incurred in connection with the negotiation and execution of this
Agreement and each other agreement, document and instrument contemplated by this Agreement and the
consummation of the transactions contemplated hereby and thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.16 <U>Payment Gross-Up</U>. In the event that any payment is required to be made by
BMP or Univision to Televisa pursuant to Article&nbsp;X or in respect of any breach of any covenant by
BMP or Univision under this Agreement, BMP or Univision, as applicable, shall gross up such payment
amount to take into account the portion of such payment which corresponds to the Televisa
Investors&#146; entire interest (calculated on an as-exercised and as-converted basis) in BMP.
</DIV>

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


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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">12.1 <U>Certain Matters of Construction</U>. In addition to the definitions referred to or set
forth below in this <U>ARTICLE XII</U>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(a)&nbsp;The words &#147;hereof&#148;, &#147;herein&#148;, &#147;hereunder&#148; and words of similar import shall refer
to this Agreement as a whole and not to any particular Section or provision of this
Agreement, and reference to a particular Section of this Agreement shall include all
subsections thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(b)&nbsp;The word &#147;including&#148; shall mean including, without limitation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(c)&nbsp;Definitions shall be equally applicable to both nouns and verbs and the singular
and plural forms of the terms defined;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(d)&nbsp;The masculine, feminine and neuter genders shall each include the other;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(e)&nbsp;For the avoidance of doubt, unless otherwise specified, the term &#147;outstanding,&#148;
as used in this Agreement in reference to capital stock, shall not include
Convertible Securities or shares issuable upon conversion, exchange or exercise
thereof, and as used in this Agreement in reference to Convertible Securities, shall
mean Convertible Securities that are outstanding (without giving effect to the
conversion, exchange or exercise of such Convertible Securities); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(f)&nbsp;For the avoidance of doubt, &#147;fully diluted&#148; as used in this Agreement in
reference to capital stock, shall mean after giving effect to the conversion,
exchange or exercise of all outstanding Convertible Securities.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">12.2 <U>Definitions</U>. The following terms shall have the following meanings:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>2007 Equity Incentive Plan</U>&#148; shall mean the Broadcasting Media Partners, Inc. 2007
Equity Incentive Plan, effective as of March&nbsp;27, 2007, as amended from time to time, or any
successor or additional Company management equity incentive plan approved by BMP&#146;s Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>2009 Audited Financials</U>&#148; shall have the meaning set forth in <U>Section&nbsp;3.10(b)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>2010 Equity Incentive Plan</U>&#148; shall mean the Broadcasting Media Partners, Inc. Equity
Incentive Plan, effective as of the date hereof in the form previously disclosed to Televisa, as
amended from time to time, or any successor or additional Company management equity incentive plan
approved by BMP&#146;s Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>2011 Program License Agreement</U>&#148; shall have the meaning set forth in <U>Section
6.14</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Acquisition Holdco</U>&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Action</U>&#148; shall mean any action, suit, arbitration, proceeding or claim (including
counterclaim) by or before any Governmental Authority or arbitral tribunal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Additional Equity Amount</U>&#148; shall have the meaning set forth in the Stockholders
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Affiliate</U>&#148; shall mean, with respect to any specified Person, any other Person which
directly or indirectly through one or more intermediaries controls, or is controlled by, or is
under common control with, such specified Person; <U>provided</U>, <U>however</U>, that neither
BMP nor any of its subsidiaries shall be deemed an Affiliate of any of the Stockholders (and vice
versa), and, in addition, such specified Person&#146;s Affiliates shall also include, (a)&nbsp;if such
specified Person is a private equity investment fund, any other private equity investment fund the
primary investment advisor to which is the primary investment advisor to such specified Person or
an Affiliate thereof, and (b)&nbsp;if such specified Person is a natural Person, any Family Member of
such natural Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Affiliated Fund</U>&#148; shall mean, with respect to any specified Person, a private equity
investment fund that is an Affiliate of such Person or that is advised by the same investment
adviser as such Person or by an Affiliate of such investment adviser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Agreement</U>&#148; shall have the meaning set forth in the preamble, as amended from time to
time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Amended and Restated BMP Bylaws</U>&#148; shall mean the amended and restated bylaws of BMP,
as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Amended and Restated BMP Charter</U>&#148; shall mean the amended and restated Certificate of
Incorporation of BMP, as filed with the Delaware Secretary of State, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Amended and Restated Program License Agreement</U>&#148; shall mean the Fourth Amended and
Restated Program License Agreement, dated as of the date hereof, substantially in the form attached
hereto as <U>Exhibit&nbsp;I</U>, and all ancillary agreements for programming rights granted to
Univision, each as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Amendment</U>&#148; shall have the meaning set forth in <U>Section&nbsp;11.1(b)</U>.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Appraiser Report</U>&#148; shall have the meaning set forth in <U>Section&nbsp;8.5(c)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Bank Investors</U>&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Banker Selection Date</U>&#148; shall have the meaning set forth in <U>Section&nbsp;8.5(c)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Beneficiary</U>&#148; shall have the meaning set forth in <U>Section&nbsp;8.6(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>BMP</U>&#148; shall have the meaning set forth in the preamble.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>BMPH</U>&#148; shall mean Broadcast Media Partners Holdings, Inc., a Delaware corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>BMPS1</U>&#148; shall mean BMPI Services, LLC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>BMPS2</U>&#148; shall have the meaning set forth in the preamble.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>BMPS2 LLC Agreement</U>&#148; shall have the meaning set forth in <U>Section&nbsp;6.13</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>BMPS2 Units</U>&#148; shall have the meaning set forth in the <U>Section&nbsp;1.1(b)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>BMPS2 Unit Consideration</U>&#148; shall have the meaning set forth in <U>Section&nbsp;1.1(b)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Board</U>&#148; shall mean the Board of Directors of each of BMP, BMPH and Univision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>business day</U>&#148; shall mean any day that is not a Saturday, a Sunday or other day on
which banks are required or authorized by Law to be closed in the City of New York or Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Capital Percentage</U>&#148; shall mean at any given time a fraction, expressed as a
percentage, (a)&nbsp;the numerator of which is the aggregate number of shares of Common Stock
outstanding, including the number of shares of Common Stock issuable in respect of outstanding
Convertible Securities, which are held at such time by the Televisa Investors, and (b)&nbsp;the
denominator of which is the number of all shares of Common Stock outstanding as of such time,
including the number of shares of Common Stock issuable in respect of the Company&#146;s Convertible
Securities at such time (excluding shares issuable in respect of Options issued under the 2010
Equity Incentive Plan). For the avoidance of doubt, (x)&nbsp;the Debentures Shares shall be considered
outstanding to the extent the Debentures or TV Warrants which are exercisable for such Debenture
Shares are outstanding, (y)&nbsp;the Televisa Option Shares shall not be considered outstanding to the
extent that Televisa has not exercised the Televisa Option and no shares of Common Stock underlying
any other Preferential Rights will be considered outstanding unless and until such Preferential
Rights are exercised by Televisa and (z)&nbsp;the shares of Common Stock issuable in respect of the 2010
Equity Incentive Plan shall not be considered outstanding for purposes of this definition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Cap Release Requirements</U>&#148; shall have the meaning set forth in the Stockholders
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>C/D Shares</U>&#148; shall have the meaning set forth in <U>Section&nbsp;1.1(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>C/D Share Purchase Price</U>&#148; shall have the meaning set forth in <U>Section&nbsp;1.1(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Chairman</U>&#148; shall mean the chairman of the Board.
</DIV>
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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Change of Control</U>&#148; shall mean the occurrence of (a)&nbsp;any consolidation or merger of
the Company with or into any other Person, or any other corporate reorganization, business
combination, transaction or Transfer of securities of the Company by its stockholders, or a series
of related transactions (including the acquisition of capital stock of the Company), whether or not
the Company is a party thereto, in which the stockholders of the Company immediately prior to such
consolidation, merger, reorganization, business combination, transaction or Transfer, own, directly
or indirectly, capital stock either (i)&nbsp;representing directly, or indirectly through one or more
entities, less than fifty percent (50%) of the equity of the Company or other surviving entity
immediately after such consolidation, merger, reorganization, business combination, transaction or
Transfer or (ii)&nbsp;the owners of which do not directly, or indirectly through one or more entities,
have the power to elect (by contract, share ownership or otherwise) a majority of the entire Board
or other similar governing body of the Company or other surviving entity immediately after such
consolidation, merger, reorganization, business combination, transaction or Transfer; (b)&nbsp;any
transaction or series of related transactions, whether or not the Company is a party thereto, after
giving effect to which in excess of fifty percent (50%) of the Company&#146;s voting power (by contract,
share ownership or otherwise) is owned directly, or indirectly through one or more entities, by any
Person and its &#147;affiliates&#148; or &#147;associates&#148; (as such terms are defined in the Exchange Act Rules)
or any Group, excluding, in any case referred to in <U>clause (a)</U> or <U>(b)</U>, any Initial
Public Offering or any bona fide primary or secondary public offering following the occurrence of
an Initial Public Offering; or (c)&nbsp;a sale, lease or other disposition of all or substantially all
of the consolidated assets of the Company and its subsidiaries; <U>provided</U>, that for purposes
of this sentence, any transactions with the same third party or any of its Affiliates shall be
deemed to be a series of related transactions. For the avoidance of doubt, none of the following
shall, in and of itself, constitute a &#147;<U>Change of Control</U>&#148;: (x)&nbsp;a spin-off of one of the
businesses of the Company or any subsidiary thereof, or a comparable transaction, or (y)&nbsp;a
transaction in which, after giving effect thereto, the Principal Investors and their Affiliates
continue to own, directly or indirectly, more than fifty percent (50%) of the equity (1)&nbsp;of the
Company or other surviving entity in the case of a transaction of the sort described in <U>clause
(a)</U> above, (2)&nbsp;of the Company in the case of a transaction of the sort described in <U>clause
(b)</U> above or (3)&nbsp;of the acquiring entity in the case of a transaction of the sort described in
<U>clause (c)</U> above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Change of Control Procedures</U>&#148; shall have the meaning set forth in the Stockholders
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Class&nbsp;A Common Stock</U>&#148; shall mean the voting Class&nbsp;A Common Stock, par value $.001 per
share, of BMP and shall include any shares of common stock issued in exchange for or in
consideration of (including shares of common stock of the surviving company in connection with a
merger or similar business combination) or in substitution for the Class&nbsp;A Common Stock, including
shares of common stock issued upon an Initial Public Offering in exchange for or in substitution
for such Class&nbsp;A Common Stock, or as such shares of Class&nbsp;A Common Stock may be reclassified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Class&nbsp;A/B Common Stock</U>&#148; shall mean the Class&nbsp;A Common Stock and the Class&nbsp;B Common
Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Class&nbsp;B Common Stock</U>&#148; shall mean the nonvoting Class&nbsp;B Common Stock, par value $.001
per share, of BMP and shall include any shares of common stock issued in exchange for or in
consideration of (including shares of common stock of the surviving company in connection with a
merger or similar business combination) or in substitution for the Class&nbsp;B Common Stock, including
 shares of common stock issued upon an Initial Public Offering in exchange for or in
substitution for such Class&nbsp;B Common Stock, or as such shares of Class&nbsp;B Common Stock may be
reclassified.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT THE OMITTED PORTIONS OF THIS
DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND <FONT style="white-space: nowrap">EXCHANGE COMMISSION</font></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Class&nbsp;C Common Stock</U>&#148; shall mean the voting Class&nbsp;C Common Stock, par value $.001 per
share, of BMP and shall include any shares of common stock issued in exchange for or in
consideration of (including shares of common stock of the surviving company in connection with a
merger or similar business combination) or in substitution for the Class&nbsp;C Common Stock, or as such
shares of Class&nbsp;C Common Stock may be reclassified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Class&nbsp;C/D Common Stock</U>&#148; shall mean the Class&nbsp;C Common Stock and the Class&nbsp;D Common
Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Class&nbsp;D Common Stock</U>&#148; shall mean the nonvoting Class&nbsp;D Common Stock, par value $.001
per share, of BMP and shall include any shares of common stock issued in exchange for or in
consideration of (including shares of common stock of the surviving company in connection with a
merger or similar business combination) or in substitution for the Class&nbsp;D Common Stock, or as such
shares of Class&nbsp;D Common Stock may be reclassified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Closing</U>&#148; shall have the meaning set forth in <U>Section&nbsp;1.2</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Closing Date</U>&#148; shall have the meaning set forth in <U>Section&nbsp;1.2</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;*** <U>Period</U>&#148; shall have the meaning set forth in <U>Section&nbsp;8.5(h)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Code</U>&#148; shall mean the Internal Revenue Code of 1986, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Co-Investment Vehicle</U>&#148; shall mean any one of (a)&nbsp;the MDP Co-Investment Vehicles,
collectively, (b)&nbsp;the PEP Co-Investment Vehicles, collectively, (c)&nbsp;the THL Co-Investment Vehicles,
collectively, and (d)&nbsp;the TPG Co-Investment Vehicles, collectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Commercial Agreements</U>&#148; shall have the meaning set forth in the Stockholders
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Common Stock</U>&#148; shall mean the common stock of BMP, including the Class&nbsp;A/B Common
Stock and the Class&nbsp;C/D Common Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Company</U>&#148; shall mean BMP, BMPH, BMPS2, Univision and their respective subsidiaries as
a whole.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Company Benefit Plan</U>&#148; shall mean each &#147;employee pension benefit plan&#148; (as defined in
Section&nbsp;3(2) of ERISA), whether or not subject to ERISA, each &#147;employee welfare benefit plan&#148; (as
defined in Section&nbsp;3(1) of ERISA), whether or not subject to ERISA, and each other plan,
arrangement or policy (written or oral) relating to equity and equity-based awards, stock
purchases, deferred compensation, bonus or other incentive compensation, severance, retention,
salary continuation, educational assistance, material fringe benefits or other material employee
benefits, in each case as to which BMP, BMPH, or BMPS2 or any of their subsidiaries has any
obligation or liability, contingent or otherwise, other than any (i)&nbsp;Multiemployer Plan, (ii)
governmental plan or any plan, arrangement or policy mandated by applicable Law, and not otherwise
insured, covered or set forth in any insurance
contract, trust, escrow or other funding agreement, or (iii)&nbsp;any employment contract that is
terminable without any severance exceeding the amounts set forth in any severance plan applicable
generally to employees of BMP, BMPH, or BMPS2 or any of their subsidiaries or is applicable to
employees performing services in jurisdictions outside of the United States and provides for
severance in accordance with applicable Laws and consistent with customary past practices.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Company FCC Licenses</U>&#148; means all main radio and television station licenses, permits,
authorizations, and approvals issued by the FCC to BMP, BMPH, Univision or any of their respective
direct or indirect subsidiaries for the operation of the Company Stations<B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Company Intellectual Property Rights</U>&#148; shall have the meaning set forth in <U>Section
3.17(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Company Material Contract</U>&#148; means, except with respect to any Intellectual Property
Licenses, any &#147;material contract&#148; (as such term is defined in item 601(b)(10) of Regulation&nbsp;S-K of
the Securities Act) to or by which BMP, BMPH, BMPS2, Univision or any of their respective direct or
indirect subsidiaries are a party or are otherwise bound.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Company Permits</U>&#148; means all franchises, grants, authorizations, licenses, permits,
easements, variances, exceptions, consents, certificates, approvals and orders necessary for BMP,
BMPH, BMPS2, Univision or any of their respective subsidiaries to own, lease and operate their
respective properties or to carry on their business as it is currently conducted but shall not
include any Company FCC Licenses<B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Company Stations</U>&#148; shall mean all of the television and radio broadcast stations
currently owned and operated by BMP, BMPH, BMPS2, Univision or any of their subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Compliant Change of Control Transaction</U>&#148; shall have the meaning set forth in the
Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Consolidated Leverage Ratio</U>&#148; shall have the meaning set forth in Amended and Restated
BMP Charter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Convertible Securities</U>&#148; shall mean any evidence of indebtedness (including the
Debentures), shares of stock, options, warrants (including the TV Warrants) or other securities
which are directly or indirectly convertible into or exchangeable or exercisable for shares of
Common Stock, including any options and warrants; <U>provided</U> that the Preferential Rights
shall not be deemed to be Convertible Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Covered Matters</U>&#148; shall have the meaning set forth in <U>Section&nbsp;11.7</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Debentures</U>&#148; shall have the meaning set forth in <U>Section&nbsp;1.1(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Debenture Purchase Price</U>&#148; shall have the meaning set forth in <U>Section&nbsp;1.1(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Debenture Shares</U>&#148; shall have the meaning set forth in <U>Section&nbsp;1.1(a)</U>.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Disclosure Schedules</U>&#148; shall have the meaning set forth in the first paragraph of
<U>Article&nbsp;III</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Discriminate(s)</U>&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Draw Down Right</U>&#148; shall have the meaning set forth in <U>Section&nbsp;8.6(c)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Drop Dead Date</U>&#148; shall have the meaning set forth in <U>Section&nbsp;9.1(d)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>DTV</U>&#148; shall have the meaning set forth in <U>Section&nbsp;3.23</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Equity Incentive Plans</U>&#148; shall mean the 2007 Equity Incentive Plan and the 2010 Equity
Incentive Plan, collectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Equity Percentage</U>&#148; shall mean at any given time (a)&nbsp;in the context of equity
ownership, a fraction, expressed as a percentage, (i)&nbsp;the numerator of which is the aggregate
number of shares of Common Stock held at such time by Persons who are Televisa Investors, and (ii)
the denominator of which is the total number of shares of Common Stock outstanding at such time and
(b)&nbsp;in the context of voting power, the percentage of outstanding voting equity of BMP owned,
directly or indirectly, at such time by such Persons indicated in <U>clause (a)</U> of this
definition. For the avoidance of doubt, the shares of Common Stock issuable (but not yet issued)
upon conversion of the Debentures or upon exercise of the TV Warrants or the Preferential Rights or
issuable (but not yet issued) in respect of the Equity Incentive Plans shall not be considered
outstanding for purposes of this definition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Equivalent Shares</U>&#148; shall mean, at any date of determination, (a)&nbsp;as to any
outstanding shares of Common Stock, such number of shares of Common Stock, (b)&nbsp;as to any
outstanding Convertible Securities (other than the Debentures and TV Warrants), the maximum number
of shares of Common Stock for which or into which such Convertible Securities may at the time be
exercised, converted or exchanged (or which will become exercisable, convertible or exchangeable on
or prior to, or by reason of, the transaction or circumstance in connection with which the number
of Equivalent Shares is to be determined assuming all of the conditions to exercise, conversion or
exchange thereof have been satisfied), and (c)&nbsp;as to any outstanding Debentures and TV Warrants,
the maximum number of shares of Common Stock for which such Debentures or TV Warrants, as the case
may be, may then be converted or exercised, assuming all of the conditions to the conversion or
exercise thereof have been satisfied.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>ERISA</U>&#148; shall mean the Employee Retirement Income Security Act of 1974, as amended
from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>ERISA Affiliate</U>&#148; shall mean any trade or business (whether or not incorporated) that
is or has ever been under common control, or that is or has ever been treated as a single employer,
with any of them under Section&nbsp;314(b), (c), (m)&nbsp;or (o)&nbsp;of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Event of Default</U>&#148; shall have the meaning set forth in Section 7(a) of the Debentures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Exchange Act</U>&#148; shall mean the Securities Exchange Act of 1934 and the rules and
regulations promulgated thereunder, as amended from time to time.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Exchange Act Rules</U>&#148; shall mean the rules adopted by the Securities and Exchange
Commission under the Exchange Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Expiration Draw</U>&#148; shall have the meaning set forth in <U>Section&nbsp;8.6(f)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Fair Market Value</U>&#148; shall have the meaning set forth in <U>Section&nbsp;8.5(c)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Family Member</U>&#148; shall mean, with respect to any natural Person, (a)&nbsp;any lineal
descendant or ancestor or sibling (by birth or adoption) of such natural Person, (b)&nbsp;any spouse or
former spouse of any of the foregoing, (c)&nbsp;any legal representative or estate of any of the
foregoing, or the ultimate beneficiaries of the estate of any of the foregoing, if deceased and (d)
any trust or other bona fide estate-planning vehicle the only beneficiaries of which are any of the
foregoing Persons described in <U>clauses (a)</U> through <U>(c)</U> above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>FCC</U>&#148; shall mean the United States Federal Communications Commission or any successor
entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>FCC-Approved Trust</U>&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>FCC Permitted Increase in Ownership</U>&#148; shall mean the increase in permitted non-U.S.
Persons&#146; direct or indirect ownership of BMP and/or its subsidiaries directly or indirectly
controlling broadcast licensees above the then applicable Foreign Ownership Cap pursuant to a
Regulatory Amendment or Waiver or to the extent the Foreign Ownership Cap ceases to be applicable
to BMP and/or its subsidiaries for any reason (for illustrative purposes, if the Foreign Ownership
Cap is increased from the current 25% cap to 30%, then the Maximum Equity Percentage shall be
increased by 5&nbsp;percentage points); <U>provided</U>, such increase in the Maximum Equity Percentage
will be effective only after delivery to the Company of (a)&nbsp;reasonable evidence of such Regulatory
Amendment or Waiver or a ruling from the FCC that no such Regulatory Amendment or Waiver is
necessary and (b)&nbsp;an opinion, in form and substance and from counsel reasonably satisfactory to the
Company, stating that no additional FCC approvals are required for such increase in the Maximum
Equity Percentage and that such increase in the Maximum Equity Percentage is consistent with
applicable Laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Federal Communications Laws</U>&#148; shall mean the Communications Act of 1934, as amended,
and any successor statute thereto, and the rules, regulations and policies promulgated by the FCC
thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Foreign Ownership Cap</U>&#148; shall have the meaning set forth in the definition of
Regulatory Amendment or Waiver.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Foreign Ownership Restrictions</U>&#148; shall mean any and all restrictions imposed by the
Federal Communications Laws on the direct or indirect ownership by non-U.S. citizens of entities
that directly or indirectly control broadcast licensees such as the Company and its broadcast
licensee subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>GAAP</U>&#148; shall mean United States generally accepted accounting principles as in effect
on the date of the Closing.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Governmental Authority</U>&#148; shall mean any United States (federal, state or local) or
foreign government, or governmental, regulatory, judicial or administrative authority, agency,
commission or court (including the FCC and applicable stock exchange(s)).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Group</U>&#148; shall mean &#147;group&#148; (within the meaning of Section&nbsp;13(d)(3) of the Exchange
Act); <U>provided</U> that a &#147;group&#148; must be formed knowingly in order to constitute a Group, and
the existence of any Group may not be established by mere parallel action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>HSR Act</U>&#148; shall mean the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended, and the rules and regulations promulgated thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Indebtedness</U>&#148; shall have the meaning set forth in the Principal Investor Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Initial Appraisers</U>&#148; shall have the meaning set forth in <U>Section&nbsp;8.5(c)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Initial Public Offering</U>&#148; shall mean the initial underwritten Public Offering
registered on Form S-1 (or any successor form under the Securities Act).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Intellectual Property License</U>&#148; shall mean all licenses (other than Company FCC
Licenses) that are material to the conduct of the business of BMP, BMPH, Univision or any of their
subsidiaries pursuant to which (i)&nbsp;BMP, BMPH, Univision or any of their subsidiaries licenses from
a person Intellectual Property Rights, or (ii)&nbsp;pursuant to which BMP, BMPH, Univision or any of
their subsidiaries licenses Company Intellectual Property to any third person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Intellectual Property Rights</U>&#148; shall have the meaning set forth in <U>Section
3.17(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Interest Payment Event of Default</U>&#148;<U> shall have the meaning set forth in
</U>Section&nbsp;8.6(c)<U>.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>IPRA Amendment</U>&#148; shall have the meaning set forth in <U>Section&nbsp;6.14</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>IRS</U>&#148; shall mean the Internal Revenue Service.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Law</U>&#148; shall mean any statute, law, ordinance, regulation, rule, code, injunction,
judgment, decree, order or any other judicially enforceable legal requirement (including common
law) of any Governmental Authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>L/C Issuer</U>&#148; shall have the meaning set forth in <U>Section&nbsp;8.6(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Letter of Credit</U>&#148; shall have the meaning set forth in <U>Section&nbsp;6.15</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Liens</U>&#148; shall mean any lien, pledge, mortgage, security interest, encumbrance, claim,
lease, charge, option, right of first refusal, proxy, voting trust or agreement, or transfer
restriction of any kind, other than restrictions on transfer under applicable state and federal
securities and Federal Communication Laws, this Agreement, and, prior to the Closing, the Original
Stockholders Agreement, the Original Participation, Registration Rights and Coordination Agreement,
the Original Principal Investor Agreement, the organizational documents of BMP, BMPH, and BMPS2,
and, following the Closing, the Stockholders Agreement, the Participation, Registration Rights and
Coordination Agreement,
the Principal Investor Agreement, the Amended and Restated BMP Charter, and the BMPS2 LLC
Agreement.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Majority Principal Investors</U>&#148; shall have the meaning set forth in the Stockholders
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Majority PITV Investors</U>&#148; shall have the meaning set forth in the Stockholders
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Management Investors</U>&#148; means Andrew Hobson and Joseph Uva.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Material Adverse Effect</U>&#148; means any change, effect or circumstance that has had, or
would reasonably be expected to have a material adverse effect on the business, operations, results
of operations or financial condition of BMP and its subsidiaries, taken as a whole, other than any
change, effect or circumstance relating to or resulting from (i)&nbsp;changes in general economic
conditions or securities markets in general; (ii)&nbsp;any events, circumstances, changes or effects
that affect the general television or radio broadcasting or internet industries, except if BMP and
its subsidiaries is disproportionately affected thereby; (iii)&nbsp;any changes after the date hereof in
Laws applicable to BMP or its subsidiaries or its or their properties or assets, except if BMP or
its subsidiaries, or its or their properties, is disproportionately affected thereby; (iv)&nbsp;any
outbreak or escalation of hostilities or war or any act of terrorism; or (v)&nbsp;the announcement or
the existence of, or compliance with, or consummation of, the transactions contemplated by this
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Maximum Capital Percentage</U>&#148; shall mean 40%; <U>provided</U> that such percentage
shall be increased to the extent that any share repurchase, recapitalization, acquisition or
similar action taken or instituted by BMP or any of its subsidiaries results in the Capital
Percentage as of immediately prior to such action being increased as of immediately after such
action; and <U>provided</U>, <U>further</U>, that (i)&nbsp;the Maximum Capital Percentage shall be an
unlimited percentage at and after the earlier to occur of (x)&nbsp;the time when the Standstill Release
Requirements have been satisfied or (y)&nbsp;the time when the limitations in Section&nbsp;5.1.1 of the
Stockholders Agreement shall no longer apply pursuant to Section&nbsp;5.1.2 of the Stockholders
Agreement, and (ii)&nbsp;the Maximum Capital Percentage shall not restrict Televisa from making, either
alone or as part of a group, an offer permitted by <U>Section&nbsp;8.3(b)</U> of this Agreement and
acquiring Shares pursuant thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Maximum Equity Percentage</U>&#148; shall mean the sum of:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(i)&nbsp;10%; <U>provided</U> that such percentage shall be increased to the extent that the
Equity Percentage increases as a result of any share repurchase, recapitalization, acquisition or
similar action taken or instituted by BMP or any of its subsidiaries and <U>provided</U>,
<U>further</U>, in the event that the Principal Investors have Transferred more than 95% of the
aggregate amount of the Principal Investors&#146; Total Ownership Amount to one or more Person(s) that
are not (x)&nbsp;Permitted Transferees (not including pursuant to <U>clause (b)(ii)</U> of the
definition of Permitted Transferees) of any Principal Investor, or (y)&nbsp;a Purchaser of Control, then
the percentage set forth in this <U>clause (i)</U> shall be increased to 20%; <U>provided</U>,
that such percentage shall be increased to the extent that any share repurchase, recapitalization,
acquisition or similar action taken or instituted by the Company or any of its subsidiaries
following such increase to 20% results in the Equity Percentage as of immediately prior to such
action being increased as of immediately after such action; <U>plus</U>
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(ii)&nbsp;the amount of any FCC Permitted Increase in Ownership (for illustrative purposes, if the
Foreign Ownership Cap is increased from the current 25% cap to 30%, then the Maximum Equity
Percentage shall be increased by 5&nbsp;percentage points), and if the Foreign Ownership Cap is no
longer applicable under, or is eliminated by, applicable Law, the Maximum Equity Percentage shall
also be disregarded. For the avoidance of doubt, this definition of Maximum Equity Percentage,
applies to both <U>clause (a)</U> and <U>(b)</U> of the definition of Equity Percentage;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>provided</U>, <U>however</U>, that (A)&nbsp;the Maximum Equity Percentage shall be an unlimited
percentage at and after the earlier to occur of (x)&nbsp;the time when the Cap Release Requirements have
been satisfied or (y)&nbsp;the time when the limitations in Section&nbsp;5.1.1 of the Stockholders Agreement
shall no longer apply pursuant to Section&nbsp;5.1.2 of the Stockholders Agreement, and (B)&nbsp;the Maximum
Equity Percentage shall not restrict Televisa from making, either alone or as part of a group, an
offer permitted by <U>Section&nbsp;8.3(b)</U> of this Agreement and acquiring Shares pursuant thereto.
Without limiting the foregoing provisos, following the acquisition by a Strategic Buyer of a
majority of the voting Common Stock and equity of the Company, the Maximum Equity Percentage may be
further increased to the extent mutually agreed by the Strategic Buyer and Televisa.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Maximum Stated Amount</U>&#148; shall have the meaning set forth in <U>Section&nbsp;8.6(c)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>MDP</U>&#148; shall mean, as of any date, Madison Dearborn Capital Partners IV, L.P., MDCPIV
Intermediate (Umbrella), L.P., Madison Dearborn Capital Partners V-A, L.P., MDCPV Intermediate
(Umbrella), L.P. and their respective Permitted Transferees, in each case only if such Person is
then a Stockholder and holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>MDP Co-Investment Vehicles</U>&#148; shall mean, as of any date, MDCP Foreign Co-Investors
(Umbrella), L.P., MDCP US Co-Investors (Umbrella), L.P. and their respective successor entities,
and any Affiliated Fund thereof if, in each case, (i)&nbsp;substantially all of the equity thereof
(including amounts paid for the acquisition of any Convertible Securities to subscribe for,
purchase or otherwise acquire such equity) has not been contributed by the same investors, partners
and members as contributed to the equity of MDP, (ii)&nbsp;such entity has been formed for the main
purpose of investing in the Company or any Affiliate thereof, and (iii)&nbsp;such entity is a
Stockholder and owns Shares. For the avoidance of doubt, neither MDCPIV Intermediate (Umbrella),
L.P., MDCPV Intermediate (Umbrella), L.P., nor any successor thereof shall be deemed to be a
Co-Investment Vehicle for the purposes of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>MDP Investors</U>&#148; shall mean, as of any date, MDP, the MDP Co-Investment Vehicles, and
their respective Permitted Transferees, in each case only if such Person is then a Stockholder and
holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Merger Exit</U>&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Merger Exit Participation Rights</U>&#148; shall have the meaning set forth in the
Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Mexico License Agreement</U>&#148; shall have the meaning set forth in <U>Section&nbsp;6.14</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Mid-Range</U>&#148; shall have the meaning set forth in <U>Section&nbsp;8.5(c)</U>.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Minimum Total Combined Investment</U>&#148; shall mean, with respect to any one Principal
Investor, shares of Common Stock with an aggregate initial cost of $150,000,000. For purposes
hereof, the agreed initial cost of a share of Common Stock shall be $398.52 (subject to appropriate
adjustment for stock splits, dividends and similar events).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>MOU</U>&#148; shall have the meaning set forth in the recitals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>MOU Date</U>&#148; shall have the meaning set forth in the recitals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Multiemployer Plan</U>&#148; shall mean any &#147;multiemployer plans&#148; within the meaning of
Section&nbsp;3(37) of ERISA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Open Market Purchase Rights</U>&#148; shall mean Televisa&#146;s right to purchase shares of Common
Stock following the Initial Public Offering in amounts that will not result in Televisa exceeding
the Maximum Equity Percentage.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Order</U>&#148; shall mean any decree, order, judgment, injunction, temporary restraining
order or other order in any suit or proceeding by or with any Governmental Authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Organizational Documents</U>&#148; shall have the meaning set forth in <U>Section&nbsp;3.2</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Original Participation, Registration Rights and Coordination Agreement</U>&#148; means the
Participation, Registration Rights and Coordination Agreement, dated as of March&nbsp;29, 2007, by and
among BMP, BMPH, Umbrella Acquisition, Inc. and certain stockholders of BMP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Original Principal Investor Agreement</U>&#148; means the Principal Investor Agreement, dated
as of March&nbsp;29, 2007, by and among BMP, BMPH, Umbrella Acquisition, Inc. and the other signatories
thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Original Stockholders Agreement</U>&#148; means the Stockholders Agreement, dated as of March
29, 2007, by and among BMP, BMPH, Umbrella Acquisition, Inc. and certain stockholders of BMP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Participation, Registration Rights and Coordination Agreement</U>&#148; shall have the meaning
set forth in <U>Section&nbsp;6.10</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Party</U>&#148; or &#147;<U>Parties</U>&#148; means any or all parties that are signatories to this
Agreement and their respective successors and permitted assigns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>PEP</U>&#148; shall mean, as of any date, Providence Equity Partners V (Umbrella US) L.P.,
Providence Equity Partners VI (Umbrella US) L.P., Providence Investors V (Univision) L.P.,
Providence Investors VI (Univision) L.P. and their respective Permitted Transferees, in each case
only if such Person is then a Stockholder and holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>PEP Co-Investment Vehicles</U>&#148; shall mean, as of any date, Providence Co-Investors
(Univision) L.P., Providence Co-Investors (Univision US) L.P. and their respective successor
entities, and any Affiliated Fund thereof if, in each case, (i)&nbsp;substantially all of the equity
thereof (including amounts paid for the acquisition of any Convertible Securities to subscribe for,
purchase or otherwise acquire such equity) has not been contributed by the same investors, partners
and members as contributed to the equity
of PEP, (ii)&nbsp;such entity has been formed for the main purpose of investing in the Company or
any Affiliate thereof, and (iii)&nbsp;such entity is a Stockholder and owns Shares. For the avoidance
of doubt, neither Providence Investors V (Univision) L.P., Providence Investors VI (Univision)
L.P., nor any successor thereof shall be deemed to be a Co-Investment Vehicle for the purposes of
this Agreement.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>PEP Investors</U>&#148; shall mean, as of any date, PEP, the PEP Co-Investment Vehicles, and
their respective Permitted Transferees, in each case only if such Person is then a Stockholder and
holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Permitted Lien</U>&#148; shall have the meaning set forth in the Univision Credit Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Permitted Transferee</U>&#148; shall mean, in respect of (a)&nbsp;any PITV Investor, (i)&nbsp;any
Affiliate of such PITV Investor (other than a portfolio company of such PITV Investor) or (ii)&nbsp;any
successor entity, (b)&nbsp;any Bank Investor, any Affiliate of such Bank Investor, and (c)&nbsp;any SCG
Investor, (i)&nbsp;any Person which is controlled by or for the benefit of Haim Saban or Cheryl Saban
(or in the event of their divorce, their subsequent respective spouses) (collectively
&#147;<U>Saban</U>&#148;) or their Family Members (other than a portfolio company of any SCG Investor), (ii)
then-current or former officers and/or employees of Saban or entities controlled by Saban who were
issued such interests as a result of or in connection with their employment by Saban, or such
officers&#146; and/or employees&#146; Family Members to the extent they receive such Transferred interests
initially issued to such officer or employee as a result of or in connection with his or her
employment by Persons controlled by Saban, and (iii)&nbsp;any trust, custodianship or other entity
created for estate or tax planning purposes all of the beneficiaries of which are any of the
persons listed in<U> subclause (i)</U> to <U>(iii)</U> of this <U>clause (c)</U>; in each case
described in <U>clauses (a)</U> through <U>(c)</U>, only if such transferee agrees to be bound by
the terms of the Transaction Agreements in accordance with their respective terms to the same
extent its transferor is bound thereby (it being understood that any Transfer not meeting the
foregoing conditions but purporting to rely on <U>Section&nbsp;3.1.1</U> of the Stockholders Agreement
shall be null and void). In addition, any Stockholder shall be a Permitted Transferee of the
Permitted Transferees of itself and any member of a Principal Investor Group shall be a Permitted
Transferee of any other member of such Principal Investor Group. No Restricted Person may be a
&#147;Permitted Transferee.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Person</U>&#148; shall mean any individual, partnership, corporation, company, association,
trust, joint venture, limited liability company, unincorporated organization, entity or division,
or any government, governmental department or agency or political subdivision thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>PITV Investor Group</U>&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>PITV Investors</U>&#148; shall mean the Televisa Investors and the Principal Investors,
collectively; <U>provided</U> that a Principal Investor and/or a Televisa Investor shall cease to
be a PITV Investor if it ceases to be a member of a PITV Investor Group.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Preferential Rights</U>&#148; shall mean the Open Market Purchase Rights, the Televisa Option,
the Preferential Participation Right (as such term is defined in the Participation, Registration
Rights and Coordination Agreement) and the Preferential Right of First Refusal (as such term is
defined in the Stockholders Agreement).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Preliminary Fair Market Value</U>&#148; shall have the meaning set forth in <U>Section
8.5(c)</U>.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Principal Investor Agreement</U>&#148; shall have the meaning set forth in <U>Section
6.12</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Principal Investor Group</U>&#148; shall mean any one of (a)&nbsp;the MDP Investors, collectively,
(b)&nbsp;the PEP Investors, collectively, (c)&nbsp;the SCG Investors, collectively, (d)&nbsp;the THL Investors,
collectively, and (e)&nbsp;the TPG Investors, collectively; <U>provided</U>, <U>however</U>, that any
such Principal Investor Group shall cease to be a Principal Investor Group at such time after the
Closing, and at all times thereafter, as such Principal Investor Group ceases to hold Shares
representing a Total Combined Investment of at least the Minimum Total Combined Investment;
<U>provided</U>, <U>further</U>, that no adjustment or modification to the term &#147;Minimum Total
Combined Investment&#148; shall cause any former Principal Investor Group to again become a Principal
Investor Group.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Principal Investors</U>&#148; shall mean the MDP Investors, the PEP Investors, the SCG
Investors, the THL Investors and the TPG Investors, collectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Principal Investor Sell-Down</U>&#148; shall have the meaning set forth in the Stockholders
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Principal Investors&#146; Total Ownership Amount</U>&#148; shall mean the total number of Shares
owned immediately after the Closing by the Principal Investors, including any Shares held
indirectly through such Principal Investors&#146; ownership of Units of BMPS1 (as adjusted for any stock
splits, stock dividends, reverse stock splits, stock combinations, recapitalizations and other
similar capitalization changes).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Program License Agreement</U>&#148; shall mean the Third Amended and Restated Program License
Agreement, dated January&nbsp;22, 2009, between Televisa, S.A. de C.V. and Univision Communications Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Public Offering</U>&#148; shall mean a public offering and sale of Common Stock for cash
pursuant to an effective registration statement under the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Purchaser of Control</U>&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Qualified Public Offering</U>&#148; shall have the meaning set forth in the Stockholders
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Recapitalization</U>&#148; shall have the meaning set forth in the Principal Investor
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Regulatory Amendment or Waiver</U>&#148; shall mean an amendment of the Federal Communications
Laws by duly enacted legislation or a ruling or waiver by the FCC that increases or grants
permission to exceed the foreign ownership limitations established by the Federal Communications
Laws that currently requires FCC approval for non-U.S. individuals, corporations and governments to
own, in the aggregate, more than twenty-five percent (25%) of the equity interests or possess more
than twenty-five percent (25%) of the voting rights of a U.S. entity that directly or indirectly
controls a broadcast licensee or more than twenty percent (20%) of the equity interests or voting
rights in such broadcast licensee (the &#147;<U>Foreign Ownership Cap</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Related Persons</U>&#148; shall have the meaning set forth in <U>Section&nbsp;3.21</U>.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Remaining Payment Obligations</U>&#148; shall have the meaning set forth in <U>Section
8.6(d)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Restricted Person</U>&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Saban</U>&#148; shall have the meaning set forth in the definition of &#147;<U>Permitted
Transferee</U>&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Saban Arrangements</U>&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Sales Agency Agreement</U>&#148; shall have the meaning set forth in <U>Section&nbsp;6.14</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>SCG Investors</U>&#148; shall mean, as of any date, SCG Investments II, LLC and its Permitted
Transferees, in each case only if such Person is then a Stockholder and holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>SEC</U>&#148; shall mean the United States Securities and Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Second Program License Agreement</U>&#148; shall have the meaning set forth in <U>Section
6.14</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Securities</U>&#148; shall have the meaning set forth in <U>Section&nbsp;4.5(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Securities Act</U>&#148; shall mean the Securities Act of 1933 and the rules and regulations
promulgated thereunder, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Sellers</U>&#148; shall have the meaning set forth in the preamble.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Senior Officer</U>&#148; shall mean the Chief Executive Officer, Chief Financial Officer,
General Counsel, Chief Accounting Officer, Treasurer or Secretary of BMP (so long as such person
also holds an equivalent position at Univision).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Service Agreements</U>&#148; shall have the meaning set forth in <U>Section&nbsp;6.11</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Shares</U>&#148; shall mean (a)&nbsp;all shares of Common Stock held by a Stockholder, whenever
issued, including all shares of Common Stock issued upon the exercise, conversion or exchange of
any Convertible Securities and (b)&nbsp;all Convertible Securities held by a Stockholder (treating such
Convertible Securities as a number of Shares equal to the number of Equivalent Shares represented
by such Convertible Securities for all purposes of this Agreement except as otherwise specifically
set forth herein). For the avoidance of doubt, upon a proposed Transfer of Convertible Securities,
such Transfer shall be deemed to be of that number of Shares into which the Convertible Securities
are convertible, assuming that all conditions to which the Transfer of the Convertible Securities
are subject have been satisfied.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Side Letter Agreements</U>&#148; shall mean the side letter agreements entered into by and
among the Principal Investors and Televisa, dated as of October&nbsp;3, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Significant Subsidiary</U>&#148; shall mean any &#147;significant subsidiary,&#148; as that term is
defined in Regulation&nbsp;S-X promulgated under the Securities Act and the Exchange Act (or any
successor regulation); <U>provided</U> that all references to ten percent (10%) set forth therein
shall be deemed to be references to seven and one-half percent (7.5%) for purposes of this
definition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Sponsor Sale</U>&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT THE OMITTED PORTIONS OF THIS
DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND <FONT style="white-space: nowrap">EXCHANGE COMMISSION</font></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Sponsor Sale Tag Along Rights</U>&#148; shall have the meaning set forth in the Stockholders
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Standstill</U>&#148; shall have the meaning set forth in <U>Section&nbsp;8.3(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Standstill Release Requirements</U>&#148; ***
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Stockholders</U>&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Stockholders Agreement</U>&#148; shall have the meaning set forth in <U>Section&nbsp;6.9</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Strategic Buyer</U>&#148; shall mean a Person that (a)&nbsp;is a Permitted Person or a comparable
strategic buyer with a material portion of its business operations in the broadcasting, media and
entertainment industries immediately prior to the relevant Change of Control and revenue in excess
of $2&nbsp;billion in the fiscal year immediately preceding such Change of Control, and (b)&nbsp;acquires
more than fifty percent (50%) of the voting Common Stock and equity of the Company on a
fully-diluted as-converted basis; <U>provided</U> that no such Person shall be deemed to be a
strategic buyer if a majority of its voting or equity interests is owned directly or indirectly by
one or a consortium of private equity sponsors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>subsidiary</U>&#148; of any Person, shall mean any corporation, partnership, joint venture or
other legal entity of which such Person (either alone or through or together with any other
subsidiary), owns, directly or indirectly, more than 50% of the stock or other equity interests,
the holders of which are generally entitled to vote for the election of the board of directors or
other governing body of such corporation or other legal entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Tag Along Holders</U>&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Tax</U>&#148; or &#147;<U>Taxes</U>&#148; shall mean any and all taxes, fees, levies, duties, tariffs,
imposts and other similar charges (together with any and all interest, penalties and additions to
tax) imposed by any governmental or taxing authority including: taxes or other charges on or with
respect to income, franchises, windfall or other profits, gross receipts, property, sales, use,
capital stock, payroll, employment, social security, workers&#146; compensation, unemployment
compensation or net worth; taxes or other charges in the nature of excise, withholding, ad valorem,
stamp, transfer, value added or gains taxes; license, registration and documentation fees, and
customs&#146; duties, tariffs and similar charges; and liability for the payment of any of the foregoing
as a result of (w)&nbsp;being a transferee or successor, (x)&nbsp;being a member of an affiliated,
consolidated, combined or unitary group, (y)&nbsp;being party to any tax sharing agreement and (z)&nbsp;any
express or implied obligation to indemnify any other person with respect to the payment of any of
the foregoing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Tax Returns</U>&#148; shall mean returns, reports, claims for refund, declarations of
estimated Taxes and information statements, including any schedule or attachment thereto or any
amendment thereof, with respect to Taxes required to be filed with the IRS or any other
governmental or taxing authority, domestic or foreign, including consolidated, combined and unitary
tax returns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa</U>&#148; shall have the meaning set forth in the preamble.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Investors</U>&#148; shall mean, as of any date, collectively, (i)&nbsp;Televisa and any
Permitted Transferee of Televisa; (ii)&nbsp;any Person that is not a Permitted Transferee of Televisa
but that is, as of such
date, a member of a Group of which Televisa and/or any of its Affiliates is a member with
respect to securities of the Company (excluding any Principal Investor); and (iii)&nbsp;a Permitted
Transferee of a Person described in <U>clause (ii)</U> above, <U>provided</U> that such Permitted
Transferee is, as of such date, a member of a Group of which Televisa and/or any of its Affiliates
is a member with respect to securities of the Company (excluding any Principal Investor); in each
case under <U>clauses (i)</U>, <U>(ii)</U> and <U>(iii)</U>, only if and to the extent such
Person is then a Stockholder and holds any Shares; <U>provided</U>, <U>further</U>, that BMPS2
shall not constitute a Televisa Investor and Televisa shall not be responsible for any actions or
failures to act of BMPS2, but Televisa shall be deemed to hold the Shares held by BMPS2, including
regardless of any Transfer of Shares by BMPS2 under the Saban Arrangements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Option</U>&#148; shall have the meaning set forth in <U>Section&nbsp;8.5(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Option Notice</U>&#148; shall have the meaning set forth in <U>Section&nbsp;8.5(b)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Option Sellers</U>&#148; shall have the meaning set forth in <U>Section&nbsp;8.5(d)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Option Shares</U>&#148; shall have the meaning set forth in <U>Section&nbsp;8.5(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa TuTV</U>&#148; shall have the meaning set forth in the preamble.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Termination Event</U>&#148; shall have the meaning set forth in <U>Section&nbsp;8.6(e)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Third Appraiser</U>&#148; shall have the meaning set forth in <U>Section&nbsp;8.5(c)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>THL</U>&#148; shall mean, as of any date, Thomas H. Lee Equity Fund VI, L.P., THL Equity Fund
VI Investors (Univision), L.P. and their respective Permitted Transferees, in each case only if
such Person is then a Stockholder and holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>THL Co-Investment Vehicles</U>&#148; shall mean, as of any date, THL Equity Fund VI
Intermediate Investors (Univision), L.P., THL Equity Fund VI Intermediate Investors (Univision US),
L.P., THL Equity Fund VI Investors (GS), LLC and their respective successor entities, and any
Affiliated Fund thereof if, in each case, (i)&nbsp;substantially all of the equity thereof (including
amounts paid for the acquisition of any Convertible Securities to subscribe for, purchase or
otherwise acquire such equity) has not been contributed by the same investors, partners and members
as contributed to the equity of THL, (ii)&nbsp;such entity has been formed for the main purpose of
investing in the Company or any Affiliate thereof, and (iii)&nbsp;such entity is a Stockholder and owns
Shares. For the avoidance of doubt, neither THL Equity Fund VI Investors (Univision), L.P. nor any
successor thereof shall be deemed to be a Co-Investment Vehicle for the purposes of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>THL Investors</U>&#148; shall mean, as of any date, THL, the THL Co-Investment Vehicles, and
their respective Permitted Transferees, in each case only if such Person is then a Stockholder and
holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Total Combined Investment</U>&#148; shall mean with respect to a Person or group of Persons at
any time, the aggregate number of shares of Common Stock (including shares of Common Stock
underlying the outstanding Debentures and the outstanding TV Warrants) then held by such Person or
group of Persons.
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>TPG</U>&#148; shall mean, as of any date, TPG Umbrella IV, L.P., TPG Media V-AIV 1, L.P., TPG
Umbrella International IV, L.P., TPG Media V-AIV 2, L.P. and their respective Permitted
Transferees, in each case only if such Person is then a Stockholder and holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>TPG Co-Investment Vehicles</U>&#148; shall mean, as of any date, TPG Umbrella Co-Investment,
L.P., TPG Umbrella International Co-Investment, L.P. and their respective successor entities, and
any Affiliated Fund thereof if, in each case, (i)&nbsp;substantially all of the equity thereof
(including amounts paid for the acquisition of any Convertible Securities to subscribe for,
purchase or otherwise acquire such equity) has not been contributed by the same investors, partners
and members as contributed to the equity of TPG, (ii)&nbsp;such entity has been formed for the main
purpose of investing in the Company or any Affiliate thereof, and (iii)&nbsp;such entity is a
Stockholder and owns Shares. For the avoidance of doubt, neither TPG Umbrella International IV,
L.P., TPG Umbrella International V, L.P. nor any successor thereof shall be deemed to be a
Co-Investment Vehicle for the purposes of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>TPG Investors</U>&#148; shall mean, as of any date, TPG, the TPG Co-Investment Vehicles, and
their respective Permitted Transferees, in each case only if such Person is then a Stockholder and
holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Transaction Agreements</U>&#148; shall mean this Agreement, the Stockholders Agreement, the
Principal Investor Agreement, the Participation, Registration Rights and Coordination Agreement,
the Debentures, the TV Warrants, the Service Agreements, the Amended and Restated BMP Charter, the
Amended and Restated BMP Bylaws, the organizational documents of BMPH and Univision and the Letter
of Credit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Transfer</U>&#148; shall mean any sale, pledge (provided that the term &#147;Transfer&#148; shall not be
deemed to include a pledge of any Shares pursuant to a bona fide financing with a financial
institution, commercial lender or other bona fide provider of debt financing, but shall be deemed
to include a foreclosure on, or subsequent Transfer of, any such pledged Shares), assignment,
encumbrance or other transfer or disposition of any Shares (or any voting or economic interest
therein) to any other Person, whether directly, indirectly, voluntarily, involuntarily, by
operation of law, pursuant to judicial process or otherwise. For the avoidance of doubt, it shall
constitute a &#147;Transfer&#148; subject to the restrictions on Transfer contained or referenced in Section
3 of the Stockholders Agreement (a)&nbsp;if a transferee is not an individual, a trust or an estate, and
the transferor or an Affiliate thereof ceases to control such transferee, (b)&nbsp;with respect to an
Acquisition Holdco, or an holder of Shares which was formed for the purpose of holding Shares,
there is a Transfer of the equity interests of such Acquisition Holdco or holder other than to a
Permitted Transferee of such Acquisition Holdco or holder or of the party transferring the equity
of such Acquisition Holdco or holder or (c)&nbsp;with respect to an Affiliate of Televisa of which the
Shares held by such Affiliate constitute a majority of the value of such Affiliate, there is a
direct Transfer of the equity interests of such Affiliate other than to a Permitted Transferee of
such Affiliate or of the party transferring the equity of such Affiliate or to the shareholders of
any publicly traded parent entity of such Affiliate. For the avoidance of doubt, a conversion of
Class&nbsp;A Common Stock, Class&nbsp;B Common Stock, Class&nbsp;C Common Stock and/or Class&nbsp;D Common Stock into
Common Stock of any such other classes pursuant to the Charter shall not be deemed to be a
Transfer. For the avoidance of doubt, any Transfer of Units shall be treated as a Transfer of a
proportional number of Shares held by BMPS1 or BMPS2, as applicable (based on the total number of
Units outstanding and the total number of Shares held by BMPS1 or BMPS2, as the case may be), in
each case, as of immediately prior to such Transfer. No securities transferred to or held by BMPS1
or BMPS2 will be deemed to have been Transferred until they are sold
by BMPS1 or BMPS2, as applicable. Notwithstanding the foregoing, with respect to securities
acquired by BMPS2 from any Televisa Investor, such securities will continue to be deemed to be
securities held by Televisa or Televisa Investors, as applicable, regardless of any Transfer by
BMPS2 under the Saban Arrangements.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Treasury Rate</U>&#148; shall mean, as of any date of determination, the yield to maturity as
of such date of United States Treasury securities with a constant maturity (as compiled and
published in the most recent Federal Reserve Statistical Release H.15 (519)&nbsp;that has become
publicly available at least two Business Days prior to such date of determination (or, if such
Statistical Release is no longer published, any publicly available source of similar market data))
most nearly equal to the period from such date of determination to each remaining interest payment
date under the Debenture; provided, however, that if the period from the date of determination to
each remaining interest payment date is less than one year, the weekly average yield on actually
traded United States Treasury securities adjusted to a constant maturity of one year will be used.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>TuTV</U>&#148; shall have the meaning set forth in the recitals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>TuTV Interest</U>&#148; shall have the meaning set forth in the recitals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>TuTV LLC Agreement</U>&#148; shall have the meaning set forth in the recitals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>TuTV Purchase Agreement</U>&#148; shall have the meaning set forth in the recitals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>TuTV Purchase Price</U>&#148; shall have the meaning set forth in <U>Section&nbsp;1.1(c)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>TV Warrants</U>&#148; shall have the meaning set forth in <U>Section&nbsp;1.1(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Units</U>&#148; shall have the meaning set forth in the BMPS1 LLC Agreement and the BMPS2 LLC
Agreement, as applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Univision</U>&#148; shall have the meaning set forth in the preamble.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Univision Credit Agreement</U>&#148; means the Credit Agreement, dated as of March&nbsp;29, 2007,
as amended June&nbsp;19, 2009, and as amended and restated as of October&nbsp;26, 2010, among Univision,
Univision of Puerto Rico Inc., the lenders from time to time party thereto, Deutsche Bank AG New
York Branch, as administrative agent and collateral agent and the other agents from time to time
party thereto, as the same may be amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Univision SEC Documents</U>&#148; shall have the meaning set forth in <U>Section&nbsp;3.10(a)</U>.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;<I>Remainder of Page Intentionally Left Blank</I>&#093;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>IN WITNESS WHEREOF, </B>the Parties hereto have caused this Agreement to be executed as an
instrument under seal, as of the date 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>BMP:<BR><BR>
BROADCASTING MEDIA PARTNERS, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="center" style="border-bottom: 1px solid #000000">*
&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">Andrew Hobson&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">Senior Executive Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BMPS2:
<BR>
<BR>
BMPI SERVICES II, LLC</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="center"  style="border-bottom: 1px solid #000000">*
&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">Andrew Hobson&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">Senior Executive Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>UNIVISION:<BR>
<BR>
UNIVISION COMMUNICATIONS INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2"  align="center" style="border-bottom: 1px solid #000000">*
&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">Andrew Hobson&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">Senior Executive Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>The signature appearing immediately below shall serve as a signature at each place indicated
with an &#147;*&#148; on this page:</TD>
</TR>

</TABLE>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="22%">&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 colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/
Andrew Hobson
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Andrew Hobson&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Senior Executive Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO INVESTMENT AGREEMENT

</DIV>

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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<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>TELEVISA:<BR>
<BR>
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</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;</TD>
    <TD align="left">Salvi Rafael Folch Viadero</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;</TD>
    <TD align="left">Attorney-in-Fact&nbsp;</TD>
    <TD>&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
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;</TD>
    <TD align="left">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">Title:&nbsp;</TD>
    <TD align="left">Attorney-in-Fact&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"><B>PAY-TV VENTURE, INC.</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</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;</TD>
    <TD align="left">Salvi Rafael Folch Viadero</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;</TD>
    <TD align="left">Attorney-in-Fact&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <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;</TD>
    <TD align="left">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">Title:&nbsp;</TD>
    <TD align="left">Attorney-in-Fact&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO INVESTMENT AGREEMENT

</DIV>


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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>Schedule&nbsp;8.6(a)</U><BR>
<U>Financial Institutions for Letter of Credit</U>
</DIV>


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


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


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


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


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



<DIV align="left" style="font-size: 10pt; margin-top: 10pt">JP Morgan Chase Bank
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>Schedule&nbsp;11.4</U><BR>
<U>Notices</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">If to Televisa or Televisa TuTV:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">c/o Grupo Televisa, S.A.B.<br>
Building A, 4th Floor<br>
No.&nbsp;2000 Colonia Santa Fe<br>
Mexico, DF /01210 / Mexico<br>
Facsimile No.: &#043;52 55 5261 2494<br>
Attention: General Counsel
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">With a copy to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Wachtell, Lipton, Rosen &#038; Katz<br>
51 West 52nd Street<br>
New York, NY 10019<br>
Facsimile No.: (212)&nbsp;403-2000<br>
Attention: Joshua R. Cammaker
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">If to BMP, BMPS2 or Univision:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">c/o Univision Communications Inc.<br>
5999 Center Drive<br>
Los Angeles, California 90045<br>
Facsimile No.: (310)&nbsp;556-1526<br>
Attention: General Counsel
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">with a copy (which shall not constitute notice) to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Weil, Gotshal &#038; Manges LLP<br>
50 Kennedy Plaza, 11<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor<br>
Providence, Rhode Island 02903<br>
Facsimile No.: (401)&nbsp;278-4701<br>
Attention: David K. Duffell, Esq.
</DIV>


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

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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.20
<SEQUENCE>3
<FILENAME>c19172exv4w20.htm
<DESCRIPTION>EXHIBIT 4.20
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 4.20</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;4.20</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Execution Version</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">AMENDMENT (this &#147;<U>Amendment</U>&#148;), dated as of February&nbsp;28, 2011, to that certain
Investment Agreement, dated as of December&nbsp;20, 2010 (the &#147;<U>Investment</U> <U>Agreement</U>&#148;),
is made by and among Broadcasting Media Partners, Inc., a Delaware corporation (&#147;<U>BMP</U>&#148;),
BMPI Services II, LLC, a Delaware limited liability company (&#147;<U>BMPS2</U>&#148;), Univision
Communications Inc., a Delaware corporation (&#147;<U>Univision</U>&#148;), Grupo Televisa S.A.B., a Mexico
corporation (&#147;<U>Televisa</U>&#148;), and Pay-TV Venture, Inc., a Delaware corporation
(&#147;<U>Pay-TV</U>&#148; and, together with BMP, BMPS2, Univision, Televisa, the &#147;<U>Parties</U>&#148;).
Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the
Investment Agreement.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">WHEREAS, the Parties wish to amend the Investment Agreement as herein set forth to correct
typographical errors in the post-Recapitalization capitalization of BMP and Univision, the number
of shares issued to Televisa and the number of shares underlying the TV Debentures at Closing and
to reflect the amendment and restatement of the 2011 Program License Agreement and Mexico License
Agreement concurrently herewith; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">WHEREAS, this Amendment amends the Investment Agreement in accordance with Section&nbsp;11.1 of the
Investment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">NOW, THEREFORE, based upon the mutual promises and agreements contained herein, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
undersigned, intending to be legally bound, hereby agree as follows:
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">1.&nbsp;<U>Amendments to the Investment Agreement</U>.
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-left: 4%; margin-right:0%; font-size: 10pt">(a)&nbsp;Section&nbsp;1.1(a) of the Investment Agreement shall be amended as follows:
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-left: 8%; margin-right:0%; font-size: 10pt">(i)&nbsp;the reference to the number &#147;526,075 (five hundred twenty-six thousand
seventy-five)&#148; in such Section shall be deleted and replaced with &#147;526,336
(five hundred twenty-six thousand three hundred thirty-six)&#148;; and
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-left: 8%; margin-right:0%; font-size: 10pt">(ii)&nbsp;the reference to the number &#147;4,856,074 (four million eight hundred
fifty-six thousand seventy-four)&#148; in such Section shall be deleted and
replaced with &#147;4,858,485 (four million eight hundred fifty-eight thousand
four hundred eighty-five)&#148;.
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-left: 4%; margin-right:0%; font-size: 10pt">(b)&nbsp;Section&nbsp;1.1(b) of the Investment Agreement shall be amended as follows: the
reference to the number &#147;15,782 (fifteen thousand seven hundred eighty-two)&#148; in such
Section shall be deleted and replaced with &#147;15,790 (fifteen thousand seven hundred
ninety)&#148;.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="margin-top: 10pt; margin-left: 4%; margin-right:0%; font-size: 10pt">(c)&nbsp;Section&nbsp;2.1 of the Investment Agreement shall be amended as follows: the
reference to the number &#147;526,075 (five hundred twenty six thousand and seventy
five)&#148; in such Section shall be deleted and replaced with &#147;526,336 (five hundred
twenty-six thousand three hundred thirty-six)&#148;.
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-left: 4%; margin-right:0%; font-size: 10pt">(d)&nbsp;Section&nbsp;3.4(a) of the Investment Agreement shall be amended as follows:
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-left: 8%; margin-right:0%; font-size: 10pt">(i)&nbsp;the reference to the number &#147;9,995,418&#148; in such Section shall be deleted
and replaced with &#147;10,000,381&#148;; and
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-left: 8%; margin-right:0%; font-size: 10pt">(ii)&nbsp;the reference to the number &#147;2,000&#148; in such Section shall be deleted
and replaced with &#147;1,000&#148;.
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-left: 4%; margin-right:0%; font-size: 10pt">(e)&nbsp;Schedule&nbsp;3.4(a) to the Investment Agreement shall be replaced with the contents
of Schedule&nbsp;3.4(a) hereto.
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-left: 4%; margin-right:0%; font-size: 10pt">(f)&nbsp;Section&nbsp;3.4(c) of the Investment Agreement shall be amended as follows: the
reference to the number &#147;7.46%&#148; in such Section shall be deleted and replaced with
&#147;7.47%&#148;.
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-left: 4%; margin-right:0%; font-size: 10pt">(g)&nbsp;Schedule&nbsp;3.4(c) to the Investment Agreement shall be replaced with the contents
of Schedule&nbsp;3.4(c) hereto.
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-left: 4%; margin-right:0%; font-size: 10pt">(h)&nbsp;Section&nbsp;6.14 of the Investment Agreement shall be amended as follows:
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-left: 8%; margin-right:0%; font-size: 10pt">(i)&nbsp;the reference to &#147;(the &#145;<U>2011 Program License Agreement</U>&#146;)&#148; in
clause (i)&nbsp;of such Section shall be deleted and replaced with &#147;(as amended
from time to time, the &#145;<U>2011 Program License Agreement</U>&#146;)&#148;.
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-left: 8%; margin-right:0%; font-size: 10pt">(ii)&nbsp;the reference to &#147;(the &#145;<U>IPRA Amendment</U>&#146;)&#148; in clause (iii)&nbsp;of
such Section shall be deleted and replaced with &#147;(as amended from time to
time, the &#145;<U>IPRA Amendment</U>&#146;)&#148;.
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-left: 8%; margin-right:0%; font-size: 10pt">(iii)&nbsp;the reference to &#147;(the &#145;<U>Mexico License Agreement</U>&#146;)&#148; in clause
(iv)&nbsp;of such Section shall be deleted and replaced with &#147;(as amended from
time to time, the &#145;<U>Mexico License Agreement</U>&#146;)&#148;.
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-left: 8%; margin-right:0%; font-size: 10pt">(iv)&nbsp;the reference to &#147;(the &#145;<U>Sales Agency Agreement</U>&#146;)&#148; in clause (v)
of such Section shall be deleted and replaced with &#147;(as amended from time to
time, the &#145;<U>Sales Agency Agreement</U>&#146;)&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">2.&nbsp;<U>Representations</U>.
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-left: 4%; margin-right:0%; font-size: 10pt">(a)&nbsp;Each of BMP, BMPS2 and Univision represent and warrant to Televisa and Pay-TV
that (i)&nbsp;all corporate and limited liability company action necessary for the
authorization, execution, and delivery of this Amendment by it have been taken and
obtained; (ii)&nbsp;this Amendment has been duly and validly executed and delivered by it
and (assuming due authorization,
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="margin-top: 10pt; margin-left: 4%; margin-right:0%; font-size: 10pt">execution and delivery by the
other Parties hereto) shall be valid and legally binding upon it and enforceable
against it, except to the extent the enforceability thereof may be limited by
bankruptcy laws, insolvency laws, reorganization laws, moratorium laws or other laws
of general applicability affecting creditors&#146; rights generally or by general
equitable principles (regardless of whether enforcement is sought in a proceeding in
equity or at law); and (iii)&nbsp;its execution or delivery of this Amendment does not
and will not conflict with or violate any provision of its organizational documents
or any other agreements or binding arrangements entered into by and among BMP,
BMPS2, Univision, or their respective subsidiaries or any of the Principal Investors
and any of their respective shareholders or Affiliates.
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-left: 4%; margin-right:0%; font-size: 10pt">(b)&nbsp;Each of Televisa and Pay-TV represent and warrant to BMP, BMPS2 and Univision
that (i)&nbsp;all corporate and limited liability company action necessary for the
authorization, execution, and delivery of this Amendment by it have been taken and
obtained; (ii)&nbsp;this Amendment has been duly and validly executed and delivered by it
and (assuming due authorization, execution and delivery by the other Parties hereto)
shall be valid and legally binding upon it and enforceable against it, except to the
extent the enforceability thereof may be limited by bankruptcy laws, insolvency
laws, reorganization laws, moratorium laws or other laws of general applicability
affecting creditors&#146; rights generally or by general equitable principles (regardless
of whether enforcement is sought in a proceeding in equity or at law); and (iii)&nbsp;its
execution or delivery of this Amendment does not and will not conflict with or
violate any provision of its organizational documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">3.&nbsp;<U>Deliveries</U>. Simultaneously with the execution and delivery of this Amendment, BMP is
delivering to Multimedia Telecom, S.A. de C.V. (or to Televisa or a subsidiary of Televisa as
Televisa may designate) a certificate for 253 shares of Class&nbsp;C Common Stock, a certificate in the
name of BMPS2 for 8 shares of Class&nbsp;C Common Stock, and a replacement page for the TV Debenture
correcting the typographical error in the conversion rate as reflected in accordance with this
Amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">4.&nbsp;<U>Effectiveness</U>. This Amendment shall be effective upon delivery of executed signature
pages by all Parties hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">5.&nbsp;<U>Reference to and Effect on the Investment Agreement; Ratification</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;Except as specifically amended above, the Investment Agreement is and shall continue to be
in full force and effect and is hereby ratified and confirmed in all respects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;The execution, delivery and effectiveness of this Amendment shall not operate as a waiver
of any right, power or remedy of any Party hereto under the Investment Agreement, or constitute a
waiver of any provision of any other agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;Upon the effectiveness of this Amendment, each reference in the Investment Agreement to
&#147;Investment Agreement&#148;, &#147;hereto&#148;, &#147;hereunder&#148;, &#147;hereof&#148; or words of like import referring to the
Investment Agreement, and, for the avoidance of doubt, each reference in any other Transaction
Documents to &#147;the Investment Agreement&#148;, &#147;thereto&#148;, &#147;thereof&#148;, &#147;thereunder&#148;
or words of like import referring to the Investment Agreement, shall mean and be a reference
to the Investment Agreement as amended hereby.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">6.&nbsp;<U>Execution of Counterparts</U>. This Amendment may be executed in any number of
counterparts and by different Parties hereto on separate counterparts, each of which counterparts,
when so executed and delivered, shall be deemed to be an original and all of which counterparts,
taken together, shall constitute but one and the same Amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">7.&nbsp;<U>Governing Law</U>. This Amendment and the negotiation, execution, performance or
nonperformance, interpretation, construction and all matters based upon, arising out of or related
to this Amendment, whether arising in law or in equity (collectively, the &#147;<U>Covered
Matters</U>&#148;), and all claims or causes of action (whether in contract or tort) that may be based
upon, arise out of or relate to the Covered Matters, except for documents, agreements and
instruments that specify otherwise, shall be governed by the laws of the State of Delaware without
giving effect to its principles or rules of conflict of laws to the extent that such principles or
rules would require or permit the application of laws of another jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">8.&nbsp;<U>Headings</U>. The Section headings used or contained in this Amendment are for convenience
of reference only and shall not affect the construction of this Amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">9.&nbsp;<U>Severability</U>. In the event that any provision hereof would, under applicable Law
(other than Federal Communications Laws, in which case any modification or limitation must be
agreed by each of Televisa, on the one hand, and the Majority Principal Investors, on the other
hand (or, if there are no Principal Investors, the agreement of Televisa and the Board of the
Company shall be required)), be invalid or unenforceable in any respect, such provision shall be
construed by modifying or limiting it so as to be valid and enforceable to the maximum extent
compatible with, and possible under, applicable Law. The provisions hereof are severable, and in
the event any provision hereof should be held invalid or unenforceable in any respect pursuant to
the preceding sentence, it shall not invalidate, render unenforceable or otherwise affect any other
provision hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">10.&nbsp;<U>Interpretation</U>. Whenever the context and construction so require, all words used in
the singular number herein shall be deemed to have been used in the plural, and vice versa, and the
masculine gender shall include the feminine and neuter and the neuter shall include the masculine
and feminine.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;The remainder of the page is intentionally left blank.&#093;
</DIV>

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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to be duly executed by their
respective officers hereunto duly authorized 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"><BR>
<B>BMP:<br><BR>
BROADCASTING MEDIA PARTNERS, INC.</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="center">*
&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">Andrew Hobson&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">Senior Executive Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><BR>
<B>BMPS2:<br><BR>
BMPI SERVICES II, LLC</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="center">*
&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">Andrew Hobson&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">Senior Executive Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><BR>
<B>UNIVISION:<br><BR>
UNIVISION COMMUNICATIONS INC.</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="center">*
&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">Andrew Hobson&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">Senior Executive Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>The signature appearing immediately below shall serve as a signature at each place indicated
with an &#147;*&#148; on this page:</TD>
</TR>

</TABLE>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
Andrew Hobson&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">Andrew Hobson&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">Senior Executive Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Signature Page to Amendment to Investment Agreement
</DIV>


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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>TELEVISA:</B>
</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</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Attorney-in-Fact&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&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

&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Joaqu&#237;n Balc&#225;rcel Santa Cruz</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Attorney-in-Fact&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">
<B>PAY-TV VENTURE, INC.</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</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Name:&nbsp;&nbsp;Salvi Rafael Folch Viadero</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Title:&nbsp;&nbsp;&nbsp;&nbsp;Attorney-in-Fact</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&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
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Joaqu&#237;n Balc&#225;rcel Santa Cruz</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Attorney-in-Fact&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Signature Page to Amendment to Investment Agreement
</DIV>


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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>Schedule&nbsp;3.4(a)</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Please see attached.
</DIV>



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

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



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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>Schedule&nbsp;3.4(c)</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Please see attached.
</DIV>



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

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.21
<SEQUENCE>4
<FILENAME>c19172exv4w21.htm
<DESCRIPTION>EXHIBIT 4.21
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 4.21</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;4.21</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B><I>Execution Copy</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">NEITHER THIS SECURITY NOR ANY OF THE COMMON STOCK OR WARRANTS ISSUABLE UPON CONVERSION OF SUCH
SECURITY HAS BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#147;SECURITIES ACT&#148;),
OR REGISTERED OR QUALIFIED UNDER ANY STATE SECURITIES OR &#147;BLUE SKY&#148; LAWS OF ANY JURISDICTION. SUCH
SECURITIES MAY NOT BE SOLD, ENCUMBERED OR OTHERWISE TRANSFERRED UNLESS THE REGISTRATION PROVISIONS
OF THE SECURITIES ACT AND THE REGISTRATION, QUALIFICATION AND FILING REQUIREMENTS OF ALL APPLICABLE
JURISDICTIONS HAVE BEEN COMPLIED WITH OR UNLESS SUCH REGISTRATION, QUALIFICATION AND FILINGS ARE
NOT REQUIRED OR THE PROPOSED TRANSACTION WILL BE EXEMPT FROM REGISTRATION, QUALIFICATION AND FILING
IN ALL SUCH JURISDICTIONS. UNLESS SOLD PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, THE ISSUER
SHALL HAVE THE RIGHT IN CONNECTION WITH THE SALE, ENCUMBRANCE OR TRANSFER OF THIS SECURITY TO
RECEIVE AN OPINION OF COUNSEL TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT FROM REGISTRATION UNDER
THE SECURITIES ACT.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">HOLDERS OF THIS SECURITY AND THE COMMON STOCK AND WARRANTS ISSUABLE UPON CONVERSION OF THIS
SECURITY MAY BE REQUIRED TO BE PARTY TO AND BE SUBJECT TO THE STOCKHOLDERS AGREEMENT, PRINCIPAL
INVESTOR AGREEMENT, AND THE PARTICIPATION, REGISTRATION RIGHTS AND COORDINATION AGREEMENT TO WHICH
THE COMPANY AND CERTAIN OF ITS STOCKHOLDERS ARE PARTY, IN EACH CASE AS AMENDED, MODIFIED OR
SUPPLEMENTED FROM TIME TO TIME. THE SALE, ENCUMBRANCE OR OTHER DISPOSITION OF THIS SECURITY AND
THE COMMON STOCK AND WARRANTS ISSUABLE UPON CONVERSION OF THIS SECURITY ARE FURTHER SUBJECT TO THE
PROVISIONS OF SUCH AGREEMENTS. SUCH AGREEMENTS MAY INCLUDE RESTRICTIONS AND LIMITATIONS ON THE
TRANSFER OF THIS SECURITY AND THE COMMON STOCK AND WARRANTS ISSUABLE UPON CONVERSION OF THIS
SECURITY AND THE VOTING THEREOF AND LIMIT THE OWNERSHIP OF THE COMMON STOCK. A COPY OF SUCH
AGREEMENTS MAY BE OBTAINED FROM THE COMPANY WITHOUT CHARGE UPON REQUEST.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Issue Date: December&nbsp;20, 2010
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">1.5% Convertible Debenture due 2025
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">No.&nbsp;1
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$1,091,250,000</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">BROADCASTING MEDIA PARTNERS, INC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">FOR VALUE RECEIVED, the undersigned, BROADCASTING MEDIA PARTNERS, INC., a corporation organized and
existing under the laws of the State of Delaware, hereby promises to pay to Multimedia Telecom,
S.A. de C.V. or its registered assigns, the principal sum of ONE BILLION NINETY-ONE MILLION TWO
HUNDRED FIFTY THOUSAND DOLLARS ($1,091,250,000) on December&nbsp;31, 2025, with interest (computed on
the basis of a 360-day year of twelve 30&nbsp;day months) on the unpaid balance hereof at the rate of
1.5% per annum from the date hereof, payable quarterly in arrears, on March&nbsp;31, June&nbsp;30,
September&nbsp;30 and December&nbsp;31 in each year, commencing December&nbsp;31, 2010 (or if any such day is not
a Business Day, on the next succeeding Business Day), until the principal hereof shall have become
due and payable. All accrued and unpaid interest shall also be due and payable on December&nbsp;31,
2025.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Additional provisions of this Security are set forth under &#147;Terms of Securities&#148; on the reverse
hereof and shall for all purposes have the same effect as if set forth at this place.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Dated: December&nbsp;20, 2010
</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">BROADCASTING MEDIA PARTNERS, INC.<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/
Andrew W. Hobson&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">Andrew W. Hobson&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">Senior Executive Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">NEITHER THIS SECURITY NOR ANY OF THE COMMON STOCK OR WARRANTS ISSUABLE UPON CONVERSION OF SUCH
SECURITY HAS BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#147;SECURITIES ACT&#148;),
OR REGISTERED OR QUALIFIED UNDER ANY STATE SECURITIES OR &#147;BLUE SKY&#148; LAWS OF ANY JURISDICTION. SUCH
SECURITIES MAY NOT BE SOLD, ENCUMBERED OR OTHERWISE TRANSFERRED UNLESS THE REGISTRATION PROVISIONS
OF THE SECURITIES ACT AND THE REGISTRATION, QUALIFICATION AND FILING REQUIREMENTS OF ALL APPLICABLE
JURISDICTIONS HAVE BEEN COMPLIED WITH OR UNLESS SUCH REGISTRATION, QUALIFICATION AND FILINGS ARE
NOT REQUIRED OR THE PROPOSED TRANSACTION WILL BE EXEMPT FROM REGISTRATION, QUALIFICATION AND FILING
IN ALL SUCH JURISDICTIONS. UNLESS SOLD PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, THE ISSUER
SHALL HAVE THE RIGHT IN CONNECTION WITH THE SALE, ENCUMBRANCE OR TRANSFER OF THIS SECURITY TO
RECEIVE AN OPINION OF COUNSEL TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT FROM REGISTRATION UNDER
THE SECURITIES ACT.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">HOLDERS OF THIS SECURITY AND THE COMMON STOCK AND WARRANTS ISSUABLE UPON CONVERSION OF THIS
SECURITY MAY BE REQUIRED TO BE PARTY TO AND BE SUBJECT TO THE STOCKHOLDERS AGREEMENT, PRINCIPAL
INVESTOR AGREEMENT, AND THE PARTICIPATION, REGISTRATION RIGHTS AND COORDINATION AGREEMENT TO WHICH
THE COMPANY AND CERTAIN OF ITS STOCKHOLDERS ARE PARTY, IN EACH CASE AS AMENDED, MODIFIED OR
SUPPLEMENTED FROM TIME TO TIME. THE SALE, ENCUMBRANCE OR OTHER DISPOSITION OF THIS SECURITY AND
THE COMMON STOCK AND WARRANTS ISSUABLE UPON CONVERSION OF THIS SECURITY ARE FURTHER SUBJECT TO THE
PROVISIONS OF SUCH AGREEMENTS. SUCH AGREEMENTS MAY INCLUDE RESTRICTIONS AND LIMITATIONS ON THE
TRANSFER OF THIS SECURITY AND THE COMMON STOCK AND WARRANTS ISSUABLE UPON CONVERSION OF THIS
SECURITY AND THE VOTING THEREOF AND LIMIT THE OWNERSHIP OF THE COMMON STOCK. A COPY OF SUCH
AGREEMENTS MAY BE OBTAINED FROM THE COMPANY WITHOUT CHARGE UPON REQUEST.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Issue Date: December&nbsp;20, 2010
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">1.5% Convertible Debenture due 2025
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">No.&nbsp;2
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$33,750,000</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">BROADCASTING MEDIA PARTNERS, INC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">FOR VALUE RECEIVED, the undersigned, BROADCASTING MEDIA PARTNERS, INC., a corporation organized and
existing under the laws of the State of Delaware, hereby promises to pay to BMPI Services II, LLC
or its registered assigns, the principal sum of THIRTY THREE MILLION SEVEN HUNDRED AND FIFTY
THOUSAND DOLLARS ($33,750,000) on December&nbsp;31, 2025, with interest (computed on the basis of a
360-day year of twelve 30&nbsp;day months) on the unpaid balance hereof at the rate of 1.5% per annum
from the date hereof, payable quarterly in arrears, on March&nbsp;31, June&nbsp;30,
September&nbsp;30 and December&nbsp;31 in each year, commencing December&nbsp;31, 2010 (or if any such day is not
a Business Day, on the next succeeding Business Day), until the principal hereof shall have become
due and payable. All accrued and unpaid interest shall also be due and payable on December&nbsp;31,
2025.
</DIV>
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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Additional provisions of this Security are set forth under &#147;Terms of Securities&#148; on the reverse
hereof and shall for all purposes have the same effect as if set forth at this place.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Dated: December&nbsp;20, 2010
</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">BROADCASTING MEDIA PARTNERS, INC.<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/
Andrew W. Hobson&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">Andrew W. Hobson&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">Senior Executive Vice President</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

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


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>$ __________ Principal Amount 1.5% Convertible Debentures due 2025, and this debenture is one<BR>
of the debentures issued in connection with an issuance of debentures in an aggregate principal<BR>
amount of $1.125&nbsp;billion pursuant to the Investment Agreement (the &#147;</B><B><I>Securities</I></B><B>&#148;)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Broadcasting Media Partners, Inc., a Delaware corporation, issued the Securities pursuant to
the Investment Agreement, dated as of the date hereof, among the Company, Univision Communications
Inc., a Delaware corporation and a wholly owned subsidiary of Broadcast Media Partners Holdings,
Inc., BMPI Services II, LLC, a Delaware limited liability company, Grupo Televisa, S.A.B, a Mexico
corporation and Pay-TV Venture, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>SECTION 1. Certain Definitions.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">a.&nbsp;<U>Definitions</U>. Definitions used in this Terms of Securities but not otherwise
defined shall have the meaning ascribed to them in the Investment Agreement. As used in this Terms
of Securities, the following terms shall have the following meaning:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;Acquisition Holdco&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Affiliate&#148; shall mean, with respect to any specified Person, any other Person which directly
or indirectly through one or more intermediaries controls, or is controlled by, or is under common
control with, such specified Person; <U>provided</U>, <U>however</U>, that neither the Company
nor any of its Subsidiaries shall be deemed an Affiliate of any of the Stockholders (and vice
versa), and, in addition, such specified Person&#146;s Affiliates shall also include, (a)&nbsp;if such
specified Person is a private equity investment fund, any other private equity investment fund the
primary investment advisor to which is the primary investment advisor to such specified Person or
an Affiliate thereof and (b)&nbsp;if such specified Person is a natural Person, any Family Member of
such natural Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Affiliated Fund&#148; shall mean, with respect to any specified Person, a private equity
investment fund that is an Affiliate of such Person or that is advised by the same investment
adviser as such Person or by an Affiliate of such investment adviser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Applicable Premium&#148; shall mean with respect to any Security on any Redemption Date, the sum
of the present value at the Redemption Date of all required interest payments due on such Security
through the Maturity Date (excluding accrued but unpaid interest to the Redemption Date), in each
case, computed using a discount rate equal to the Treasury Rate as of the Redemption Date with
respect to each such interest payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Bank Investors&#148; shall mean collectively BACI Investors Intermediate (Univision), L.P., Credit
Suisse Investors Intermediate (Univision), L.P., DB Investors Intermediate (Univision), L.P., LB
Investors Intermediate (Univision), L.P., RBS Investors Intermediate (Univision), L.P. and WCP
Univision, L.P.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Bankruptcy Law&#148; shall mean Title 11, U.S. Code or any similar federal or state law for the
relief of debtors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;BMPH&#148; shall mean Broadcast Media Partners Holdings, Inc., a Delaware corporation and a wholly
owned subsidiary of the Company.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;BMPS1&#148; shall mean BMPI Services, LLC, a Delaware limited liability company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;BMPS1 LLC Agreement&#148; shall mean the Amended and Restated Limited Liability Company Agreement
of BMPS1, dated as of January&nbsp;29, 2008, as amended from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;BMPS2&#148; shall mean BMPI Services II, LLC, a Delaware limited liability company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;BMPS2 LLC Agreement&#148; shall mean the Amended and Restated Limited Liability Company Agreement
of BMPS2, dated as of the date hereof, as amended from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;Business Day&#148; shall mean each day which is not a Legal Holiday.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;Capital Stock&#148; shall mean:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(1)&nbsp;in the case of a corporation, corporate stock;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(2)&nbsp;in the case of an association or other business entity, any and all shares, interests,
participations, rights or other equivalents (however designated) of corporate stock;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(3)&nbsp;in the case of a partnership or limited liability company, partnership or membership
interests (whether general or limited); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(4)&nbsp;any other interest or participation that confers on a Person the right to receive a share
of the profits and losses of, or distributions of assets of, the issuing Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Change of Control&#148; shall mean the occurrence of (a)&nbsp;any consolidation or merger of the
Company with or into any other Person, or any other corporate reorganization, business combination
transaction or Transfer of securities of the Company by its stockholders, or a series of related
transactions (including the acquisition of Capital Stock of the Company), whether or not the
Company is a party thereto, in which the stockholders of the Company immediately prior to such
consolidation, merger, reorganization, business combination transaction or Transfer, own, directly
or indirectly, Capital Stock either (i)&nbsp;representing directly, or indirectly through one or more
entities, less than fifty percent (50%) of the equity of the Company or other surviving entity
immediately after such consolidation, merger, reorganization, business combination transaction or
Transfer or (ii)&nbsp;the owners of which do not directly, or indirectly through one or more entities,
have the power to elect (by contract, share ownership or otherwise) a majority of the entire board
of directors or other similar governing body of the Company or other surviving entity immediately
after such consolidation, merger, reorganization, business combination transaction or Transfer; (b)
any transaction or series of related transactions, whether or not the Company is a party thereto,
after giving effect to which in excess of fifty percent (50%) of the Company&#146;s voting power (by
contract, share ownership or otherwise) is owned directly, or indirectly through one or more
entities, by any Person and its &#147;affiliates&#148; or &#147;associates&#148; (as such terms are defined in the
Exchange Act Rules) or any Group, excluding, in any case referred to in clause (a)&nbsp;or (b), any
Initial Public Offering or any bona fide primary or secondary public offering following the
occurrence of an Initial Public Offering; or (c)&nbsp;a sale, lease or other disposition of all or
substantially all of the consolidated assets of the Company and its Subsidiaries; <U>provided</U>,
that for purposes of this sentence, any transactions with the same third party or any of its
Affiliates shall be deemed to be a series of related transactions. For the avoidance of doubt, none
of the following shall, in and of itself, constitute a &#147;Change of Control&#148;: (x)&nbsp;a spin-off of one
of the businesses of the Company or any Subsidiary thereof, or a comparable transaction, or (y)&nbsp;a
transaction in which, after giving effect thereto, the Principal Investors and their Affiliates
continue to own, directly or indirectly, more than fifty percent (50%) of the equity (1)&nbsp;of the
Company or other surviving entity in the case of a transaction of the sort described in clause (a)
above, (2)&nbsp;of the Company
in the case of a transaction of the sort described in clause (b)&nbsp;above or (3)&nbsp;of the acquiring
entity in the case of a transaction of the sort described in clause (c)&nbsp;above.
</DIV>
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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;Charter&#148; shall mean the amended and restated certificate of incorporation of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Class&nbsp;A Common Stock&#148; shall mean the voting Class&nbsp;A Common Stock, par value $.001 per share,
of the Company and shall include any shares of common stock issued in exchange for or in
consideration of (including shares of common stock of the surviving company in connection with a
merger or similar business combination) or in substitution for the Class&nbsp;A Common Stock, including
shares of common stock issued upon an Initial Public Offering in exchange for or in substitution
for such Class&nbsp;A Common Stock, or as such shares of Class&nbsp;A Common Stock may be reclassified.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;Class&nbsp;A/B Common Stock&#148; shall mean the Class&nbsp;A Common Stock and the Class&nbsp;B Common Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Class&nbsp;B Common Stock&#148; shall mean the nonvoting Class&nbsp;B Common Stock, par value $.001 per
share, of the Company and shall include any shares of common stock issued in exchange for or in
consideration of (including shares of common stock of the surviving company in connection with a
merger or similar business combination) or in substitution for the Class&nbsp;B Common Stock, including
shares of common stock issued upon an Initial Public Offering in exchange for or in substitution
for such Class&nbsp;B Common Stock, or as such shares of Class&nbsp;B Common Stock may be reclassified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Class&nbsp;C Common Stock&#148; shall mean the voting Class&nbsp;C Common Stock, par value $.001 per share,
of the Company and shall include any shares of common stock issued in exchange for or in
consideration of (including shares of common stock of the surviving company in connection with a
merger or similar business combination) or in substitution for the Class&nbsp;C Common Stock, or as such
shares of Class&nbsp;C Common Stock may be reclassified.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;Class&nbsp;C/D Common Stock&#148; shall mean the Class&nbsp;C Common Stock and the Class&nbsp;D Common Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Class&nbsp;D Common Stock&#148; shall mean the nonvoting Class&nbsp;D Common Stock, par value $.001 per
share, of the Company and shall include any shares of common stock issued in exchange for or in
consideration of (including shares of common stock of the surviving company in connection with a
merger or similar business combination) or in substitution for the Class&nbsp;D Common Stock, or as such
shares of Class&nbsp;D Common Stock may be reclassified.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;Closing Date&#148; shall have the meaning set forth in the Investment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Co-Investment Vehicle&#148; shall mean any one of (a)&nbsp;the MDP Co-Investment Vehicles,
collectively, (b)&nbsp;the PEP Co-Investment Vehicles, collectively, (c)&nbsp;the THL Co-Investment Vehicles,
collectively, and (d)&nbsp;the TPG Co-Investment Vehicles, collectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Common Stock&#148; shall mean the common stock of the Company, including the Class&nbsp;A/B Common
Stock and the Class&nbsp;C/D Common Stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;Company&#148; shall mean Broadcasting Media Partners, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Conversion Shares&#148; shall mean (a)&nbsp;if issued to a Televisa Investor, shares of Class&nbsp;C Common
Stock issued upon conversion or exercise of the Securities, except to the extent that the Televisa
Investors would exceed the Maximum Equity Percentage, &#147;Conversion Shares&#148; shall mean, to the extent
of such excess, shares of Class&nbsp;D Common Stock issued upon conversion or exercise of the
Securities, and (b)&nbsp;if
issued to a Person other than a Televisa Investor, shares of Class&nbsp;A Common Stock issued upon
conversion or exercise of the Securities.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Convertible Securities&#148; shall mean any evidence of indebtedness (including the Securities),
shares of stock, options, warrants (including the Warrants) or other securities which are directly
or indirectly convertible into or exchangeable or exercisable for shares of Common Stock of the
Company, including any options and warrants.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;Depositary&#148; means the Depositary Trust Company, a New York corporation, and its successors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Discriminate(s)&#148; and &#147;Discrimination&#148; shall mean, with respect to a specified Person, to
discriminate against such specified Person as compared to other applicable parties in a manner that
is, or is reasonably expected to be, (a)&nbsp;with respect to all Persons other than the Televisa
Investors, materially and disproportionately adverse to such specified Person, and (b)&nbsp;with respect
to any Televisa Investor, disproportionately adverse to such Televisa Investor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Disqualified Stock&#148; shall mean, with respect to any Person, any Capital Stock of such Person
which, by its terms, or by the terms of any security into which it is currently convertible or for
which it is currently putable or exchangeable, or upon the happening of any event, matures or is
mandatorily redeemable (other than solely as a result of a change of control or asset sale)
pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder
thereof (other than solely as a result of a change of control or asset sale), in whole or in part,
in each case prior to the date 91&nbsp;days after the earlier of the Maturity Date or the date the
Securities are no longer outstanding; <U>provided</U>, <U>however</U>, that if such Capital Stock
is issued to any plan for the benefit of employees of the Company or its Subsidiaries or by any
such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely
because it may be required to be repurchased in order to satisfy applicable statutory or regulatory
obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Equity Incentive Plans&#148; shall mean (a)&nbsp;the Broadcasting Media Partners, Inc. Equity Incentive
Plan, effective as of March&nbsp;27, 2007, as amended from time to time, or any successor or additional
Company management equity incentive plan approved by the Company&#146;s board of directors and (b)&nbsp;the
Broadcasting Media Partners, Inc. Equity Incentive Plan, effective as of the date hereof, as
amended from time to time, or any successor or additional Company management equity incentive plan
approved by the Company&#146;s board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Equity Interests&#148; shall mean Capital Stock and all warrants (including the Warrants), options
or other rights to acquire Capital Stock, but excluding any debt security (including the
Securities) that is convertible into, or exchangeable for, Capital Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Equity Percentage&#148; shall mean at any given time (a)&nbsp;in the context of equity ownership, a
fraction, expressed as a percentage, (i)&nbsp;the numerator of which is the aggregate number of shares
of Common Stock held at such time by Persons who are Televisa Investors, and (ii)&nbsp;the denominator
of which is the total number of shares of Common Stock outstanding at such time and (b)&nbsp;in the
context of voting power, the percentage of outstanding voting equity of the Company owned, directly
or indirectly, at such time by such Persons indicated in clause (a)&nbsp;of this definition. For the
avoidance of doubt, the shares of Common Stock issuable (but not yet issued) upon conversion of the
Securities or upon exercise of the Warrants or the Preferential Rights or issuable (but not yet
issued) in respect of the Equity Incentive Plans shall not be considered outstanding for purposes
of this definition.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Equivalent Shares&#148; shall mean, at any date of determination, (a)&nbsp;as to any outstanding shares
of Common Stock, such number of shares of Common Stock, (b)&nbsp;as to any outstanding Convertible
Securities (other than the Securities and Warrants), the maximum number of shares of Common Stock
for
which or into which such Convertible Securities may at the time be exercised, converted or
exchanged (or which will become exercisable, convertible or exchangeable on or prior to, or by
reason of, the transaction or circumstance in connection with which the number of Equivalent Shares
is to be determined assuming all of the conditions to exercise, conversion or exchange thereof have
been satisfied) and (c)&nbsp;as to any outstanding Securities and Warrants, the maximum number of shares
of Common Stock for which such Securities or Warrants, as the case may be, may then be converted or
exercised, assuming all of the conditions to the conversion or exercise thereof have been
satisfied.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Exchange Act&#148; shall mean the Securities Exchange Act of 1934 and the rules and regulations
promulgated thereunder, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Exchange Act Rules&#148; shall mean the rules adopted by the Securities and Exchange Commission
under the Exchange Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Fair Market Value&#148; (i)&nbsp;of any capital stock of the Company that is publicly traded on a
national securities exchange means, as of any date, the volume-weighted average of the closing
prices of such security over a period of the 10 consecutive trading days preceding such date on
which such security was traded on such exchange, or (ii)&nbsp;of any other capital stock of the Company,
securities, assets, cash, or other property, means the amount that a willing buyer would pay a
willing seller for such stock, securities, assets, cash or other property in an arm&#146;s length
transaction, as reasonably determined by the Board of Directors in good faith; <U>provided</U>,
<U>however</U>, for purposes of this clause (ii), if requested by Holders of at least 25% in
principal amount of the then total outstanding Securities, the Company shall obtain a valuation
from a nationally recognized investment banking firm, with costs of such valuation to be paid
equally by such Holders and the Company, which valuation shall be determinative; <U>provided</U>,
<U>further</U>, that with respect to the determination of the Fair Market Value of any
distribution or dividend (with respect to all Shares), the Company shall not be required to obtain
such valuation unless the Board of Directors reasonably determines such value, together with the
value of any other distributions or dividends (with respect to all Shares) within the preceding
twelve (12)&nbsp;months, exceeds $100.0&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Family Member&#148; shall mean, with respect to any natural Person, (a)&nbsp;any lineal descendant or
ancestor or sibling (by birth or adoption) of such natural Person, (b)&nbsp;any spouse or former spouse
of any of the foregoing, (c)&nbsp;any legal representative or estate of any of the foregoing, or the
ultimate beneficiaries of the estate of any of the foregoing, if deceased and (d)&nbsp;any trust or
other bona fide estate-planning vehicle the only beneficiaries of which are any of the foregoing
Persons described in clauses (a)&nbsp;through (c)&nbsp;above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;FCC&#148; shall mean the United States Federal Communications Commission or any successor entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Federal Communications Laws&#148; shall mean the Communications Act of 1934, as amended, and any
successor statute thereto, and the rules, regulations and policies promulgated by the FCC
thereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;Foreign Ownership Restrictions&#148; have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Global Security&#148; means an Indenture Security in registered global form without interest
coupons and deposited with and registered in the name of the Depositary or its nominee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Governmental Authority&#148; shall mean any United States (federal, state or local) or foreign
government, or governmental, regulatory, judicial or administrative authority, agency, commission
or court (including the FCC and applicable stock exchange(s)).
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Group&#148; shall mean &#147;group&#148; (within the meaning of Section&nbsp;13(d)(3) of the Exchange Act);
<U>provided</U> that a &#147;group&#148; must be formed knowingly in order to constitute a Group, and the
existence of any Group may not be established by mere parallel action.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;Holder&#148; shall mean the Person in whose name the Security is registered on the Register.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;Initial
Public Offering&#148; shall mean the initial underwritten Public Offering registered on Form S-1 (or any successor form under the Securities Act).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Investment Agreement&#148; means the Investment Agreement, dated as of the Issue Date, among the
Company, Univision, BMPS2, Televisa, and Pay-TV Venture, Inc. as amended from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;Issue Date&#148; shall mean December&nbsp;20, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Law&#148; shall mean any statute, law, ordinance, regulation, rule, code, injunction, judgment,
decree, order or any other judicially enforceable legal requirement (including common law) of any
Governmental Authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Legal Holiday&#148; shall mean a Saturday, a Sunday or a day on which commercial banking
institutions are not required to be open in the State of New York or Mexico.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;Letter of Credit&#148; shall have the meaning set forth in the Investment Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;Management Investors&#148; shall mean Andrew Hobson and Joseph Uva.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;Maturity Date&#148; shall mean December&nbsp;31, 2025.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;Maximum Equity Percentage&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;MDP&#148; shall mean, as of any date, Madison Dearborn Capital Partners IV, L.P., MDCPIV
Intermediate (Umbrella), L.P., Madison Dearborn Capital Partners V-A, L.P., MDCPV Intermediate
(Umbrella), L.P. and their respective Permitted Transferees, in each case only if such Person is
then a Stockholder and holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;MDP Co-Investment Vehicles&#148; shall mean, as of any date, MDCP Foreign Co-Investors (Umbrella),
L.P., MDCP US Co-Investors (Umbrella), L.P. and their respective successor entities, and any
Affiliated Fund thereof if, in each case, (i)&nbsp;substantially all of the equity thereof (including
amounts paid for the acquisition of any Convertible Securities to subscribe for, purchase or
otherwise acquire such equity) has not been contributed by the same investors, partners and members
as contributed to the equity of MDP, (ii)&nbsp;such entity has been formed for the main purpose of
investing in the Company or any Affiliate thereof, and (iii)&nbsp;such entity is a Stockholder and owns
Shares. For the avoidance of doubt, neither MDCPIV Intermediate (Umbrella), L.P., MDCPV
Intermediate (Umbrella), L.P., nor any successor thereof shall be deemed to be a Co-Investment
Vehicle for the purposes of this Terms of Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;MDP Investors&#148; shall mean, as of any date, MDP, the MDP Co-Investment Vehicles, and their
respective Permitted Transferees, in each case only if such Person is then a Stockholder and holds
any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Minimum Total Combined Investment&#148; shall mean, with respect to any one Principal Investor,
shares of Common Stock with an aggregate initial cost of $150,000,000. For purposes hereof, the
agreed
initial cost of a share of Common Stock shall be $398.52 (subject to appropriate adjustment
for stock splits, dividends and similar events).
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Non Recourse Debt&#148; shall mean any Indebtedness, with respect to which, (a)&nbsp;neither the
Company nor any of its Restricted Subsidiaries (i)&nbsp;provides credit support of any kind (including
any undertaking, agreement or instrument that would constitute Indebtedness) for such Indebtedness
of such Person, other than a pledge of the Equity Interests of such Person if it is an Unrestricted
Subsidiary, (ii)&nbsp;is directly or indirectly liable as a guarantor or otherwise of such Indebtedness
of such Person, or (iii)&nbsp;constitutes the lender with respect to the Indebtedness of such Person;
and (b)&nbsp;in the case of an Unrestricted Subsidiary, no default on the Indebtedness of such
Unrestricted Subsidiary (including any rights that the holders of such Indebtedness may have to
take enforcement action against an Unrestricted Subsidiary) would permit upon notice, lapse of time
or both any holder of Indebtedness of the Company or any of its Restricted Subsidiaries to declare
a default on such Indebtedness of the Company or any of its Restricted Subsidiaries or cause the
payment of such Indebtedness of the Company or any of its Restricted Subsidiaries to be accelerated
or payable prior to its stated maturity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Non-U.S. Holder&#148; shall mean any Holder that is a (i)&nbsp;non-U.S. citizen, (ii)&nbsp;representative of
a non-U.S. citizen, (iii)&nbsp;non-U.S. government, (iv)&nbsp;representative of a non-U.S. government, (v)
corporation, partnership or other Person organized under the laws of a jurisdiction other than the
United States or any State of the United States, or (vi)&nbsp;any corporation, partnership or other
Person directly or indirectly controlled by any Person referred to in clauses (i) &#151; (v)&nbsp;inclusive.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;Optional Prepayment Date&#148; shall mean December&nbsp;31, 2024.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Participation, Registration Rights and Coordination Agreement&#148; shall mean the Amended and
Restated Participation, Registration Rights and Coordination Agreement, by and among Televisa, the
Principal Investors, the Bank Investors, the Management Investors, the Company, BMPH and Univision
substantially in the form attached as Exhibit&nbsp;E to the Investment Agreement, as amended from time
to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;PEP&#148; shall mean, as of any date, Providence Equity Partners V (Umbrella US) L.P., Providence
Equity Partners VI (Umbrella US) L.P., Providence Investors V (Univision) L.P., Providence
Investors VI (Univision) L.P. and their respective Permitted Transferees, in each case only if such
Person is then a Stockholder and holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;PEP Co-Investment Vehicles&#148; shall mean, as of any date, Providence Co-Investors (Univision)
L.P., Providence Co-Investors (Univision US) L.P. and their respective successor entities, and any
Affiliated Fund thereof if, in each case, (i)&nbsp;substantially all of the equity thereof (including
amounts paid for the acquisition of any Convertible Securities to subscribe for, purchase or
otherwise acquire such equity) has not been contributed by the same investors, partners and members
as contributed to the equity of PEP, (ii)&nbsp;such entity has been formed for the main purpose of
investing in the Company or any Affiliate thereof, and (iii)&nbsp;such entity is a Stockholder and owns
Shares. For the avoidance of doubt, neither Providence Investors V (Univision) L.P., Providence
Investors VI (Univision) L.P., nor any successor thereof shall be deemed to be a Co-Investment
Vehicle for the purposes of this Terms of Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;PEP Investors&#148; shall mean, as of any date, PEP, the PEP Co-Investment Vehicles, and their
respective Permitted Transferees, in each case only if such Person is then a Stockholder and holds
any Shares.
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Permitted Transferee&#148; shall mean, in respect of (a)&nbsp;any PITV Investor, (i)&nbsp;any Affiliate of
such PITV Investor (other than a portfolio company of such PITV Investor) or (ii)&nbsp;any successor
entity and (b)
any Bank Investor, any Affiliate of such Bank Investor, (c)&nbsp;any SCG Investor, (i)&nbsp;any Person
which is controlled by or for the benefit of Haim Saban or Cheryl Saban (or in the event of their
divorce, their subsequent respective spouses) (collectively &#147;<I>Saban</I>&#148;) or their Family Members (other
than a portfolio company of any SCG Investor), (ii)&nbsp;then-current or former officers and/or
employees of Saban or entities controlled by Saban who were issued such interests as a result of or
in connection with their employment by Saban, or such officers&#146; and/or employees&#146; Family Members to
the extent they receive such Transferred interests initially issued to such officer or employee as
a result of or in connection with his or her employment by Persons controlled by Saban, and (iii)
any trust, custodianship or other entity created for estate or tax planning purposes all of the
beneficiaries of which are any of the persons listed in subclause (i)&nbsp;to (iii)&nbsp;of this clause (c);
in each case described in clauses (a)&nbsp;through (c), only if such transferee agrees to be bound by
the terms of the Transaction Agreements in accordance with their respective terms to the same
extent its transferor is bound thereby. In addition, any Stockholder shall be a Permitted
Transferee of the Permitted Transferees of itself and any member of a Principal Investor Group
shall be a Permitted Transferee of any other member of such Principal Investor Group. No
Restricted Person may be a &#147;Permitted Transferee.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Person&#148; shall mean any individual, partnership, corporation, company, association, trust,
joint venture, limited liability company, unincorporated organization, entity or division, or any
government, governmental department, agency or political subdivision thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;PIK Toggle Notes&#148; means Univision&#146;s 9.75%/10.50% Senior Notes due 2015 in the original
principal amount of $1,500,000,000, as such amount may be increased from time to time in respect of
the payment of interest thereunder and any additional notes issued pursuant to the terms of any
indenture and/or other agreement governing such notes and all documentation delivered pursuant
thereto representing the payment of interest (and including any substantially identical notes
having the same guarantees issued in a dollar for dollar exchange therefore pursuant to an exchange
offer registered with the Securities and Exchange Commission), any extension or renewal thereof, or
any replacement or refinancing thereof with substantially similar debt.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;PITV Investors&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;Preferential Rights&#148; shall have the meaning set forth in the Investment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Preferred Stock&#148; shall mean any Equity Interest with preferential rights of payment of
dividends or upon liquidation, dissolution, or winding up.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Principal Investor Agreement&#148; shall mean the Amended and Restated Principal Investor
Agreement, by and between the Company, BMPH, Univision, Televisa and each Principal Investor,
substantially in the form attached as Exhibit&nbsp;H to the Investment Agreement, as amended from time
to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Principal Investor Group&#148; shall mean any one of (a)&nbsp;the MDP Investors, collectively, (b)&nbsp;the
PEP Investors, collectively, (c)&nbsp;the SCG Investors, collectively, (d)&nbsp;the THL Investors,
collectively, and (e)&nbsp;the TPG Investors, collectively; <U>provided</U>, <U>however</U>, that any
such Principal Investor Group shall cease to be a Principal Investor Group at such time after the
Televisa Closing (as defined in the Stockholders Agreement), and at all times thereafter, as such
Principal Investor Group ceases to hold Shares representing a Total Combined Investment of at least
the Minimum Total Combined Investment; <U>provided</U>, <U>further</U>, that, following a
Transfer of control to an initial or subsequent Purchaser of Control, such Purchaser of Control
shall have the right to exercise the rights of the Principal Investor Groups in accordance with
<U>Section&nbsp;3.8 </U>of the Stockholders Agreement; <U>provided</U>, <U>further</U>, that no
adjustment or modification to the term &#147;Minimum Total Combined Investment&#148; shall cause any former
Principal Investor Group to again become a Principal Investor Group.
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Principal Investors&#148; shall mean the MDP Investors, the PEP Investors, the SCG Investors, the
THL Investors and the TPG Investors, collectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Public Offering&#148; shall mean a public offering and sale of Common Stock for cash pursuant to
an effective registration statement under the Securities Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;Purchaser of Control&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Record Date&#148; for the interest payable on any applicable Interest Payment Date shall mean with
respect to the Securities, March&nbsp;15, June&nbsp;15, September&nbsp;15 or December&nbsp;15 (whether or not a
Business Day) immediately preceding such Interest Payment Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Restricted Subsidiary&#148; shall mean any direct or indirect subsidiary of the Company that is
not an Unrestricted Subsidiary.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;Restricted Person&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Saban Arrangements&#148; shall mean the arrangements reflected in the Saban Services Agreement,
the BMPS1 LLC Agreement or the BMPS2 LLC Agreement, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Saban Services Agreement&#148; shall mean the Amended and Restated Services Agreement, by and
between the Company, SCG Investments IIB LLC, BMPI Services LLC and BMPI Services II, LLC, dated as
of the date hereof, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;SCG Investors&#148; shall mean, as of any date, SCG Investments II, LLC and its Permitted
Transferees, in each case only if such Person is then a Stockholder and holds any Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;Securities&#148; shall have the meaning set forth in the preamble hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Securities Act&#148; shall mean the Securities Act of 1933 and the rules promulgated thereunder,
as amended from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;Senior Officer&#148; shall have the meaning set forth in the Investment Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;Service Agreements&#148; shall have the meaning set forth in the Investment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Significant Subsidiary&#148; shall mean any Subsidiary that constitutes a &#147;significant subsidiary&#148;
as defined in Article&nbsp;1, Rule&nbsp;1-02 of Regulation&nbsp;S-X, promulgated pursuant to the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Shares&#148; shall mean (a)&nbsp;all shares of Common Stock held by a Stockholder, whenever issued,
including all shares of Common Stock that were issued upon the exercise, conversion or exchange of
any Convertible Securities and (b)&nbsp;all Convertible Securities held by a Stockholder (treating such
Convertible Securities as a number of Shares equal to the number of Equivalent Shares represented
by such Convertible Securities for all purposes of this Terms of Securities except as otherwise
specifically set forth herein).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;Stockholders&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Stockholders Agreement&#148; shall mean the Amended and Restated Stockholders Agreement, by and
among Televisa, the Principal Investors, the Bank Investors, BMPS1, BMPS2, the Management
Investors, the Company, BMPH and Univision substantially in the form attached as Exhibit&nbsp;D to the
Investment Agreement, as amended from time to time.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;Strategic Buyer&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Subsidiary&#148; of any Person, shall mean any corporation, partnership, joint venture or other
legal entity of which such Person (either alone or through or together with any other subsidiary),
owns, directly or indirectly, more than 50% of the stock or other equity interests, the holders of
which are generally entitled to vote for the election of the board of directors or other governing
body of such corporation or other legal entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Televisa&#148; shall mean Grupo Televisa, S.A.B., a Mexico corporation, and its Permitted
Transferees who hold any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Televisa Investors&#148; shall mean, as of any date, collectively, (i)&nbsp;Televisa and any Permitted
Transferee of Televisa; (ii)&nbsp;any Person that is not a Permitted Transferee of Televisa but that is,
as of such date, a member of a Group of which Televisa and/or any of its Affiliates is a member
with respect to securities of the Company (excluding any Principal Investor); and (iii)&nbsp;a Permitted
Transferee of a Person described in clause (ii)&nbsp;above, <U>provided</U> that such Permitted
Transferee is, as of such date, a member of a Group of which Televisa and/or any of its Affiliates
is a member with respect to securities of the Company (excluding any Principal Investor); in each
case under <U>clauses (i)</U>, <U>(ii)</U> and <U>(iii)</U>, only if and to the extent such
Person is then a Stockholder and holds any Shares; <U>provided</U>, <U>further</U>, that BMPS2
shall not constitute a Televisa Investor and Televisa shall not be responsible for any actions or
failures to act of BMPS2, but Televisa shall be deemed to hold the Shares held by BMPS2, including
regardless of any Transfer of Shares by BMPS2 under the Saban Arrangements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;THL&#148; shall mean, as of any date, Thomas H. Lee Equity Fund VI, L.P., THL Equity Fund VI
Investors (Univision), L.P. and their respective Permitted Transferees, in each case only if such
Person is then a Stockholder and holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;THL Co-Investment Vehicles&#148; shall mean, as of any date, THL Equity Fund VI Intermediate
Investors (Univision), L.P., THL Equity Fund VI Intermediate Investors (Univision US), L.P., THL
Equity Fund VI Investors (GS), LLC and their respective successor entities, and any Affiliated Fund
thereof if, in each case, (i)&nbsp;substantially all of the equity thereof (including amounts paid for
the acquisition of any Convertible Securities to subscribe for, purchase or otherwise acquire such
equity) has not been contributed by the same investors, partners and members as contributed to the
equity of THL, (ii)&nbsp;such entity has been formed for the main purpose of investing in the Company or
any Affiliate thereof, and (iii)&nbsp;such entity is a Stockholder and owns Shares. For the avoidance
of doubt, neither THL Equity Fund VI Investors (Univision), L.P. nor any successor thereof shall be
deemed to be a Co-Investment Vehicle for the purposes of this Terms of Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;THL Investors&#148; shall mean, as of any date, THL, the THL Co-Investment Vehicles, and their
respective Permitted Transferees, in each case only if such Person is then a Stockholder and holds
any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Total Combined Investment&#148; shall mean with respect to a Person or group of Persons at any
time, the aggregate number of shares of Common Stock (including shares of Common Stock underlying
the outstanding Securities and the outstanding Warrants) then held by such Person or group of
Persons.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;TPG&#148; shall mean, as of any date, TPG Umbrella IV, L.P., TPG Media V-AIV 1, L.P., TPG Umbrella
International IV, L.P., TPG Media V-AIV 2, L.P. and their respective Permitted Transferees, in each
case only if such Person is then a Stockholder and holds any Shares.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;TPG Co-Investment Vehicles&#148; shall mean, as of any date, TPG Umbrella Co-Investment, L.P., TPG
Umbrella International Co-Investment, L.P. and their respective successor entities, and any
Affiliated Fund thereof if, in each case, (i)&nbsp;substantially all of the equity thereof
(including amounts paid for the acquisition of any Convertible Securities to subscribe for,
purchase or otherwise acquire such equity) has not been contributed by the same investors, partners
and members as contributed to the equity of TPG, (ii)&nbsp;such entity has been formed for the main
purpose of investing in the Company or any Affiliate thereof, and (iii)&nbsp;such entity is a
Stockholder and owns Shares. For the avoidance of doubt, neither TPG Umbrella International IV,
L.P., TPG Umbrella International V, L.P. nor any successor thereof shall be deemed to be a
Co-Investment Vehicle for the purposes of this Terms of Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;TPG Investors&#148; shall mean, as of any date, TPG, the TPG Co-Investment Vehicles, and their
respective Permitted Transferees, in each case only if such Person is then a Stockholder and holds
any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Transaction Agreements&#148; shall mean the Investment Agreement, the Stockholders Agreement, the
Principal Investor Agreement, the Participation, Registration Rights and Coordination Agreement,
the Securities, the Warrants, the Service Agreements, the Charter, and the amended and restated
bylaws of the Company, the organizational documents of BMPH and Univision and the Letter of Credit
(as defined in the Investment Agreement).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Transfer&#148; shall mean any sale, pledge (<U>provided</U> that the term &#147;Transfer&#148; shall not be
deemed to include a pledge of any Shares pursuant to a bona fide financing with a financial
institution, commercial lender or other bona fide provider of debt financing, but shall be deemed
to include a foreclosure on, or subsequent Transfer of, any such pledged Shares), assignment,
encumbrance or other transfer or disposition of any Shares (or any voting or economic interest
therein) to any other Person, whether directly, indirectly, voluntarily, involuntarily, by
operation of law, pursuant to judicial process or otherwise. For the avoidance of doubt, it shall
constitute a &#147;Transfer&#148; subject to the restrictions on Transfer contained or referenced in Section
3 of the Stockholders Agreement (a)&nbsp;if a transferee is not an individual, a trust or an estate, and
the transferor or an Affiliate thereof ceases to control such transferee, (b)&nbsp;with respect to an
Acquisition Holdco, or a holder of Shares which was formed for the purpose of holding Shares, there
is a Transfer of the equity interests of such Acquisition Holdco or holder other than to a
Permitted Transferee of such Acquisition Holdco or holder or of the party transferring the equity
of such holder, or (c)&nbsp;with respect to an Affiliate of Televisa of which the Shares held by such
Affiliate constitute a majority of the value of such Affiliate, there is a direct Transfer of the
equity interests of such Affiliate other than to a Permitted Transferee of such Affiliate or of the
party transferring the equity of such Affiliate or to the shareholders of any publicly traded
parent entity of such Affiliate. For the avoidance of doubt, a conversion of Class&nbsp;A Common Stock,
Class&nbsp;B Common Stock, Class&nbsp;C Common Stock and/or Class&nbsp;D Common Stock into Common Stock of any
such other classes pursuant to the Charter shall not be deemed as a Transfer. For the avoidance of
doubt, any Transfer of Units shall be treated as a Transfer of a proportional number of Shares held
by BMPS1 or BMPS2, as applicable (based on the total number of Units outstanding and the total
number of Shares held by BMPS1 or BMPS2, as the case may be), in each case, as of immediately prior
to such Transfer. No securities transferred to or held by BMPS1 or BMPS2 will be deemed to have
been Transferred until they are sold by BMPS1 or BMPS2, as applicable. Notwithstanding the
foregoing, with respect to securities acquired by BMPS2 from any Televisa Investor, such securities
will continue to be deemed to be securities held by Televisa regardless of any Transfer by BMPS2
under the Saban Arrangements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Treasury Rate&#148; shall mean, as of any Redemption Date, the yield to maturity as of such
Redemption Date of United States Treasury securities with a constant maturity (as compiled and
published in the most recent Federal Reserve Statistical Release H.15 (519)&nbsp;that has become
publicly available at least two Business Days prior to the Redemption Date (or, if such Statistical
Release is no longer published, any publicly available source of similar market data)) most nearly
equal to the period from the Redemption Date to the relevant Interest Payment Date;
<U>provided</U><I>, </I><U>however</U>, that if the period from the Redemption Date to the relevant
Interest Payment Date is less than one year, the weekly average
yield on actually traded United States Treasury securities adjusted to a constant maturity of
one year will be used.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;Units&#148; shall have the meaning set forth in the BMPS2 LLC Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Univision&#148; shall mean Univision Communications Inc., a Delaware corporation and a wholly
owned subsidiary of BMPH.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Unrestricted Subsidiary&#148; shall mean, as of any date, a Subsidiary of the Company that is
designated as an &#147;Unrestricted Subsidiary&#148; as of such date under the Credit Agreement, dated as of
March&nbsp;29, 2007, as amended June&nbsp;19, 2009, and as amended and restated as of October&nbsp;26, 2010, among
Univision, Univision of Puerto Rico Inc., the lenders from time to time party thereto, Deutsche
Bank AG New York Branch, as administrative agent and collateral agent and the other agents from
time to time party thereto, as the same may be amended from time to time, <U>provided</U> that
such Subsidiary (assuming it was then in existence) could be designated as an Unrestricted
Subsidiary under the definition thereof and Section&nbsp;5.11 of such Credit Agreement as in effect on
the Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;U.S. Holder&#148; shall mean any holder of any Security or Conversion Shares that is not a
Non-U.S. Holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Warrants&#148; shall mean the Warrants, in the form attached hereto as Exhibit&nbsp;A, to receive
shares of Class&nbsp;A Common Stock, Class&nbsp;C Common Stock and/or Class&nbsp;D Common Stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">b. <U>Other Definitions</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="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Term</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Defined in Section</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<I>Code</I>&#148;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="0" align="center" valign="top"></td>
    <TD ALIGN="RIGHT">2</TD>
    <TD>(b)(i)</TD>

</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<I>Code Foreign Holder</I>&#148;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="0" align="center" valign="top"></td>
    <TD ALIGN="RIGHT">2</TD>
    <TD>(b)(ii)</TD>


</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<I>Code U.S. Holder</I>&#148;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="0" align="center" valign="top"></td>
    <TD ALIGN="RIGHT">2</TD>
    <TD>(b)(ii)</TD>

</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<I>Conversion Date</I>&#148;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">5</TD>
    <TD nowrap valign="bottom">(c)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<I>Conversion Notice</I>&#148;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">5</TD>
    <TD nowrap valign="bottom">(c)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<I>Conversion Price</I>&#148;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">5</TD>
    <TD nowrap valign="bottom">(a)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<I>Covered Matters</I>&#148;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">9</TD>
    <TD nowrap valign="bottom">(c)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<I>Distributed Assets</I>&#148;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="0" align="center" valign="top"></td>
    <TD ALIGN="RIGHT">5</TD>
    <TD>(e)(iii)</TD>


</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<I>Event of Default</I>&#148;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">7</TD>
    <TD nowrap valign="bottom">(a)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<I>Indenture Security</I>&#148;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">6</TD>
    <TD nowrap valign="bottom">(e)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<I>Interest Payment Date</I>&#148;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">2</TD>
    <TD nowrap valign="bottom">(a)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<I>IRS</I>&#148;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="0" align="center" valign="top"></td>
    <TD ALIGN="RIGHT">2</TD>
    <TD>(b)(ii)</TD>

</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<I>Paying Agent</I>&#148;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">3</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<I>Redemption Date</I>&#148;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">4</TD>
    <TD nowrap valign="bottom">(a)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<I>Redemption Price</I>&#148;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">4</TD>
    <TD nowrap valign="bottom">(a)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<I>Register</I>&#148;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">3</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<I>Rounded Share Number</I>&#148;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="0" align="center" valign="top"></td>
    <TD ALIGN="RIGHT">5</TD>
    <TD>(b)(i)(1)</TD>

</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<I>TIA</I>&#148;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">6</TD>
    <TD nowrap valign="bottom">(e)</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">c.&nbsp;<U>Certain Matters of Construction</U>. In addition to the definitions referred to or set
forth below in this Section&nbsp;1:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(i)&nbsp;The words &#147;hereof,&#148; &#147;herein,&#148; &#147;hereunder&#148; and words of similar import shall refer
to this Agreement as a whole and not to any particular Section or provision of this
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Agreement, and reference to a particular Section of this Terms of Securities shall
include all subsections thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(ii)&nbsp;The word &#147;including&#148; shall mean including, without limitation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iii)&nbsp;Definitions shall be equally applicable to both nouns and verbs and the singular
and plural forms of the terms defined;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iv)&nbsp;The masculine, feminine and neuter genders shall each include the other; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(v)&nbsp;For the avoidance of doubt, unless otherwise specified, the term &#147;outstanding,&#148; as
used in this Terms of Securities in reference to capital stock, shall not include
Convertible Securities or shares issuable upon conversion, exchange or exercise thereof, and
as used in this Terms of Securities in reference to Convertible Securities, shall mean
Convertible Securities that are outstanding (without giving effect to the conversion,
exchange or exercise of such Convertible Securities).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>SECTION 2. Payments.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">a.&nbsp;<U>Interest</U>. The Company promises to pay interest on the principal amount of the
Securities at the rate per annum set forth below from the Issue Date until maturity. The Company
will pay interest on this Security quarterly in arrears on March&nbsp;31, June&nbsp;30, September&nbsp;30 and
December&nbsp;31 of each year, commencing on December&nbsp;31, 2010 (each, an &#147;<I>Interest Payment Date</I>&#148;), or if
any such day is not a Business Day, on the next succeeding Business Day, and no interest shall
accrue on such payment for the intervening period. The Company will make each interest payment to
the Holders of record of the Securities on the immediately preceding Record Date. Interest on the
Securities will accrue from the most recent Interest Payment Date or, if no interest has been paid,
from and including the Issue Date. Interest will be computed on the basis of a 360-day year
comprised of twelve 30-day months. Interest on the Securities will accrue at the rate of 1.5% per
annum.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">b. <U>Certain Tax Matters</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(i)&nbsp;Subject to Section&nbsp;2(b)(iii), the Company shall be entitled to deduct and withhold
from any payments made or deemed made with respect to any Securities hereunder any amounts
required to be deducted and withheld with respect to the making of such payment or deemed
payment under the Internal Revenue Code of 1986, as amended (the &#147;<I>Code</I>&#148;), and the rules and
regulations promulgated thereunder, or under any provision of state, local or foreign tax
law. To the extent amounts are so withheld and paid over to the appropriate taxing
authority, the withheld amounts shall be treated for all purposes of this Debenture as
having been paid to the Holder in respect of which such withholding was made. The Company
shall not be obligated to gross-up or indemnify any Holder with respect to any withholding
tax hereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(ii)&nbsp;Each Holder that is not a &#147;United States person&#148; as defined in Section&nbsp;7701(a)(30)
of the Code (a &#147;<I>Code Foreign Holder</I>&#148; and any other Holder, a &#147;<I>Code U.S. Holder</I>&#148;) shall
deliver to the Company two copies of either (A)&nbsp;U.S. Internal Revenue Service (&#147;<I>IRS</I>&#148;) Form
W-8BEN (or any successor form) or (B)&nbsp;IRS Form W-8ECI (or any successor form), as
applicable, or, (C)&nbsp;in the case of a Code Foreign Holder claiming exemption from U.S.
federal withholding tax under Section 871(h) or 881(c) of the Code with respect to payments
of &#147;portfolio interest,&#148; a certificate to the effect that such Code Foreign Holder is not
(1)&nbsp;a &#147;bank&#148; within the meaning of Section&nbsp;881(c)(3)(A) of the Code, (2)&nbsp;a &#147;10&nbsp;percent
shareholder&#148; of the Company within the meaning of Section&nbsp;881(c)(3)(B) of the Code, or (3)&nbsp;a
&#147;controlled foreign corporation&#148; described in </DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Section&nbsp;881(c)(3)(C) of the Code and an IRS
Form W-8BEN (or any successor form), in each case, properly completed and duly executed by such Code
Foreign Holder claiming complete exemption from, or a reduced rate of, U.S. federal
withholding tax on all payments made or deemed made with respect to any Securities. In
addition, each Code Foreign Holder shall deliver such forms on or prior to the date on which
any such form expires or becomes obsolete, after the occurrence of any event requiring a
change in the most recent form previously delivered by it, and from time to time as
reasonably requested by the Company. Each Code U.S. Holder shall deliver to the Company two
copies of IRS Form W-9 certifying that such Code U.S. Holder is exempt from U.S. backup
withholding tax. Notwithstanding any other provision of this paragraph, a Holder shall not
be required to deliver any form pursuant to this paragraph that such Holder is not legally
able to deliver.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iii)&nbsp;For so long as a Code Foreign Holder (1)&nbsp;provides the documentation described in
Section&nbsp;2(b)(ii)(A), any U.S. federal income tax required to be withheld or deducted by the
Company with respect to any payment made or deemed made to such Code Foreign Holder with
respect to any Securities shall be made at a rate not to exceed the rate specified with
respect to the relevant type of income in (or, if no such rate is specified, otherwise
consistent with) such IRS Form W-8BEN (or successor form) delivered by such Code Foreign
Holder to the Company, or (2)&nbsp;provides the documentation described in Section&nbsp;2(b)(ii)(B) or
(C), no U.S. federal income tax shall be withheld or deducted by the Company with respect to
any payment made or deemed made to such Code Foreign Holder with respect to any Securities,
except in each case to the extent (A)&nbsp;the Company has &#147;actual knowledge&#148; or &#147;reason to know&#148;
(within the meaning of Treasury Regulation&nbsp;Section&nbsp;1.1441-7(b)) that such form is unreliable
or incorrect or (B)&nbsp;otherwise required by a change in applicable Law or the good faith
resolution of a tax proceeding (in which case the Company shall withhold in accordance with
applicable Law). The Company shall promptly notify a Code Foreign Holder if it determines
that an event described in clause (A)&nbsp;or (B)&nbsp;of the preceding sentence has occurred;
<U>provided</U> that the failure to provide such prompt notification shall not affect the
rate at which the Company shall withhold on any payment or deemed payment made to such Code
Foreign Holder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iv)&nbsp;Whenever any amounts are deducted or withheld by or on behalf of the Company from
or with respect to any payment or deemed payment made to a Holder with respect to any
Securities, the Company shall (1)&nbsp;timely pay the full amount so deducted or withheld to the
appropriate taxing authority in accordance with applicable Law and (2)&nbsp;as promptly as
practicable thereafter, provide such Holder with the original or a certified copy of any
receipt issued by such taxing authority evidencing such payment, a copy of any return
required by applicable Law to report such withholding or payment (or relevant portions
thereof), or any other documentation with respect to such withholding or payment reasonably
requested by such Holder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(v)&nbsp;Each Code Foreign Holder shall indemnify the Company for:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(1)&nbsp;any U.S. federal income tax required to be deducted or withheld by the
Company with respect to any payment or deemed payment made to such Code Foreign
Holder with respect to any Securities for which the Company is liable under the Code
(including, from and after the effective date thereof, Sections&nbsp;1471 through 1474 of
the Code); <U>provided</U>, that a Code Foreign Holder shall have no obligation
pursuant to this clause (1)&nbsp;to the extent such Code Foreign Holder has paid the tax
against which the tax required to be deducted or withheld by the Company may be
credited and has delivered to the Company evidence that is accepted by the IRS as
establishing payment of such tax, and
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(2)&nbsp;in the event of a &#147;determination&#148; within the meaning of Section 1313(a) of
the Code (or any other resolution of a tax audit or proceeding) to the effect that
the
Company is liable for interest or penalties under the Code by reason of any
underwithholding of U.S. federal income tax required to be deducted or withheld
under the Code (including, from and after the effective date thereof, Sections&nbsp;1471
through 1474 of the Code) by the Company with respect to any payment or deemed
payment made to such Code Foreign Holder with respect to any Securities, any such
interest or penalties; <U>provided</U>, that such Code Foreign Holder shall have no
obligation pursuant to this clause (2)&nbsp;for any interest or penalties to the extent:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%; text-indent: 4%">(A)&nbsp;attributable to the Company&#146;s failure to withhold at the rate
specified with respect to the relevant type of income in (or, if no such
rate is specified, otherwise consistent with) the IRS Form W-8BEN (or
successor form) delivered by such Code Foreign Holder to the Company
pursuant to Section&nbsp;2(b)(ii)(A), <U>provided</U> that this clause (A)&nbsp;shall
not apply with respect to the Company&#146;s failure to withhold under Sections
1471 through 1474 of the Code; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%; text-indent: 4%">(B)&nbsp;from and after the effective date of Sections&nbsp;1471 through 1474 of
the Code, attributable to any underwithholding of U.S. federal income tax
attributable to the Company&#146;s failure to comply with its reporting
obligations pursuant to Section&nbsp;1472(b)(3) of the Code in circumstances
where the requirements of Section&nbsp;1472(b)(1) and (2)&nbsp;of the Code are
satisfied;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><U>provided</U>, <U>however</U>, that in the event that (I)&nbsp;the Company failed,
prior to paying any such interest or penalties to the IRS, to provide such Code
Foreign Holder with five (5)&nbsp;Business Days advance written notice of the Company&#146;s
intention to pay such interest or penalties, (II)&nbsp;the Code Foreign Holder
indemnified the Company for such interest or penalties, (III)&nbsp;the Code Foreign
Holder is not entitled to a credit, offset or abatement of such interest or
penalties paid by the Company against interest or penalties imposed under the Code
on the Code Foreign Holder as a result of the failure by such Code Foreign Holder
timely to pay any tax against which the tax required to be deducted or withheld by
the Company may be credited, and (IV)&nbsp;such Code Foreign Holder supplies the Company
with evidence of payment of such interest or penalties, then the Company shall remit
to such Code Foreign Holder the amount of such interest or penalties paid by such
Code Foreign Holder (not to exceed the amount of interest or penalties previously
indemnified by such Code Foreign Holder); <U>provided</U>, <U>further</U>, that if
any portion of such amount is subsequently refunded to such Code Foreign Holder,
such Code Foreign Holder shall pay the amount of such refund to the Company (in an
amount not to exceed the amount remitted to such Code Foreign Holder under the
foregoing proviso).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(3)&nbsp;If any Holder is an Affiliate of Grupo Televisa, S.A.B, a Mexico
corporation (&#147;<I>Parent</I>&#148;), then Parent shall guarantee such Holder&#146;s indemnification
obligations set forth in Section&nbsp;2(b)(v)(1) and (2).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(4)&nbsp;In the event the Company determines that it is entitled to a refund or
credit of any U.S. federal income tax required to be deducted or withheld with
respect to any payment or deemed payment made to a Code Foreign Holder with respect
to any Securities, which tax was not actually withheld and for which the Company was
indemnified by such Code Foreign Holder, the Company (at such Code Foreign Holder&#146;s
sole expense) shall pursue such refund (together with a refund of any interest or
penalties attributable thereto). In the event the Company receives a refund or
credit of U.S. federal income tax (or any interest or penalties attributable
thereto) for which it was indemnified by a Code Foreign Holder, it shall pay over
such refund or credit to such Code Foreign Holder (net of all out-of-pocket expenses
of the Company); <U>provided</U> that if any portion
of such refund or credit that the Company paid over to a Code Foreign Holder
pursuant to this sentence is subsequently disallowed by the IRS, such Code Foreign
Holder shall pay to the Company the disallowed portion of such credit or refund.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(vi)&nbsp;If any taxing authority asserts a claim or otherwise initiates a tax proceeding
against the Company that, if pursued successfully, would reasonably be expected to (1)
result in an increase in the rate of withholding applicable to any payment or deemed payment
made to a Code Foreign Holder with respect to any Securities or (2)&nbsp;serve as the basis for a
claim for indemnification under Section&nbsp;2(b)(v), the Company shall promptly provide written
notice thereof to such Code Foreign Holder; <U>provided</U> that the failure to provide
such prompt written notification shall not relieve such Code Foreign Holder of its
obligations under Section&nbsp;2(b)(v). In the event (A)&nbsp;the Company did not actually withhold
an amount described in Section&nbsp;2(b)(v)(1), (B)&nbsp;the Company failed, prior to paying such
amount to the IRS, to provide such Code Foreign Holder with five (5)&nbsp;Business Days advance
written notice of the Company&#146;s intention to pay such amount (together with any applicable
interest and penalties) to the IRS (<U>provided</U> that the notice requirement in this
clause (B)&nbsp;shall not apply in the event, from and after the effective date of Sections&nbsp;1471
through 1474 of the Code, the Company did not actually withhold an amount required to be
deducted or withheld pursuant to Section 1472(a) of the Code with respect to such Code
Foreign Holder by reason of the Company&#146;s failure to comply with its reporting obligations
pursuant to Section&nbsp;1472(b)(3) of the Code in circumstances where the requirements of
Section&nbsp;1472(b)(1) and (2)&nbsp;of the Code are satisfied), and (C)&nbsp;such Code Foreign Holder has
indemnified the Company for the tax (and, to the extent required by Section&nbsp;2(b)(v)(2), any
interest and penalties attributable thereto), then at such Code Foreign Holder&#146;s request,
the Company (at such Code Foreign Holder&#146;s sole expense) shall (1)&nbsp;use commercially
reasonable efforts to seek a refund of such tax and, to the extent applicable, interest and
penalties attributable thereto if a reasonable basis exists in fact and in Law to seek such
refund, (2)&nbsp;keep such Code Foreign Holder reasonably informed of such refund proceeding
(including providing such Code Foreign Holder copies of any documents received from the IRS)
and (3)&nbsp;offer such Code Foreign Holder a reasonable opportunity to comment (and consider in
good faith any comments received from such Code Foreign Holder) before taking any
significant action or submitting any written materials prepared or furnished in connection
with such refund proceeding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">c.&nbsp;<U>Letter of Credit</U>. Notwithstanding anything to the contrary contained herein, any
interest payments otherwise payable hereunder shall be reduced by the amount drawn by Multimedia
Telecom, S.A. de C.V. on the Letter of Credit (as defined in the Investment Agreement);
<U>provided</U>, that if the Holder elects to convert the Securities after an Expiration Draw (as
defined in the Investment Agreement) and the amount drawn exceeds the interest otherwise payable up
to and including the date of such conversion, then the Holder may elect (i)&nbsp;to reduce the amount of
principal of the Securities by the amount of such excess immediately prior to such conversion or
(ii)&nbsp;to pay to the Company the amount of such excess in cash promptly upon such conversion;
<U>provided</U>, <U>further</U>, that notwithstanding any such drawings, any failure by the
Company to make any payment of principal, premium or interest on the Securities shall constitute an
Event of Default in accordance with the terms set forth in Section 7(a) hereof, and any drawdowns
under the Letter of Credit shall not act as or be deemed to be a waiver of any Event of Default
hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>SECTION 3. Register and Method of Payment.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company shall keep a register of the Securities (the &#147;<I>Register</I>&#148;) reflecting the ownership
of the Securities outstanding from time to time and their transfer. The Register of Holders shall
be maintained at the office of the Company. The Company may maintain one or more offices or
agencies where the Securities may be presented for payment (the &#147;<I>Paying Agent</I>&#148;).
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company will pay interest on the Securities to the Persons who are the registered Holders
of the Securities at the close of business on the Record Date (whether or not a Business Day) next
preceding the Interest Payment Date, even if this Security is canceled after such record date and
on or before such Interest Payment Date. Cash payment of interest shall be made by wire transfer
of immediately available funds to the accounts specified by the Holder or Holders thereof, to the
extent so specified at least ten Business Days prior to such payment (which account will be used
for any future payments until such time as such Holder or Holders specify otherwise);
<U>provided</U> that, if the Holder elects or does not specify an account for wire transfer, all
cash payments of principal of, and premium, and interest on, the Securities (other than payments in
connection with a redemption of the Securities, which may be made by check) will be made by check
mailed to the Holders at their addresses set forth in the Register. All payments of principal of,
and premium, if any, and interest on, the Securities shall be 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>SECTION 4. Optional Redemption.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">a.&nbsp;<U>Optional Redemption</U>. Subject to the conversion privileges set forth in Section&nbsp;5
herein, (i)&nbsp;at any time on or after the Optional Prepayment Date or (ii)&nbsp;if a Change of Control
occurs, the Securities, at the option of the Company, may be redeemed or purchased, in whole or in
part, at a redemption price (the &#147;<I>Redemption Price</I>&#148;) equal to 100% of the principal amount of the
Securities redeemed plus the Applicable Premium, if any, as of the date of payment (the &#147;<I>Redemption
Date</I>&#148;) and, without duplication, accrued and unpaid interest to the Redemption Date, subject to the
rights of Holders on the relevant Record Date to receive interest due on the relevant Interest
Payment Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">b.&nbsp;<U>Selection of Securities to Be Redeemed</U>. If less than all of the Securities are to
be redeemed at any time, the Company shall select the Securities to be redeemed on a pro rata basis
to the extent practicable, or, if the pro rata basis is not practicable for any reason, by lot or
by such other method the Company shall deem fair and appropriate; <U>provided</U> that Securities
will be redeemed in integral multiples of $1,000. In the event of partial redemption by lot, the
particular Securities to be redeemed shall be selected, unless otherwise provided herein, not less
than 15 nor more than 60&nbsp;days prior to the Redemption Date by the Company from the outstanding
Securities not previously called for redemption.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">c.&nbsp;<U>Notice of Redemption</U>. The Company shall mail or cause to be mailed by first-class
mail notices of redemption at least 30&nbsp;days but not more than 60&nbsp;days before the Redemption Date to
each Holder of Securities to be redeemed at such Holder&#146;s registered address appearing in the
Register.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The notice shall identify the Securities to be redeemed and shall state:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(i)&nbsp;the Redemption Date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(ii)&nbsp;the Redemption Price;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iii)&nbsp;if the Securities are to be redeemed in part only, the portion of the principal
amount of the Securities that is to be redeemed and that, after the Redemption Date upon
surrender of such Security, a new Security or Securities in principal amount equal to the
unredeemed portion of the original Security representing the same indebtedness to the extent
not redeemed will be issued in the name of the Holder of the Securities upon cancellation of
the original Security;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iv)&nbsp;the name and address of any Paying Agent;
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(v)&nbsp;whether Securities called for redemption should be surrendered to the Paying Agent
or the Company to collect the Redemption Price; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(vi)&nbsp;that, unless the Company defaults in making such redemption payment, interest on
Securities called for redemption ceases to accrue on and after the Redemption Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company may provide in the notice of redemption that payment of the Redemption Price and
performance of the Company&#146;s obligations with respect to such redemption or purchase may be
performed by another Person, <U>provided</U> that the Company shall remain liable for ensuring
such performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">d.&nbsp;<U>Effect of Notice of Redemption</U>. Once notice of redemption is mailed in accordance
with Section 4(c) hereof, and subject to Section&nbsp;5(a)(iv) hereof, Securities called for redemption
become irrevocably due and payable on the Redemption Date at the Redemption Price unless such
redemption is conditional upon a Change of Control. The notice, if mailed in a manner herein
provided, shall be conclusively presumed to have been given, whether or not the Holder receives
such notice, so long as the notice is actually received by Televisa to the extent that Televisa is
a Holder at such time (and, following the effectiveness of a trust indenture pursuant to Section
6(e), actually received by the trustee thereunder). In any case, failure to give such notice by
mail or any defect in the notice to the Holder of any Security designated for redemption in whole
or in part shall render invalid the proceedings for the redemption of the Securities. Subject to
Section 4(e) hereof, on and after the Redemption Date, interest ceases to accrue on Securities or
portions of Securities called for redemption.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">e. <U>Deposit of Redemption Price</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(i)&nbsp;Prior to 11:00&nbsp;a.m. (New York City time) on the Redemption Date, the Company shall
deposit with the Paying Agent, or if there is no Paying Agent, to the accounts specified by
the Holder or Holders, or if no such account is specified, in an account held for the
benefit of the Holder or Holders for the purposes of funding the redemption price, money
sufficient to pay the Redemption Price of and accrued and unpaid interest on all Securities
to be redeemed on that Redemption Date. The Paying Agent, if any, shall promptly, and in
any event within two Business Days after the Redemption Date, return to the Company any
money deposited with the Paying Agent by the Company in excess of the amounts necessary to
pay the Redemption Price of, and accrued and unpaid interest on, all Securities to be
redeemed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(ii)&nbsp;If the Company complies with the provisions of the preceding paragraph (i), on and
after the Redemption Date, interest shall cease to accrue on the Securities or the portions
of Securities called for redemption, whether or not such Securities are presented for
payment. If a Security is redeemed on or after a Record Date but on or prior to the related
Interest Payment Date, then any accrued and unpaid interest to the Redemption Date shall be
paid in accordance with the interest payment schedule to the Person in whose name such
Security was registered at the close of business on such Record Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">f.&nbsp;<U>Securities Redeemed in Part</U>. Upon surrender of a Security that is redeemed in
part, the Company shall issue for the Holder at the expense of the Company a new Security equal in
principal amount to the unredeemed portion of the Security surrendered representing the same
indebtedness to the extent not redeemed; <U>provided</U> that each new Security will be in a
principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">g.&nbsp;<U>Conditional Redemption Upon Change of Control</U>. Notwithstanding any to the contrary
herein, a redemption notice may be given up to 60&nbsp;days in advance of a Change of Control,
conditional
upon consummation of such Change of Control, if a definitive agreement is in place for the
Change of Control at the time of such notice.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">h.&nbsp;<U>Securities Redeemed or Purchased by Third Party</U>. The Company shall not be required
to pay the Redemption Price upon the notice of redemption if the Securities have already been
redeemed or purchased by any other Person or Persons in the manner, at the times and otherwise in
compliance with the requirements set forth in this Section&nbsp;4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>SECTION 5. Conversion.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">a.&nbsp;<U>Conversion Privilege</U>. Subject to the further provisions of this Section&nbsp;5 and in
compliance with the Stockholders Agreement and the Participation, Registration Rights and
Coordination Agreement; and <U>provided</U> that such conversion will not result in a breach or
violation by Televisa of Section&nbsp;5.1 of the Stockholders Agreement but subject to the second
proviso in clause (a)(i) below:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(i)&nbsp;at any time after December&nbsp;20, 2011 a Holder of a Security may convert the
principal amount of such Security (or any portion thereof equal to $50,000,000 or any
integral multiple of $1,000 in excess thereof; <U>provided</U> that if less than
$50,000,000 in principal amount is held by such Holder, the minimum shall be all remaining
principal amount of the Security held by such Holder) into Conversion Shares, at the
Conversion Price in effect at the time of such conversion, <U>provided</U><I>,</I>
<U>however</U>, that, subject to clause (a)(ii) below, if a Non-U.S. Holder of a Security
elects to convert any Security pursuant to this Section&nbsp;5(a)(i), such Non-U.S. Holder shall
concurrently with such conversion, or as promptly as practicable thereafter (but in no event
later than two Business Days following such conversion), sell its Conversion Shares (or
Shares into which they are convertible pursuant to the Charter) to a third party who is a
U.S. Person (other than a Televisa Investor, which circumstance is covered by clause (a)(ii)
below) or in a Public Offering or otherwise in connection with a sale pursuant to Section&nbsp;4
of the Stockholders Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(ii)&nbsp;at any time, any Televisa Investor may convert the principal amount of such
Holder&#146;s Security (or any portion thereof equal to $50,000,000 or any integral multiple of
$1,000 in excess thereof; <U>provided</U> if less than $50,000,000 in principal amount is
held by such Holder, the minimum shall be all remaining principal amount of the Security
held by such Holder) into Conversion Shares, at the Conversion Price in effect at the time
of such conversion, so long as immediately following such conversion, the Equity Percentage
does not exceed the Maximum Equity Percentage or the Conversion Shares are sold to a Person
other than a Televisa Investor pursuant to Section&nbsp;4 of the Stockholders Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iii)&nbsp;any Televisa Investor may convert the principal amount of such Holder&#146;s Security
(or any portion thereof) into Warrants if and only if (i)&nbsp;Televisa notifies the Company in
writing that an unanticipated event or circumstance has arisen (and such notice shall
include a reasonable description of such circumstance) that has a significant negative
economic or regulatory impact on Televisa related to its ownership of the Security that
would not exist if Televisa held the Warrants instead of the Security, and (ii)&nbsp;the Board,
in its sole and absolute discretion (or, if such determination is made after the acquisition
by a Strategic Buyer of more than 50% of the voting Common Stock and equity of the Company,
in its reasonable discretion), determines that Televisa&#146;s ownership of the Warrants upon
conversion of the Security would be permitted under applicable Law (including FCC Foreign
Ownership Restrictions) and would not negatively impact in any manner (currently or in the
future) the FCC&#146;s approval of a Change of Control transaction that would not otherwise be
prohibited by the Transaction Agreements;
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iv)&nbsp;upon any proper delivery notice of redemption provided pursuant to Section 4(c)
and subject to the provisions contained in Section&nbsp;4, by no later than 5:00 p.m. (New York
City time) on the second Business Day prior to the applicable Redemption Date, a Holder of a
Security may elect to convert the principal amount of any Security or any portion thereof
called for redemption into Warrants and such conversion shall occur on the Redemption Date,
and any such Security converted into Warrants shall not be redeemed; <U>provided</U> that
if the notice of redemption is in connection with a Change of Control, then such conversion
election may be conditioned upon consummation of such Change of Control; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(v)&nbsp;at any time after the 60<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day prior to the Maturity Date, a Holder of a
Security may elect to convert the principal amount of such Security (or any portion thereof)
into Warrants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For avoidance of doubt, a conversion of a Security in accordance with this Section&nbsp;5 shall not
be deemed a Transfer of such Security. Any Transfer of Securities or Conversion Shares, including
the sale by a Non-U.S. Holder to a third party who shall be a U.S. Holder pursuant to paragraph (i)
above, shall be subject to Section 9(b) of this Terms of Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The number of Conversion Shares or Warrants which shall be delivered upon conversion of the
Securities shall be the principal amount of the Securities converted divided by a price, which
initially shall be $231.6686 (such price herein called the &#147;<I>Conversion Price</I>&#148;). The Conversion
Price will be adjusted under the circumstances provided in Section&nbsp;5(e). If more than one Security
shall be surrendered for conversion at one time by the same Holder, the number of full shares of
Common Stock or Warrants that shall be issuable upon conversion thereof shall be computed on the
basis of the aggregate principal amount of the Securities (or specified portions thereof) so
surrendered. All calculations under this Section&nbsp;5 shall be made to the nearest 1/10th cent or to
the nearest 1/10,000ths of a share, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company shall at all times reserve and keep available, free from preemptive rights, out of
its authorized but unissued Common Stock, solely for the purpose of issue upon conversion of
Securities as herein provided, such number of shares of Common Stock as shall then be issuable upon
the conversion of all Securities and all Warrants into which the Securities may be converted. The
Company covenants that all shares of Common Stock and Warrants issuable upon conversion of
Securities will upon issue be duly and validly issued and fully paid and non-assessable by the
Company and free from all taxes, liens, adverse claims, preemptive or similar rights and charges
(subject to the terms of the Transaction Agreements) with respect to the issue thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Upon any conversion pursuant to paragraph (iv)&nbsp;above in lieu of receiving a redemption payment
pursuant to Section&nbsp;4, the Holder shall also receive the Applicable Premium, if any, as of the
Redemption Date, that it would have otherwise received if such Holder had not elected to convert
its Securities pursuant to paragraph (iv)&nbsp;above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The conversion of this Debenture shall be subject to the Federal Communications Laws and the
rules and policies of the Federal Communications Commission and no conversion shall take place
until any approval of the FCC, if and to the extent required, is first obtained.
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">b. <U>Fractional Shares of Common Stock or Warrants</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(i)&nbsp;No fractional shares of Common Stock or Warrants exercisable therefor shall be
issued upon conversion of any Security and no fractional shares of Common Stock shall be
issued upon exercise of a Warrant. In the event the conversion of a Holder&#146;s Securities
would result in:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(1)&nbsp;a fractional share of Common Stock, the number of shares of Common Stock
issuable shall be rounded down or decreased to the nearest whole number of shares
that would permit whole shares of voting Common Stock (e.g. Class&nbsp;C Common Stock) to
be issued without exceeding the Maximum Equity Percentage and, to the extent that
such conversion would cause the voting Equity Percentage to exceed the Maximum
Equity Percentage, and any non-voting Common Stock shall be issuable, the number of
 shares of such non-voting Common Stock shall be decreased to the nearest whole
number of non-voting Common Stock (e.g. Class&nbsp;D Common Stock) (the &#147;<I>Rounded Share
Number</I>&#148;); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(2)&nbsp;a Warrant exercisable for a fractional share of Common Stock, the number of
 shares of Common Stock for which such Warrant is exercisable shall be rounded down
or decreased to the Rounded Share Number;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><U>provided</U>, <U>however</U>, if at any time the Company shall only have one class of
Common Stock, any fractional shares of Common Stock or Warrants will be rounded up or down
to the nearest whole number of shares of Common Stock or Warrants.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(ii)&nbsp;In the event of any round-down or decrease in the number of shares of Common Stock
or Warrants pursuant Section&nbsp;5(b)(i) above, the Company shall calculate and pay a cash
amount equal the product of (1)&nbsp;the amount of the round-down or decrease and (2)&nbsp;the Fair
Market Value of such Common Stock or Warrants immediately preceding the Conversion Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">c.&nbsp;<U>Conversion Procedure</U>. The right to convert any Security may be exercised by
delivery of such Security at the Company&#146;s office, accompanied by a completed and duly signed
conversion notice, in the form attached hereto as Exhibit&nbsp;B (a &#147;<I>Conversion Notice</I>&#148;) and payment of
any tax or duty, in accordance with Section 5(d) hereto, which may be payable in respect of any
transfer involving the issue or delivery of the Conversion Shares or Warrants in the name of a
Person other than the Holder of the Security. The &#147;<I>Conversion Date</I>&#148; shall be the Business Day on
which the Holder satisfies all of the requirements set forth in the immediately preceding sentence,
if all such requirements shall have been satisfied by 5:00 p.m., New York City time, on such day,
and in all other cases, the Conversion Date shall be the next succeeding Business Day, and any
property or economic benefit to which a Holder would have been entitled as a recipient of a
dividend or other distribution from and after the Conversion Date shall be held in trust for the
benefit of such Holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The person in whose name the certificate or certificates representing the Conversion Shares is
registered shall be deemed to be a stockholder of record on the Conversion Date; <U>provided</U>,
<U>however</U>, that no surrender of a Security on any date when the stock transfer books of the
Company shall be closed shall be effective to constitute the person or persons entitled to receive
the Conversion Shares upon such conversion as the record holder or holders of such Conversion
Shares on such date, but such surrender shall be effective to constitute the person or persons
entitled to receive such Conversion Shares as the record holder or holders thereof for all purposes
at the close of business on the next succeeding day on which such stock transfer books are open.
The person in whose name the certificates or other instruments representing the Securities or
Warrants are registered shall not be deemed to be a stockholder of record. Upon conversion of a
Security, the person holding such Security shall no longer be a Holder of such Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">d.&nbsp;<U>Taxes on Conversion</U>. If a Holder converts a Security, the Company shall pay any
documentary, stamp or similar issue or transfer tax due on the issue of Conversion Shares or
Warrants upon such conversion. However, the Holder shall pay any such tax which is due because the
Holder requests the Conversion Shares or Warrants to be issued in a name other than the Holder&#146;s
name. The Company may refuse to deliver the certificate, or certificates, or other instrument
representing the
Conversion Shares or Warrants being issued in a name other than the Holder&#146;s name until the
Company receives a sum sufficient to pay any tax which will be due because the Conversion Shares or
Warrants are to be issued in a name other than the Holder&#146;s name. Nothing herein shall preclude
any tax withholding required by law or regulation.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">e. <U>Adjustment of Shares; Anti-Dilution Provisions</U>. The applicable Conversion
Price will be subject to adjustment, without duplication, from time to time, upon the
occurrence of any of the following events:</div>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(i) <U>Stock Splits, Reverse Stock Splits, Stock
Subdivisions, or Stock Consolidations and Reclassifications</U>. If at any time the
outstanding shares of any class of Common Stock are subdivided into a greater number of
 shares, whether by stock split or otherwise, then the Conversion Price will be decreased by
dividing the Conversion Price by a fraction, the numerator of which is the number of shares
of Common Stock outstanding immediately following such subdivision and the denominator of
which is the total number of shares of Common Stock outstanding immediately prior to such
subdivision. Conversely, if at any time the outstanding shares of any class of Common Stock
are consolidated into a smaller number of shares, whether by reverse stock split, stock
consolidation or otherwise, then the Conversion Price will be increased by dividing the
Conversion Price by a fraction, the numerator of which is the number of shares of Common
Stock outstanding immediately following such consolidation and the denominator of which is
the total number of shares of Common Stock outstanding immediately prior to such
consolidation. If the Company issues any shares of its Capital Stock in a reclassification
of the outstanding shares of Common Stock, then the applicable Conversion Price shall be
proportionately adjusted by dividing such price by the number of shares of the class(es) of
 shares of Capital Stock of the Company into which each share of the Common Stock was
reclassified (on the basis of all outstanding shares of Common Stock) and the Securities
shall thereafter be convertible into such class(es) of shares in the applicable proportions
resulting from such reclassification (which shall thereafter be deemed to be &#147;Common Stock&#148;
for purposes of this Section&nbsp;5(e)) rather than the reclassified Common Stock. Each
adjustment to the Conversion Price shall be effective on the record date, or if there is no
record date, the effective date for such subdivision, consolidation or reclassification.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(ii) <U>Common Stock Dividends</U>. If at any time the Company shall pay or make a
dividend or other distribution on any class of Common Stock payable exclusively in shares of
Common Stock, the Conversion Price shall be proportionately adjusted by multiplying such
Conversion Price by an adjustment factor equal to a fraction, the numerator of which shall
be the number of shares of Common Stock outstanding at the close of business on the record
date of such dividend or distribution and the denominator of which shall be the sum of such
number of shares and the total number of shares of Common Stock constituting such dividend
or other distribution. Such adjustment shall be effective on the record date, or if there
is no record date, the effective date for such dividend or other distribution. If, after
any record date, any dividend or distribution is not in fact paid, the applicable Conversion
Price shall be immediately readjusted, effective as of the date the Company&#146;s board of
directors determines not to pay such dividend or distribution, to such Conversion Price that
would have been in effect if such record date had not occurred.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iii) <U>Other Dividends or Distributions</U>. If the Company proposes to declare a
dividend on or make a distribution with respect to any class of Common Stock or any
securities convertible into or exercisable for any class of Common Stock (which shall in any
case be subject to any required consents by the Holder or other Persons, conditions or
requirements provided in the Transaction Agreements), in cash, evidences of indebtedness,
securities of the Company or any other person (other than Common Stock of the Company, which
is governed by clause (iii)), rights, options, warrants to purchase the Company&#146;s securities
or any other property (in the case of a spin-off, split-off or other similar transaction,
which securities shall provide the
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">holder thereof with the rights (including liquidation preference) and obligations equivalent
to the rights and obligations associated with the Securities as of the date of such
transaction (and in the same proportion to the securities as the Securities that the Holder
then holds)) (the &#147;<I>Distributed Assets</I>&#148;), the Conversion Price shall be decreased by
multiplying such price by a fraction, the numerator of which is equal to the Fair Market
Value of a share of Common Stock as of immediately prior to the record date with respect to
such dividend or distribution less the Fair Market Value of the portion of the Distributed
Assets applicable to one share of Common Stock, and the denominator of which is the Fair
Market Value of a share of Common Stock as of immediately prior to the record date with
respect to such dividend or distribution. Each adjustment to the Conversion Price shall be
effective on the record date, or if there is no record date, the effective date for such
dividend or distribution.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iv) <U>Consolidation, Merger or Sale of Assets</U>. If the Company shall at any time
consolidate with or merge with or into another corporation or other entity (which
consolidation or merger shall be subject in any event to any applicable required consents by
the Televisa Investors, conditions or requirements with respect thereto in the Transaction
Agreements) and the Company is not the surviving corporation in such transaction or in
connection therewith all or part of any Class&nbsp;C Common Stock or Class&nbsp;D Common Stock shall
be changed into or exchanged for securities of any other entity or cash or other property or
cancelled, the Holder shall thereafter receive, upon the conversion thereof in accordance
with the terms hereof, the same form of consideration (which may include securities of the
surviving corporation) that the Holder would have received in respect of the Conversion
Shares had the Holder been able to convert all the Securities for Conversion Shares
immediately prior to such consolidation or merger, and the Company shall take such steps in
connection with such consolidation or merger as may be necessary to assure that the
provisions thereof shall thereafter be applicable, as nearly as reasonably may be (and
identical in all substantive respects), in relation to any securities thereafter deliverable
upon the conversion of the Securities. The Company or the successor corporation, as the
case may be, as a condition to such consolidation or merger and in addition to any other
required consents by the Holder, conditions or requirements with respect to such
consolidation or merger in the Transaction Agreements, shall execute and deliver to the
Holder a supplemental debenture (or indenture, as applicable) so providing. A sale of all
or substantially all the assets of the Company for a consideration (apart from the
assumption of obligations) to the extent consisting of securities shall be deemed a
consolidation or merger for the foregoing purposes. The provisions of this paragraph (iv)
similarly shall apply to successive mergers or consolidations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">f.&nbsp;<U>No Adjustment</U>. For the avoidance of doubt, no adjustment in the Conversion Price
shall be required:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(i)&nbsp;upon the issuance of (1)&nbsp;any shares of Common Stock or (2)&nbsp;options, warrants or
other rights to acquire Common Stock (including the issuance of Common Stock pursuant to
such options, warrants or other rights), in any transaction resulting in an exchange for
Fair Market Value, including in connection with a reduction of indebtedness or liabilities
of the Company or its Subsidiaries;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(ii)&nbsp;upon the issuance of any shares of Common Stock pursuant to any present or future
plan or similar arrangement providing for the reinvestment of dividends or interest payable
on the Company&#146;s securities and the investment of additional optional amounts in shares of
Common Stock under any such plan or arrangement in each case, at the Fair Market Value at
the time of such investment in Common Stock (subject in any case to Section&nbsp;5(e), as
applicable);
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iii)&nbsp;upon the issuance of any shares of Common Stock or options or rights to purchase
such shares pursuant to any present or future employee, director or consultant benefit plan
or program, compensation agreement, or similar arrangement of, or assumed by, the Company or
any of its Subsidiaries (subject in any case to Section&nbsp;4.4.3 of Article&nbsp;EIGHTH of the
Charter);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iv)&nbsp;upon the issuance of any shares of Common Stock pursuant to the Securities or the
Warrants;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(v)&nbsp;for a change in the par value of the Common Stock;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(vi)&nbsp;for accrued and unpaid interest on the Securities, if any; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(vii)&nbsp;pursuant to clause (e)(iii) above to the extent that no consent of Televisa
Investors is required pursuant to the Transaction Agreements or Law with respect to the
dividend or distribution or spin-off, split-off or similar transaction referred to in clause
(e)(iii) pursuant to the Charter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">In addition, the Company will not be required to make an adjustment in the Conversion
Price unless the adjustment would require a change of at least 0.1% in the Conversion Price.
The Company shall carry forward any adjustment that is less than 0.1% of the Conversion
Price, take such carried-forward adjustments into account in any subsequent adjustments, and
make such carried-forward adjustments, regardless of whether the aggregate adjustment is
less than 0.1%, (1)&nbsp;annually on the anniversary of the first date of issue of the Securities
and (2)&nbsp;otherwise (A)&nbsp;five Business Days prior to the Maturity Date of the Securities, (B)
prior to any Redemption Date, unless such adjustment has already been made or (C)&nbsp;within ten
Business Days following a request to make such adjustments by Holders of a majority in
aggregate principal amount of the then outstanding Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">h.&nbsp;<U>Accrued Interest</U>. Upon the conversion of any Securities, any accrued but unpaid
interest with respect to such converted Securities up to but excluding the Conversion Date shall be
paid to the Holder thereof in cash on the Conversion Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">i.&nbsp;<U>Notices</U>. When any adjustments are required to be made under this Section&nbsp;5(e), the
Company shall as promptly as practicable and in any event within five Business Days following the
occurrence of the event upon which an adjustment is based (i)&nbsp;determine such adjustments, (ii)
prepare a statement signed by a Senior Officer of the Company and describing in reasonable detail
the method used in arriving at the adjustment and setting forth the calculation thereof and the
reasons underlying such adjustment, and (iii)&nbsp;cause a copy of such statement to be mailed to the
Holder.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>SECTION 6. Covenants.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">a.&nbsp;<U>Corporate Existence</U>. The Company shall do or cause to be done all things necessary
to preserve and keep in full force and effect (i)&nbsp;its corporate existence, and the corporate,
partnership or other existence of each of its Subsidiaries, in accordance with the respective
organizational documents (as the same may be amended from time to time) of the Company or any such
Subsidiary and (ii)&nbsp;the rights (charter and statutory), licenses and franchises of the Company and
its Subsidiaries; <U>provided</U> that the Company shall not be required to preserve any such
right, license or franchise, or the corporate, partnership or other existence of any of its
Subsidiaries (other than the Company, BMPH and Univision), if the Company&#146;s or such Subsidiary&#146;s
board of directors in good faith shall determine that the preservation thereof is no longer
desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">b.&nbsp;<U>Limits on Issuance of Preferred or Disqualified Stock</U>. The Company will not issue
any shares of Disqualified Stock or Preferred Stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">c. <U>Information Reporting</U>. The Company will furnish the following to each Holder:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(i)&nbsp;As soon as available, and in any event within one hundred twenty (120)&nbsp;days
after the end of each fiscal year of the Company, the consolidated balance sheet of
the Company and its Subsidiaries as at the end of each such fiscal year and the
consolidated statements of income, cash flows and changes in stockholders&#146; equity
for such year of the Company and its Subsidiaries, setting forth in each case in
comparative form the figures for the next preceding fiscal year, accompanied by the
report of independent certified public accountants of recognized national standing,
to the effect that such consolidated financial statements have been prepared in
accordance with generally accepted accounting principles applied on a basis
consistent with prior years and fairly present in all material respects the
financial condition of the Company and its Subsidiaries at the dates thereof and the
results of their operations and changes in their cash flows and stockholders equity
for the periods covered thereby.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(ii)&nbsp;As soon as available, and in any event within 60&nbsp;days after the end of
each fiscal quarter of the Company for the first three fiscal quarters of a fiscal
year, the consolidated balance sheet of the Company and its Subsidiaries as at the
end of such quarter and the consolidated statements of income for such quarter and
the portion of the fiscal year then ended of the Company and its Subsidiaries,
prepared in accordance with generally accepted accounting principles applied on a
basis consistent with prior years (without footnote disclosure and subject to
year-end adjustments) setting forth in each case the figures for the corresponding
periods of the previous fiscal year, or, in the case of such balance sheet, for the
last day of such fiscal year, in comparative form, all in reasonable detail.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">Notwithstanding anything to the contrary in this Section&nbsp;6(c), the Company may
satisfy its obligation hereunder by filing such financial statements of the Company
with the Securities and Exchange Commission on EDGAR or in such other manner as
makes them publicly available. The Company&#146;s obligation to furnish the materials
described in this Section 6(c) shall be satisfied so long as it transmits such
materials to the Stockholders within the time periods specified herein,
notwithstanding that such materials may actually be received after the expiration of
such periods.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">d.&nbsp;<U>Consolidation, Merger, Sale or Lease of Assets by the Company</U>. In the event that
the Company (i)&nbsp;consolidates with or merges with or into any Person, or (ii)&nbsp;sells, conveys,
transfers, or
otherwise disposes of or leases all or substantially all of its assets, in one transaction or
a series of related transactions, to any Person (which consolidation, merger, sale, conveyance,
transfer, disposition or lease shall be subject in any event to any applicable required consents by
the Holder, conditions or requirements with respect thereto in the Transaction Agreements), then in
addition to any adjustment pursuant to Section&nbsp;5(e)(iv), if the Company is not the continuing
Person, the resulting, surviving or transferee Person shall expressly assume by an instrument
delivered to the Holder of this Security all of the obligations of the Company under this Security
and shall deliver to the Holder of this Security a certificate of a responsible officer and an
opinion of counsel reasonably acceptable to the Holder of this Security stating that the
consolidation, merger, transfer or lease comply with this Security. Furthermore, in the event that
such consolidation or merger is with or into Univision, the Company and Univision shall make
provision that the Securities shall be pari passu with respect to rights to receive payment with
the PIK Toggle Notes and that the Company and Univision and any of their respective Subsidiaries
which guarantee the PIK Toggle Notes shall guarantee the Securities. Upon the consummation of any
transaction effected in accordance with these provisions, if the Company is not the continuing
Person, the resulting, surviving or transferee Person will succeed to, and be substituted for, and
may exercise every right and power of, the Company under this Security with the same effect as if
such successor Person had been named as the Company hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">e.&nbsp;<U>Trust Indenture</U>. If at any time requested in writing by Holders of not less than
25% of the principal amount of the outstanding Securities and either (i)&nbsp;such Holders state their
bona fide intention to transfer Securities held by them or (ii)&nbsp;there are ten (10)&nbsp;or more Holders,
the Company shall, at its sole expense, promptly authorize, execute and deliver a trust indenture
that is qualified under and subject to the provisions of the Trust Indenture Act of 1939 (the
&#147;<I>TIA</I>&#148;), in form and substance reasonably satisfactory to the Company (and, if Televisa holds more
than 25% of the principal amount of the outstanding Securities, Televisa), which indenture shall
provide for the issuance of securities thereunder substantially identical to the Securities (except
that they shall have been issued under and entitled to the benefits of such indenture) and for a
like aggregate principal amount as the principal amount of Securities outstanding on the date of
such request (the &#147;<I>Indenture Securities</I>&#148;). The Company shall retain a trustee in respect of the
Indenture Securities of national standing (which, if Televisa holds more than 25% of the principal
amount of the outstanding Securities, shall be reasonably acceptable to Televisa) is eligible to
act as trustee under Section&nbsp;310(a)(1) of the TIA and shall have a combined capital and surplus of
at least $50,000,000. The Company shall exchange for Indenture Securities any Securities as are
surrendered to the Company by the Holders in the manner provided by Section 9(b) hereof (it being
understood the Company intends that any such exchange shall qualify for exemption from registration
under Section&nbsp;3(a)(9) of the Securities Act). Each Indenture Security shall be issued in
registered form, unless requested by the Holder to be issued as a Global Security. Each Global
Security will be delivered to the trustee as custodian for the Depositary. Transfers of a Global
Security (but not a beneficial interest therein) will be limited to transfers thereof in whole, but
not in part, to the Depositary, its successors or their respective nominees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>SECTION 7. Defaults and Remedies.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">a.&nbsp;<U>Events of Default</U>. An &#147;Event of Default&#148; wherever used herein, means any one of
the following events:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(i)&nbsp;default in the payment of any principal on any Security when the same becomes due
or payable or the default for fifteen (15)&nbsp;days or more in payment when due and payable of
premium (including Applicable Premiums), if any, or interest on the Securities;
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(ii)&nbsp;default under any mortgage, indenture, agreement or instrument under which there
is issued or evidenced any indebtedness for money borrowed by the Company or any of its
Subsidiaries, other than (x)&nbsp;Non Recourse Debt and (y)&nbsp;indebtedness owed to the Company or a
wholly-owned Subsidiary of the Company, whether such indebtedness now exists or is
created after the issuance of the Securities, if both:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(1)&nbsp;such default either results from the failure to pay any principal of such
indebtedness at its stated final maturity (after giving effect to any applicable
grace periods) or relates to an obligation other than the obligation to pay
principal of any such indebtedness at its stated final maturity and results in the
holder or holders of such indebtedness causing such indebtedness to become due prior
to its stated maturity or the acceleration of such indebtedness; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(2)&nbsp;the principal amount of such indebtedness equals $100.0&nbsp;million or more;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iii)&nbsp;the Company, BMPH, Univision or any parent companies thereof or any Significant
Subsidiary, pursuant to or within the meaning of any Bankruptcy Law:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(1)&nbsp;commences proceedings to be adjudicated bankrupt or insolvent;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(2)&nbsp;consents to the institution of bankruptcy or insolvency proceedings against
it, or the filing by it of a petition or answer or consent seeking reorganization or
relief under applicable Bankruptcy Law;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(3)&nbsp;consents to the appointment of a receiver, liquidator, assignee, trustee,
sequestrator or other similar official of it or for all or substantially all of its
property; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(4)&nbsp;makes a general assignment for the benefit of its creditors;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iv)&nbsp;a court of competent jurisdiction enters an order or decree under any Bankruptcy
Law that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(1)&nbsp;is for relief against the Company, BMPH, Univision or any parent companies
thereof or any Significant Subsidiaries thereof in a proceeding in which the
Company, BMPH, Univision or any parent companies thereof or any Significant
Subsidiaries thereof is to be adjudicated bankrupt or insolvent;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(2)&nbsp;appoints a receiver, liquidator, assignee, trustee, sequestrator or other
similar official of the Company, BMPH, Univision or any parent companies thereof or
any Significant Subsidiaries thereof, or for all or substantially all of the
property of the Company, BMPH, Univision or any parent companies thereof or any
Significant Subsidiaries thereof; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(3)&nbsp;orders the liquidation the Company, BMPH, Univision or any parent companies
thereof or any Significant Subsidiaries thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">and the order or decree remains unstayed and in effect for 60 consecutive days;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">b.&nbsp;<U>Acceleration</U>. If any Event of Default described in Section&nbsp;7(a)(iii) or (iv)&nbsp;has
occurred with respect to the Company, all the principal, interest and premium (including Applicable
Premium), if any, of all Securities then outstanding shall immediately become due and payable. If
any other Event of Default occurs and is continuing, the Holders of at least 25% in principal
amount of the then total outstanding Securities by notice to the Company may declare the principal,
interest and premium, if any,
on all the then outstanding Securities to be due and payable. Upon effectiveness of such
declaration, such principal, interest and premium shall be due and payable immediately.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Holders of a majority in aggregate principal amount of the then outstanding Securities by
written notice may on behalf of the Holders of all of the Securities rescind any acceleration with
respect to the Securities and its consequences if such rescission would not conflict with any
judgment or decree of a court of competent jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">c.&nbsp;<U>Other Remedies</U>. If an Event of Default occurs and is continuing, the Holders may
pursue any available remedy to collect the payment of principal, premium, if any, and interest on
the Securities or to enforce the performance of any provision of the Securities. The exclusive
remedies for all other defaults or breaches under this Security and Terms of Securities shall be
limited to money damages and equitable relief, including specific performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A delay or omission by any Holder of a Security in exercising any right or remedy accruing
upon an Event of Default shall not impair the right or remedy or constitute a waiver of or
acquiescence in the Event of Default. All permitted remedies are cumulative to the extent
permitted by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">d.&nbsp;<U>Waiver of Past Defaults</U>. Holders of not less than a majority in aggregate
principal amount of the then outstanding Securities by notice to the Company may on behalf of the
Holders of all of the Securities waive any existing Event of Default and its consequences hereunder
(except a continuing Default in the payment of the principal of, premium, if any, or interest on,
any Security held by a non-consenting Holder).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>SECTION 8. Amendments.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">a.&nbsp;<U>Without Consent of Holders of Securities</U>. Notwithstanding Section 8(b) hereof, the
Company may amend or supplement the Securities without the consent of any Holder:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(i)&nbsp;to make any change that does not adversely affect the rights or obligations under
the Securities of any Holders in any respect;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(ii)&nbsp;to make any amendment to the provisions of this Security relating to the transfer
and legending of Securities as permitted by this Security, including to facilitate the
issuance and administration of the Securities; <U>provided</U>, <U>however</U>, that (i)
compliance with the terms and provisions of this Security as so amended would not result in
Securities being transferred in violation of the Securities Act or any applicable securities
law and (ii)&nbsp;such amendment does not adversely affect the rights of Holders to transfer
Securities; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iii)&nbsp;to make any amendment to the provisions of this Security necessary or advisable
to cause securities issued in exchange therefor to be issued under an indenture under the
terms of Section&nbsp;6(e).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">b.&nbsp;<U>With Consent of Holders of Securities</U>. The Company may amend or supplement the
Securities with the consent of the Holders of at least a majority in principal amount of the
Securities then outstanding (including consents obtained in connection with a tender offer or
exchange offer for, or purchase of, the Securities), and any existing Event of Default or
compliance with any provision of the Securities may be waived with the consent of the Holders of a
majority in principal amount of the then outstanding Securities (including consents obtained in
connection with a tender offer or exchange offer for, or purchase of, the Securities).
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">c.&nbsp;Notwithstanding the provisions of paragraph (b)&nbsp;above, without the consent of each Holder
affected, an amendment or waiver may not:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(i)&nbsp;reduce the principal amount of, or any interest payment or Applicable Premium on,
any Security;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(ii)&nbsp;make any Security payable in currency or securities other than that stated in this
Security;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iii)&nbsp;make any change that adversely affects the Holder&#146;s rights to convert any
Security;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iv)&nbsp;impair the right to convert or receive any principal or interest payment with
respect to, a Security, or right to institute suit for the enforcement of any payment with
respect to, or conversion of, the Securities; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(v)&nbsp;make any change in the percentage of the principal amount of the Securities
required for amendments or waivers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>SECTION 9. Miscellaneous.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">a.&nbsp;<U>Replacement Security</U>. If any mutilated Security is surrendered to the Company and
the Company receives evidence to its satisfaction of the ownership and destruction, loss or theft
of any Security, the Company shall issue a replacement Security. If required by the Company, an
indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Company to
protect the Company from any loss that it may suffer if a Security is replaced. The Company may
charge the Holder for their expenses in replacing a Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">b.&nbsp;<U>Transfer and Exchange of Securities</U>. This Security may be freely transferred, and
the rights and obligations hereunder freely assigned, subject to any restrictions on transfers set
forth in the Transaction Agreements or under applicable Law. Upon surrender of any Security to the
Company at the address and to the attention of the designated officer (each as specified in Section
9(f)) for registration of transfer or exchange (and in the case of a surrender for registration of
transfer accompanied by a written instrument of transfer duly executed by the registered Holder of
such Security and accompanied by the relevant name, address and other information for notices of
each transferee of such Security or part thereof and the receipt of any legal opinion required by
the legend set forth on the Security; <U>provided</U> that the Company shall not Discriminate
against Televisa or Televisa Investors with respect to requesting such opinion or the form or
substance thereof as compared to the opinions the Company requests or declines to request from
other stockholders under the other Transaction Agreements in connection with Transfer of Shares by
such stockholders), within three Business Days thereafter, the Company shall execute and deliver,
at the Company&#146;s expense, one or more new Securities (as requested by the Holder thereof) in
exchange therefor, in an aggregate principal amount equal to the unpaid principal amount of the
surrendered Security. Each such new Security shall be payable to such Person as such Holder may
request and shall be substantially in the form of this Security. Each such new Security shall be
dated and bear interest from the date to which interest shall have been paid on the surrendered
Security or dated the date of the surrendered Security if no interest shall have been paid thereon.
The restrictions referred to in the legends set forth on the Security shall cease and terminate
when such restriction are no longer required in order to assure compliance with (x)&nbsp;the Securities
Act, or the state securities or &#147;blue sky&#148; laws, including upon registration of the Securities or
the shares into which the Securities are convertible, or (y)&nbsp;the Transaction Agreements referenced
therein, as applicable. At any time following such termination, the Holder shall be entitled to
receive from the Company, without expense, new certificates representing the Securities not bearing
the legend.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">c.&nbsp;<U>Governing Law</U>. This Security and Terms of Securities and the negotiation,
execution, performance or nonperformance, interpretation, termination, construction and all matters
based upon, arising out of or related to this Security and Terms of Securities, whether arising in
law or in equity (collectively, the &#147;<I>Covered Matters</I>&#148;), and all claims or causes of action (whether
in contract or tort) that may be based upon, arise out of or relate to the Covered Matters, except
for documents, agreements and instruments that specify otherwise, shall be governed by the laws of
the State of Delaware without giving effect to its principles or rules of conflict of laws to the
extent that such principles or rules would require or permit the application of laws of another
jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">d.&nbsp;<U>Consent to Jurisdiction</U>. Each of the Company and the Holder, by its respective
execution hereof, (a)&nbsp;hereby irrevocably submits to the exclusive jurisdiction of the Chancery
Court of the State of Delaware (and if Chancery Court does not accept jurisdiction, the federal
court located in Delaware and if the federal court in Delaware does not accept jurisdiction, any
other state court in Delaware) for the purpose of any action, claim, cause of action or suit (in
contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon
this Security and Terms of Securities, the Covered Matters, the transactions contemplated hereby or
relating to the subject matter hereof, (b)&nbsp;hereby waives to the extent not prohibited by applicable
law, and agrees not to assert, and agrees not to allow any of its affiliates to assert, by way of
motion, as a defense or otherwise, in any such action, any claim that it is not subject personally
to the jurisdiction of the above-named courts, that its property is exempt or immune from
attachment or execution, that any such proceeding brought in one of the above named courts is
improper, or that this Security and Terms of Securities or the subject matter hereof may not be
enforced in or by such court and (c)&nbsp;hereby agrees not to commence or maintain any action, claim,
cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation
arising out of or based upon this Security and Terms of Securities, the transactions contemplated
hereby or relating to the subject matter hereof other than before one of the above-named courts nor
to make any motion or take any other action seeking or intending to cause the transfer or removal
of any such action, claim, cause of action or suit (in contract, tort or otherwise), inquiry,
proceeding or investigation to any court other than one of the above-named courts whether on the
grounds of inconvenient forum or otherwise. Notwithstanding the foregoing, each of the Company and
the Holder may commence and maintain an action to enforce a judgment of any of the above-named
courts in any court of competent jurisdiction in the United States. Each of the Company and the
Holder hereby consents to service of process in any such proceeding in any manner permitted by
Delaware law, and agrees that service of process by registered or certified mail, return receipt
requested, at its address specified in Section 9(f) is reasonably calculated to give actual notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">e.&nbsp;<U>Waiver of Jury Trial</U>. Each of the Company and the Holder hereby waives, to the
fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of
any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or
investigation arising out of or based upon this Security and Terms of Securities, the transactions
contemplated hereby or relating to the subject matter hereof or thereof. Each of the Company and
the Holder (i)&nbsp;certifies that no representative of any other party has represented, expressly or
otherwise, that such other party would not, in the event of any such litigation, seek to enforce
the foregoing waiver and (ii)&nbsp;acknowledges that it has been induced to enter into this Security and
Terms of Securities by, among other things, the consideration received by such party pursuant to
the transactions contemplated by this Security and Terms of Securities.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">f.&nbsp;<U>Notices</U>. All notices and other communications required or permitted hereunder
shall be in writing, shall be deemed duly given upon actual receipt, and shall be delivered (i)&nbsp;in
person, (ii)&nbsp;by registered or certified mail (air mail if addressed to an address outside of the
country in which mailed), postage prepaid, return receipt requested, (iii)&nbsp;by a generally
recognized overnight courier service which provides written acknowledgement by the addressee of
receipt, or (iv)&nbsp;by facsimile or other generally accepted means of electronic transmission
(<U>provided</U> that a copy of any notice delivered pursuant to this clause (iv)&nbsp;shall also be
sent pursuant to clause (ii)), addressed as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(1)&nbsp;If to the Company:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 10pt">c/o Univision Communications Inc.<BR>
5999 Center Drive<BR>
Los Angeles, California 90045<BR>
Attention: General Counsel
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">with a copy to (which shall not constitute notice):
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 10pt">Weil, Gotshal &#038; Manges LLP<BR>
50 Kennedy Plaza, 11<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor<BR>
Providence, Rhode Island 02903
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 10pt">Facsimile: 401-278-4701<BR>
Attention: David K. Duffell, Esq.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">and
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 10pt">Weil, Gotshal &#038; Manges LLP<BR>
767 Fifth Avenue<BR>
New York, New York 10153
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 10pt">Facsimile: 212-310-8007<BR>
Attention: Todd R. Chandler, Esq.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(2)&nbsp;If to the Holder:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 10pt">c/o Grupo Televisa, S.A.B.<BR>
Building A, 4th Floor<BR>
No.&nbsp;2000 Colonia Santa Fe<BR>
Mexico, DF /01210 / Mexico
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 10pt">Facsimile: &#043;52 55 5261 2494<BR>
Attention: General Counsel
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">with a copy (which shall not constitute notice) to:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 10pt">Wachtell, Lipton, Rosen &#038; Katz<BR>
51 West 52nd Street<BR>
New York, New York 10019
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 10pt">Facsimile: 212-403-2000<BR>
Attention: Joshua R. Cammaker
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">or to such other addresses as may be specified by like notice to the other parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">g.&nbsp;<U>Severability</U>. In the event that any provision hereof would, under applicable law
(other than Federal Communications Laws, in which case any modification or limitation must be
agreed by each of Televisa, on the one hand, and the Majority Principal Investors, on the other
hand (or if there are no Principal Investors, the agreement of both Televisa and the Board of the
Company shall be required)), be invalid or unenforceable in any respect, such provision shall be
construed by modifying or limiting it so as to be valid and enforceable to the maximum extent
compatible with, and possible under, applicable
law. The provisions hereof are severable, and in the event any provision hereof should be
held invalid or unenforceable in any respect pursuant to the preceding sentence, it shall not
invalidate, render unenforceable or otherwise affect any other provision hereof.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">i.&nbsp;<U>Entire Agreement</U>. This Terms of Securities, the Transaction Agreements, any
exhibits or schedules hereto or thereto and any other agreement, document or instrument referred to
herein or therein set forth the entire understanding and agreement of the parties, and supersede
all prior agreements, arrangements and communications, whether oral or written, with respect to the
subject matter hereof (including the Memorandum of Understanding, dated October&nbsp;4, 2010, by and
among certain parties, including the Company, and the Side Letter Agreements).
</DIV>


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<DOCUMENT>
<TYPE>EX-4.22
<SEQUENCE>5
<FILENAME>c19172exv4w22.htm
<DESCRIPTION>EXHIBIT 4.22
<TEXT>
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<HEAD>
<TITLE>Exhibit 4.22</TITLE>
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<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;4.22</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B><I>Execution Version</I></B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">AMENDED AND RESTATED
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">CERTIFICATE OF INCORPORATION
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">OF<BR><BR>

BROADCASTING MEDIA PARTNERS, INC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Broadcasting Media Partners, Inc., a corporation organized and existing under the laws of the
State of Delaware (the &#147;<U>Corporation</U>&#148;), hereby certifies as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">FIRST: The name of the Corporation is Broadcasting Media Partners, Inc. The Corporation was
originally formed as a limited liability company under the name of Umbrella Holdings, LLC and the
certificate of formation was filed with the Secretary of State of the State of Delaware on June&nbsp;6,
2006. The certificate of conversion of the Corporation from a limited liability company to a
corporation and the original Certificate of Incorporation of the Corporation (the &#147;<U>Original
Certificate</U>&#148;) were each filed with the Secretary of State of the State of Delaware on March&nbsp;12,
2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECOND: The Original Certificate was amended and restated pursuant to an Amended and Restated
Certificate of Incorporation of the Corporation filed with the Secretary of State of the State of
Delaware on March&nbsp;22, 2007 (the &#147;<U>First Amended Certificate</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">THIRD: The First Amended Certificate was amended and restated pursuant to an Amended and
Restated Certificate of Incorporation of the Corporation filed with the Secretary of State of the
State of Delaware on March&nbsp;28, 2007 (the &#147;<U>Second Amended Certificate</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">FOURTH: The Second Amended Certificate was amended pursuant to a Certificate of Amendment of
the Certificate of Incorporation of the Corporation filed with the Secretary of State of the State
of Delaware on February&nbsp;4, 2008 (the &#147;<U>Third Amended Certificate</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">FIFTH: The Third Amended Certificate was amended and restated pursuant to an Amended and
Restated Certificate of Incorporation of the Corporation filed with the Secretary of State of the
State of Delaware on November&nbsp;23, 2010 (the &#147;<U>Fourth Amended Certificate</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SIXTH: The Fourth Amended Certificate was amended and restated pursuant to an Amended and
Restated Certificate of Incorporation of the Corporation filed with the Secretary of State of the
State of Delaware on November&nbsp;24, 2010 (the &#147;<U>Fifth Amended Certificate</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SEVENTH: Pursuant to Sections&nbsp;228, 242 and 245 of the General Corporation Law of the State of
Delaware, this Amended and Restated Certificate of Incorporation has been duly adopted and restates
and integrates and further amends the provisions of the Fifth Amended Certificate.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">EIGHTH: The text of the Certificate of Incorporation of the Corporation, as amended and
restated to date, is hereby amended and restated in its entirety to read as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;The name of the Corporation is Broadcasting Media Partners, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;The registered office of the Corporation in the State of Delaware is Corporation Trust
Center, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801. The name of its
registered agent at such address is The Corporation Trust Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;The purpose of the Corporation is to engage in any lawful act or activity for which
corporations may be organized under the General Corporation Law of the State of Delaware (the
&#147;<U>DGCL</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.&nbsp;<U>Capital Stock</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.1. <U>Authorized Shares</U><I>. </I>The total number of shares of capital stock that the
Corporation has authority to issue is One Hundred Twenty Million and Five Hundred Thousand
(120,500,000) shares, consisting of:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(a)&nbsp;Fifty Million (50,000,000) shares of Class&nbsp;A Common Stock, par value $0.001 per
share (&#147;<U>Class&nbsp;A Common Stock</U>&#148;);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;Fifty Million (50,000,000) shares of Class&nbsp;B Common Stock, par value $0.001 per
share (&#147;<U>Class&nbsp;B Common Stock</U>&#148;);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(c)&nbsp;Ten Million (10,000,000) shares of Class&nbsp;C Common Stock, par value $0.001 per
share (&#147;<U>Class&nbsp;C Common Stock</U>&#148;);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(d)&nbsp;Ten Million (10,000,000) shares of Class&nbsp;D Common Stock, par value $0.001 per
share (&#147;<U>Class&nbsp;D Common Stock</U>&#148;); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(e)&nbsp;Five Hundred Thousand (500,000) shares of Preferred Stock, par value $0.001 per
share (&#147;<U>Preferred Stock</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Class&nbsp;A Common Stock, the Class&nbsp;B Common Stock, the Class&nbsp;C Common Stock and the Class&nbsp;D Common
Stock are referred to collectively as the &#147;<U>Common Stock</U>&#148;; and each class shall be referred
to as a class of Common Stock. The shares of Common Stock shall have the rights, preferences,
privileges and limitations set forth below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Shares of Preferred Stock may be issued from time to time in one or more series of any number of
shares as may be determined in good faith from time to time by the Board, <U>provided</U> that the
aggregate number of shares issued and not cancelled of any and all such series shall not exceed the
total number of shares of Preferred Stock authorized by this Certificate of Incorporation. Each
series of Preferred Stock shall be distinctly designated. Except in respect of the particulars
fixed for a series by the Board as permitted hereby, all shares of Preferred Stock shall be alike
in every particular, except that shares of any one series issued at different times may differ as
to the dates of Preferred Stock from which dividends thereon shall be cumulative. The voting
powers, if any, of each such series of Preferred Stock and the preferences and relative,
participating, optional and other special rights of each such series and the qualifications,
limitations and restrictions thereof, if any, may differ from those of any and all other series at
any time outstanding; and the Board is hereby expressly granted authority to fix, in the resolution
or
resolutions providing for the issue of a particular series of Preferred Stock, the voting powers,
if any, of each such series and the designations, preferences and relative, participating, optional
and other special rights of each such series and the qualifications, limitations and restrictions
thereof to the full extent now or hereafter permitted by this Certificate of Incorporation and the
laws of the State of Delaware.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.2. <U>Definitions</U><I>. </I>As used in this Certificate of Incorporation, the following terms
have the following definitions:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.1 &#147;<U>Acquisition Holdco</U>&#148; shall have the meaning set forth in the
Stockholders Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.2 &#147;<U>Additional Equity Amount</U>&#148; shall have the meaning set forth in the
Stockholders Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.3 &#147;<U>Adjusted Outstanding Common Stock</U>&#148; shall mean, as of any date of
determination, the then outstanding Common Stock, plus the shares of Common Stock
underlying any outstanding Convertible Securities (other than Convertible Securities held
by officers, employees or consultants of the Corporation or any direct or indirect
subsidiary of the Corporation), plus in-the-money Vested Shares (<U>it</U> <U>being</U>
<U>understood</U> that with respect to Vested Shares that are Convertible Securities,
only the shares of Common Stock underlying such Convertible Securities shall be included
as Adjusted Outstanding Common Stock).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.4 &#147;<U>Affiliate</U>&#148; shall mean, with respect to any specified Person, any
other Person which directly or indirectly, through one or more intermediaries, controls,
or is controlled by, or is under common control with, such specified Person;
<U>provided</U>, <U>however</U>, that neither the Corporation nor any of its
subsidiaries shall be deemed an Affiliate of any of the holders of shares of Common Stock
(and vice versa), and, in addition, such specified Person&#146;s Affiliates shall also
include, (a)&nbsp;if such specified Person is a private equity investment fund, any other
private equity investment fund the primary investment advisor to which is the primary
investment advisor to such specified Person or an Affiliate thereof, and (b)&nbsp;if such
specified Person is a natural Person, any Family Member of such natural Person.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.5 &#147;<U>Affiliated Fund</U>&#148; shall mean, with respect to any specified Person, a
private equity investment fund that is an Affiliate of such Person or that is advised by
the same investment adviser as such Person or by an Affiliate of such investment adviser.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.6 &#147;<U>BMPH</U>&#148; shall mean Broadcast Media Partners Holdings, Inc., a Delaware
corporation (together with its successors and permitted assigns).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.7 &#147;<U>BMPS1</U>&#148; shall mean BMPI Services, LLC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.8 &#147;<U>BMPS1 LLC Agreement</U>&#148; shall mean the Amended and Restated Limited
Liability Company Agreement of BMPI Services, LLC, dated as of January&nbsp;29, 2008, as
amended from time to time.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.9 &#147;<U>BMPS2</U>&#148; shall mean BMPI Services II, LLC
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.10 &#147;<U>BMPS2 LLC Agreement</U>&#148; shall mean the Amended and Restated Limited
Liability Company Agreement of BMPI Services II, LLC, dated as of the date hereof, as
amended from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.11 &#147;<U>Board</U>&#148; shall mean the Board of Directors of the Corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.12 &#147;<U>Bylaws</U>&#148; shall have the meaning set forth in <U>Section
4.4.2(a)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.13 &#147;<U>Catch-Up Liquidation Preference Amount</U>&#148; shall have the meaning set
forth in <U>Section&nbsp;4.10</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.14 &#147;<U>Change of Control</U>&#148; shall have the meaning set forth in the
Stockholders Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.15 &#147;<U>Class&nbsp;A Common Stock</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;4.1(a)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.16 &#147;<U>Class&nbsp;B Common Stock</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;4.1(b)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.17 &#147;<U>Class&nbsp;C Common Stock</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;4.1(c)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.18 &#147;<U>Class&nbsp;D Common Stock</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;4.1(d)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.19 &#147;<U>Closing</U>&#148; has the meaning set forth in the Principal Investor
Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.20 &#147;<U>Co-Investment Vehicle</U>&#148; shall mean any one of (a)&nbsp;the MDP
Co-Investment Vehicles, collectively, (b)&nbsp;the PEP Co-Investment Vehicles, collectively,
(c)&nbsp;the THL Co-Investment Vehicles, collectively, and (d)&nbsp;the TPG Co-Investment Vehicles,
collectively.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.21 &#147;<U>Common Stock</U>&#148; shall have the meaning set forth in <U>Section
4.1</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.22 &#147;<U>Company Securities</U>&#148; shall have the meaning set forth in <U>Section
5.4(a)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.23 &#147;<U>Compliant Change of Control Transaction</U>&#148; shall have the meaning set
forth in the Stockholders Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.24 &#147;<U>Consolidated Leverage Ratio</U>&#148; shall have the meaning set forth in the
Stockholders Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.25 &#147;<U>control</U>&#148; (including, with correlative meanings, the terms
&#147;controlling,&#148; &#147;controlled by&#148; and &#147;under common control with&#148;), as used with respect to
any Person, shall mean the possession, directly or indirectly, of the power to direct or
cause the
direction of the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.26 &#147;<U>Convertible Securities</U>&#148; shall mean any evidence of indebtedness
(including the TV Debentures), shares of stock, options, warrants (including the TV
Warrants) or other securities which are directly or indirectly convertible into or
exchangeable or exercisable for shares of Common Stock, including any options and
warrants; provided that the Preferential Rights shall not be deemed to be Convertible
Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.27 &#147;<U>Corporation</U>&#148; shall have the meaning set forth in the Preamble.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.28 &#147;<U>Credit Agreement</U>&#148; shall mean that certain Credit Agreement, dated as
of March&nbsp;29, 2007, as amended on June&nbsp;19, 2009, and as amended and restated as of October
26, 2010, among Univision, Univision of Puerto Rico Inc., the lenders from time to time
party thereto, Deutsche Bank AG New York Branch, as administrative agent and collateral
agent, and the other agents from time to time party thereto, as the same may be amended
from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.29 &#147;<U>DGCL</U>&#148; shall have the meaning set forth in <U>Section&nbsp;3</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.30 &#147;<U>Discriminate(s)</U>&#148; and &#147;<U>Discrimination</U>&#148; shall mean, with
respect to a specified Person, to discriminate against such specified Person as compared
to other applicable parties in a manner that is, or is reasonably expected to be, (a)
with respect to all Persons other than the Televisa Investors, materially and
disproportionately adverse to such specified Person and, (b)&nbsp;with respect to any Televisa
Investor, disproportionately adverse to such Televisa Investor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.31 &#147;<U>Equity Incentive Plans</U>&#148; shall have the meaning set forth in the
Stockholders Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.32 &#147;<U>Equity Percentage</U>&#148; shall have the meaning set forth in the
Stockholders Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.33 &#147;<U>Equity Pool Cap</U>&#148; shall mean:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(a)&nbsp;with respect to the period from and including March&nbsp;29, 2007 until and
including the fifth anniversary of the Televisa Closing, eight percent (8%) (or any
larger percentage that the Majority Televisa Investors approve in writing) of the
Adjusted Outstanding Common Stock (as adjusted for recapitalizations, stock splits and
the like) as of immediately after the Televisa Closing;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;with respect to each successive five (5)&nbsp;year period after the fifth
anniversary of the Televisa Closing, five percent (5%) (or any larger percentage that
the Majority Televisa Investors approve in writing) of the Adjusted Outstanding Common
Stock (as adjusted for recapitalizations, stock splits and the like) as of the first day
of such successive five (5)&nbsp;year-period.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 8%">For the avoidance of doubt, (a)&nbsp;equity awards that, in the case of options, vest or
are exercised and, in the case of restricted stock, vest or are repurchased by the
Corporation at a price greater than the issue price of such awards, shall be deemed to
be shares of Common Stock that reduce the number of shares of Common Stock available for
issuance, sale or grant under the Equity Pool Cap, (b)&nbsp;equity awards that, in the case
of options, expire without vesting or without being exercised and, in the case of
restricted stock, expire without vesting or being repurchased by the Corporation at a
price greater than the issue price of such awards, shall not be deemed to be shares of
Common Stock that reduce the number of shares of Common Stock available for issuance,
sale or grant under the Equity Pool Cap, (c)&nbsp;equity awards that are forfeited (even if
they have vested) shall not be deemed to be shares of Common Stock that reduce the
number of shares of Common Stock available for issuance, sale or grant under the Equity
Pool Cap, (d)&nbsp;the Saban Arrangements shall not be deemed to be shares of Common Stock
that reduce the number of shares of Common Stock available for issuance, sale or grant
under the Equity Pool Cap and (e)&nbsp;any unused portion of the Equity Pool Cap for any
period shall not increase the Equity Pool Cap for any succeeding period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.34 &#147;<U>Exchange Act</U>&#148; shall mean the Securities Exchange Act of 1934 and the
rules and regulations promulgated thereunder, as amended from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.35 &#147;<U>Fair Market Value</U>&#148; shall have the meaning set forth in <U>Section
5.4(b)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.36 &#147;<U>Family Member</U>&#148; shall mean, with respect to any natural Person, (a)
any lineal descendant or ancestor or sibling (by birth or adoption) of such natural
Person, (b)&nbsp;any spouse or former spouse of any of the foregoing, (c)&nbsp;any legal
representative or estate of any of the foregoing, or the ultimate beneficiaries of the
estate of any of the foregoing, if deceased and (d)&nbsp;any trust or other bona fide
estate-planning vehicle the only beneficiaries of which are any of the foregoing Persons
described in clauses (a)&nbsp;through (c)&nbsp;above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.37 &#147;<U>FCC</U>&#148; shall mean the United States Federal Communications Commission
or any successor entity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.38 &#147;<U>FCC-Approved Trust</U>&#148; shall mean a trust to which the transfer of
Shares in accordance with the terms and conditions set forth in <U>Section&nbsp;5 </U>would
not cause the Corporation or any of its subsidiaries, the Televisa Investors or such
trust to be in violation of applicable Laws, including the Federal Communications Laws.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.39 &#147;<U>FCC Permitted Increase in Ownership</U>&#148; shall have the meaning set
forth in the Investment Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.40 &#147;<U>FCC Regulatory Limitations</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;5.1</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.41 &#147;<U>Federal Communications Laws</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;5.1</U>.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.42 &#147;<U>Fifth Amended Certificate</U>&#148; shall have the meaning set forth in the
Recitals.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.43 &#147;<U>First Amended Certificate</U>&#148; shall have the meaning set forth in the
Recitals.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.44 &#147;<U>Fourth Amended Certificate</U>&#148; shall have the meaning set forth in the
Recitals.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.45 &#147;<U>GAAP</U>&#148; shall mean United States generally accepted accounting
principles as in effect on the date of the Televisa Closing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.46 &#147;<U>Governmental Authority</U>&#148; shall mean any United States (federal, state
or local) or foreign government, or governmental, regulatory, judicial or administrative
authority, agency, commission or court (including the FCC and applicable stock
exchange(s)).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.47 &#147;<U>Group</U>&#148; shall mean &#147;group&#148; (within the meaning of Section&nbsp;13(d)(3) of
the Exchange Act); <U>provided</U>, that a &#147;group&#148; must be formed knowingly in order to
constitute a Group, and the existence of any Group may not be established by mere
parallel action.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.48 &#147;<U>Indebtedness</U>&#148; shall have the meaning set forth in the Principal
Investor Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.49 &#147;<U>Initial Public Offering</U>&#148; shall mean the initial underwritten Public
Offering registered on Form S-1 (or any successor form under the Securities Act).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.50 &#147;<U>Investment Agreement</U>&#148; shall mean the Investment Agreement among the
Corporation, Univision, Televisa, Pay-TV Venture, Inc., and BMPI Services II, LLC dated
as of the date hereof, as amended from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.51 &#147;<U>Law</U>&#148; shall mean any statute, law, ordinance, regulation, rule, code,
injunction, judgment, decree, order or any other judicially enforceable legal requirement
(including common law) of any Governmental Authority.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.52 &#147;<U>Liquidation Event</U>&#148; shall have the meaning set forth in <U>Section
4.10</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.53 &#147;<U>Majority in Interest</U>&#148; shall mean with respect to shares of Common
Stock of one or more class(es), a majority in number of such shares of Common Stock of
all such class or classes taken in the aggregate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.54 &#147;<U>Majority MDP Investors</U>&#148; shall mean, as of any date, the holders of a
Majority in Interest of the shares of Common Stock held by the MDP Investors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.55 &#147;<U>Majority PEP Investors</U>&#148; shall mean, as of any date, the holders of a
Majority in Interest of the shares of Common Stock held by the PEP Investors.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.56 &#147;<U>Majority PITV Investors</U>&#148; shall mean, as of any applicable time, (a)
PITV Investor Groups that, in the aggregate, hold greater than fifty percent (50%) of the
outstanding Common Stock then held by all PITV Investor Groups (<U>provided</U>, in the
case of the Televisa Investors, including only such shares of Common Stock held directly
by Televisa) and (b)&nbsp;a majority of the PITV Investor Groups; <U>provided</U>, that if
the aggregate number of PITV Investor Groups is two and both of the PITV Investor Groups
have not reached agreement or consented with respect to a matter, the term &#147;Majority PITV
Investors&#148; shall have the meaning set forth in <U>clause (a)</U> of this definition
only; <U>provided</U>, <U>further</U>, that no Principal Investor Group shall be deemed
to be a Principal Investor Group for purposes of this definition from and after such time
that it has voluntarily sold sixty six and two thirds percent (66 2/3%) or more, in the
aggregate, of the Shares held by such Principal Investor Group immediately following the
Closing to Persons other than their respective Permitted Transferees; and
<U>provided</U>, <U>further</U>, that, following a Transfer of control to an initial or
subsequent Purchaser of Control, such Purchaser of Control shall have the right to
exercise the rights of the transferor Principal Investor Groups and the transferor PITV
Investor Groups in accordance with Section&nbsp;3.8 of the Stockholders Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.57 &#147;<U>Majority Principal Investors</U>&#148; shall mean, as of any applicable time,
(a)&nbsp;Principal Investor Groups (excluding, in each case, Co-Investment Vehicles that
constitute part of such Principal Investor Group) that, in the aggregate, hold at least
60% of the outstanding Common Stock then held by all Principal Investor Groups (without
taking into account shares of Common Stock held by Co-Investment Vehicles that are part
of such Principal Investor Group) and (b)&nbsp;a majority of the Principal Investor Groups;
<U>provided</U>, that if the aggregate number of Principal Investor Groups is an even
number and a majority of the Principal Investor Groups has not reached agreement or
consented with respect to a matter, the term &#147;Majority Principal Investors&#148; shall have
the meaning set forth in <U>clause (a)</U> of this definition only; <U>provided</U>,
<U>further</U>, that no Principal Investor Group shall be deemed to be a Principal
Investor Group for purposes of this definition from and after such time that it has
voluntarily sold sixty six and two thirds percent (66 2/3%) or more, in the aggregate, of
the Shares held by such Principal Investor Group immediately following the Closing to
Persons other than their respective Permitted Transferees; <U>provided</U>,
<U>further</U>, that, following a Transfer of control to an initial or subsequent
Purchaser of Control, such Purchaser of Control shall have the right to exercise the
rights of the Principal Investors and the Majority Principal Investors in accordance with
Section&nbsp;3.8 of the Stockholders Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.58 &#147;<U>Majority SCG Investors</U>&#148; shall mean, as of any date, the holders of a
Majority in Interest of the shares of Common Stock held by the SCG Investors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.59 &#147;<U>Majority Televisa Investors</U>&#148; shall mean, as of any date, the holders
of a Majority in Interest of the shares of Common Stock held by the Televisa Investors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.60 &#147;<U>Majority THL Investors</U>&#148; shall mean, as of any date, the holders of a
Majority in Interest of the shares of Common Stock held by the THL Investors.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.61 &#147;<U>Majority TPG Investors</U>&#148; shall mean, as of any date, the holders of a
Majority in Interest of the shares of Common Stock held by the TPG Investors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.62 &#147;<U>Mandatory Conversion Event</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;4.8.4</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.63 &#147;<U>Maximum Equity Percentage</U>&#148; shall have the meaning set forth in the
Stockholders Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.64 &#147;<U>MDP</U>&#148; shall mean, as of any date, Madison Dearborn Capital Partners
IV, L.P., Madison Dearborn Capital Partners V-A, L.P., MDCPV Intermediate (Umbrella),
L.P., MDCPIV Intermediate (Umbrella), L.P., and their respective Permitted Transferees,
in each case only if such Person holds any Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.65 &#147;<U>MDP Co-Investment Vehicles</U>&#148; shall mean, as of any date, MDCP Foreign
Co-Investors (Umbrella), L.P., MDCP US Co-Investors (Umbrella), L.P. and their respective
successor entities, and any Affiliated Fund thereof if, in each case, (i)&nbsp;substantially
all of the equity thereof (including amounts paid for the acquisition of any Convertible
Securities to subscribe for, purchase or otherwise acquire such equity) has not been
contributed by the same investors, partners and members as contributed to the equity of
MDP, (ii)&nbsp;such entity has been formed for the main purpose of investing in the
Corporation or any Affiliate thereof, and (iii)&nbsp;such entity owns Shares. For the
avoidance of doubt, neither MDCPIV Intermediate (Umbrella), L.P., MDCPV Intermediate
(Umbrella), L.P. nor any successor thereof shall be deemed to be a Co-Investment Vehicle
for the purposes of this Certificate of Incorporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.66 &#147;<U>MDP Investors</U>&#148; shall mean, as of any date, MDP, the MDP
Co-Investment Vehicles, and their respective Permitted Transferees, in each case only if
such Person holds any Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.67 &#147;<U>Minimum Total Combined Investment</U>&#148; shall mean, with respect to any
one Principal Investor, shares of Common Stock with an aggregate initial cost of
$150,000,000. For purposes hereof, the agreed initial cost of a share of Common Stock
shall be $398.52 (subject to appropriate adjustment for stock splits, dividends and
similar events).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.68 &#147;<U>Non-Voting Stock</U>&#148; shall have the meaning set forth in <U>Section
5.4(c)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.69 &#147;<U>Original Certificate</U>&#148; shall have the meaning set forth in the
Recitals.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.70 &#147;<U>Participation, Registration Rights and Coordination Agreement</U>&#148; shall
mean the Amended and Restated Participation, Registration Rights and Coordination
Agreement of the Corporation, dated as of the date hereof, as amended from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.71 &#147;<U>PEP</U>&#148; shall mean, as of any date, Providence Equity Partners V
(Umbrella US) L.P., Providence Equity Partners VI (Umbrella US) L.P., Providence
Investors V
(Univision) L.P., Providence Investors VI (Univision) L.P. and their respective
Permitted Transferees, in each case only if such Person holds any Shares.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.72 &#147;<U>PEP Co-Investment Vehicles</U>&#148; shall mean, as of any date, Providence
Co-Investors (Univision) L.P., Providence Co-Investors (Univision US) L.P. and their
respective successor entities, and any Affiliated Fund thereof if, in each case, (i)
substantially all of the equity thereof (including amounts paid for the acquisition of
any Convertible Securities to subscribe for, purchase or otherwise acquire such equity)
has not been contributed by the same investors, partners and members as contributed to
the equity of PEP, (ii)&nbsp;such entity has been formed for the main purpose of investing in
the Corporation or any Affiliate thereof, and (iii)&nbsp;such entity owns Shares. For the
avoidance of doubt, neither Providence Investors V (Univision) L.P., Providence Investors
VI (Univision) L.P., nor any successor thereof shall be deemed to be a Co-Investment
Vehicle for the purposes of this Certificate of Incorporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.73 &#147;<U>PEP Investors</U>&#148; shall mean, as of any date, PEP, the PEP
Co-Investment Vehicles, and their respective Permitted Transferees, in each case only if
such Person holds any Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.74 &#147;<U>Permitted Transferee</U>&#148; shall mean, in respect of (a)&nbsp;any PITV
Investor, (i)&nbsp;any Affiliate of such PITV Investor (other than a portfolio company of such
PITV Investor) or (ii)&nbsp;any successor entity, and (b)&nbsp;any SCG Investor, (i)&nbsp;any Person
which is controlled by or for the benefit of Haim Saban or Cheryl Saban (or in the event
of their divorce, their subsequent respective spouses) (collectively &#147;<U>Saban</U>&#148;) or
their Family Members (other than a portfolio company of any SCG Investor), (ii)
then-current or former officers and/or employees of Saban or entities controlled by Saban
who were issued such interests as a result of or in connection with their employment by
Saban, or such officers&#146; and/or employees&#146; Family Members to the extent they receive such
Transferred interests initially issued to such officer or employee as a result of or in
connection with his or her employment by Persons controlled by Saban, and (iii)&nbsp;any
trust, custodianship or other entity created for estate or tax planning purposes all of
the beneficiaries of which are any of the persons listed in <U>subclause (i)</U> to
<U>(iii)</U> of this clause (b); in each case described in <U>clauses (a)</U> and
<U>(b)</U>, only if such Transferee agrees to be bound by the terms of the Transaction
Agreements in accordance with their respective terms to the same extent its transferor is
bound thereby (it being understood that any Transfer not meeting the foregoing conditions
but purporting to rely on <U>Section&nbsp;3.1.1</U> of the Stockholders Agreement shall be
null and void). In addition, any stockholder of the Corporation shall be a Permitted
Transferee of the Permitted Transferees of itself and any member of a Principal Investor
Group shall be a Permitted Transferee of any other member of such Principal Investor
Group. No Restricted Person shall be a &#147;Permitted Transferee.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.75 &#147;<U>Person</U>&#148; shall mean any individual, partnership, corporation,
company, association, trust, joint venture, limited liability company, unincorporated
organization, entity or division, or any government, governmental department or agency or
political subdivision thereof.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.76 &#147;<U>PITV Investor Group</U>&#148; shall mean (a)&nbsp;each of the Principal Investor
Groups; and (b)&nbsp;the Televisa Investors; <U>provided</U>, <U>however</U>, that the
Televisa Investors shall cease to be a PITV Investor Group after a Televisa Sell-Down.
Where this Certificate of Incorporation provides for the vote, consent or approval of any
PITV Investor Group, such vote, consent or approval shall be determined by (i)&nbsp;the
Majority MDP Investors, the Majority PEP Investors, the Majority SCG Investors, the
Majority Televisa Investors, the Majority THL Investors or the Majority TPG Investors, as
the case may be, or (ii)&nbsp;a Purchaser of Control, as applicable, except as otherwise
specifically set forth herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.77 &#147;<U>PITV Investors</U>&#148; shall mean the Televisa Investors and the Principal
Investors, collectively; <U>provided</U> that a Principal Investor and/or a Televisa
Investor shall cease to be a PITV Investor if it ceases to be a member of a PITV Investor
Group; <U>provided</U>, further, that, following a Transfer of control to an initial or
subsequent Purchaser of Control, such Purchaser of Control shall have the right to
exercise the rights of the transferor Principal Investors in accordance with <U>Section
3.8 </U>of the Stockholders Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.78 &#147;<U>Preferred Stock</U>&#148; shall have the meaning set forth in <U>Section
4.1(e)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.79 &#147;<U>Preferential Rights</U>&#148; shall have the meaning set forth in the
Stockholders Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.80 &#147;<U>Principal Investor</U>&#148; shall mean any member of a Principal Investor
Group that holds Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.81 &#147;<U>Principal Investor Agreement</U>&#148; shall mean the Amended and Restated
Principal Investor Agreement of the Corporation, dated as of the date hereof, as amended
from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.82 &#147;<U>Principal Investor Group</U>&#148; shall mean any one of (a)&nbsp;the MDP
Investors, collectively, (b)&nbsp;the PEP Investors, collectively, (c)&nbsp;the SCG Investors,
collectively, (d)&nbsp;the THL Investors, collectively, and (e)&nbsp;the TPG Investors,
collectively; <U>provided</U>, <U>however</U>, that any such Principal Investor Group
shall cease to be a Principal Investor Group at such time after the Televisa Closing, and
at all times thereafter, as such Principal Investor Group ceases to hold Shares
representing a Total Combined Investment of at least the Minimum Total Combined
Investment; <U>provided</U>, <U>further</U>, that, following a Transfer of control to
an initial or subsequent Purchaser of Control, such Purchaser of Control shall have the
right to exercise the rights of the Principal Investor Groups in accordance with
<U>Section&nbsp;3.8 </U>of the Stockholders Agreement; <U>provided</U>, <U>further</U>,
that no adjustment or modification to the term &#147;Minimum Total Combined Investment&#148; shall
cause any former Principal Investor Group to again become a Principal Investor Group.
Where this Certificate of Incorporation provides for the vote, consent or approval of any
Principal Investor Group, such vote, consent or approval shall be determined by (i)&nbsp;the
Majority MDP Investors, the Majority PEP Investors, the Majority THL Investors, the
Majority TPG Investors, or the Majority
SCG Investors, as the case may be, or (ii)&nbsp;any Purchaser of Control, as applicable,
except as otherwise specifically set forth herein.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.83 &#147;<U>Principal Investor Sell-Down</U>&#148; shall have the meaning set forth in
the Stockholders Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.84 &#147;<U>Proceeds</U>&#148; shall have the meaning set forth in <U>Section&nbsp;4.10</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.85 &#147;<U>Public Offering</U>&#148; shall mean a public offering and sale of Common
Stock for cash pursuant to an effective registration statement under the Securities Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.86 &#147;<U>Purchaser of Control</U>&#148; shall have the meaning set forth in the
Stockholders Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.87 &#147;<U>Qualified Public Offering</U>&#148; shall have the meaning set forth in the
Stockholders Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.88 &#147;<U>Redemption Date</U>&#148; shall have the meaning set forth in <U>Section
5.4(d)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.89 &#147;<U>Redemption Securities</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;5.4(e)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.90 &#147;<U>Refinancing Indebtedness</U>&#148; means new Indebtedness that refinances
existing Indebtedness up to the same outstanding principal amount (or unused commitments
in the case of then-existing revolving Indebtedness or then-existing receivables
financing plus any applicable premiums and accrued interest or discount on such
refinanced Indebtedness) plus the fees and expenses incurred directly related to the
issuance of the new Indebtedness.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.91 &#147;<U>Related Party</U>&#148; shall have the meaning set forth in the Principal
Investor Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.92 &#147;<U>Restricted Person</U>&#148; shall have the meaning set forth in the
Stockholders Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.93 &#147;<U>Restricted Public Stockholders</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;5.4(f)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.94 &#147;<U>Restricted Subsidiary</U>&#148; shall mean any direct or indirect subsidiary
of the Company that is not an Unrestricted Subsidiary
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.95 &#147;<U>Saban</U>&#148; shall have the meaning set forth in the definition of
&#147;<U>Permitted Transferee</U>.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.96 &#147;<U>Saban Arrangements</U>&#148; shall mean the arrangements reflected in the
Saban Services Agreement, the BMPS1 LLC Agreement or the BMPS2 LLC Agreement, as amended
from time to time.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.97 &#147;<U>Saban Services Agreement</U>&#148; shall mean the Amended and Restated
Services Agreement, by and between the Corporation, SCG Investments IIB LLC, BMPI
Services LLC and BMPI Services II, LLC, dated as of the date hereof, as amended from time
to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.98 &#147;<U>Sale Date</U>&#148; shall have the meaning set forth in <U>Section
5.4(g)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.99 &#147;<U>SCG Investors</U>&#148; shall mean, as of any date, SCG Investments II, LLC
and its Permitted Transferees, in each case only if such Person holds any Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.100 &#147;<U>Second Amended Certificate</U>&#148; shall have the meaning set forth in the
Recitals.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.101 &#147;<U>Securities Act</U>&#148; shall mean the Securities Act of 1933 and the rules
and regulations promulgated thereunder, as amended from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.102 &#147;<U>Service Agreements</U>&#148; shall have the meaning set forth in the
Stockholders Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.103 &#147;<U>Shares</U>&#148; shall have the meaning set forth in the Stockholders
Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.104 &#147;<U>Specified Debt Level</U>&#148; means $10,601.7&nbsp;million plus any cumulative
accretion in the interest on any outstanding 9.75%/10.50% senior toggle notes due 2015 of
Univision, less cumulative mandatory amortization and voluntary and mandatory
prepayments, repayments, redemptions, purchases or repurchases (in each case, other than
as a result of the incurrence of Refinancing Indebtedness relating thereto and the
application of the proceeds thereof) of the term loans under the Credit Agreement, in
each case, from and after September&nbsp;30, 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.105 &#147;<U>Spin-Off Securities</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;4.4.3(j)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.106 &#147;<U>Spin-Off Transaction</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;4.4.3(j)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.107 &#147;<U>Stockholders Agreement</U>&#148; shall mean the Amended and Restated
Stockholders Agreement of the Corporation, dated as of the date hereof, as amended from
time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.108 &#147;<U>subsidiary</U>&#148; of any Person, shall mean any corporation, partnership,
joint venture or other legal entity of which such Person (either alone or through or
together with any other subsidiary), owns, directly or indirectly, more than 50% of the
stock or other equity interests, the holders of which are generally entitled to vote for
the election of the board of directors or other governing body of such corporation or
other legal entity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.109 &#147;<U>Televisa</U>&#148; shall mean, as of any date, Grupo Televisa, S.A.B., a
corporation organized under the laws of Mexico, and its Permitted Transferees who hold
any Shares.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.110 &#147;<U>Televisa Closing</U>&#148; shall mean the &#147;Closing&#148; as defined in the
Investment Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.111 &#147;<U>Televisa Investors</U>&#148; shall mean, as of any date, collectively, (i)
Televisa; (ii)&nbsp;any Person that is not a Permitted Transferee of Televisa but that is, as
of such date, a member of a Group of which Televisa and/or any of its Affiliates is a
member with respect to securities of the Corporation (excluding any Principal Investor);
and (iii)&nbsp;a Permitted Transferee of a Person described in clause (ii)&nbsp;above,
<U>provided</U> that such Permitted Transferee is, as of such date, a member of a Group
of which Televisa and/or any of its Affiliates is a member with respect to securities of
the Corporation (excluding any Principal Investor); in each case under <U>clauses
(i)</U>, <U>(ii)</U> and <U>(iii)</U>, only if and to the extent such Person is then a
Stockholder and holds any Shares; <U>provided</U>, <U>further</U>, that BMPS2 shall not
constitute a Televisa Investor and Televisa shall not be responsible for any actions or
failures to act of BMPS2, but Televisa shall be deemed to hold the Shares held by BMPS2,
including regardless of any Transfer of Shares by BMPS2 under the Saban Arrangements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.112 &#147;<U>Televisa Liquidation Preference Amount</U>&#148; shall have the meaning set
forth in <U>Section&nbsp;4.10</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.113 &#147;<U>Televisa Sell-Down</U>&#148; shall have the meaning set forth in the
Stockholders Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.114 &#147;<U>Third Amended Certificate</U>&#148; shall have the meaning set forth in the
Recitals.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.115 &#147;<U>Third Party Purchase Price</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;5.4(h)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.116 &#147;<U>THL</U>&#148; shall mean, as of any date, Thomas H. Lee Equity Fund VI,
L.P., THL Equity Fund VI Investors (Univision), L.P., and their respective Permitted
Transferees, in each case only if such Person holds any Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.117 &#147;<U>THL Co-Investment Vehicles</U>&#148; shall mean, as of any date, THL Equity
Fund VI Intermediate Investors (Univision), L.P., THL Equity Fund VI Intermediate
Investors (Univision US), L.P., THL Equity Fund VI Investors (GS), LLC, and their
respective successor entities, and any Affiliated Fund thereof if, in each case, (i)
substantially all of the equity thereof (including amounts paid for the acquisition of
any Convertible Securities to subscribe for, purchase or otherwise acquire such equity)
has not been contributed by the same investors, partners and members as contributed to
the equity of THL, (ii)&nbsp;such entity has been formed for the main purpose of investing in
the Corporation or any Affiliate thereof, and (iii)&nbsp;such entity owns Shares. For the
avoidance of doubt, neither THL Equity Fund VI Investors (Univision), L.P. nor any
successor thereof shall be deemed to be a Co-Investment Vehicle for the purposes of this
Certificate of Incorporation.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.118 &#147;<U>THL Investors</U>&#148; shall mean, as of any date, THL, the THL
Co-Investment Vehicles, and their respective Permitted Transferees, in each case only if
such Person holds any Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.119 &#147;<U>Total Combined Investment</U>&#148; shall mean with respect to a Person or
group of Persons at any time, the aggregate number of shares of Common Stock (including
 shares of Common Stock underlying the outstanding TV Debentures and the outstanding TV
Warrants) then held by such Person or group of Persons.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.120 &#147;<U>TPG</U>&#148; shall mean, as of any date, TPG Umbrella IV, L.P., TPG Media
V-AIV 1, L.P., TPG Umbrella International IV, L.P., TPG Media V-AIV 2, L.P. and their
respective Permitted Transferees, in each case only if such Person holds any Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.121 &#147;<U>TPG Co-Investment Vehicles</U>&#148; shall mean, as of any date, TPG
Umbrella Co-Investment, L.P., TPG Umbrella International Co-Investment, L.P., and their
respective successor entities, and any Affiliated Fund thereof if, in each case, (i)
substantially all of the equity thereof (including amounts paid for the acquisition of
any Convertible Securities to subscribe for, purchase or otherwise acquire such equity)
has not been contributed by the same investors, partners and members as contributed to
the equity of TPG, (ii)&nbsp;such entity has been formed for the main purpose of investing in
the Corporation or any Affiliate thereof, and (iii)&nbsp;such entity owns Shares. For the
avoidance of doubt, neither TPG Umbrella International IV, L.P., TPG Umbrella
International V, L.P. nor any successor thereof shall be deemed to be a Co-Investment
Vehicle for the purposes of this Certificate of Incorporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.122 &#147;<U>TPG Investors</U>&#148; shall mean, as of any date, TPG, the TPG
Co-Investment Vehicles, and their respective Permitted Transferees, in each case only if
such Person holds any Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.123 &#147;<U>Transaction Agreements</U>&#148; shall mean the Investment Agreement, the
Principal Investor Agreement, the Stockholders Agreement, the Participation, Registration
Rights and Coordination Agreement, the TV Debentures, the TV Warrants, the Service
Agreements, this Certificate of Incorporation, the Bylaws, the organizational documents
of BMPH and Univision and the Letter of Credit (as defined in the Investment Agreement).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.124 &#147;<U>Transfer</U>&#148; shall mean any sale, pledge (provided that the term
&#147;Transfer&#148; shall not be deemed to include a pledge of any Shares pursuant to a bona fide
financing with a financial institution, commercial lender or other bona fide provider of
debt financing, but shall be deemed to include a foreclosure on, or subsequent Transfer
of, any such pledged Shares), assignment, encumbrance or other transfer or disposition of
any Shares (or any voting or economic interest therein) to any other Person, whether
directly, indirectly, voluntarily, involuntarily, by operation of law, pursuant to
judicial process or otherwise. For the avoidance of doubt, it shall constitute a
&#147;Transfer&#148; subject to the restrictions on Transfer contained or referenced in Section&nbsp;3
of the Stockholders Agreement (a)&nbsp;if a transferee is not an individual, a trust or an
estate, and the
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">transferor or an Affiliate thereof ceases to control such transferee, (b)
with respect to an Acquisition Holdco, or a holder of Shares which was formed for the purpose of
holding Shares, there is a transfer of the equity interests of such Acquisition Holdco or
holder other than to a Permitted Transferee of such Acquisition Holdco or holder or of
the party transferring the equity of such holder or (c)&nbsp;with respect to an Affiliate of
Televisa of which the Shares held by such Affiliate constitute a majority of the value of
such Affiliate, there is a direct Transfer of the equity interests of such Affiliate
other than to a Permitted Transferee of such Affiliate or of the party transferring the
equity of such Affiliate or to the shareholders of any publicly traded parent entity of
such Affiliate. For the avoidance of doubt, a conversion of Class&nbsp;A Common Stock, Class
B Common Stock, Class&nbsp;C Common Stock and/or Class&nbsp;D Common Stock into Common Stock of any
such other classes pursuant to this Certificate of Incorporation shall not be deemed as a
Transfer. For the avoidance of doubt, any Transfer of Units shall be treated as a
Transfer of a proportional number of Shares held by BMPS1 or BMPS2, as applicable (based
on the total number of Units outstanding and the total number of Shares held by BMPS1 or
BMPS2, as the case may be), in each case, as of immediately prior to such Transfer. No
securities transferred to or held by BMPS1 or BMPS2 will be deemed to have been
Transferred until they are sold by BMPS1 or BMPS2, as applicable. Notwithstanding the
foregoing, with respect to securities acquired by BMPS2 from any Televisa Investor, such
securities will continue to be deemed to be securities held by Televisa regardless of any
Transfer by BMPS2 under the Saban Arrangements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.125 &#147;<U>Transfer Date</U>&#148; shall have the meaning set forth in <U>Section
5.4(i)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.126 &#147;<U>TV Debentures</U>&#148; shall mean the 1.5% convertible debentures due 2025
initially issued to Televisa pursuant to the Investment Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.127 &#147;<U>TV Warrants</U>&#148; shall mean the Corporation warrants exercisable for
 shares of Class&nbsp;A Common Stock, Class&nbsp;C Common Stock and/or Class&nbsp;D Common Stock, as
applicable, issuable under certain circumstances pursuant to the TV Debentures and the
Transaction Agreements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.128 &#147;<U>Units</U>&#148; shall have the meaning set forth in the BMPS1 LLC Agreement
and BMPS2 LLC Agreement, as applicable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.129 &#147;<U>Univision</U>&#148; shall mean Univision Communications Inc., successor in
interest to Umbrella Acquisition, Inc., a Delaware corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.130 &#147;<U>Unrestricted Subsidiary</U>&#148; shall mean, as of any date, a subsidiary
of the Corporation that is designated as an &#147;Unrestricted Subsidiary&#148; as of such date
under the Credit Agreement, dated as of March&nbsp;29, 2007, as amended June&nbsp;19, 2009, and as
amended and restated as of October&nbsp;26, 2010, among Univision, Univision of Puerto Rico
Inc., the lenders from time to time party thereto, Deutsche Bank AG New York Branch, as
administrative agent and collateral agent and the other agents from time to time party
thereto, as the same may be amended from time to time, provided that such subsidiary
(assuming it was then in existence) could have been designated as an
Unrestricted Subsidiary under the definition thereof and Section&nbsp;5.11 of such Credit
Agreement as in effect as of the Closing.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.131 &#147;<U>Vested Shares</U>&#148; shall mean, with respect to any officer, director,
employee or consultant of the Corporation or any of its subsidiaries at any time (other
than any partner, principal, employee or Affiliate of a Principal Investor, which, as of
the Closing, includes the Chairman of the Board of the Corporation), any options,
restricted stock or other awards under the Equity Incentive Plans or any other equity
incentive plan or pursuant to any employment or consulting agreement that are held by
such person which are not subject to vesting requirements or other time of service or
performance based conditions to ownership at such time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.2.132 &#147;<U>Voting Stock</U>&#148; shall mean shares of Class&nbsp;A Common Stock and Class&nbsp;C
Common Stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.3. <U>Shares Identical</U><I>. </I>Except as otherwise provided in this <U>Section&nbsp;4</U>, all
 shares of Common Stock shall be identical in all respects and shall entitle the holders thereof
to the same powers, preferences, rights and privileges and shall be subject to the same
qualifications, limitations and restrictions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.4. <U>Voting Rights</U>. Subject to the powers, preferences, rights and privileges of
any class of stock (or any series thereof) having any preference or priority over, or rights
superior to, the Common Stock that the Corporation may hereafter authorize and issue, except as
otherwise provided in this <U>Section&nbsp;4</U> or required by applicable law, the holders of Class
A Common Stock and Class&nbsp;C Common Stock shall have and possess all voting powers and voting
rights and other rights pertaining to the stock of the Corporation and shall vote together as a
single class, with each share entitled to one vote. Except as required by applicable law,
holders of Class&nbsp;B Common Stock and Class&nbsp;D Common Stock, in their capacity as such, shall not
have or possess any voting power or voting rights.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.4.1 Notwithstanding the provisions of Section&nbsp;242(b)(2) of the DGCL or anything to
the contrary in this <U>Section&nbsp;4</U>, but subject to any applicable provision of
<U>Section&nbsp;4.4.2</U>, the number of authorized shares of any class or classes of capital
stock of the Corporation may be increased or decreased (but not below the number of
 shares thereof then outstanding) by the affirmative vote of a majority of the Class&nbsp;A
Common stock and Class&nbsp;C Common Stock, voting together as a single class, without a
separate class vote of the affected class or classes or any other class.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.4.2 In addition to any other vote, consent or approval right provided for in this
Certificate of Incorporation or required by applicable law and subject to Televisa&#146;s
other approval rights set forth in the Principal Investor Agreement and the Stockholders
Agreement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(a)&nbsp;Any amendment, alteration, modification, waiver or repeal of any provision of
this Certificate of Incorporation or the Bylaws of the Corporation (the
&#147;<U>Bylaws</U>&#148;), whether by means of amendment, restatement, merger, consolidation or
otherwise, shall require the affirmative vote or written consent of the Majority PITV
Investors
(or a majority of the outstanding shares of Class&nbsp;A Common Stock and Class&nbsp;C Common
Stock, voting together as a single class, if there are no PITV Investor Groups
remaining).
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;Any amendment, alteration, modification, waiver or repeal of any provision of
this Certificate of Incorporation, including any filing of a certificate of designation,
or the Bylaws of the Corporation, whether by means of amendment, restatement, merger,
consolidation or otherwise, that, by its terms, adversely affects the voting powers,
preferences, or other rights or privileges, or restricts the rights, privileges, powers
or immunities, of any class of Common Stock disproportionately to any other class of
Common Stock shall require the affirmative vote or written consent of the holders of a
majority of the outstanding shares of such affected class. For purposes of the
foregoing provision, all classes of Common Stock that are affected in the same manner by
any such amendment, alteration, modification, waiver or repeal of any provision shall be
treated as a single class.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.4.3 Notwithstanding anything to the contrary contained herein, the Corporation
shall not, and shall cause its subsidiaries not to, take any of the following actions
without the affirmative vote or prior written approval of the Televisa Investors holding
a majority of the Common Stock held by the Televisa Investors at such time:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(a) <I>Amendments to Charters or Bylaws</I>. Amend, alter or repeal any provision of the
Certificate of Incorporation or Bylaws of the Corporation or any of its subsidiaries,
whether by means of amendment, restatement, merger, consolidation or otherwise, to the
extent that such amendment, alteration or repeal would by its terms, Discriminate
against the Televisa Investors as compared to (i)&nbsp;the Principal Investors, prior to a
Principal Investor Sell-Down, (ii)&nbsp;the public stockholders of the Corporation, following
a Principal Investor Sell-Down if there are public stockholders, or (iii)&nbsp;a Purchaser of
Control, following a Change of Control.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b) <I>Leverage</I>. Create, incur, issue or assume (including through a merger,
acquisition or otherwise) (i)&nbsp;any Indebtedness (but in the case of creating, incurring,
issuing or assuming Refinancing Indebtedness, without double counting for the
Indebtedness being refinanced) that results in the Corporation and its consolidated
subsidiaries having any Indebtedness in an aggregate principal amount in excess of the
greater of (a)&nbsp;the Specified Debt Level and (b)&nbsp;an amount that, after giving pro forma
effect thereto (including a pro forma application of the net proceeds therefrom), as if
such Indebtedness had been incurred and the application of proceeds therefrom had
occurred at the beginning of the most recently ended four fiscal quarters for which
financial statements are available that comply with GAAP, would result in the
Corporation&#146;s Consolidated Leverage Ratio at the date of such incurrence exceeding nine
and one half (9.5) to one (1) (9.5:1); <U>provided</U> that Univision and its
consolidated subsidiaries may create, incur, issue or assume an additional principal
amount of Indebtedness not to exceed $1&nbsp;billion, which amount may be used for general
corporate purposes in the ordinary course of business, including for the payment of
interest, but such amount may not be used for (v)&nbsp;acquisitions of all or
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">substantially
all of the assets or equity of any person (or any line of business or division thereof), any business combination the purpose of which is to effect the
foregoing and minority investments and/or joint ventures, (w)&nbsp;dividends, (x)&nbsp;related
party transactions not in the ordinary course of business, (y)&nbsp;significant changes in
operations, or (z)&nbsp;significant non-ordinary course projects; <U>provided</U>,
<U>further</U> that this <U>clause (i)</U> shall not apply if, at any time after a
Qualified Public Offering, after giving effect to the proceeds of such Qualified Public
Offering, the Consolidated Leverage Ratio does not exceed 7:1; (ii)&nbsp;any additional
Indebtedness of the Corporation or BMPH (or other direct or indirect subsidiary of the
Corporation of which Univision or its successor is a direct or indirect subsidiary) in
excess of $2,000,000 in the aggregate; <U>provided</U>, that this <U>clause (ii)</U>
shall not apply if the Televisa Investors do not hold any TV Debentures; or (iii)&nbsp;any
Indebtedness for the purpose of financing the payment of any dividends or other
distributions or any share repurchases or redemptions (other than from a consolidated
subsidiary of the Corporation to the Corporation or such subsidiary&#146;s parent entity if
such parent entity is a consolidated subsidiary of the Corporation) unless the
Consolidated Leverage Ratio, after giving pro forma effect thereto (including a pro
forma application of the net proceeds therefrom), as if such Indebtedness had been
incurred and the application of proceeds therefrom had occurred at the beginning of the
most recently ended four fiscal quarters for which financial statements that comply with
GAAP are available, would not exceed eight and one half (8.5) to one (1) (8.5:1).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(c) <I>Changes to Terms of Shares</I>. Any change to the terms of the Shares (i)&nbsp;held by
the Televisa Investors and not by any Principal Investor, if such change is adverse to
any of the Televisa Investors, or (ii)&nbsp;held by Televisa Investors and a material amount
of which is held by the Principal Investors or held solely by Persons other than
Televisa, if the result of such change would Discriminate against Televisa as compared
to (x)&nbsp;the Principal Investors prior to a Principal Investor Sell-Down, (y)&nbsp;the public
stockholders following a Principal Investor Sell-Down if there are public stockholders,
or (z)&nbsp;a Purchaser of Control following a Change of Control.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(d) <I>Changes in Core Business</I>. Fundamentally change the business of the Corporation
and its subsidiaries to a core business other than Spanish-language media and related
businesses, which includes but is not limited to television broadcast networks, radio
broadcast networks, ownership and operation of television and radio stations (including,
for the avoidance of doubt, English-language networks and stations so long as such
networks or stations are not the core business), Internet portals and distribution of
programming and other media via the internet and other forms of mass-market or
specialized channels of communication for popular consumption that develop over time.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(e) <I>Related Party Transactions</I>. Enter into, modify or amend, extend, or waive any
rights under, (i)&nbsp;any agreement, arrangement or transaction between the Corporation or
any of its subsidiaries, on the one hand, and a Related Party, on the other hand, on
terms (including pricing terms) and conditions which are less favorable (in the
aggregate for each such agreement, arrangement or transaction) to the Corporation or its
subsidiaries than could be obtained from a Person who is not an Affiliate of the
Corporation or of any Related Party dealing on an arm&#146;s length basis
(but not including (x)&nbsp;the Saban Arrangements as in effect on the date hereof
(without giving effect to any future amendments) or (y)&nbsp;any employment, compensation or
other incentive arrangements with the employees of the Corporation or its subsidiaries
(other than any partner, principal, employee or Affiliate of a Principal Investor,
which, as of the Closing, includes the Chairman)), regardless of whether they are
approved by the Related Party Transactions Committee of which a director designated by
the Televisa Investors is a member, or (ii)&nbsp;any agreement, arrangement or transaction
between the Corporation or any of its subsidiaries, on the one hand, and a Related
Party, on the other hand, relating to the licensing, acquisition or provision of
programming to the Corporation or its subsidiaries; <U>provided</U>, that the approval
of the Televisa Investors shall not be required pursuant to this <U>Section
4.4.3(e)</U> to the extent such agreement, arrangement or transaction is entered into in
order to effectuate the transfer of Shares pursuant to a Compliant Change of Control
Transaction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(f) <I>Bankruptcy, etc. </I>Commence a voluntary case under the U.S. Bankruptcy Code or
any applicable bankruptcy, insolvency or other similar law now or hereafter in effect;
consent to the entry of an order for relief in an involuntary case, or the conversion of
an involuntary case to a voluntary case, under any such law; consent to the appointment
of or taking possession by a receiver, trustee or other custodian for all or a
substantial part of its property; make a general assignment for the benefit of
creditors; or adopt a plan of complete or partial liquidation or dissolution.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(g) <I>Management Incentive Plan. </I>Any issuance of Shares or Convertible Securities to
officers, employees, directors or consultants of the Corporation or its subsidiaries or
other Persons in connection with such Person&#146;s employment, directorship or consulting
arrangements with or other provisions of services to the Corporation or any of its
subsidiaries in excess of the applicable Equity Pool Cap or with an exercise or
conversion price per share or unit of the underlying security that is less than the Fair
Market Value of a share or unit of such security at the time of issuance.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(h) <I>Transfer to a Restricted Person</I>. Issue any Shares to a Restricted Person or
issue any Shares in connection with any Transfer of any Shares by a member of the
Principal Investor Group to a Restricted Person, other than any Transfer described in
Section&nbsp;3.3.4 of the Stockholders Agreement.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(i) <I>Certain Dividends and Distributions</I>. Issue or pay any dividends or
distributions in any form other than pro rata dividends and pro rata distributions, in
each case, in the form of common stock of the Corporation that is not Class&nbsp;C Common
Stock or Class&nbsp;D Common Stock and other than any dividends or distributions paid by
Restricted Subsidiaries of Univision solely to Univision or other Restricted
Subsidiaries of Univision; <U>provided</U>, that the Corporation may issue or pay any
such dividends or distributions (but in any case not dividends or distributions of
preferred stock or common stock that is Class&nbsp;C Common Stock or Class&nbsp;D Common Stock)
without the consent of the Televisa Investors if (i)&nbsp;the Televisa Investors receive
their pro rata share of such dividend or distribution on all of their Shares (on
an as-exercised and as-converted basis, but without requiring the Televisa
Investors to exercise or convert any Convertible Securities) and in the same form of
consideration and at the same time as received by the other holders of Shares, (ii)&nbsp;the
Board concludes in good faith that the actions taken pursuant to the foregoing
<U>clause (i)</U> are consistent with applicable Laws and (iii)&nbsp;the Consolidated
Leverage Ratio after giving effect to such dividend or distribution does not exceed
8.5:1; <U>provided</U>, <U>further</U>, that <U>clause (iii)</U> shall terminate if,
at any time following a Qualified Public Offering, the Consolidated Leverage Ratio is
less than 7:1 (after giving effect to the proceeds of such offering).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(j) <I>Spin-offs; Split-offs; etc. </I>Enter into any spin-off, split-off, exchange
transaction or similar transaction involving a subsidiary or business of the
Corporation, in each case, a result of which is the issuance or redemption of capital
stock of the Corporation or its subsidiaries (a &#147;<U>Spin-Off Transaction</U>&#148;);
<U>provided</U>, that the Corporation may enter into any such Spin-Off Transaction
without the consent of the Televisa Investors if (i)&nbsp;the Televisa Investors receive at
the same time as other holders of Shares with respect to all of their Shares (on an
as-exercised and as-converted basis, but without requiring the Televisa Investors to
exercise or convert any Convertible Securities) their pro rata amount of the
distribution pursuant to such Spin-Off Transaction in the form of securities of the
entity or business that is the subject of such Spin-Off Transaction, which securities
shall provide the holder thereof with the rights (including liquidation preference) and
obligations equivalent to the rights and obligations associated with the Shares held by
Televisa as of the date of such Spin-Off Transaction (and in the same proportion to the
securities as the securities of the Corporation that Televisa then holds) (the
&#147;<U>Spin-Off Securities</U>&#148;), (ii)&nbsp;the Board concludes in good faith that the actions
taken pursuant to the foregoing clause (i)&nbsp;are consistent with applicable Laws, (iii)
the Principal Investors and the issuer of the Spin-Off Securities agree to enter into a
shareholders agreement or other similar arrangements with Televisa that provides
Televisa, the Principal Investors and such issuer with equivalent rights and obligations
with respect to the entity or business that is the subject of such Spin-Off Transaction,
including an equitable allocation of the TV Debentures between the Corporation and the
entity that is the subject of such Spin-Off Transaction based upon their relative
values, after giving effect to such Spin-Off Transaction, and (iv)(A) in the event that
the Consolidated Leverage Ratio immediately prior to such Spin-Off Transaction is less
than 8.5:1, the Corporation&#146;s Consolidated Leverage Ratio will not exceed 8.5:1 after
giving effect to such Spin-Off Transaction or (B)&nbsp;in the event that the Consolidated
Leverage Ratio immediately prior to such Spin-Off Transaction is 8.5:1 or greater, the
Corporation&#146;s Consolidated Leverage Ratio will not increase after giving effect to such
Spin-Off Transaction; <U>provided</U>, <U>further</U>, that <U>clause (iv)</U> shall
terminate if, at any time following a Qualified Public Offering, the Consolidated
Leverage Ratio is less than 7:1 (after giving effect to the proceeds of such offering).
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(k) <I>Stock Repurchases. </I>Enter into or effect any transaction or series of related
transactions involving the direct or indirect repurchase, redemption or other
acquisition of securities from any stockholder (other than any repurchase by Univision
or any of its wholly-owned subsidiaries of securities of wholly-owned
subsidiaries of Univision); <U>provided</U>, that the Corporation may enter into
any such repurchase transaction if (i)&nbsp;the Corporation offers to repurchase from the
Televisa Investors securities held by the Televisa Investors in the same pro rata
portion (calculated on an as-converted and as-exercised basis, but without requiring the
Televisa Investors to exercise or convert any Convertible Securities) of the securities
redeemed, repurchased or otherwise acquired pursuant to such repurchase transaction at
the same per share value and in exchange for the same form of consideration and at the
same time as the other holders of Shares, <U>plus</U>, in the case of any TV Debentures
or Shares into which such TV Debentures are convertible which are included in such
redemption, repurchase or other acquisition, the sum of the present value on the date of
such redemption, repurchase or other acquisition of all required interest payments that
otherwise would have been due on such TV Debentures through the Maturity Date (as
defined in the terms of the TV Debentures), in each case computed using a discount rate
equal to the Treasury Rate (as defined in the terms of the TV Debentures) as of such
date with respect to each such interest payment, unless the Corporation, at its
election, instead enters into an agreement with such Televisa Investors which obligates
the Company to continue to pay amounts which are equal to the amounts of interest
payments that otherwise would be required in respect of such TV Debentures from the date
of redemption, repurchase or other acquisition to the Maturity Date (as defined in the
terms of the TV Debentures); <U>provided</U>, that this <U>subclause (i)</U> shall not
apply to repurchases from employees of the Corporation or its subsidiaries (other than
any partner, principal, employee or Affiliate of a Principal Investor, which, as of the
Closing, includes the Chairman) under the terms of incentive plans or other employment
arrangements, (ii)&nbsp;the Board concludes in good faith that the actions taken pursuant to
the foregoing clause (i)&nbsp;are consistent with applicable Law and (iii)&nbsp;the Consolidated
Leverage Ratio after giving effect to such repurchase does not exceed 8.5:1
<U>provided</U>, <U>further</U>, that clause (iii)&nbsp;shall terminate if, at any time
following a Qualified Public Offering, the Corporation&#146;s Consolidated Leverage Ratio is
less than 7:1 (after giving effect to the proceeds of such offering).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(l) <I>Period. </I>Except as otherwise provided, the rights granted to the Televisa
Investors pursuant to this <U>Section&nbsp;4.4.3</U> shall expire upon a Televisa Sell-Down;
<U>provided</U>, <U>however</U>, that (i)&nbsp;the Televisa Investors&#146; rights granted
pursuant to <U>Sections&nbsp;4.4.3(a)</U> (Amendments to Charters or Bylaws), and <U>
4.4.3(c)</U> (Change to Terms of Shares) will survive so long as Televisa Investors hold
any Shares, (ii)&nbsp;the Televisa Investors&#146; rights pursuant to <U>Sections&nbsp;4.4.3(i)</U>
(Certain Dividends and Distributions), <U>4.4.3(j)</U> (Spin-Offs, Split-Offs, etc.)
and <U>4.4.3(k)</U> (Stock Repurchases) will survive so long as Televisa Investors hold
any Shares that are not Common Stock, and (iii)&nbsp;the Televisa Investors&#146; rights pursuant
to <U>Section&nbsp;4.4.3(b)(ii)</U> will survive in accordance with its terms. For the
avoidance of doubt, the provisions of this <U>Section&nbsp;4.4.3</U> shall survive, in
accordance with their terms, any Public Offering or Change of Control. Notwithstanding
the foregoing, in no event shall (x)&nbsp;there be any separate class vote with respect to
any class of Common Stock in connection with the approval of a Compliant Change of
Control Transaction, or (y)&nbsp;except as expressly provided in this <U>Section&nbsp;4.4</U> and
only to the extent applicable, the separate approval of the Televisa Investors in their
capacity as stockholders of the Corporation be required in connection with any
agreement, arrangement or transaction that is entered into to
effectuate the transfer of Shares pursuant to a Compliant Change of Control
Transaction.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.5. <U>Directors</U>. The number of directors constituting the Board shall be twenty
(20)&nbsp;or such other number as shall be fixed from time to time in the manner provided in the
Bylaws of the Corporation or as required by the Principal Investor Agreement. Any increase or
decrease in the number of directors constituting the Board which is not made in compliance with
this Certificate of Incorporation, the Bylaws of the Corporation and the Principal Investor
Agreement shall be an ultra vires act and shall be void. The holders of record of the
outstanding shares of Voting Stock shall at all times be entitled to elect all of the directors
constituting the Board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.6. <U>Dividends; Distributions</U>. Subject to the powers, preferences, rights and
privileges of any class of stock (or any series thereof) having any preference or priority over,
or rights superior to, the Common Stock that the Corporation may hereafter become authorized to
issue and subject to <U>Sections&nbsp;4.4.3</U> <U>and</U> <U>4.10</U>, all holders of the shares
of Common Stock, as a single class, shall be entitled to receive all dividends and distributions
pro rata based on the number of outstanding shares of Common Stock held by each such holder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.7. <U>Stock Splits, Reverse Stock Splits and Stock Dividends</U>. The Corporation shall
not in any manner subdivide or increase the number of (by stock split, reverse stock split,
stock dividend or other similar manner), or combine in any manner, the outstanding shares of any
one class of Common Stock unless a proportional adjustment is made concurrently to the other
classes of Common Stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.8. <U>Conversion of Common Stock</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.8.1 <I>Optional Conversion of Class&nbsp;A Common Stock and Class&nbsp;B Common Stock</I>. Each
outstanding share of Class&nbsp;A Common Stock may, at the option of the holder thereof, be
converted at any time into one share of Class&nbsp;B Common Stock, and subject to <U>Section
5</U> below, each outstanding share of Class&nbsp;B Common Stock may, at the option of the
holder thereof, be converted into one share of Class&nbsp;A Common Stock. Conversion of any
share of Class&nbsp;A Common Stock or Class&nbsp;B Common Stock, as applicable, shall be effected
by the holder delivering written notice to the Corporation stating its intent to convert
such share into the applicable class of Common Stock into which it is to be converted,
together with the certificate evidencing such share to the Corporation at its principal
place of business duly endorsed for Transfer. The Corporation shall promptly thereafter
issue and send to such holder a new certificate, registered in the name of such holder,
evidencing the applicable class of Common Stock into which such share has been converted.
Notwithstanding the foregoing, if the certificate evidencing the share(s) to be
converted are not delivered to the Corporation at its principal place of business, the
conversion shall nonetheless be deemed to have occurred and until so delivered, such
certificate shall represent solely the right to receive the applicable shares of the
applicable class of Common Stock into which such share has been converted under this
<U>Section&nbsp;4.8.1</U>.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.8.2 <I>Optional Conversion of Class&nbsp;C Common Stock and Class&nbsp;D Common Stock</I>. Each
outstanding share of Class&nbsp;C Common Stock may, at the option of the holder thereof, be
converted at any time into one share of Class&nbsp;D Common Stock, and subject to <U>Section
5</U> below, and, in the case of any Televisa Investor, Section&nbsp;5.1.1(i) of the
Stockholders Agreement, each outstanding share of Class&nbsp;D Common Stock may, at the option
of the holder thereof, be converted into one share of Class&nbsp;C Common Stock. In
connection with a Transfer by any Televisa Investor (other than to a Televisa Investor or
a Permitted Transferee of a Televisa Investor) of any shares of Class&nbsp;C Common Stock or
Class&nbsp;D Common Stock, such Televisa Investor (or the Transferee thereof) may, at its
option convert each share of Class&nbsp;C Common Stock into one share of Class&nbsp;A Common Stock
and each share of Class&nbsp;D Common Stock into one share of Class&nbsp;A Common Stock, subject to
Section&nbsp;5.1.1 of the Stockholders Agreement. Conversion of any share of any such Common
Stock shall be effected by the holder delivering written notice to the Corporation
stating its intent to convert such share into the applicable class of Common Stock into
which it is to be converted, together with the certificate evidencing such share to the
Corporation at its principal place of business duly endorsed for Transfer. The
Corporation shall promptly thereafter issue and send to such holder a new certificate,
registered in the name of such holder, evidencing the applicable class of Common Stock
into which such share has been converted. Notwithstanding the foregoing, if the
certificate evidencing the share(s) to be converted are not delivered to the Corporation
at its principal place of business, the conversion shall nonetheless be deemed to have
occurred and until so delivered, such certificate shall represent solely the right to
receive the applicable shares of the applicable class of Common Stock into which such
share has been converted under this <U>Section&nbsp;4.8.2</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.8.3 <I>Mandatory Conversion of Class&nbsp;A Common Stock and Class&nbsp;B Common Stock in
Connection with the Exercise of Preferential and Participation Rights</I>. Each outstanding
share of Class&nbsp;A Common Stock and Class&nbsp;B Common Stock acquired by a Televisa Investor
(or a bona fide trust arrangement satisfactory to the FCC or other third party to which
Televisa has assigned its Preferential Rights or Shares in accordance with the
Transaction Documents) shall automatically convert to one share of Class&nbsp;C Common Stock
or, if such conversion to Class&nbsp;C Common Stock would cause the Equity Percentage (but
without regard to clause (a)&nbsp;of the definition of Equity Percentage) to exceed the
Maximum Equity Percentage, one share of Class&nbsp;D Common Stock, in each case, automatically
without any further action on the part of the Corporation or the holder thereof upon the
acquisition of any Shares of Class&nbsp;A Common Stock or Class&nbsp;B Common Stock, as applicable,
by Televisa pursuant to Televisa&#146;s exercise of the Preferential Rights or its
participation rights under the Participation, Registration Rights and Coordination
Agreement. Upon surrender of certificate(s) representing such shares of Class&nbsp;A Common
Stock and/or Class&nbsp;B Common Stock to the Corporation, the Corporation shall promptly
issue and deliver to the Televisa Investor a new certificate, registered in the name of
the Televisa Investor (or such bona fide trust arrangement satisfactory to the FCC or
such other third party), evidencing the applicable class of Common Stock into which such
share has been converted. Until so surrendered and exchanged, each such certificate
shall represent
solely the right to receive the applicable shares of the applicable class of Common
Stock into which such share has been converted under this <U>Section&nbsp;4.8.3</U>.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.8.4 <I>Mandatory Conversion of Class&nbsp;C Common Stock and Class&nbsp;D Common Stock</I>. (a)
Each outstanding share of Class&nbsp;C Common Stock shall automatically convert to one share
of Class&nbsp;A Common Stock, and each outstanding share of Class&nbsp;D Common Stock shall
automatically convert into one share of Class&nbsp;A Common Stock, in each case, automatically
without any further action on the part of the Corporation or the holder thereof and
effective immediately upon any Transfer of such share of Class&nbsp;C Common Stock or Class&nbsp;D
Common Stock, as applicable, to any Person that is not a Televisa Investor (and is not a
bona fide trust arrangement satisfactory to the FCC or other third party to which
Televisa has assigned its Preferential Rights or Shares in accordance with the
Transaction Documents), solely with respect to the Shares so Transferred (such event, a
&#147;<U>Mandatory Conversion Event</U>&#148;). (b)&nbsp;Each outstanding share of Class&nbsp;C Common
Stock shall automatically convert to one share of Class&nbsp;D Common Stock without any
further action on the part of the Corporation or the holder thereof and effective
immediately upon any event that would cause the Equity Percentage (but without regard to
<U>clause (a)</U> of the definition of Equity Percentage) to exceed the Maximum Equity
Percentage, including as contemplated by Section&nbsp;8.3(d) of the Investment Agreement or
Section&nbsp;6.4 of the Principal Investor Agreement. (c)&nbsp;In the case of a conversion
contemplated by <U>clause (a)</U> or <U>(b)</U> above or <U>Section&nbsp;4.8.5</U>, the
Corporation shall, promptly after receiving the certificate representing the applicable
 shares of Class&nbsp;C Common Stock or Class&nbsp;D Common Stock subject to the conversion, issue
and send to such holder a new certificate, registered in the name of such holder,
evidencing the applicable class of Common Stock into which such share has been converted.
Until so surrendered and exchanged, each such certificate shall represent solely the
right to receive the applicable shares of the applicable class of Common Stock into which
such share has been converted under this <U>Section&nbsp;4.8.4</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">4.8.5 <I>Mandatory Conversion of Class&nbsp;A Common Stock and Class&nbsp;B Common Stock in
Connection with a Compliant Change of Control Transaction. </I>Each outstanding share of
Class&nbsp;A Common Stock that is held by a Televisa Investor shall automatically convert to
one share of Class&nbsp;C Common Stock, and each outstanding share of Class&nbsp;B Common Stock
that is held by a Televisa Investor shall automatically convert to one share of Class&nbsp;D
Common Stock, in each case, automatically and without any further action on the part of
the Corporation or such Televisa Investor effective as of the day prior to the record
date for the stockholder vote in respect of a Compliant Change of Control Transaction
that is structured as a merger and with respect to which such Televisa Investor does not
exercise its tag-along rights set forth in <U>Section&nbsp;4.8</U> of the Stockholders
Agreement (it being understood that such automatic conversion shall not apply to any
 shares of Class&nbsp;A Common Stock or Class&nbsp;B Common Stock with respect to which Televisa has
exercised such tag-along rights) (or, if there is no record date, then such conversion
shall be effective immediately prior to the effectiveness of such Compliant Change of
Control Transaction). Thereafter, the rights of the Televisa Investors to convert shares
of Class&nbsp;C Common Stock and shares of Class&nbsp;D Common Stock into shares of Class&nbsp;A Common
Stock and/or shares of Class&nbsp;B Common Stock shall apply (a)&nbsp;immediately with respect to
any shares that
Televisa may Transfer to Persons other than Televisa Investors in accordance with
the other Transaction Agreements and (b)&nbsp;otherwise following the consummation of such
Compliant Change of Control Transaction or the termination of the agreement providing for
such Compliant Change of Control Transaction.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.9. <U>Effect of Conversion</U>. From and after the time of conversion of any share of
Common Stock, the rights of the holder thereof as such shall cease with respect to such share,
but for the sake of clarity, not with respect to the share(s) into which it was converted.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.10. <U>Liquidation Preference</U>. In the event of voluntary or involuntary
liquidation, dissolution or winding up of the Corporation (which terms, for the avoidance of
doubt, exclude any public offering, Change of Control or merger, consolidation or similar
business combination in which the Corporation is a constituent party or a subsidiary of the
Corporation is a constituent party and the Corporation issues shares of its capital stock
pursuant to such merger, consolidation or other business combination or the sale, lease,
transfer, exclusive license or other disposition, in a single transaction or series of related
transactions, by the Corporation or any subsidiary of the Corporation of all or substantially
all the assets of the Corporation and its subsidiaries taken as a whole, or the sale or
disposition (whether by merger or otherwise) of one or more subsidiaries of the Corporation if
substantially all of the assets of the Corporation and its subsidiaries taken as a whole are
held by such subsidiary or subsidiaries, in each case unless such transaction is intended to
effect or further a liquidation, dissolution or winding up) occurring prior to a Qualified
Public Offering or a Compliant Change of Control Transaction (whether or not to a Purchaser of
Control) (any such event, a &#147;<U>Liquidation Event</U>&#148;), each holder of shares of Class&nbsp;C
Common Stock and Class&nbsp;D Common Stock shall, upon such Liquidation Event, be entitled to receive
out of the assets of the Corporation legally available for distribution to the stockholders (the
&#147;<U>Proceeds</U>&#148;), prior to and in preference to any distribution made on the Class&nbsp;A Common
Stock, Class&nbsp;B Common Stock or any other stock ranking junior to the Class&nbsp;C Common Stock and
Class&nbsp;D Common Stock, an amount per share equal to the sum of (i) (x)&nbsp;the aggregate amount paid
at Closing by the Televisa Investors for shares of Class&nbsp;C Common Stock, Class&nbsp;D Common Stock
and any Convertible Securities convertible into such shares issued, in each case, under the
Investment Agreement plus the aggregate amount paid by the Televisa Investors to the Corporation
and other holders of Shares for the Additional Equity Amount pursuant to the exercise of
Preferential Rights (as such term is defined in the Stockholders Agreement) or the participation
rights set forth in Section&nbsp;2.1.2 of the Participation, Registration Rights and Coordination
Agreement (as adjusted for any stock splits, stock dividends, reverse stock splits, stock
combinations, recapitalizations and other similar capitalization changes) divided by (y)&nbsp;the
aggregate number of such shares of Class&nbsp;C Common Stock, Class&nbsp;D Common Stock and shares of
Common Stock underlying Convertible Securities which shares of Common Stock and Convertible
Securities were actually acquired by the Televisa Investors as referred to in <U>clause (x)</U>
(as adjusted for any stock splits, stock dividends, reverse stock splits, stock combinations,
recapitalizations and other similar capitalization changes), <U>plus</U> (ii)&nbsp;any declared but
unpaid dividends on such shares of Class&nbsp;C Common Stock or Class&nbsp;D Common Stock, as applicable
(such sum, the &#147;<U>Televisa Liquidation Preference Amount</U>&#148;). If, upon the occurrence of
such Liquidation Event, the Proceeds distributed to the holders of the Class&nbsp;C Common Stock and
Class&nbsp;D Common Stock are insufficient to permit the payment to such holders of the full Televisa
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Liquidation Preference Amount, then all Proceeds shall be distributed ratably among the
holders of the Class&nbsp;C Common Stock and Class&nbsp;D Common Stock, based on the number of shares of
Class&nbsp;C Common Stock and Class&nbsp;D Common Stock held by each such holder. After distribution of
the full Televisa Liquidation Preference is made, each holder of Class&nbsp;A Common Stock and/or
Class&nbsp;B Common Stock shall be entitled to receive out of the remaining Proceeds an amount per
share equal to the Televisa Liquidation Preference Amount (the &#147;<U>Catch-Up Liquidation
Preference Amount</U>&#148;). If, upon the occurrence of such Liquidation Event, the Proceeds
distributed to the holders of the Class&nbsp;A Common Stock and Class&nbsp;B Common Stock are insufficient
to permit the payment to such holders of the full Catch-Up Liquidation Preference Amount, then
the entire remaining Proceeds shall be distributed ratably among the holders of the Class&nbsp;A
Common Stock and Class&nbsp;B Common Stock, based on the number of shares of Class&nbsp;A Common Stock and
Class&nbsp;B Common Stock held by each such holder. After distribution of the full Catch-Up
Liquidation Preference Amount to the holders of Class&nbsp;A Common Stock and Class&nbsp;B Common Stock is
made, any remaining Proceeds shall be distributed ratably among the holders of Common Stock,
based on the number of shares of Common Stock held by each such holder. For the avoidance of
doubt, Televisa&#146;s and its Affiliates&#146; rights to the Televisa Liquidation Preference Amount shall
terminate upon the earlier to occur of a Qualified Public Offering or a Compliant Change of
Control Transaction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.11. <U>Replacement</U>. Upon receipt of an affidavit of the registered owner of one or
more shares of any class of Common Stock (or such other evidence as may be reasonably
satisfactory to the Corporation) with respect to the ownership and the loss, theft, destruction
or mutilation of any certificate evidencing such shares of Common Stock, and in the case of any
such loss, theft or destruction, upon receipt of indemnity reasonably satisfactory to the
Corporation (if the Board, acting in good faith, deems such indemnification to be necessary or
advisable), or, in the case of any such mutilation upon surrender of such certificate, the
Corporation shall execute and deliver in lieu of such certificate a new certificate of like kind
representing the number of shares of such class represented by such lost, stolen, destroyed or
mutilated certificate and dated the date of such lost, stolen, destroyed or mutilated
certificate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.12. <U>Notices</U>. All notices referred to herein shall be in writing, shall be
delivered personally or by first class mail, postage prepaid, and shall be deemed to have been
given when so delivered or mailed to the Corporation at its principal executive offices and to
any stockholder at such holder&#146;s address as it appears in the stock records of the Corporation
(unless otherwise specified in a written notice to the Corporation by such holder).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.&nbsp;<U>Stock Ownership and the Federal Communications Laws</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">5.1. <U>Restrictions on Stock Ownership and Transfer</U>. Except as otherwise set forth
in <U>Section&nbsp;5.3</U>, the Corporation may restrict the ownership, or proposed ownership, of
Company Securities of the Corporation by any Restricted Public Shareholder or other Person
(other than any Televisa Investor or any Principal Investor and their Permitted Transferees, or
a Purchaser of Control) if such ownership or proposed ownership (a)&nbsp;is or could be inconsistent
with, or in violation of, any provision of the Federal Communications Laws, (b)&nbsp;limits or
impairs or could limit or impair any business activities or proposed business activities of the
Corporation under the Federal Communications Laws or
(c)&nbsp;subjects or could subject the Corporation
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">to any law, regulation or policy under the Federal Communications Laws to which
the Corporation would not be subject but for such ownership or proposed ownership (clauses (a),
(b)&nbsp;and (c)&nbsp;collectively, &#147;<U>FCC Regulatory Limitations</U>&#148;); in each case so long as such
restriction is approved by both Televisa and the Majority Principal Investors (or, following a
Principal Investor Sell-Down, both Televisa and the Board). Notwithstanding anything to the
contrary herein, in no event may the Corporation take any action (x)&nbsp;in order to comply with or
the Federal Communications Laws that Discriminates against Televisa or the Televisa Investors,
(y)&nbsp;that restricts or deprives any Televisa Investor of the ownership, or proposed ownership, of
any securities of the Corporation, or (z)&nbsp;that adversely affects the governance rights, rights
to Board seats, approval rights, liquidation preference, participation rights, tag-along rights,
exemption from drag-along obligations, right of first offer, Preferential Rights and other
rights or obligations of the Televisa Investors set forth in this Certificate of Incorporation
and the other Transaction Agreements or the rights of any Televisa Investor with respect to a
FCC Permitted Increase in Ownership. For purposes of this <U>Section&nbsp;5</U>, the term
&#147;<U>Federal Communications Laws</U>&#148; shall mean the Communications Act of 1934, as amended, and
any successor statute thereto, and the rules, regulations and policies promulgated by the FCC
thereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">5.2. <U>Requests for Information</U>. If the Corporation believes that the ownership or
proposed ownership of Company Securities of the Corporation by any Person (other than a Televisa
Investor) may result in an FCC Regulatory Limitation, such Person shall furnish promptly to the
Corporation such information (including, without limitation, information with respect to
citizenship, other ownership interests and affiliations) as the Corporation shall request.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">5.3. <U>Denial of Rights, Refusal to Transfer</U>. At any time following the Initial
Public Offering, if (a)&nbsp;any Person from whom information is requested pursuant to <U>Section
5.2</U> does not provide all the information requested by the Corporation, or (b)&nbsp;the
Corporation shall conclude in its sole discretion that a Person&#146;s ownership or proposed
ownership of, or that a Person&#146;s exercise of any rights of ownership with respect to Company
Securities of the Corporation, results or could result in an FCC Regulatory Limitation, then, in
the case of either clause (a)&nbsp;or clause (b), the Corporation may (i)&nbsp;refuse to permit the
Transfer of Company Securities of the Corporation to such Person, (ii)&nbsp;suspend those rights of
stock or equity ownership the exercise of which causes or could cause such FCC Regulatory
Limitation, (iii)&nbsp;require the conversion of any or all shares of Voting Stock held by such
Person into an equal number of shares of the corresponding class of Non-Voting Stock, (iv)
redeem Company Securities of the Corporation held by such Person, (v)&nbsp;sell the Company
Securities of the Corporation held by such Person to an FCC-qualified holder or (vi)&nbsp;Transfer
the Company Securities of the Corporation held by such Person to an FCC-Approved Trust, in each
case, in accordance with the terms and conditions set forth in <U>Section&nbsp;5.4</U>, and/or (vii)
exercise any and all appropriate remedies, at law or in equity, in any court of competent
jurisdiction, against any such Person, with a view towards obtaining such information or
preventing or curing any situation which causes or could cause an FCC Regulatory Limitation;
<U>provided</U>, that this <U>Section&nbsp;5.3</U> shall not apply to any Principal Investor or any
Company Securities they hold without the consent of the Majority Principal Investors, and, in
the event such consent is granted, clauses (iv), (v), (vi)&nbsp;and (vii)&nbsp;shall apply to each
Principal Investor on a pro rata basis; and <U>provided</U> <U>further</U>, that this
<U>Section&nbsp;5.3</U> shall not apply to any
Televisa Investors or any Company Securities they hold. Any refusal of Transfer or
suspension of rights pursuant to clauses (i)&nbsp;and (ii)&nbsp;respectively, of the immediately preceding
sentence shall remain in effect until the requested information has been received and the
Corporation has determined in its sole discretion that such Transfer, or the exercise of such
suspended rights, as the case may be, will not result in an FCC Regulatory Limitation.
</DIV>
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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">5.4. The terms and conditions of any redemption effected pursuant to clause (iv)&nbsp;of
<U>Section&nbsp;5.3</U>, any sale to a U.S. citizen effected pursuant to clause (v)&nbsp;of <U>Section
5.3</U> and any Transfer to an FCC-Approved Trust effected pursuant to clause (vi)&nbsp;of
<U>Section&nbsp;5.3</U> shall be as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 3%">(i) (1)&nbsp;the redemption price of any Company Securities to be redeemed pursuant
to <U>Section&nbsp;5.3(iv)</U> shall be equal to the Fair Market Value (as hereinafter
defined) of such shares, and (2)&nbsp;the sale price of any Company Securities to be sold
pursuant to <U>Section&nbsp;5.3(v)</U> shall be equal to the Third Party Purchase Price
(as hereinafter defined) of such shares;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 3%">(ii)&nbsp;the redemption price of any Company Securities to be redeemed pursuant
to<U> Section&nbsp;5.3(iv)</U> may be paid in cash, Redemption Securities (as
hereinafter defined) or any combination thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 3%">(iii)&nbsp;if less than all Company Securities are to be redeemed pursuant to
<U>Section&nbsp;5.3(iv)</U>, sold pursuant to <U>Section&nbsp;5.3(v)</U> and/or Transferred
pursuant to <U>Section&nbsp;5.3(vi)</U>, as applicable, then the Company Securities to
be so redeemed, sold or Transferred shall be selected in such manner as shall be
determined by the Corporation&#146;s Board, which may include selection first of the most
recently purchased Company Securities, selection by lot or selection in any other
manner determined in good faith by the Board; <U>provided</U>, <U>however</U>,
that following the Initial Public Offering, the Corporation&#146;s Board shall only
select for such redemption, sale and/or Transfer the Company Securities of any
Restricted Public Stockholders and shall not select Company Securities then owned or
controlled by a member of the PITV Investor Group;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 3%">(iv)&nbsp;at least 15&nbsp;days&#146; written notice of the Redemption Date (as hereinafter
defined), the Sale Date (as hereinafter defined) or the Transfer Date (as
hereinafter defined), as applicable, shall be given to the record holders of Company
Securities selected to be redeemed pursuant to <U>Section&nbsp;5.3(iv)</U>, sold
pursuant to <U>Section&nbsp;5.3(v)</U> and/or Transferred pursuant to <U>Section
5.3(vi)</U>, as applicable (unless waived in writing by any such holder);
<U>provided</U> in the case of redemption that the Redemption Date may be the date
on which written notice shall be given to record holders if the cash, Redemption
Securities or combination thereof necessary to effect such redemption shall have
been deposited in trust for the benefit of such record holders and subject to
immediate withdrawal by them upon surrender of the Company Securities to be so
redeemed;
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 3%">(v)&nbsp;from and after the Redemption Date, any and all rights of whatever nature
in respect of the Company Securities selected for redemption pursuant to
<U>Section&nbsp;5.3(iv)</U> (including, without limitation, any rights to vote or
participate in dividends declared on Company Securities of the same class or series
as the Company Securities selected for redemption), shall cease and terminate, and
the holders of such Company Securities selected for redemption pursuant to
<U>Section&nbsp;5.3(iv)</U> shall thenceforth be entitled only to receive the cash or
Redemption Securities payable upon such redemption; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 3%">(vi)&nbsp;such other terms and conditions as the Board shall determine in good
faith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For purposes of this <U>Section&nbsp;5.4</U>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 3%">(a) &#147;<U>Company Securities</U>&#148; shall mean both (i)&nbsp;as to any Person that is a
corporation, the authorized shares of such Person&#146;s capital stock, including all
classes of common, preferred, voting and nonvoting capital stock, and, as to any
Person that is not a corporation or an individual, the ownership, membership,
partnership, limited liability company or other interests, as the case may be, in
such Person, including, without limitation, the right to share in profits and
losses, the right to receive distributions of cash and property, and the right to
receive allocations of items of income, gain, loss, deduction and credit and similar
items from such Person, whether or not such interests include voting or similar
rights entitling the holder thereof to exercise control over such Person; and (ii)
securities and obligations that, directly or indirectly, whether or not upon the
satisfaction of one or more conditions, are convertible into or exercisable or
exchangeable for &#147;Company Securities&#148; as described in clause (i)&nbsp;of this definition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 3%">(b) &#147;<U>Fair Market Value</U>&#148; shall mean, with respect to any Company
Securities of the Corporation, the volume weighted average sales price for such
Company Securities on the New York Stock Exchange or, if such Company Securities are
not listed on such exchange, on the principal registered securities exchange on
which such Company Securities are listed, during the 30 most recent days on which
such Company Securities shall have been traded preceding the day on which notice of
redemption shall be given pursuant to this <U>Section&nbsp;5.4</U>; <U>provided</U>,
<U>however</U>, that if such Company Securities are not traded on any securities
exchange, &#147;Fair Market Value&#148; shall be determined by the Board in good faith; and
<U>provided</U>, <U>further</U>, that &#147;Fair Market Value&#148; as to any Person who
purchased his, her or its Company Securities within 120&nbsp;days of a Redemption Date
need not (unless otherwise determined by the Board in good faith) exceed the
purchase price paid by such Person.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 3%">(c) &#147;<U>Non-Voting Stock</U>&#148; shall mean shares of Class&nbsp;B Common Stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 3%">(d) &#147;<U>Redemption Date</U>&#148; shall mean the date fixed by the Board for the
redemption of any Company Securities of the Corporation pursuant to this <U>Section
5.4</U>.
</DIV>
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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 3%">(e) &#147;<U>Redemption Securities</U>&#148; shall mean any debt or equity securities of
the Corporation, any subsidiary of the Corporation or any other corporation or other
entity, or any combination thereof, having such terms and conditions as shall be
approved by the Board and which, together with any cash to be paid as part of the
redemption price, in the opinion of any nationally recognized investment banking
firm selected by the Board (which may be a firm which provides other investment
banking, brokerage or other services to the Corporation), has a value, at the time
notice of redemption is given pursuant to this <U>Section&nbsp;5.4</U>, at least equal
to the Fair Market Value of such Company Securities to be redeemed pursuant to this
<U>Section&nbsp;5.4</U> (assuming, in the case of Redemption Securities to be publicly
traded, such Redemption Securities were fully distributed and subject only to normal
trading activity).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 3%">(f) &#147;<U>Restricted Public Stockholders</U>&#148; shall mean each stockholder of the
Corporation (other than the Televisa Investors and the Principal Investors) (i)&nbsp;that
has acquired Company Securities in a public offering pursuant to an effective
registration statement under the Securities Act, in a transaction meeting the
requirements of Rule&nbsp;144 of the Securities Act, in a block sale in the ordinary
course of such stockholder&#146;s trading business or otherwise in the public markets,
and (ii)&nbsp;whose ownership or proposed ownership thereof, or whose exercise of any
rights of ownership with respect thereto, results or could result in an FCC
Regulatory Limitation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 3%">(g) &#147;<U>Sale Date</U>&#148; shall mean the date on which the Board anticipates the
sale of any Company Securities of the Corporation pursuant to this <U>Section
5.4</U> to occur.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 3%">(h) &#147;<U>Third Party Purchase Price</U>&#148; shall mean the cash purchase price at
which Company Securities are sold on behalf of the owner of such Company Securities
to the highest cash bidder in a sale process conducted by a nationally recognized
investment banking firm.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 3%">(i) &#147;<U>Transfer Date</U>&#148; shall mean the date on which the Board anticipates
the Transfer to an FCC-Approved Trust of any Company Securities of the Corporation
pursuant to this <U>Section&nbsp;5.4</U> to occur.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.&nbsp;The business and affairs of the Corporation shall be managed by or under the direction of
the Board. The election of directors need not be by ballot unless the Bylaws shall so require.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.&nbsp;Subject to the Transaction Agreements, in furtherance and not in limitation of the power
conferred upon the Board by law, the Board shall have power to make, adopt, alter, amend and repeal
from time to time Bylaws, subject to the right of the stockholders entitled to vote with respect
thereto to alter and repeal Bylaws made by the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.&nbsp;A director of the Corporation shall not be liable to the Corporation or its stockholders
for monetary damages for breach of fiduciary duty as a director, except to the extent that
exculpation from liability is not permitted under the DGCL as in effect from time to time. No
amendment or repeal of this <U>Section&nbsp;8</U> shall apply to or have any effect on the
liability or alleged liability of any director of the Corporation for or with respect to any acts
or omissions of such director occurring prior to such amendment or repeal.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.&nbsp;To the maximum extent permitted from time to time under the law of the State of Delaware,
the Corporation renounces any interest or expectancy of the Corporation in, or in being offered an
opportunity to participate in, business opportunities that are from time to time presented to its
officers, directors or stockholders or the Affiliates of the foregoing, other than those officers,
directors, stockholders or Affiliates who are employees of the Corporation or its direct or
indirect subsidiaries. No amendment or repeal of this <U>Section&nbsp;9</U> shall apply (a)&nbsp;to or have
any effect on the liability or alleged liability of any such officer, director, stockholder or
Affiliate for or with respect to any business opportunities of which such officer, director,
stockholder or Affiliate becomes aware prior to such amendment or repeal or (b)&nbsp;be adverse to any
Televisa Investor or its Affiliates or director designee(s) without Televisa&#146;s prior written
consent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.&nbsp;The Corporation shall, to the maximum extent permitted from time to time under the law of
the State of Delaware, indemnify and upon request shall advance expenses to any person who is or
was a party or is threatened to be made a party to any threatened, pending or completed action,
suit, proceeding or claim, whether civil, criminal, administrative or investigative, by reason of
the fact that such person is or was or has agreed to be a director or officer of the Corporation or
while a director or officer is or was serving at the request of the Corporation as a director,
officer, partner, member, trustee, employee or agent of any corporation, partnership, joint
venture, trust or other enterprise, including, without limitation, service with respect to employee
benefit plans, against expenses (including, without limitation, attorney&#146;s fees and expenses),
judgments, fines, penalties and amounts paid in settlement incurred in connection with the
investigation, preparation to defend or defense of such action, suit, proceeding or claim;
<U>provided</U>, <U>however</U>, that the foregoing shall not require the Corporation to
indemnify or advance expenses to any person in connection with any action, suit, proceeding, claim
or counterclaim initiated by or on behalf of such person. Such indemnification and advancement of
expenses shall not be exclusive of other indemnification rights arising as a matter of law, under
any Bylaw, agreement, vote of directors or stockholders or otherwise, both as to action in such
person&#146;s official capacity and as to action in another capacity while holding such office, and
shall inure to the benefit of the heirs and legal representatives of such person. Any person
seeking indemnification under this <U>Section&nbsp;10</U> shall be deemed to have met the standard of
conduct required for such indemnification unless the contrary shall be established. Any repeal or
modification of the foregoing provisions of this <U>Section&nbsp;10</U> shall not adversely affect any
right or protection of a director or officer of the Corporation with respect to any acts or
omissions of such director or officer occurring prior to such repeal or modification.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Corporation shall have the power to purchase and maintain, at its expense, insurance on
behalf of any person who is or was a director, officer, employee or agent of the Corporation, or is
or was serving at the request of the Corporation as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other enterprise, against any expense,
liability or loss asserted against such Person and incurred by such Person in any such capacity, or
arising out of such Person&#146;s status as such, whether or not the Corporation
would have the power to indemnify such person against such expense, liability or loss under
the DGCL or the terms of this Certificate of Incorporation.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.&nbsp;The books of the Corporation may (subject to any statutory requirements) be kept outside
the State of Delaware as may be designated by the Board or in the Bylaws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">12.&nbsp;If at any time the Corporation shall have a class of stock registered pursuant to the
provisions of the Exchange Act, for so long as such class is so registered, any action by the
stockholders of such class must be taken at an annual or special meeting of stockholders and may
not be taken by written consent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">13.&nbsp;The Corporation shall not be governed by Section&nbsp;203 of the DGCL.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">14.&nbsp;Subject to <U>Section&nbsp;4.3</U> and the Transaction Agreements, the Corporation reserves
the right to amend, alter, change or repeal any provision contained in the Certificate of
Incorporation in the manner now or hereafter prescribed by statute, and, except as specified in
this Certificate of Incorporation, all rights and powers conferred upon stockholders, directors and
officers herein are granted subject to this reservation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">15.&nbsp;The provisions of this Certificate of Incorporation do not derogate any of the rights and
obligations of any parties contained in any other Transaction Agreement.
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt">IN WITNESS WHEREOF, this Amended and Restated Certificate of Incorporation has been executed
by a duly authorized officer of this corporation on this 20th day of December, 2010.
</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">BROADCASTING MEDIA PARTNERS, INC.<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/
Andrew  Hobson&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">Andrew  Hobson&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">Senior Executive Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO BROADCASTING MEDIA PARTNERS, INC AMENDED AND RESTATED<BR>
CERTIFICATE OF INCORPORATION
</DIV>



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<DOCUMENT>
<TYPE>EX-4.23
<SEQUENCE>6
<FILENAME>c19172exv4w23.htm
<DESCRIPTION>EXHIBIT 4.23
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 4.23</TITLE>
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<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;4.23</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B><I>Execution Version</I></B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>Amended and restated</B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>By-Laws</B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>of</B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>Broadcasting Media Partners, Inc.</B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>(a Delaware corporation (</B></FONT>the &#147;<B>Corporation</B>&#148;)<FONT style="font-variant: SMALL-CAPS"><B>)</B></FONT>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Effective December&nbsp;20, 2010
</DIV>


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


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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 1. <U>Annual Meetings</U>. The annual meeting of stockholders for the election of
directors and for the transaction of such other business as may properly come before the meeting
shall be held each year at such date and time, within or without the State of Delaware, as the
Board of Directors shall determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 2. <U>Special Meetings</U>. Special meetings of stockholders for the transaction of
such business as may properly come before the meeting may be called by order of the Board of
Directors or the Chief Executive Officer of the Corporation, or at any time prior to the
Corporation having a class of stock registered pursuant to the provisions of the Exchange Act, by
stockholders holding together at least four percent (4%) of all the shares of common stock of the
Corporation, and shall be held at such date and time, within or without the State of Delaware, as
may be specified by such order.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 3. <U>Notice of Meetings</U>. Written notice of all meetings of the stockholders,
stating the place (if any), date and hour of the meeting, the means of remote communications, if
any, by which stockholders and proxy holders may be deemed to be present in person and vote at such
meeting, and the place within the city or other municipality or community at which the list of
stockholders may be examined, shall be given by mailing, via regular U.S. mail, overnight delivery
or, if consented to by the stockholder, by facsimile or by emailing the same, or by delivering the
same personally to each stockholder not less than ten (10)&nbsp;nor more than sixty (60)&nbsp;days prior to
the meeting. Notice of any special meeting shall state, in general terms, the purpose or purposes
for which the meeting is to be held.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 4. <U>Stockholder Lists</U>. The officer who has charge of the stock ledger of the
Corporation shall prepare and make, at least ten (10)&nbsp;days before every meeting of stockholders, a
complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order,
and showing the address of each stockholder and the number of shares registered in the name of each
stockholder. Such list shall be open to the examination of any stockholder, for any purpose
germane to the meeting, either at a place within the city where the meeting is to be held, which
place shall be specified in the notice of the meeting, or, if not so specified, at the place where
the meeting is to be held. The list shall also be produced and kept at the time and place of the
meeting during the whole time thereof, and may be inspected by any stockholder who is present.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The stock ledger shall be the only evidence as to who are the stockholders entitled to examine
the stock ledger, the list required by this section or the books of the Corporation, or to vote in
person or by proxy at any meeting of stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 5. <U>Quorum</U>. Except as otherwise provided by Law or the Certificate of
Incorporation, a quorum for the transaction of business at any meeting of stockholders shall
consist of the holders of record of a majority of the issued and outstanding shares of the capital
stock of the Corporation entitled to vote at the meeting, which majority shall include the Majority
PITV Investors entitled to vote at the meeting, present in person or by proxy. If there be no such
quorum, the holders of a majority of such shares so present or represented may adjourn the meeting
from time to time, without further notice, until a quorum shall have been obtained. When a quorum
is once present it is not broken by the subsequent withdrawal of any stockholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 6. <U>Organization</U>. Meetings of stockholders shall be presided over by the
Chairman, if any, or if none or in the Chairman&#146;s absence or inability to act the Chief Executive
Officer, if any, or if none or in the Chief Executive Officer&#146;s absence or inability to act a
Vice-President, if any, or if no Vice-President is present and able to act, by a chairman to be
chosen by the stockholders entitled to vote who are present in person or by proxy at the meeting.
The Secretary of the Corporation, or in the Secretary&#146;s absence an Assistant Secretary, shall act
as secretary of every meeting, but if neither the Secretary nor an Assistant Secretary is present,
the presiding officer of the meeting shall appoint any person present to act as secretary of the
meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 7. <U>Voting; Proxies; Required Vote</U>. (a)&nbsp;At each meeting of stockholders,
every stockholder shall be entitled to vote in person or by proxy appointed by instrument in
writing, subscribed by such stockholder or by such stockholder&#146;s duly authorized attorney-in-fact
(but no such proxy shall be voted or acted upon after three (3)&nbsp;years from its date, unless the
proxy provides for a longer period), and, unless the Certificate of Incorporation provides
otherwise, shall have one vote for each share of stock entitled to vote registered in the name of
such stockholder on the books of the Corporation on the applicable record date fixed pursuant to
these By-laws. At all elections of directors the voting may but need not be by ballot and a
plurality of the votes of the shares present in person or represented by proxy at the meeting and
entitled to vote on the election of directors shall elect. Except as otherwise required by Law or
the Certificate of Incorporation, any other action shall be authorized by the vote of the majority
of the shares present in person or represented by proxy at the meeting and entitled to vote on the
subject matter.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;Any action required or permitted to be taken at any meeting of stockholders may, except as
otherwise required by Law or the Certificate of Incorporation, be taken without a meeting, without
prior notice and without a vote, if a consent in writing, setting forth the action so taken, shall
be signed by the holders of record of the issued and outstanding capital stock of the Corporation
having not less than the minimum number of votes that would be necessary to authorize or take such
action at a meeting at which all shares entitled to vote thereon were present and voted, and the
writing or writings are filed
with the permanent records of the Corporation; <U>provided</U>, <U>however</U>, that prior
to a Televisa Sell-Down, any action of the stockholders taken without a meeting shall also require
either Televisa&#146;s written consent or prior written notice provided to Televisa by the earlier of
(i)&nbsp;at least two (2)&nbsp;Business Days prior to the taking of such action and (ii)&nbsp;two (2)&nbsp;Business
Days after the consent has been signed by the requisite holders of capital stock. Prompt notice of
the taking of corporate action without a meeting by less than unanimous written consent shall be
given to those stockholders who have not consented in writing. If at any time the Corporation
shall have a class of stock registered pursuant to the provisions of the Exchange Act and the
Principal Investors, collectively, no longer beneficially own (as determined in accordance with
Rules&nbsp;13d-3 and 13d-5 of the Exchange Act) at least 50.1% of the then outstanding shares of voting
capital stock of the Corporation, then for so long as such class is so registered, any action by
the stockholders of such class must be taken at an annual or special meeting of stockholders and
may not be taken by written consent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;Where a separate vote by a class or classes is required, the presence in person or
represented by proxy of the majority of shares of such class or classes shall constitute a quorum
entitled to vote on that matter, and the affirmative vote of the majority of shares of such class
or classes present in person or represented by proxy at the meeting shall be the act of such class,
unless otherwise provided in the Certificate of Incorporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 8. <U>Inspectors</U>. The Board of Directors, in advance of any meeting, may, but
need not, appoint one or more inspectors of election to act at the meeting or any adjournment
thereof. If an inspector or inspectors are not so appointed, the person presiding at the meeting
may, but need not, appoint one or more inspectors. In case any person who may be appointed as an
inspector fails to appear or act, the vacancy may be filled by appointment made by the directors in
advance of the meeting or at the meeting by the person presiding thereat. Each inspector, if any,
before entering upon the discharge of his or her duties, shall take and sign an oath faithfully to
execute the duties of inspector at such meeting with strict impartiality and according to the best
of his ability. The inspectors, if any, shall determine the number of shares of stock outstanding
and the voting power of each, the shares of stock represented at the meeting, the existence of a
quorum, and the validity and effect of proxies, and shall receive votes, ballots or consents, hear
and determine all challenges and questions arising in connection with the right to vote, count and
tabulate all votes, ballots or consents, determine the result, and do such acts as are proper to
conduct the election or vote with fairness to all stockholders. On request of the person presiding
at the meeting, the inspector or inspectors, if any, shall make a report in writing of any
challenge, question or matter determined by such inspector or inspectors and execute a certificate
of any fact found by such inspector or inspectors.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>Board of Directors</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 1. <U>General Powers</U>. The business, property and affairs of the Corporation
shall be managed by, or under the direction of, the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 2. <U>Qualification; Number; Term; Remuneration</U>. (a)&nbsp;Each director shall be at
least eighteen (18)&nbsp;years of age. A director need not be a stockholder or a resident of the State
of Delaware. All directors (other than directors appointed by Televisa and its Affiliates) shall
be U.S. citizens, unless otherwise agreed by the Majority PITV Investors; <U>provided</U> that
Televisa shall have the right to designate the maximum number of non-U.S. citizens allowable under
Federal Communications Laws as its representatives on the Board of Directors (up to the maximum
number of directors to which Televisa is entitled to designate pursuant to the Principal Investor
Agreement) before any Principal Investor may designate any non-U.S. citizens as its representatives
on the Board of Directors pursuant to the Principal Investor Agreement and before any independent
director who is a non-U.S. citizen is designated to the Board of Directors pursuant to the
Principal Investor Agreement. The number of directors constituting the entire Board of Directors
shall be twenty (20), or such other number as may be fixed from time to time by action of the
stockholders or Board of Directors. The use of the phrase &#147;entire Board&#148; herein refers to the
total number of directors that the Corporation would have if there were no vacancies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;Directors who are elected at an annual meeting of stockholders, and directors who are
elected in the interim to fill vacancies and newly created directorships, shall hold office until
the next annual meeting of stockholders and until their successors are elected and qualified or
until their earlier resignation or removal. No person, other than directors that PITV Investors
have the right to designate and do designate, may be nominated as a director unless first
recommended by the Nominating Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;Directors may be paid their expenses, if any, of attendance at each meeting of the Board
of Directors and may be paid a fixed sum for attendance at each meeting of the Board of Directors
or a stated salary as director. No such payment shall preclude any director from serving the
Corporation in any other capacity and receiving compensation therefor unless such payment precludes
a director from serving, or causes a director who is then independent under the applicable laws and
rules to be no longer independent, under applicable laws or stock exchange regulations. Members of
special or standing committees may be allowed like compensation for attending committee meetings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 3. <U>Quorum and Manner of Voting</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;Except as otherwise provided by Law, a majority of the entire Board shall constitute a
quorum. A majority of the directors present, whether or not a quorum is present, may adjourn a
meeting from time to time to another time and place without notice. At each meeting of the Board
of Directors at which a quorum is present, each director shall be entitled to one vote on each
matter to be voted on at such meeting. Except as may be otherwise provided by Law, the vote of a
majority of the directors present at a meeting at which a quorum is present shall be the act of the
Board of Directors. All directors may attend meetings of the Board of Directors telephonically if
they desire.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;Prior to an Initial Public Offering (and thereafter if permitted by applicable Law and/or
stock exchange rules), each PITV Investor shall have the right to
appoint a person, other than another director (an &#147;<U>Alternate Director</U>&#148;), to act as a
director in the alternative to any of such PITV Investor&#146;s designated directors who cannot attend
any meeting of the Board of Directors by providing notice in writing to the Secretary before the
applicable meeting. Any Alternate Director shall have all the rights and powers of the director
for whom such Alternate Director is appointed in the alternative, <U>provided</U> that such
Alternate Director shall not be counted more than once in determining whether or not a quorum is
present. An Alternate Director shall be entitled to receive notice of all meetings of the Board of
Directors and to attend and vote at any such meeting at which the director for whom such Alternate
Director was appointed in the alternative is not personally present and generally to perform at
such meeting all the functions of such director for whom such Alternate Director was appointed. An
Alternate Director shall cease to be such if the director for whom such Alternate Director was
appointed (i)&nbsp;ceases for any reason to be a director or (ii)&nbsp;revokes the appointment of such
Alternate Director by notice in writing deposited with the Secretary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 4. <U>Places of Meetings</U>. Meetings of the Board of Directors may be held at any
place within or without the State of Delaware (including by telephone), as may from time to time be
fixed by resolution of the Board of Directors, or as may be specified in the notice of meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 5. <U>Annual Meeting</U>. Following the annual meeting of stockholders, the newly
elected Board of Directors shall meet for the purpose of the election of officers and the
transaction of such other business as may properly come before the meeting. Such meeting may be
held without notice immediately after the annual meeting of stockholders at the same place at which
such stockholders&#146; meeting is held.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 6. <U>Regular Meetings</U>. Regular meetings of the Board of Directors shall be held
at such times and places as the Board of Directors shall from time to time by resolution determine;
<U>provided</U>, that the Board of Directors shall hold no less than one (1)&nbsp;meeting per fiscal
quarter (counting the annual meeting of the Board of Directors as a regular meeting for purposes of
this provision). At least fifteen (15)&nbsp;Business Days notice must be given of regular meetings of
the Board of Directors even if such meetings are held at times and places fixed by resolution of
the Board of Directors, as applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 7. <U>Special Meetings</U>. Subject to Section&nbsp;8 of this Article&nbsp;II, special
meetings of the Board of Directors shall be held whenever called by the Chief Executive Officer, by
a majority of the directors then in office or by any PITV Investor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 8. <U>Notice of Special Meetings</U>. A notice of the place, date and time and the
purpose or purposes of each special meeting of the Board of Directors shall be given to each
director by mailing, via regular U.S. mail, overnight delivery or facsimile, at least 48 hours
before the proposed start time of such special meeting, or by telephoning or emailing the same or
by delivering the same personally not later than 48 hours before the proposed start time of such
special meeting (&#147;<U>Special Board Meeting Notice</U>&#148;). Within 48 hours from receipt of the
applicable Special Board Meeting Notice, one or more of the
Televisa Board Designees may notify the chairman of the Board of Directors that he or she
cannot attend such scheduled special meeting, and in such event, such special meeting will be
postponed to a subsequent date (which, unless otherwise agreed by the Televisa Investors, shall be
at least 48 hours after the originally proposed start time for such special meeting). Such special
meeting of the Board of Directors shall be held on such subsequent date, whether or not any of the
Televisa Board Designees can attend the special meeting on such date. For the avoidance of doubt,
in no event shall the Televisa Board Designees have the right to postpone any proposed special
meeting of the Board more than once as a result of any of the Televisa Board Designees&#146; inability
to attend such special meeting.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 9. <U>Organization</U>. At all meetings of the Board of Directors, the Chairman, if
any, or if none or in the Chairman&#146;s absence or inability to act, the Chief Executive Officer, if
any, or if none or in the Chief Executive Officer&#146;s absence or inability to act, any Vice-President
who is a member of the Board of Directors, or if no Vice-President is present and able to act a
chairman (who must be a director) chosen by the directors, shall preside. The Secretary of the
Corporation shall act as secretary at all meetings of the Board of Directors when present, and, in
the Secretary&#146;s absence, the presiding officer may appoint any person to act as secretary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 10. <U>Resignation; Removal</U>. Any director may resign at any time upon written
notice to the Corporation and such resignation shall take effect upon receipt thereof by the Chief
Executive Officer or Secretary, unless otherwise specified in the resignation. If the number of
directors that any PITV Investor Group has the right to designate under the Principal Investor
Agreement decreases at any time, such PITV Investor Group shall cause to resign such number of
directors designated by it as are necessary to comply with such reduced rights. Any or all of the
directors may be removed, with or without cause, by the holders of a majority of the shares of
stock outstanding and entitled to vote for the election of directors; <U>provided</U> that no
director or committee member designated by Televisa shall be removed without Televisa&#146;s prior
written consent, subject to the preceding sentence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 11. <U>Vacancies</U>. If at any time any director ceases to serve on the Board of
Directors or any committee, whether caused by resignation, death, disqualification, removal or
otherwise, the PITV Investor Group that designated or nominated such director pursuant to the
Principal Investor Agreement shall designate or nominate, respectively, a successor to fill the
vacancy created thereby; <U>provided</U> that if no PITV Investor Group designated or nominated
such director pursuant to the Principal Investor Agreement or if any position on the Board of
Directors for which a Principal Investor previously had the right to designate or nominate a
director becomes vacant after such Principal Investor no longer has the right to designate or
nominate such director, then a successor to fill the vacancy shall be designated in accordance with
the Principal Investor Agreement; <U>provided</U> <U>further</U> that if any position on the
Board of Directors for which the Televisa Investors previously had the right to designate or
nominate a director becomes vacant after the Televisa Investors no longer have the right to
designate or nominate such director, then a successor to fill the vacancy shall be elected by the
Board of Directors; in
each case on the terms and subject to the conditions of the Principal Investor Agreement, as
applicable.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 12. <U>Action by Written Consent</U>. Any action required or permitted to be taken
at any meeting of the Board of Directors may be taken without a meeting if all the directors
consent thereto in writing, and the writing or writings are filed with the minutes of proceedings
of the Board of Directors.
</DIV>

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


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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 1. <U>Appointment</U>. From time to time the Board of Directors by a resolution
adopted by a majority of the entire Board may appoint any committee or committees for any purpose
or purposes, to the extent lawful, which shall have powers as shall be determined and specified by
the Board of Directors in the resolution of appointment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 2. <U>Procedures, Quorum and Manner of Voting</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;Each committee shall fix its own rules of procedure, and shall meet at such times and
places as such committee shall from time to time by resolution determine; <U>provided</U>, that
each committee shall hold no less than one (1)&nbsp;meeting per fiscal quarter. Except as otherwise
provided by Law, the presence of a majority of the then appointed members of a committee shall
constitute a quorum for the transaction of business by that committee. At each meeting of a
committee at which a quorum is present, each member of such committee shall be entitled to one vote
on each matter to be voted on at such meeting. Except as may be otherwise provided by Law, in
every case where a quorum is present at any meeting, the vote of a majority of the members of such
committee present shall be the act of such committee. All committee members may attend meetings of
a committee telephonically if they desire. Each committee shall keep minutes of its proceedings,
and actions taken by a committee shall be reported to the Board of Directors. Notice need not be
given of regular meetings of the committees held at times and places fixed by resolution of such
committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;Prior to an Initial Public Offering (and thereafter if permitted by applicable Law and/or
stock exchange rules), each PITV Investor shall have the right to appoint a person, other than
another member of such committee (an &#147;<U>Alternate Committee Member</U>&#148;), to act as a member of
such committee in the alternative to any of such PITV Investor&#146;s designated members of such
committee who cannot attend any meeting by providing notice in writing to the Secretary before the
applicable special meeting. Any Alternate Committee Member shall have all the rights and powers of
the committee member for whom such Alternate Committee Member is appointed in the alternative,
<U>provided</U> that such Alternate Committee Member shall not be counted more than once in
determining whether or not a quorum is present. An Alternate Committee Member shall be entitled to
receive notice of all meetings and to attend and vote at any such meeting at
which the committee member for whom such Alternate Committee Member was appointed in the
alternative is not personally present and generally to perform at such meeting all the functions of
such committee member for whom such Alternate Committee Member was appointed. An Alternate
Committee Member shall cease to be such if the committee member for whom such Alternate Committee
Member was appointed (i)&nbsp;ceases for any reason to be a member of such committee or (ii)&nbsp;revokes the
appointment of such Alternate Committee Member by notice in writing deposited with the Secretary.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 3. <U>Notice of Special Meetings</U>. Each PITV Investor shall have the right to
call a special meeting of any committee of the Board of Directors. A notice of the place, date and
time and the purpose or purposes of each special meeting of such committee shall be given to each
member of such committee by mailing, via regular U.S mail, overnight delivery or facsimile, at
least 48 hours before the proposed start time of such special meeting, or by telephoning or
emailing the same or by delivering the same personally not later than 48 hours before the proposed
start time of such special meeting (&#147;<U>Special Committee Meeting Notice</U>&#148;). Within 48 hours
from receipt of the applicable Special Committee Meeting Notice, one or more members of the
committee who are Televisa Board Designees may notify the chairman of such committee that he or she
cannot attend such special scheduled meeting, and in such event such special meeting will be
postponed to a subsequent date (which, unless otherwise agreed by the Televisa Investors, shall be
at least 48 hours after the originally proposed start time for such special meeting). Such special
meeting of such committee shall be held on such subsequent date, whether or not any of the Televisa
Board Designees can attend the special meeting on such date. For the avoidance of doubt, in no
event shall the Televisa Board Designees have the right to postpone any proposed special meeting of
any such committee more than once as a result of any of the Televisa Board Designees&#146; inability to
attend such special meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 4. <U>Action by Written Consent</U>. Any action required or permitted to be taken at
any meeting of any committee of the Board of Directors may be taken without a meeting if all the
members of the committee consent thereto in writing, and the writing or writings are filed with the
minutes of proceedings of the committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 5. <U>Term; Termination</U>. In the event any person shall cease to be a director of
the Corporation, such person shall simultaneously therewith cease to be a member of any committee
appointed by the Board of Directors.
</DIV>

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


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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 1. <U>Election and Qualifications</U>. The Board of Directors shall elect the
officers of the Corporation (in accordance, where applicable, with the provisions of the Principal
Investor Agreement), which shall include a Chief Executive Officer and a Secretary, and may
include, by election or appointment, a President, one or more Vice-Presidents (any one or more of
whom may be given an additional designation of rank or function), a Chief Financial Officer, a
Treasurer and such assistant secretaries and such
other officers as the Board of Directors may from time to time deem proper. Each officer
shall have such powers and duties as may be prescribed by these By-laws and as may be assigned by
the Board of Directors or the Chief Executive Officer. Any two or more offices may be held by the
same person.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 2. <U>Term of Office and Remuneration</U>. The term of office of all officers shall
be one year and until their respective successors have been elected and qualified, but any officer
may be removed from office, either with or without cause, at any time by the Board of Directors.
Any vacancy in any office arising from any cause may be filled for the unexpired portion of the
term by the Board of Directors. The remuneration of all officers of the Corporation may be fixed
by the Board of Directors or in such manner as the Board of Directors shall provide.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 3. <U>Resignation; Removal</U>. Any officer may resign at any time upon written
notice to the Corporation and such resignation shall take effect upon receipt thereof by the Chief
Executive Officer or, in the case of a resignation of the Chief Executive Officer, by the Chairman,
unless otherwise specified in the resignation. Any officer shall be subject to removal, with or
without cause, at any time by vote of a majority of the entire Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 4. <U>Chief Executive Officer</U>. The Chief Executive Officer shall be the chief
executive officer of the Corporation, and shall have such duties as customarily pertain to that
office. The Chief Executive Officer shall have general management and supervision of the property,
business and affairs of the Corporation and over its other officers; may appoint and remove
assistant officers and other agents and employees, other than officers referred to in Section&nbsp;1 of
this Article&nbsp;IV; and may execute and deliver in the name of the Corporation powers of attorney,
contracts, bonds and other obligations and instruments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 5. <U>President</U>. A President may execute and deliver in the name of the
Corporation contracts and other obligations and instruments pertaining to the regular course of the
duties of said office, and shall have such other authority as from time to time may be assigned by
the Board of Directors or the Chief Executive Officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 6. <U>Vice-President</U>. A Vice-President may execute and deliver in the name of
the Corporation contracts and other obligations and instruments pertaining to the regular course of
the duties of said office, and shall have such other authority as from time to time may be assigned
by the Board of Directors or the Chief Executive Officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 7. <U>Chief Financial Officer</U>. The Chief Financial Officer shall in general have
all duties incident to the position of Chief Financial Officer and such other duties as may be
assigned by the Board of Directors or the Chief Executive Officer.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 8. <U>Secretary</U>. The Secretary shall in general have all the duties incident to
the office of Secretary and such other duties as may be assigned by the Board of Directors or the
Chief Executive Officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 9. <U>Treasurer</U>. The Treasurer shall in general have all the duties incident to
the office of Treasurer and such other duties as may be assigned by the Board of Directors or the
Chief Executive Officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 10. <U>Assistant Officers</U>. Any assistant officer shall have such powers and
duties of the officer such assistant officer assists as such officer or the Board of Directors
shall from time to time prescribe.
</DIV>

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


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>Books and Records</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 1. <U>Location</U>. The books and records of the Corporation may be kept at such
place or places within or outside the State of Delaware as the Board of Directors or the respective
officers in charge thereof may from time to time determine. The record books containing the names
and addresses of all stockholders, the number and class of shares of stock held by each and the
dates when they respectively became the owners of record thereof shall be kept by the Secretary as
prescribed in the By-laws and by such officer or agent as shall be designated by the Board of
Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 2. <U>Addresses of Stockholders</U>. Notices of meetings and all other corporate
notices may be delivered personally or mailed to each stockholder at the stockholder&#146;s address as
it appears on the records of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 3. <U>Fixing Date for Determination of Stockholders of Record</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;In order that the Corporation may determine the stockholders entitled to notice of or to
vote at any meeting of stockholders or any adjournment thereof, the Board of Directors may fix a
record date, which record date shall not precede the date upon which the resolution fixing the
record date is adopted by the Board of Directors and which record date shall not be more than sixty
(60)&nbsp;nor less than ten (10)&nbsp;days before the date of such meeting. If no record date is fixed by
the Board of Directors, the record date for determining stockholders entitled to notice of or to
vote at a meeting of stockholders shall be at the close of business on the day next preceding the
day on which notice is given, or, if notice is waived, at the close of business on the day next
preceding the day on which the meeting is held. A determination of stockholders of record entitled
to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting;
<U>provided</U>, <U>however</U>, that the Board of Directors may fix a new record date for the
adjourned meeting.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;In order that the Corporation may determine the stockholders entitled to consent to
corporate action in writing without a meeting, the Board of Directors may fix a record date, which
record date shall not precede the date upon which the
resolution fixing the record date is adopted by the Board of Directors and which date shall
not be more than ten (10)&nbsp;days after the date upon which the resolution fixing the record date is
adopted by the Board of Directors. If no record date has been fixed by the Board of Directors, the
record date for determining stockholders entitled to consent to corporate action in writing without
a meeting, when no prior action by the Board of Directors is required, shall be the first date on
which a signed written consent setting forth the action taken or proposed to be taken is delivered
to the Corporation by delivery to its registered office in the State of Delaware, its principal
place of business, or an officer or agent of the Corporation having custody of the book in which
proceedings of meetings of stockholders are recorded. Delivery made to the Corporation&#146;s
registered office shall be by hand or by certified or registered mail, return receipt requested or
by electronic means, including facsimile. If no record date has been fixed by the Board of
Directors and prior action by the Board of Directors is required by this chapter, the record date
for determining stockholders entitled to consent to corporate action in writing without a meeting
shall be at the close of business on the day on which the Board of Directors adopts the resolution
taking such prior action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;In order that the Corporation may determine the stockholders entitled to receive payment
of any dividend or other distribution or allotment of any rights or the stockholders entitled to
exercise any rights in respect of any change, conversion or exchange of stock, or for the purpose
of any other lawful action, the Board of Directors may fix a record date, which record date shall
not precede the date upon which the resolution fixing the record date is adopted by the Board of
Directors and which record date shall be not more than sixty (60)&nbsp;days prior to such action. If no
record date is fixed, the record date for determining stockholders for any such purpose shall be at
the close of business on the day on which the Board of Directors adopts the resolution relating
thereto.
</DIV>

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


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>Certificates Representing Stock</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 1. <U>Certificates; Signatures</U>. The shares of the Corporation shall be
represented by certificates, <U>provided</U> that the Board of Directors of the Corporation may
provide by resolution or resolutions that some or all of any or all classes or series of its stock
shall be uncertificated shares. Any such resolution shall not apply to shares represented by a
certificate until such certificate is surrendered to the Corporation. Notwithstanding the adoption
of such a resolution by the Board of Directors, every holder of stock represented by certificates
and upon request every holder of uncertificated shares shall be entitled to have a certificate,
signed by or in the name of the Corporation by the Chairman of the Board of Directors, or the
President or Vice-President, and by the Treasurer, Secretary or an Assistant Secretary of the
Corporation, representing the number of shares registered in certificate form. Any and all
signatures on any such certificate may be facsimiles. In case any officer, transfer agent or
registrar who has signed or whose facsimile signature has been placed upon a certificate shall have
ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be
issued by the Corporation with the same effect as if he were such officer, transfer agent or
registrar at the
date of issue. The name of the holder of record of the shares represented thereby, with the
number of such shares and the date of issue, shall be entered on the books of the Corporation.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 2. <U>Transfers of Stock</U>. Upon compliance with provisions restricting the
Transfer or registration of Transfer of shares of stock, if any, shares of capital stock shall be
transferable on the books of the Corporation only by the holder of record thereof in person, or by
duly authorized attorney, upon surrender and cancellation of certificates for a like number of
shares, properly endorsed, and the payment of all taxes due thereon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 3. <U>Fractional Shares</U>. The Corporation may, but shall not be required to,
issue certificates for fractions of a share where necessary to effect authorized transactions, or
the Corporation may pay in cash the fair value of fractions of a share as of the time when those
entitled to receive such fractions are determined, or it may issue scrip in registered or bearer
form over the manual or facsimile signature of an officer of the Corporation or of its agent,
exchangeable as therein provided for full shares, but such scrip shall not entitle the holder to
any rights of a stockholder except as therein provided.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">To the fullest extent permitted by Law, the Board of Directors shall have power and authority
to make all such rules and regulations as it may deem expedient concerning the issue, Transfer and
registration of certificates representing shares of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 4. <U>Lost, Stolen or Destroyed Certificates</U>. The Corporation may issue a new
certificate of stock in place of any certificate, theretofore issued by it, alleged to have been
lost, stolen or destroyed, and the Board of Directors may require the owner of any lost, stolen or
destroyed certificate, or his legal representative, to give the Corporation a bond sufficient to
indemnify the Corporation against any claim that may be made against it on account of the alleged
loss, theft or destruction of any such certificate or the issuance of any such new certificate.
</DIV>

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


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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Subject always to the provisions of Law and the Certificate of Incorporation, the Board of
Directors shall have full power to determine whether any, and, if any, what part of any, funds
legally available for the payment of dividends shall be declared as dividends and paid to
stockholders; the distribution of the whole or any part of such funds of the Corporation shall rest
wholly within the lawful discretion of the Board of Directors, and it shall not be required at any
time, against such discretion, to distribute or pay any part of such funds among or to the
stockholders as dividends or otherwise; and before payment of any dividend, there may be set aside
out of any funds of the Corporation available for dividends such sum or sums as the Board of
Directors from time to time, in its absolute discretion, thinks proper as a reserve or reserves to
meet contingencies, or for
authorizing dividends, or for repairing or maintaining any property of the Corporation, or for
such other purpose as the Board of Directors shall think conducive to the interest of the
Corporation, and the Board of Directors may modify or abolish any such reserve in the manner in
which it was created; subject in any case to any agreements by which the Corporation is bound that
restrict the declaration and/or payment of dividends.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

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


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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">To the fullest extent permitted by Law, any transaction questioned in any law suit on the
ground of lack of authority, defective or irregular execution, adverse interest of director,
officer or stockholder, non-disclosure, miscomputation, or the application of improper principles
or practices of accounting, may be ratified before or after judgment, by the Board of Directors or
by the stockholders, and if so ratified shall have the same force and effect as if the questioned
transaction had been originally duly authorized. Such ratification shall be binding upon the
Corporation and its stockholders and shall constitute a bar to any claim or execution of any
judgment in respect of such questioned transaction.
</DIV>

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


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>Corporate Seal</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The corporate seal shall have inscribed thereon the name of the Corporation and the year of
its incorporation, and shall be in such form and contain such other words and/or figures as the
Board of Directors shall determine. The corporate seal may be used by printing, engraving,
lithographing, stamping or otherwise making, placing or affixing, or causing to be printed,
engraved, lithographed, stamped or otherwise made, placed or affixed, upon any paper or document,
by any process whatsoever, an impression, facsimile or other reproduction of said corporate seal.
</DIV>

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


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>Fiscal Year</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The fiscal year of the Corporation shall be fixed, and shall be subject to change, by the
Board of Directors. Unless otherwise fixed by the Board of Directors, the fiscal year of the
Corporation shall be the calendar year.
</DIV>

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


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>Waiver of Notice</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Whenever notice is required to be given by these By-laws or by the Certificate of
Incorporation or by Law, a written waiver thereof, signed by the person or
persons entitled to said notice, whether before or after the time stated therein, shall be
deemed equivalent to notice.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

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


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>Bank Accounts, Drafts, Contracts, Etc.</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 1. <U>Bank Accounts and Drafts</U>. In addition to such bank accounts as may be
authorized by the Board of Directors, the primary financial officer or any person designated by
said primary financial officer, whether or not an employee of the Corporation, may authorize such
bank accounts to be opened or maintained in the name and on behalf of the Corporation as he may
deem necessary or appropriate, payments from such bank accounts to be made upon and according to
the check of the Corporation in accordance with the written instructions of said primary financial
officer, or other person so designated by the primary financial officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 2. <U>Contracts</U>. The Board of Directors may authorize any person or persons, in
the name and on behalf of the Corporation, to enter into or execute and deliver any and all deeds,
bonds, mortgages, contracts and other obligations or instruments, and such authority may be general
or confined to specific instances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 3. <U>Proxies; Powers of Attorney; Other Instruments</U>. The Chief Executive
Officer or any other person designated by the Chief Executive Officer shall have the power and
authority to execute and deliver proxies, powers of attorney and other instruments on behalf of the
Corporation in connection with the rights and powers incident to the ownership of stock by the
Corporation. The Chief Executive Officer or any other person authorized by proxy or power of
attorney executed and delivered by either of them on behalf of the Corporation may attend and vote
at any meeting of stockholders of any company in which the Corporation may hold stock, and may
exercise on behalf of the Corporation any and all of the rights and powers incident to the
ownership of such stock at any such meeting, or otherwise as specified in the proxy or power of
attorney so authorizing any such person. The Board of Directors, from time to time, may confer
like powers upon any other person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SECTION 4. <U>Financial Reports</U>. The Board of Directors may appoint the primary
financial officer or other fiscal officer or any other officer to cause to be prepared and
furnished to stockholders entitled thereto any special financial notice and/or financial statement,
as the case may be, which may be required by any provision of Law.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE XIII<BR>
<U>Definitions</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">For purposes of these By-laws:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Acquisition Holdco</U>&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Affiliate</U>&#148; shall mean, with respect to any specified Person, any other Person which
directly or indirectly, through one or more intermediaries, controls, or is controlled by, or is
under common control with, such specified Person; <U>provided</U>, <U>however</U>, that neither
the Corporation nor any of its subsidiaries shall be deemed an Affiliate of any of the holders of
shares of Common Stock (and vice versa), and, in addition, such specified Person&#146;s Affiliates shall
also include, (a)&nbsp;if such specified Person is a private equity investment fund, any other private
equity investment fund the primary investment advisor to which is the primary investment advisor to
such specified Person or an Affiliate thereof, and (b)&nbsp;if such specified Person is a natural
Person, any Family Member of such natural Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Affiliated Fund</U>&#148; shall mean, with respect to any specified Person, a private equity
investment fund that is an Affiliate of such Person or that is advised by the same investment
adviser as such Person or by an Affiliate of such investment adviser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Alternate Committee Member</U>&#148; shall have the meaning set forth in <U>Section&nbsp;3</U> of
<U>Article&nbsp;III</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Alternate Director</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2(b)</U> of
<U>Article&nbsp;II</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>BMPH</U>&#148; shall mean Broadcast Media Partners Holdings, Inc., a Delaware corporation and
a wholly owned subsidiary of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>BMPS1</U>&#148; shall mean BMPI Services, LLC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>BMPS2</U>&#148; shall mean BMPI Services II, LLC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>BMPS1 LLC Agreement</U>&#148; shall mean the Amended and Restated Limited Liability Company
Agreement of BMPS1, dated as of January&nbsp;29, 2008, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>BMPS2 LLC Agreement</U>&#148; shall mean the Amended and Restated Limited Liability Company
Agreement of BMPS2, dated as of the date hereof, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Board of Directors</U>&#148; shall mean the board of directors of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Business Day</U>&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Certificate of Incorporation</U>&#148; shall mean the Certificate of Incorporation of the
Corporation, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Class&nbsp;A Common Stock</U>&#148; shall mean the voting Class&nbsp;A Common Stock, par value $.001 per
share, of the Corporation and shall include any shares of common stock issued in exchange for or in
consideration of (including shares of common stock of the surviving company in connection with a
merger or similar business combination) or in substitution for the Class&nbsp;A Common Stock, including
shares of common stock issued upon an Initial
Public Offering in exchange for or in substitution for such Class&nbsp;A Common Stock, or as such
shares of Class&nbsp;A Common Stock may be reclassified.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Class&nbsp;B Common Stock</U>&#148; shall mean the nonvoting Class&nbsp;B Common Stock, par value $.001
per share, of the Corporation and shall include any shares of common stock issued in exchange for
or in consideration of (including shares of common stock of the surviving company in connection
with a merger or similar business combination) or in substitution for the Class&nbsp;B Common Stock,
including shares of common stock issued upon an Initial Public Offering in exchange for or in
substitution for such Class&nbsp;B Common Stock, or as such shares of Class&nbsp;B Common Stock may be
reclassified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Class&nbsp;C Common Stock</U>&#148; shall mean the voting Class&nbsp;C Common Stock, par value $.001 per
share, of the Corporation and shall include any shares of common stock issued in exchange for or in
consideration of (including shares of common stock of the surviving company in connection with a
merger or similar business combination) or in substitution for the Class&nbsp;C Common Stock, or as such
shares of Class&nbsp;C Common Stock may be reclassified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Class&nbsp;D Common Stock</U>&#148; shall mean the nonvoting Class&nbsp;D Common Stock, par value $.001
per share, of the Corporation and shall include any shares of common stock issued in exchange for
or in consideration of (including shares of common stock of the surviving company in connection
with a merger or similar business combination) or in substitution for the Class&nbsp;D Common Stock, or
as such shares of Class&nbsp;D Common Stock may be reclassified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Co-Investment Vehicle</U>&#148; shall mean any one of (a)&nbsp;the MDP Co-Investment Vehicles,
collectively, (b)&nbsp;the PEP Co-Investment Vehicles, collectively, (c)&nbsp;the THL Co-Investment Vehicles,
collectively, and (d)&nbsp;the TPG Co-Investment Vehicles, collectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Common Stock</U>&#148; shall mean the common stock of the Corporation, including the Class&nbsp;A
Common Stock, the Class&nbsp;B Common Stock, the Class&nbsp;C Common Stock and the Class&nbsp;D Common Stock. For
the avoidance of doubt, as used in these By-laws, outstanding Common Stock does not include
Convertible Securities or shares issuable or exercisable in connection thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Convertible Securities</U>&#148; shall mean any evidence of indebtedness (including the TV
Debentures), shares of stock, options, warrants (including the TV Warrants) or other securities
which are directly or indirectly convertible into or exchangeable or exercisable for shares of
Common Stock, including any options and warrants; <U>provided</U> that the Preferential Rights
shall not be deemed to be Convertible Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Corporation</U>&#148; shall mean Broadcasting Media Partners, Inc., a Delaware corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Exchange Act</U>&#148; shall mean the Securities Exchange Act of 1934 and the rules and
regulations promulgated thereunder, as amended from time to time.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Family Member</U>&#148; shall mean, with respect to any natural Person, (a)&nbsp;any lineal
descendant or ancestor or sibling (by birth or adoption) of such natural Person, (b)&nbsp;any spouse or
former spouse of any of the foregoing, (c)&nbsp;any legal representative or estate of any of the
foregoing, or the ultimate beneficiaries of the estate of any of the foregoing, if deceased and (d)
any trust or other bona fide estate-planning vehicle the only beneficiaries of which are any of the
foregoing Persons described in <U>clauses (a)</U> through <U>(c)</U> above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>FCC</U>&#148; shall mean the United States Federal Communications Commission or any successor
entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Federal Communications Laws</U>&#148; shall mean the Communications Act of 1934, as amended,
and any successor statute thereto, and the rules, regulations and policies promulgated by the FCC
thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Governmental Authority</U>&#148; shall mean any United States (federal, state or local) or
foreign government, or governmental, regulatory, judicial or administrative authority, agency,
commission or court (including the FCC and applicable stock exchange(s)).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Group</U>&#148; shall mean &#147;group&#148; (within the meaning of Section&nbsp;13(d)(3) of the Exchange
Act); <U>provided</U> that a &#147;group&#148; must be formed knowingly in order to constitute a Group, and
the existence of any Group may not be established by mere parallel action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Initial Public Offering</U>&#148; shall mean the initial underwritten Public Offering
registered on Form S-1 (or any successor form under the Securities Act).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Investment Agreement</U>&#148; shall mean the Investment Agreement among the Corporation,
Univision Communications Inc., Televisa, Pay-TV Venture, Inc., and BMPI Services II, LLC dated as
of the date hereof, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Law</U>&#148; shall mean any statute, law, ordinance, regulation, rule, code, injunction,
judgment, decree, order or any other judicially enforceable legal requirement (including common
law) of any Governmental Authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Majority in Interest</U>&#148; shall mean with respect to shares of Common Stock of one or
more class(es), a majority in number of such Shares of all such class or classes taken in the
aggregate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Majority MDP Investors</U>&#148; shall mean, as of any date, the holders of a Majority in
Interest of the Shares held by the MDP Investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Majority PEP Investors</U>&#148; shall mean, as of any date, the holders of a Majority in
Interest of the Shares held by the PEP Investors.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Majority PITV Investors</U>&#148; shall mean, as of any applicable time, (a)&nbsp;PITV Investor
Groups that, in the aggregate, hold greater than fifty percent (50%) of the outstanding Common
Stock then held by all PITV Investor Groups (<U>provided</U>, in the case of the Televisa
Investors, including only such shares of Common Stock held directly by Televisa)
and (b)&nbsp;a majority of the PITV Investor Groups; <U>provided</U>, that if the aggregate number
of PITV Investor Groups is two and both of the PITV Investor Groups have not reached agreement or
consented with respect to a matter, the term &#147;Majority PITV Investors&#148; shall have the meaning set
forth in <U>clause (a)</U> of this definition only; <U>provided</U>, <U>further</U>, that no
Principal Investor Group shall be deemed to be a Principal Investor Group for purposes of this
definition from and after such time that it has voluntarily sold sixty six and two thirds percent
(66 2/3%) or more, in the aggregate, of the Shares held by such Principal Investor Group
immediately following the Televisa Closing to Persons other than their respective Permitted
Transferees; and <U>provided</U>, <U>further</U>, that, following a Transfer of control to an
initial or subsequent Purchaser of Control, such Purchaser of Control shall have the right to
exercise the rights of the transferor Principal Investor Groups and the transferor PITV Investor
Groups in accordance with Section&nbsp;3.8 of the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Majority Principal Investors</U>&#148; shall mean, as of any applicable time, (a)&nbsp;Principal
Investor Groups (excluding, in each case, Co-Investment Vehicles that constitute part of such
Principal Investor Group) that, in the aggregate, hold at least 60% of the outstanding Common Stock
then held by all Principal Investor Groups (without taking into account shares of Common Stock held
by Co-Investment Vehicles that are part of such Principal Investor Group) and (b)&nbsp;a majority of the
Principal Investor Groups; <U>provided</U>, that if the aggregate number of Principal Investor
Groups is an even number and a majority of the Principal Investor Groups has not reached agreement
or consented with respect to a matter, the term &#147;Majority Principal Investors&#148; shall have the
meaning set forth in <U>clause (a)</U> of this definition only; <U>provided</U>, <U>further</U>,
that no Principal Investor Group shall be deemed to be a Principal Investor Group for purposes of
this definition from and after such time that it has voluntarily sold sixty six and two thirds
percent (66 2/3%) or more, in the aggregate, of the Shares held by such Principal Investor Group
immediately following the Televisa Closing to Persons other than their respective Permitted
Transferees; <U>provided</U>, <U>further</U>, that, following a Transfer of control to an initial
or subsequent Purchaser of Control, such Purchaser of Control shall have the right to exercise the
rights of the Principal Investors and the Majority Principal Investors in accordance with Section
3.8 of the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Majority SCG Investors</U>&#148; shall mean, as of any date, the holders of a Majority in
Interest of the Shares held by the SCG Investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Majority Televisa Investors</U>&#148; shall mean, as of any date, the holders of a Majority in
Interest of the Shares held by the Televisa Investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Majority THL Investors</U>&#148; shall mean, as of any date, the holders of a Majority in
Interest of the Shares held by the THL Investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Majority TPG Investors</U>&#148; shall mean, as of any date, the holders of a Majority in
Interest of the Shares held by the TPG Investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>MDP</U>&#148; shall mean, as of any date, Madison Dearborn Capital Partners IV, L.P., Madison
Dearborn Capital Partners V-A, L.P., MDCPV Intermediate (Umbrella), L.P.,
MDCPIV Intermediate (Umbrella), L.P., and their respective Permitted Transferees, in each case
only if such Person holds any Shares.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>MDP Co-Investment Vehicles</U>&#148; shall mean, as of any date, MDCP Foreign Co-Investors
(Umbrella), L.P., MDCP US Co-Investors (Umbrella), L.P. and their respective successor entities,
and any Affiliated Fund thereof if, in each case, (i)&nbsp;substantially all of the equity thereof
(including amounts paid for the acquisition of any Convertible Securities to subscribe for,
purchase or otherwise acquire such equity) has not been contributed by the same investors, partners
and members as contributed to the equity of MDP, (ii)&nbsp;such entity has been formed for the main
purpose of investing in the Corporation or any Affiliate thereof, and (iii)&nbsp;such entity owns
Shares. For the avoidance of doubt, neither MDCPIV Intermediate (Umbrella), L.P., MDCPV
Intermediate (Umbrella), L.P., nor any successor thereof shall be deemed to be a Co-Investment
Vehicle for the purposes of these By-laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>MDP Investors</U>&#148; shall mean, as of any date, MDP, the MDP Co-Investment Vehicles, and
their respective Permitted Transferees, in each case only if such Person holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Minimum Total Combined Investment</U>&#148; shall mean, with respect to any one Principal
Investor, shares of Common Stock with an aggregate initial cost of $150,000,000. For purposes
hereof, the agreed initial cost of a share of Common Stock shall be $398.52 (subject to appropriate
adjustment for stock splits, dividends and similar events).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Participation, Registration Rights and Coordination Agreement</U>&#148; shall mean the Amended
and Restated Participation, Registration Rights and Coordination Agreement of the Corporation,
dated as of the date hereof, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>PEP</U>&#148; shall mean, as of any date, Providence Equity Partners V (Umbrella US) L.P.,
Providence Equity Partners VI (Umbrella US) L.P., Providence Investors V (Univision) L.P.,
Providence Investors VI (Univision) L.P. and their respective Permitted Transferees, in each case
only if such Person holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>PEP Co-Investment Vehicles</U>&#148; shall mean, as of any date, Providence Co-Investors
(Univision) L.P., Providence Co-Investors (Univision US) L.P. and their respective successor
entities, and any Affiliated Fund thereof if, in each case, (i)&nbsp;substantially all of the equity
thereof (including amounts paid for the acquisition of any Convertible Securities to subscribe for,
purchase or otherwise acquire such equity) has not been contributed by the same investors, partners
and members as contributed to the equity of PEP, (ii)&nbsp;such entity has been formed for the main
purpose of investing in the Corporation or any Affiliate thereof, and (iii)&nbsp;such entity owns
Shares. For the avoidance of doubt, neither Providence Investors V (Univision) L.P., Providence
Investors VI (Univision) L.P., nor any successor thereof shall be deemed to be a Co-Investment
Vehicle for the purposes of these By-laws.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>PEP Investors</U>&#148; shall mean, as of any date, PEP, the PEP Co-Investment Vehicles, and
their respective Permitted Transferees, in each case only if such Person holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Permitted Transferee</U>&#148; shall mean, in respect of (a)&nbsp;any PITV Investor, (i)&nbsp;any
Affiliate of such PITV Investor (other than a portfolio company of such PITV Investor) or (ii)&nbsp;any
successor entity, (b)&nbsp;any SCG Investor, (i)&nbsp;any Person which is controlled by or for the benefit of
Haim Saban or Cheryl Saban (or in the event of their divorce, their subsequent respective spouses)
(collectively &#147;<U>Saban</U>&#148;) or their Family Members (other than a portfolio company of any SCG
Investor), (ii)&nbsp;then-current or former officers and/or employees of Saban or entities controlled by
Saban who were issued such interests as a result of or in connection with their employment by
Saban, or such officers&#146; and/or employees&#146; Family Members to the extent they receive such
Transferred interests initially issued to such officer or employee as a result of or in connection
with his or her employment by Persons controlled by Saban, and (iii)&nbsp;any trust, custodianship or
other entity created for estate or tax planning purposes all of the beneficiaries of which are any
of the persons listed in <U>subclause (i)&nbsp;to (iii)</U> of this <U>clause (b)</U>, and (c)&nbsp;any
holder of Shares who is a natural person, (i)&nbsp;upon the death of such natural person, such person&#146;s
estate, executors, administrators, personal representatives, heirs, legatees or distributees in
each case acquiring the Shares in question pursuant to the will or other instrument taking effect
at death of such holder or by applicable Laws of descent and distribution and (ii)&nbsp;any Person
acquiring such Shares pursuant to a qualified domestic relations order; in each case described in
<U>clauses (a)</U> through <U>(c)</U>, only if such transferee agrees to be bound by the terms of
the Transaction Agreements in accordance with their respective terms to the same extent its
transferor is bound thereby (it being understood that any Transfer not meeting the foregoing
conditions but purporting to rely on Section&nbsp;3.1.1 of the Stockholders Agreement shall be null and
void). In addition, any Stockholder shall be a Permitted Transferee of the Permitted Transferees
of itself and any member of a Principal Investor Group shall be a Permitted Transferee of any other
member of such Principal Investor Group. No Restricted Person shall be a &#147;Permitted Transferee.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Person</U>&#148; shall mean any individual, partnership, corporation, company, association,
trust, joint venture, limited liability company, unincorporated organization, entity or division,
or any government, governmental department or agency or political subdivision thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>PITV Investor Group</U>&#148; shall mean (a)&nbsp;each of the Principal Investor Groups; and (b)
the Televisa Investors; <U>provided</U>, <U>however</U>, that the Televisa Investors shall cease
to be a PITV Investor Group after a Televisa Sell-Down. Where these By-laws provide for the vote,
consent or approval of any PITV Investor Group, such vote, consent or approval shall be determined
by (i)&nbsp;the Majority MDP Investors, the Majority PEP Investors, the Majority SCG Investors, the
Majority Televisa Investors, the Majority THL Investors or the Majority TPG Investors, as the case
may be, or (ii)&nbsp;a Purchaser of Control, as applicable, except as otherwise specifically set forth
herein.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>PITV Investors</U>&#148; shall mean the Televisa Investors and the Principal Investors,
collectively; <U>provided</U> that a Principal Investor and/or a Televisa Investor shall cease to
be a PITV Investor if it ceases to be a member of a PITV Investor Group; <U>provided</U>,
<U>further</U>, that, following a Transfer of control to an initial or subsequent Purchaser of
Control, such Purchaser of Control shall have the right to exercise the rights of the transferor
Principal Investors in accordance with Section<U> 3.8 </U>of the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Preferential Rights</U>&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Principal Investor</U>&#148; shall mean any member of a Principal Investor Group that holds
Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Principal Investor Agreement</U>&#148; shall mean the Amended and Restated Principal Investor
Agreement of the Corporation, dated as of the date hereof, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Principal Investor Group</U>&#148; shall mean any one of (a)&nbsp;the MDP Investors, collectively,
(b)&nbsp;the PEP Investors, collectively, (c)&nbsp;the SCG Investors, collectively, (d)&nbsp;the THL Investors,
collectively, and (e)&nbsp;the TPG Investors, collectively; <U>provided</U>, <U>however</U>, that any
such Principal Investor Group shall cease to be a Principal Investor Group at such time after the
Televisa Closing, and at all times thereafter, as such Principal Investor Group ceases to hold
Shares representing a Total Combined Investment of at least the Minimum Total Combined Investment;
<U>provided</U>, <U>further</U>, that, following a Transfer of control to an initial or
subsequent Purchaser of Control, such Purchaser of Control shall have the rights to exercise the
rights of the Principal Investor Groups in accordance with Section<U> 3.8 </U>of the Stockholders
Agreement; <U>provided</U>, <U>further</U>, that no adjustment or modification to the term
&#147;Minimum Total Combined Investment&#148; shall cause any former Principal Investor Group to again become
a Principal Investor Group. Where these By-laws provide for the vote, consent or approval of any
Principal Investor Group, such vote, consent or approval shall be determined by (i)&nbsp;the Majority
MDP Investors, the Majority PEP Investors, the Majority THL Investors, the Majority TPG Investors,
or the Majority SCG Investors, as the case may be, or (ii)&nbsp;any Purchaser of Control, as applicable,
except as otherwise specifically set forth herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Principal Investor Sell-Down</U>&#148; shall have the meaning set forth in the Stockholders
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Public Offering</U>&#148; shall mean a public offering and sale of Common Stock for cash
pursuant to an effective registration statement under the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Restricted Person</U>&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Saban Arrangements</U>&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>SCG Investors</U>&#148; shall mean, as of any date, SCG Investments II, LLC and its Permitted
Transferees, in each case only if such Person holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Securities Act</U>&#148; shall mean the Securities Act of 1933 and the rules and regulations
promulgated thereunder, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Service Agreements</U>&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Shares</U>&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Special Board Meeting Notice</U>&#148; shall have the meaning set forth in <U>Section&nbsp;8</U>
of <U>Article&nbsp;II</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Special Committee Meeting Notice</U>&#148; shall have the meaning set forth in <U>Section
3</U> of <U>Article&nbsp;III</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Stockholders Agreement</U>&#148; shall mean the Amended and Restated Stockholders Agreement of
the Corporation, dated as of the date hereof, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>subsidiary</U>&#148; of any Person, shall mean any corporation, partnership, joint venture or
other legal entity of which such Person (either alone or through or together with any other
subsidiary), owns, directly or indirectly, more than 50% of the stock or other equity interests,
the holders of which are generally entitled to vote for the election of the board of directors or
other governing body of such corporation or other legal entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa</U>&#148; shall mean, as of any date, Grupo Televisa, S.A.B., a corporation organized
under the laws of Mexico, and its Permitted Transferees who hold any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Board Designee</U>&#148; shall have the meaning set forth in the Principal Investor
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Closing</U>&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Investors</U>&#148; shall mean, as of any date, collectively, (i)&nbsp;Televisa; (ii)&nbsp;any
Person that is not a Permitted Transferee of Televisa but that is, as of such date, a member of a
Group of which Televisa and/or any of its Affiliates is a member with respect to securities of the
Corporation (excluding any Principal Investor); and (iii)&nbsp;a Permitted Transferee of a Person
described in <U>clause (ii)</U> above, <U>provided</U> that such Permitted Transferee is, as of
such date, a member of, a Group of which Televisa and/or any of its Affiliates is a member with
respect to securities of the Corporation (excluding any Principal Investor); in each case under
<U>clauses (i)</U>, <U>(ii)</U> and <U>(iii)</U>, only if and to the extent such Person is then
a Stockholder and holds any Shares; <U>provided</U>, <U>further</U>, that BMPS2 shall not
constitute a Televisa Investor and Televisa shall not be responsible for any actions or failures to
act of BMPS2, but Televisa shall be deemed to hold the Shares held by BMPS2, including regardless
of any Transfer of Shares by BMPS2 under the Saban Arrangements.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Sell-Down</U>&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>THL</U>&#148; shall mean, as of any date, Thomas H. Lee Equity Fund VI, L.P., THL Equity Fund
VI Investors (Univision), L.P., and their respective Permitted Transferees, in each case only if
such Person holds any shares of Common Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>THL Co-Investment Vehicles</U>&#148; shall mean, as of any date, THL Equity Fund VI
Intermediate Investors (Univision), L.P., THL Equity Fund VI Intermediate Investors (Univision US),
L.P., THL Equity Fund VI Investors (GS), LLC, and their respective successor entities, and any
Affiliated Fund thereof if, in each case, (i)&nbsp;substantially all of the equity thereof (including
amounts paid for the acquisition of any Convertible Securities to subscribe for, purchase or
otherwise acquire such equity) has not been contributed by the same investors, partners and members
as contributed to the equity of THL, (ii)&nbsp;such entity has been formed for the main purpose of
investing in the Corporation or any Affiliate thereof, and (iii)&nbsp;such entity owns shares of Common
Stock. For the avoidance of doubt, neither THL Equity Fund VI Investors (Univision), L.P. nor any
successor thereof shall be deemed to be a Co-Investment Vehicle for the purposes of these By-Laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>THL Investors</U>&#148; shall mean, as of any date, THL, the THL Co-Investment Vehicles, and
their respective Permitted Transferees, in each case only if such Person holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Total Combined Investment</U>&#148; shall mean with respect to a Person or group of Persons at
any time, the aggregate number of shares of Common Stock (including shares of Common Stock
underlying the outstanding TV Debentures and the outstanding TV Warrants) then held by such Person
or group of Persons.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>TPG</U>&#148; shall mean, as of any date, TPG Umbrella IV, L.P., TPG Media V-AIV 1, L.P., TPG
Umbrella International IV, L.P., TPG Media V-AIV 2, L.P. and their respective Permitted
Transferees, in each case only if such Person holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>TPG Co-Investment Vehicles</U>&#148; shall mean, as of any date, TPG Umbrella Co-Investment,
L.P., TPG Umbrella International Co-Investment, L.P., and their respective successor entities, and
any Affiliated Fund thereof if, in each case, (i)&nbsp;substantially all of the equity thereof
(including amounts paid for the acquisition of any Convertible Securities to subscribe for,
purchase or otherwise acquire such equity) has not been contributed by the same investors, partners
and members as contributed to the equity of TPG, (ii)&nbsp;such entity has been formed for the main
purpose of investing in the Corporation or any Affiliate thereof, and (iii)&nbsp;such entity owns
Shares. For the avoidance of doubt, neither TPG Umbrella International IV, L.P., TPG Umbrella
International V, L.P. nor any successor thereof shall be deemed to be a Co-Investment Vehicle for
the purposes of these By-Laws.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>TPG Investors</U>&#148; shall mean, as of any date, TPG, the TPG Co-Investment Vehicles, and
their respective Permitted Transferees, in each case only if such Person holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Transaction Agreements</U>&#148; shall mean the Investment Agreement, the Principal Investor
Agreement, the Stockholders Agreement, the Participation, Registration Rights and Coordination
Agreement, the TV Debentures, the TV Warrants, the Service Agreements, the Certificate of
Incorporation and these By-laws, the organizational documents of BMPH and Univision and the Letter
of Credit (as defined in the Investment Agreement).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Transfer</U>&#148; shall mean any sale, pledge (provided that the term &#147;Transfer&#148; shall not be
deemed to include a pledge of any Shares pursuant to a bona fide financing with a financial
institution, commercial lender or other bona fide provider of debt financing, but shall be deemed
to include a foreclosure on, or subsequent Transfer of, any such pledged Shares), assignment,
encumbrance or other transfer or disposition of any Shares (or any voting or economic interest
therein) to any other Person, whether directly, indirectly, voluntarily, involuntarily, by
operation of law, pursuant to judicial process or otherwise. For the avoidance of doubt, it shall
constitute a &#147;Transfer&#148; subject to the restrictions on Transfer contained or referenced in Section
3 of the Stockholders Agreement (a)&nbsp;if a transferee is not an individual, a trust or an estate, and
the transferor or an Affiliate thereof ceases to control such transferee, (b)&nbsp;with respect to an
Acquisition Holdco, or a holder of Shares which was formed for the purpose of holding Shares, there
is a transfer of the equity interests of such Acquisition Holdco or holder other than to a
Permitted Transferee of such Acquisition Holdco or holder or of the party transferring the equity
of such holder or (c)&nbsp;with respect to an Affiliate of Televisa of which the Shares held by such
Affiliate constitute a majority of the value of such Affiliate, there is a direct Transfer of the
equity interests of such Affiliate other than to a Permitted Transferee of such Affiliate or of the
party transferring the equity of such Affiliate or to the shareholders of any publicly traded
parent entity of such Affiliate. For the avoidance of doubt, a conversion of Class&nbsp;A Common Stock,
Class&nbsp;B Common Stock, Class&nbsp;C Common Stock and/or Class&nbsp;D Common Stock into Common Stock of any
such other classes pursuant to the Charter shall not be deemed as a Transfer. For the avoidance of
doubt, any Transfer of Units shall be treated as a Transfer of a proportional number of Shares held
by BMPS1 or BMPS2, as applicable (based on the total number of Units outstanding and the total
number of Shares held by BMPS1 or BMPS2, as the case may be), in each case, as of immediately prior
to such Transfer. No securities transferred to or held by BMPS1 or BMPS2 will be deemed to have
been Transferred until they are sold by BMPS1 or BMPS2, as applicable. Notwithstanding the
foregoing, with respect to securities acquired by BMPS2 from any Televisa Investor, such securities
will continue to be deemed to be securities held by Televisa regardless of any Transfer by BMPS2
under the Saban Arrangements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>TV Debentures</U>&#148; shall mean the 1.5% convertible debentures due 2025 initially issued
to Televisa pursuant to the Investment Agreement.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>TV Warrants</U>&#148; shall mean the Corporation warrants exercisable for shares of Class&nbsp;A
Common Stock, Class&nbsp;C Common Stock and/or Class&nbsp;D Common Stock, as applicable, issuable under
certain circumstances pursuant to the TV Debentures and the Transaction Agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Units</U>&#148; shall have the meaning set forth in the BMPS1 LLC Agreement and the BMPS2 LLC
Agreement, as applicable.
</DIV>

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


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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Subject to the Certificate of Incorporation and the Principal Investor Agreement, the Board of
Directors shall have power to adopt, amend or repeal the Corporation&#146;s By-laws. Subject to the
Certificate of Incorporation and the Principal Investor Agreement, By-laws adopted by the Board of
Directors may be repealed or changed, and new By-laws made, by the stockholders.
</DIV>

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


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>Relationship to Transaction Agreements</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The provisions of these By-laws are in all cases subject to the rights and obligations under
the Transaction Agreements of the Corporation and the other parties thereto.
</DIV>

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



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

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




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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.24
<SEQUENCE>7
<FILENAME>c19172exv4w24.htm
<DESCRIPTION>EXHIBIT 4.24
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 4.24</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;4.24</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><U>EXECUTION VERSION</U>
</DIV>



<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">AMENDED AND RESTATED STOCKHOLDERS AGREEMENT

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">by and among

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">Broadcasting Media Partners, Inc.

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">Broadcast Media Partners Holdings, Inc.

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">Univision Communications Inc.

</DIV>

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

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">Certain Stockholders of Broadcasting Media Partners, Inc.

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">Dated as of December&nbsp;20, 2010

</DIV>


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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">1. EFFECTIVENESS; DEFINITIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.1 Closing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.2 Definitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2. VOTING AGREEMENT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.1 Significant Transactions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.2 Consent to Amendment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.3 Limitation of Proxy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.4 Bank Investors&#146; Voting Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.5 The Company and BMPH</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.6 Period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3. TRANSFER RESTRICTIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.1 Transfers Allowed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.2 Certain Transferees to Become Parties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.3 Restrictions on Transfers to Competitors, Restricted Persons and
Foreign Persons</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.4 Impermissible Transfer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.5 Notice of Transfer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.6 Other Restrictions on Transfer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.7 Period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.8 Transfer by Principal Investors and Principal Investor Groups</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.9 Restrictions on Stock Ownership and Transfer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">4. &#147;TAG ALONG&#148; AND &#147;DRAG ALONG&#148; RIGHTS, PREFERENTIAL RIGHT OF FIRST REFUSAL AND RIGHT OF FIRST OFFER</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.1 Tag Along</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.2 Change of Control Drag Along</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.3 Recapitalization Transaction Drag Along</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.4 Miscellaneous Sale Provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.5 Preferential Right of First Refusal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.6 Right of First Offer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.7 The Televisa Investors&#146; Rights and Obligations in the Event of a Sponsor Sale

</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.8 The Televisa Investors&#146; Rights and Obligations in the Event of a Merger Exit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.9 Compliance with Sponsor Sale and Merger Exit Procedures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.10 Tax Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.11 Period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.12 Exchanges of Equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.13 Other Mergers and Similar Transactions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<tr>
<TD>&nbsp;</TD>
</tr>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5. MAXIMUM EQUITY PERCENTAGE; MAXIMUM CAPITAL PERCENTAGE; HOLDER LOCK UP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.1 Maximum Equity Percentage; Maximum Capital Percentage</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.2 Holder Lock Up</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.3 Liquidity Process for Televisa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.4 Demand Public Offering</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.5 Strategic ROFO</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.6 Miscellaneous</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6. REMEDIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.1 Generally</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.2 Deposit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7. LEGENDS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.1 Restrictive Legend</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.2 1933 Act Legends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.3 Stop Transfer Instruction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.4 Termination of 1933 Act Legend</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.5 Shares Held by Co-Investment Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.6 Shares Held by Televisa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.7 Waiver of Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8. AMENDMENT, TERMINATION, ETC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.1 Oral Modifications</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.2 Written Modifications</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.3 Withdrawal from Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.4 Effect of Termination</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Page</B></TD>
    <TD>&nbsp;</TD>

</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr>
<TD>&nbsp;</TD>
</tr>

<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">9. DEFINITIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.1 Certain Matters of Construction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.2 Definitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">10. MISCELLANEOUS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.1 Authority; Effect</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.2 Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.3 Entire Agreement; No Assignment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.4 Descriptive Heading</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.5 Counterparts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.6 Severability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.7 No Recourse</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.8 Aggregation of Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.9 Obligations of Company, BMPH and Univision</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.10 Confidentiality; Non-Solicitation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.11 Opportunities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.12 Information Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.13 Consent to Notice of Stockholders Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.14 Certain Limitations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">11. GOVERNING LAW</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.1 Governing Law</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.2 Consent to Jurisdiction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.3 WAIVER OF JURY TRIAL</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.4 Exercise of Rights and Remedies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.5 No Third Party Beneficiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.6 No Derogation of Other Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.7 No Partnership, Agency, or Joint Venture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>AMENDED AND RESTATED STOCKHOLDERS AGREEMENT</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">This Amended and Restated Stockholders Agreement (the &#147;<U>Agreement</U>&#148;) is made as of December
20, 2010 by and among:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Broadcasting Media Partners, Inc., a Delaware corporation (f/k/a Umbrella
Holdings, LLC, and together with its successors and permitted assigns, the
&#147;<U>Company</U>&#148;);</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Broadcast Media Partners Holdings, Inc., a Delaware corporation (together with
its successors and permitted assigns, &#147;<U>BMPH</U>&#148;);</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Univision Communications Inc., successor in interest to Umbrella Acquisition,
Inc., a Delaware corporation (&#147;<U>Univision</U>&#148;);</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>BMPI Services LLC, a Delaware limited liability company (&#147;<U>BMPS1</U>&#148;);</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>BMPI Services II, LLC, a Delaware limited liability company (&#147;<U>BMPS2</U>&#148;);</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each Person executing this Agreement as a Principal Investor (collectively with
their Permitted Transferees and so long as they are members of a Principal Investor
Group, the &#147;<U>Principal Investors</U>&#148;);</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Grupo Televisa, S.A.B., a corporation organized under the laws of Mexico
(collectively with its Permitted Transferees, &#147;<U>Televisa</U>&#148;);</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each Person executing this Agreement as a Bank Investor (collectively with their
Permitted Transferees, the &#147;<U>Bank Investors</U>&#148;);</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each Person executing this Agreement as an Other Investor (collectively with
(A)&nbsp;their Permitted Transferees, (B)&nbsp;Persons who executed this Agreement as Principal
Investors who have ceased to be members of a Principal Investor Group and (C)&nbsp;Persons
who are transferees of the Televisa Investors (other than New Televisa Investors and
Permitted Transferees of Televisa) that are required to execute this Agreement in
accordance with the terms of this Agreement, the &#147;<U>Other Investors</U>&#148; and together
with BMPS1, BMPS2, the Principal Investors, Televisa and the Bank Investors, the
&#147;<U>Investors</U>&#148;);</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each Person executing this Agreement as a Manager and such other Persons, if
any, that from time to time become party hereto as Managers (collectively, the
&#147;<U>Managers</U>&#148;); and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such other Persons, if any, that from time to time become party hereto as
transferees of Shares pursuant to <U>Section&nbsp;3.2</U> (collectively, together with the
Investors and the Managers, the &#147;<U>Stockholders</U>&#148;) in accordance with the terms
hereof.</TD>
</TR>

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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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


</TABLE>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;Each of the Company, BMPH and Umbrella Acquisition, Inc. (&#147;<U>Acquisition Sub</U>&#148;), were
formed for the purpose of engaging in a transaction in which Acquisition Sub was merged with and
into Univision, on March&nbsp;29, 2007 (the &#147;<U>Merger Closing</U>&#148;), with Univision surviving (the
&#147;<U>Merger</U>&#148;) pursuant to an Agreement and Plan of Merger between the Company, Acquisition Sub
and Univision dated as of June&nbsp;26, 2006 (as amended from time to time, the &#147;<U>Merger
Agreement</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;Upon the Merger Closing, shares of common stock of Acquisition Sub were automatically
converted into shares of common stock of Univision, and BMPH thereby holds all of the issued and
outstanding common stock of Univision. In addition, and in connection with the Merger Closing, the
Company, BMPH, Univision, the Principal Investors, the Bank Investors, the Managers and certain
other stockholders of the Company entered into the Stockholders Agreement, dated as of March&nbsp;29,
2007 (as amended from time to time, the &#147;<U>2007 Stockholders Agreement</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;On November&nbsp;23, 2010, the parties to the 2007 Stockholders Agreement entered into a
Recapitalization Agreement (the &#147;<U>Recapitalization Agreement</U>&#148;), pursuant to which the
following events occurred (the &#147;<U>Recapitalization</U>&#148;):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(i)&nbsp;the Company amended and restated its existing Amended and Restated Certificate of
Incorporation (the &#147;<U>Interim Charter</U>&#148;), which amendment provided for (A)&nbsp;the
authorization of the Class&nbsp;A Common Stock and Class&nbsp;B Common Stock and (B)&nbsp;the
reclassification of all shares of the Company&#146;s outstanding common stock into Class&nbsp;A Common
Stock or Class&nbsp;B Common Stock as set forth in the Recapitalization Agreement and the Interim
Charter;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(ii)&nbsp;each Stockholder exchanged the issued and outstanding securities of the Company
and of BMPH held by such Stockholder as follows: (A)&nbsp;each holder of shares of 8.64%
Cumulative Preferred Stock of BMPH, par value $.001 per share contributed such shares to the
Company and received, in exchange for such shares, shares of Class&nbsp;A Common Stock and/or
Class&nbsp;B Common Stock; (B)&nbsp;each holder of shares of Class&nbsp;A-1 common stock of the Company,
par value $.001 per share received, in exchange for such shares, which shares were
reclassified as, shares of Class&nbsp;A Common Stock; (C)&nbsp;each holder of shares of Class&nbsp;A-2
common stock of the Company, par value $.001 per share received, in exchange for such
 shares, which shares were reclassified as, shares of Class&nbsp;B Common Stock; (D)&nbsp;each holder
of shares of Class&nbsp;L-1 common stock of the Company, par value $.001 per share received, in
exchange for such shares, which shares were reclassified as, shares of Class&nbsp;A Common Stock;
and (E)&nbsp;each holder of shares of Class&nbsp;L-2 common stock of the Company, par value $.001 per
share received, in exchange for such shares, which shares were reclassified as, shares of
Class&nbsp;B Common Stock in each case, pursuant to the terms of the Interim Charter and the
Recapitalization Agreement and subject to the conditions of the Recapitalization Agreement;
and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iii)&nbsp;all of the outstanding capital stock of BMPH is currently owned by the Company
and no preferred stock of BMPH is outstanding.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.&nbsp;In connection with the Recapitalization, the parties to the 2007 Stockholders Agreement
amended and restated such agreement in its entirety (the &#147;<U>2010 Stockholders Agreement</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.&nbsp;Televisa has entered into an Investment Agreement, dated as of the date hereof (as amended
from time to time, the &#147;<U>Investment Agreement</U>&#148;) with Pay-TV Venture, Inc., the Company,
BMPS2 and Univision, pursuant to which, among other things, (a)&nbsp;Televisa will, on the terms and
conditions set forth therein acquire, or cause one of its subsidiaries to acquire, (i)&nbsp;certain
shares of Class&nbsp;C Common Stock and Class&nbsp;D Common Stock, (ii)&nbsp;1.5% convertible debentures issued by
the Company and convertible into shares of Class&nbsp;A Common Stock, Class&nbsp;B Common Stock, Class&nbsp;C
Common Stock and/or Class&nbsp;D Common Stock, as applicable, and/or warrants of the Company exercisable
for shares of Class&nbsp;A Common Stock, Class&nbsp;C Common Stock and/or Class&nbsp;D Common Stock, as
applicable, and (iii)&nbsp;Units from BMPS2 and (b)&nbsp;Univision will, on the terms and conditions set
forth therein, acquire the TuTV Interest from Pay-TV Venture, Inc. (<U>clauses (a)</U> and
<U>(b)</U> collectively, the &#147;<U>Televisa Investment</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.&nbsp;Immediately following the consummation of the closing of the Televisa Investment pursuant
to the terms and conditions of the Investment Agreement (the &#147;<U>Televisa Closing</U>&#148;), the
outstanding Common Stock, Units and Convertible Securities of the Company will be held as set forth
on <U>Schedule&nbsp;I</U> hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.&nbsp;In connection with the Televisa Investment, the parties believe that it is in the best
interests of the Company, BMPH, Univision and the Stockholders to amend and restate the 2010
Stockholders Agreement and to replace it in its entirety with this Agreement.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Therefore, the parties hereto hereby agree as follows:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>EFFECTIVENESS; DEFINITIONS.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.1 <U>Closing</U>. This Agreement shall become effective upon the Televisa Closing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.2 <U>Definitions</U>. Certain terms are used in this Agreement as specifically defined
herein. These definitions are set forth or referred to in <U>Section&nbsp;9</U> hereof.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="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>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>VOTING AGREEMENT</B>.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.1 <U>Significant Transactions</U>. In each case, subject to any applicable provisions of
the Principal Investor Agreement and the Charter, each holder of Shares (other than the Bank
Investors and the Televisa Investors) hereby appoints, for as long as there are any Principal
Investors remaining, each Principal Investor as its proxy to vote such holder&#146;s Shares, whether
at a meeting or by written consent in accordance with such holder&#146;s agreements contained in this
<U>Section&nbsp;2.1</U> that require approval of the Majority Principal Investors, and, for as long
as there are any PITV Investors remaining, each PITV Investor as its proxy to vote such holder&#146;s
Shares, whether at a meeting or by written consent in accordance with such holders agreements
contained in this <U>Section&nbsp;2.1</U> that require approval of the Majority PITV Investors,
which proxy shall be valid and remain in effect until the applicable provisions of this
<U>Section&nbsp;2.1</U> expire pursuant to <U>Section&nbsp;2.6</U>; <U>provided</U>, that at any time a
Principal Investor that is not eligible to vote its Shares or consent on any of the matters
contained in this <U>Section&nbsp;2.1</U>, such Principal Investor shall not be eligible to act as
proxy in connection with such matter. The power and authority to exercise the proxy granted
hereby shall be exercised if and only if the matter to be voted on has been approved by the
Majority Principal Investors or Majority PITV Investors, as applicable, and shall be exercised on
terms consistent with such approval. The proxy granted hereby is irrevocable and coupled with an
interest sufficient in Law to support an irrevocable power. Each Principal Investor who is
granted such proxy agrees that it shall only be voted in a manner consistent with such holder&#146;s
agreements with respect to voting contained in this <U>Section&nbsp;2.1</U>.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">2.1.1 <U>Change of Control Transactions</U>. If a vote of holders of Shares (or any
class or series of Shares) is required under any applicable Law in connection with a Change
of Control transaction being implemented pursuant to <U>Section&nbsp;4.2</U> or is determined to
be otherwise desirable by the Majority Principal Investors in connection with a transaction
being implemented pursuant to <U>Section&nbsp;4.2</U>, each holder of Shares (other than the
Bank Investors and the Televisa Investors) agrees to cast all votes to which such holder is
entitled in respect of the Shares, whether at any annual or special meeting, by written
consent or otherwise, in such manner as the Majority Principal Investors may instruct by
written notice to approve any sale, merger, consolidation, reorganization or any other
transaction or series of transactions involving the Company or its subsidiaries (or all or
any portion of their respective assets) in connection with, or in furtherance of, the
exercise by the Majority Principal Investors of their rights under <U>Section&nbsp;4.2</U> and
in all cases consistent with the provisions of such Section.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">2.1.2 <U>Recapitalization Transactions</U>. If a vote of holders of Shares (or any
class or series of Shares) is required under any applicable Law in connection with a
Recapitalization Transaction being implemented pursuant to <U>Section&nbsp;4.3</U> or is
determined to be otherwise desirable by the Majority Principal Investors in connection with
a Recapitalization Transaction being implemented pursuant to <U>Section&nbsp;4.3</U>, each
holder of Shares (other than the Bank Investors and the Televisa Investors) agrees to cast
all votes to which such holder is entitled in respect of the Shares, whether at any annual
or special meeting, by written consent or otherwise, in such manner as the Majority
Principal Investors may instruct by written notice to approve any aspect or aspects of such
Recapitalization Transaction in connection with, or in furtherance of, the exercise by the
Majority Principal Investors of their rights under <U>Section&nbsp;4.3</U> and in all cases
consistent with the provisions of such Section.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">2.1.3 <U>Election of Members of the Board</U>. If a vote of holders of Shares (or any
class or series of Shares) is required under any applicable Law in connection with the
election of members of the Board, each holder of Shares (other than the Bank Investors and
the Televisa Investors) agrees to cast all votes to which such holder is entitled in respect
of the Shares, whether at any annual or special meeting, by written consent or otherwise, in
such manner as the Majority PITV Investors may instruct by written notice to approve such
election.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">2.1.4 <U>Charter Amendments</U>. Each holder of Shares (other than the Bank Investors
and the Televisa Investors) agrees to cast all votes to which such holder is entitled in
respect of the Shares, whether at any annual or special Meeting, by written consent or
otherwise, in such manner as the Majority Principal Investors may instruct by written notice
to approve any amendment to the Charter that is approved by the Majority Principal Investors
and if applicable, by a Majority in Interest of the holders of any class of Shares to the
extent such amendment, by its terms, Discriminates against such class of Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.2 <U>Consent to Amendment</U>. Each holder of Shares (including the Bank Investors but
not the Televisa Investors) agrees to cast all votes to which such holder is entitled in respect
of the Shares, whether at any annual or special meeting, by written consent or otherwise, in such
manner as the Majority PITV Investors may instruct by written notice to increase the number of
authorized shares of Class&nbsp;A Common Stock, Class&nbsp;B Common Stock, Class&nbsp;C Common Stock or Class&nbsp;D
Common Stock to the extent necessary to permit the Company to comply with the provisions of the
Charter with respect to the conversion of shares of Common Stock. For so long as there are any
Principal Investors remaining, each holder of Shares (other than the Bank Investors and the
Televisa Investors) hereby appoints each Principal Investor as its proxy to vote such holder&#146;s
Shares, whether at a meeting or by written consent in accordance with such holder&#146;s agreements
contained in this <U>Section&nbsp;2.2</U>, which proxy shall be valid and remain in effect until the
applicable provisions of this <U>Section&nbsp;2.2</U> expire pursuant to <U>Section&nbsp;2.6</U>. The
power and authority to exercise the proxy granted hereby shall be exercised if and only if the
matter to be voted on has been approved by the Majority PITV Investors and shall be exercised on
terms consistent with such approval. The proxy granted hereby is irrevocable and coupled with an
interest sufficient in Law to support an irrevocable power. Each Principal Investor who is
granted such proxy agrees that it shall only be voted in a manner consistent with such holder&#146;s
agreements with respect to voting contained in this <U>Section&nbsp;2.2</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.3 <U>Limitation of Proxy</U>. For the avoidance of doubt, except as expressly
contemplated by this <U>Section&nbsp;2</U>, none of the Principal Investors has been granted a proxy
to exercise the rights of any Stockholder under this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.4 <U>Bank Investors&#146; Voting Agreement</U>. For so long as there are any Principal
Investors remaining, until the applicable provisions of this <U>Section&nbsp;2.4</U> expire pursuant
to <U>Section&nbsp;2.6</U>, each Bank Investor agrees to cast all votes to which such holder is
entitled in respect of the Shares, whether at any annual or special meeting, by written consent
or otherwise, in such manner as the Majority Principal Investors may instruct by written notice
with respect to the matters set forth in <U>Sections&nbsp;2.1.1</U>, <U>2.1.2</U> and <U>2.1.4</U>
and the Majority PITV Investors may instruct by written notice with respect to the matters set
forth in <U>Sections&nbsp;2.1.3</U> and <U>2.2</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.5 <U>The Company and BMPH</U>. The Company and BMPH will not, and will cause their
respective Subsidiaries not to, give effect to any action by any holder of Shares or any other
Person which is in contravention of this <U>Section&nbsp;2</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.6 <U>Period</U>. Each of the foregoing provisions of this <U>Section&nbsp;2</U> shall expire
on the earlier of (a)&nbsp;a Change of Control (other than a Change of Control involving any Purchaser
of Control, as provided in <U>Section&nbsp;3.8</U> below), and (b)&nbsp;the Principal Investor Sell-Down.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt">
<TABLE width="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>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>TRANSFER RESTRICTIONS</B>.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.1 <U>Transfers Allowed</U>. Until the expiration of the provisions of this <U>Section
3</U>, and subject to <U>Section&nbsp;3.6</U>, no Stockholder shall Transfer any of such
Stockholder&#146;s Shares to any other Person except as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">3.1.1 <U>Permitted Transferees</U>. Subject to <U>Section&nbsp;3.3</U>, but without
regard to any other restrictions on transfer contained elsewhere in this Agreement, any
Stockholder may Transfer any or all of such Shares to such Stockholder&#146;s Permitted
Transferees, so long as such Permitted Transferees agree to be bound by the terms of this
Agreement, the Principal Investor Agreement, and the Participation, Registration Rights and
Coordination Agreement to the extent such Stockholder is a party thereto in accordance with
<U>Section&nbsp;3.2</U> (if not already bound hereby).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">3.1.2 <U>Distributions and Bona Fide Charitable Contributions</U>. At or after the
closing of the Qualified Public Offering, (a)&nbsp;any Investor may Transfer any or all of such
Shares in a bona fide, pro rata Transfer to its partners, members, managers or stockholders
(e.g., a pro rata distribution by a private equity partnership to its partners or by a
corporation to its stockholders) (<U>provided</U> that each such transferee shall agree to
be bound by <U>Section&nbsp;4.1</U> as an &#147;Other Investor&#148; hereunder in accordance with
<U>Section&nbsp;3.2</U> (if not already bound hereby)), and (b)&nbsp;any holder of Shares may
Transfer any or all of such Shares to a Charitable Organization as a bona fide charitable
contribution without consideration, in each case, without regard to any other restrictions
on Transfer contained elsewhere in this Agreement (other than the provisions of <U>Sections
3.6</U> and <U>5</U>, if applicable). Except as otherwise provided in <U>clause (a)</U>
above, any Shares so Transferred shall conclusively be deemed thereafter not to be Shares
under this Agreement, and the transferees thereof shall not become parties to this Agreement
with respect thereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">3.1.3 <U>Public Transfers</U>. Any Stockholder may Transfer any or all of such
Stockholder&#146;s Shares: (a)(i) in any Public Offering up to and including the Qualified Public
Offering (but only to the extent the Majority PITV Investors (or, if there are no PITV
Investors remaining, the Company) so determine(s); <U>provided</U> that the Majority PITV
Investors or the Company, as applicable, shall grant or withhold such consent on an
equitable basis (<I>e.g.</I>, pro rata in proportion to ownership of Shares) with respect to
Stockholders who wish to Transfer Shares in a particular Public Offering), or (ii)&nbsp;in any
Public Offering subsequent to the Qualified Public Offering; or (b)&nbsp;after the closing of a
Qualified Public Offering, pursuant to (x)&nbsp;a block sale to a financial institution in the
ordinary course of its trading business, or (y)&nbsp;any Transfer following an Initial Public
Offering pursuant to Rule&nbsp;144, in the case of <U>clauses (a)</U> and <U>(b)</U>, subject
to the Participation, Registration Rights and Coordination Agreement, but without regard to
any other restrictions on transfer contained elsewhere in this Agreement (other than the
provisions of <U>Sections&nbsp;3.6</U> and <U>5.2</U>, if applicable); <U>provided</U> that
the Prospective Selling Stockholder does not direct, request or encourage such underwriters,
market makers or
block sale purchasers to resell such shares to any Person who is a Restricted Person or
non-U.S. Person for purposes of Federal Communications Laws (in all cases, without taking
into account for such purposes any foreign attribution related to non-controlling equity
owners of any entity organized under the Laws of a state of the United States of America
(i.e., only ownership by a non-U.S. Person or group that owns a majority of voting equity,
or directly or indirectly has the right to or does nominate or designate a majority of the
members of the board of directors or similar body, of an entity organized under the Laws of
a state of the United States of America will be taken into account)) (for the avoidance of
doubt, nothing in this <U>Section&nbsp;3.1.3</U> shall restrict the Transfer of Shares to a
nationally recognized underwriter, in its capacity as an underwriter of a public
underwritten offering where such underwriter agrees to undertake in good faith to sell such
Shares within two (2)&nbsp;Business Days after its acquisition thereof). Shares Transferred
pursuant to this <U>Section&nbsp;3.1.3</U> shall conclusively be deemed thereafter not to be
Shares under this Agreement, and the transferees thereof shall not become parties to this
Agreement with respect thereto.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">3.1.4 <U>Tag Along and Drag Along; Purchases from Management; Other Televisa
Transfers</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b) <U>Change of Control Drag Along</U>. A Stockholder may Transfer any or
all of such Shares pursuant to <U>Section&nbsp;4.2</U>, without regard to any other
restrictions on Transfer contained elsewhere in this Agreement (other than the
provisions of <U>Sections&nbsp;3.3</U>, 4<U>.4</U> and <U>5</U>, if applicable) so
long as each transferee agrees to be bound by the terms of this Agreement in
accordance with <U>Section&nbsp;3.2</U> (if not already bound hereby). Shares so
Transferred shall conclusively be deemed thereafter to be Shares under this
Agreement in accordance with <U>Section&nbsp;3.2</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(c) <U>Recapitalization Transaction Drag Along</U>. Each Stockholder may
exchange, convert or Transfer any or all of its Shares pursuant to <U>Section
4.3</U> (including any Televisa Investors who elect, in their sole discretion, to
Transfer any or all of their Shares in such Recapitalization Transaction), without
regard to any other restrictions on Transfer contained elsewhere in this Agreement
(other than the provisions of <U>Section&nbsp;3.3</U>, if applicable). Shares received
upon such exchange, conversion or Transfer shall conclusively be deemed thereafter
to be Shares under this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(d) <U>Tag Along</U>. A Participating Seller may Transfer Shares pursuant to
and in accordance with the provisions of <U>Section&nbsp;4.1</U> without regard to any
other restrictions on Transfer contained elsewhere in this Agreement (other than the
provisions of <U>Sections&nbsp;3.3</U>, <U>3.6</U>. <U>4.4</U> and <U>5</U>, if
applicable) so long as each transferee agrees to be bound by the terms of this
Agreement, the Principal Investor Agreement, and the Participation, Registration
Rights and Coordination Agreement to the extent such Stockholder is a party thereto
in accordance with <U>Section&nbsp;3.2</U> (if not already bound hereby). Shares so
Transferred shall conclusively be deemed thereafter to be Shares under this
Agreement in accordance with <U>Section&nbsp;3.2</U>.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(e) <U>Management</U>. The Company may purchase Shares and Convertible
Securities from the management of the Company or any of its subsidiaries (other than
any partner, principal, employee or Affiliate of a Principal Investor, which, as of
the Televisa Closing, includes the Chairman of the Board of the Company), without
regard to any other restrictions on Transfer contained elsewhere in this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(f) <U>Other Televisa Transfers</U>. The Televisa Investors may Transfer any
or all of their Shares in a Sponsor Sale, Merger Exit or other Sale or Transfer
pursuant to and in accordance with the terms of <U>Section&nbsp;4</U>. In addition, in
the event that Televisa reasonably believes that its ownership of Shares at any time
could reasonably be expected to be subject to regulatory review due to, or
restricted by, Foreign Ownership Restrictions, then Televisa or a Televisa Investor
may, but is not required to, after notice to, and an opportunity for comment by, the
Company, (it being agreed that any such assignment shall be the sole decision of
Televisa and the Company shall have no consent right) assign their Shares to (i)&nbsp;an
FCC-Approved Trust, (ii)&nbsp;any other Person while regulatory or judicial relief is
being sought with respect to such Foreign Ownership Restrictions or (iii)&nbsp;any other
Person if the FCC has ordered that Televisa reduce its voting or equity ownership in
the Company, or Televisa has received written notification from the FCC of an
investigation with respect to Televisa&#146;s ownership of the Company, and provided in
either case in this <U>clause (iii)</U> that Televisa seeks regulatory or judicial
relief related to such order or investigation within six (6)&nbsp;months of the transfer
to such Person. The assignment set forth in the preceding sentence shall only be
for the period during which such Foreign Ownership Restrictions prevent Televisa
from holding such Shares or while Televisa is actively seeking regulatory or
judicial relief with respect to the Foreign Ownership Restrictions or from the
applicable order or investigation, as applicable (or in the case of <U>clause
(iii)</U> of the preceding sentence, prior to the six (6)&nbsp;month anniversary of the
transfer to the other Person and thereafter while Televisa is seeking regulatory or
judicial relief related to such order or investigation) and once such period
terminates, such FCC-Approved Trust or other Person shall assign such Shares to
Televisa or otherwise as permitted under the Transaction Documents or otherwise
comply with the terms of any applicable order of the FCC or regulatory or judicial
decision. Upon any such assignment set forth in this <U>Section&nbsp;3.1.4(e)</U>, the
FCC-Approved Trust or other Person to which such assignment is made shall become
party to this Agreement, the Principal Investor Agreement and the Participation,
Registration Rights and Coordination Agreement as a Televisa Investor to the extent
Televisa is a party thereto.
</DIV>



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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT THE OMITTED PORTIONS OF THIS
DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">3.1.5 <U>Other Transfers</U>. In addition to any Transfers made in accordance with
<U>Sections&nbsp;3.1.1</U>, <U>3.1.2</U>, <U>3.1.3</U> or <U>3.1.4</U>, (a)&nbsp;any Stockholder
(other than the Televisa Investors) may Transfer any or all of such Stockholder&#146;s Shares of
a single class or of multiple classes with the prior written consent of the Majority
Principal Investors (or, if there are no Principal Investors remaining, the Company);
<U>provided</U>, that following the earlier of (i)&nbsp;the closing of a Qualified Public
Offering and (ii)&nbsp;March&nbsp;29, 2012, the consent of the Majority Principal Investors (or the Company, if applicable) shall not
be required for any such Transfer; and (b)&nbsp;the Televisa Investors may Transfer any or all of
their respective Shares of a single class or of multiple classes (without the consent of the
Majority Principal Investors or the Company); <U>provided</U> in each case of <U>clause
(a)</U> and <U>(b)</U> that (x)&nbsp;such Transfer is in compliance with <U>Sections&nbsp;3.2</U>,
<U>3.3</U>, <U>3.5</U>, <U>3.6</U> and <U>4</U> and (y)&nbsp;each transferee agrees to be
bound by the terms of (i)&nbsp;this Agreement in accordance with <U>Section&nbsp;3.2</U> (if not
already bound hereby), (ii)&nbsp;the Participation, Registration Rights and Coordination
Agreement, and (iii)&nbsp;in the case of a Transfer by any PITV Investor, the Principal Investor
Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">3.1.6 <U>Restricted Period</U>. Notwithstanding anything to the contrary herein, no
Stockholders shall Transfer any Shares until after the *** of the Televisa Closing, except
pursuant to <U>Section&nbsp;3.1.1</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">3.1.7 <U>Transfer of Televisa Interests</U>. Nothing in this Agreement or the other
Transaction Agreements shall be deemed to prohibit, restrict, condition, or otherwise impact
(a)&nbsp;any sale of the capital stock, equity interests of other securities of Grupo Televisa,
S.A.B. or any subsidiary or any parent entity thereof so long as the Shares of the Company
do not constitute a majority of the value of such Person, (b)&nbsp;any spin-off, split-off or
other similar transactions of Grupo Televisa S.A.B. or any subsidiary or parent entity
thereof while shares of such Person are traded on a national exchange in Mexico or the
United States of America or any other internationally recognized stock exchange, or (c)&nbsp;any
sale of all or substantially all of the assets of Grupo Televisa, S.A.B. or any subsidiary
or parent entity thereof so long as the Shares of the Company do not constitute a majority
of the value of the assets being sold; <U>it</U> <U>being</U> <U>understood</U> that any
Person holding Shares in any transaction contemplated by <U>clause (b)</U> or <U>(c)</U>
shall agree to assume Televisa&#146;s obligations hereunder to the same extent as Televisa was
bound and shall be deemed to be &#147;Televisa&#148; for all purposes under the Transaction
Agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.2 <U>Certain Transferees to Become Parties</U>. Any transferee receiving Shares in a
Transfer pursuant to <U>Section&nbsp;3.1.1</U>, <U>3.1.4(a)</U>, <U>(b)</U>, <U>(c)</U> or
<U>(e)</U> or <U>3.1.5</U> shall become a Stockholder party to this Agreement and be subject to
the terms and conditions of, and be entitled to enforce, this Agreement, the Principal Investor
Agreement and the Participation, Registration Rights and Coordination Agreement to the extent
such Stockholder is a party thereto, to the same extent, and in the same capacity, as the
Stockholder that Transfers such Shares to such transferee; <U>provided</U>, that (a)&nbsp;only a
Permitted Transferee of a Principal Investor or a Purchaser of Control to whom all of the rights
and obligations of the Principal Investors have been transferred in accordance with <U>Section
3.8</U> will be deemed to be a &#147;Principal Investor&#148; for purposes of this Agreement, (b)(i) only a
Permitted Transferee of Televisa will be deemed to be &#147;Televisa&#148; for purposes of this Agreement
and (ii)&nbsp;only a Permitted Transferee of Televisa or a New Televisa Investor will be deemed to be
a &#147;Televisa Investor&#148; for purposes of this Agreement, (c)&nbsp;only a Permitted Transferee of a Bank
Investor will be deemed to be a &#147;Bank Investor&#148; for purposes of this Agreement, (d)&nbsp;only a
Permitted Transferee of an Other Investor or a Person that ceases to be a New Televisa Investor
will be deemed to be an &#147;Other Investor&#148; for purposes of this Agreement and (e)&nbsp;only a Permitted
Transferee of a Manager will be deemed to be a &#147;Manager&#148; for purposes of this Agreement. Prior
to the Transfer of any Shares to any transferee pursuant to <U>Section&nbsp;3.1.1</U>,
<U>3.1.4(a)</U>, <U>(b)</U>, <U>(c)</U> or <U>(e)</U> or <U>3.1.5</U>, and as a condition
thereto, each Stockholder effecting such Transfer (or in the case of a Transfer being
effectuated pursuant to <U>Section&nbsp;4.1</U>, the Prospective Selling Stockholder) shall (x)&nbsp;cause
such transferee to deliver to the Company and each of the PITV Investor Groups (other than the
PITV Investor Group of which the transferor is a member, if applicable) its written agreement, in
form and substance reasonably satisfactory to the Company, to be bound by the terms and
conditions of this Agreement, the Principal Investor Agreement and the Participation,
Registration Rights and Coordination Agreement to the extent such Stockholder is a party thereto,
to the extent described in the preceding sentence, and, (y)&nbsp;if such Transfer is to a Permitted
Transferee, remain directly liable for the performance by such Permitted Transferee of all
obligations of such transferee under this Agreement.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.3 <U>Restrictions on Transfers to Competitors, Restricted Persons and Foreign
Persons</U>. In addition to any other provision of this Agreement, but subject to <U>Section
3.3.4</U>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">3.3.1 <U>Transfers to Competitors</U>. No Stockholder shall Transfer any Shares
pursuant to <U>Sections&nbsp;3.1.1</U>, <U>3.1.4</U> or <U>3.1.5</U> to a Competitor (for the
avoidance of doubt, which term shall not include Televisa) without the prior written
approval of the Board as set forth below. If any Prospective Selling Stockholder proposes
to Transfer any Shares pursuant to <U>Sections&nbsp;3.1.1</U>, <U>3.1.4</U> or <U>3.1.5</U> to
any Prospective Buyer, the Prospective Selling Stockholder shall furnish a written notice
(which notice may be the same notice as (i)&nbsp;the Tag Along Notice, if any, delivered pursuant
to <U>Section&nbsp;4.1</U>, (ii)&nbsp;the Sale Notice, if any, delivered pursuant to <U>Section
4.6</U>, (iii)&nbsp;the Sponsor Sale Notice, if any, delivered pursuant to <U>Section&nbsp;4.7</U> or
(iv)&nbsp;the Merger Exit Notice, if any, delivered pursuant to <U>Section&nbsp;4.8</U>;
<U>provided</U>, that in the case of <U>clauses (i)</U>-<U>(iv)</U> such notice includes
all of the information required by the next sentence) to the Company and each PITV Investor
Group at least ten (10)&nbsp;Business Days prior to such proposed Transfer. Such notice shall
set forth the material terms of the proposed Transfer, including (a)&nbsp;the number and class of
the Shares to be Transferred, (b)&nbsp;the per share purchase price or the formula by which such
price is to be determined and (c)&nbsp;the name and address of the Prospective Buyer (if known).
If the Prospective Buyer (or an Affiliate thereof) has previously been determined by the
Board to be a Competitor and such determination has not been reversed by written notice to
all Stockholders, the Prospective Selling Stockholder shall not Transfer any Shares to such
Prospective Buyer without the written approval of the Board; <U>provided</U> that any
consideration of such Transfer by the Board shall exclude any designees of the Prospective
Selling Stockholders or their Affiliates. If the Prospective Buyer (or an Affiliate
thereof) has not previously been determined by the Board to be a Competitor, the Prospective
Selling Stockholder may Transfer Shares to such Prospective Buyer unless, within seven (7)
Business Days after the date of delivery of the notice required by the second sentence of
this <U>Section&nbsp;3.3.1</U>, the Board delivers written notice to the Prospective Selling
Stockholder that such Prospective Buyer has been designated a Competitor. If, within such
time period, a notice designating such Prospective Buyer a Competitor is delivered, then the
Prospective Selling Stockholder shall not Transfer any Shares to such Prospective Buyer
without the approval of the Board; <U>provided</U> that any consideration of such Transfer
by the Board shall exclude any designees of the Prospective Selling Stockholders or their
Affiliates. In the event any proposed Transfer to a Competitor is approved in accordance
with the foregoing, such approval shall also apply to Transfers made to such Prospective
Buyer by any Tag Along Sellers.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">3.3.2 <U>Transfers to Restricted Persons</U>. A Stockholder (other than a Televisa
Investor) shall not, and shall require its Permitted Transferees not to, and the Company
shall not, and shall require the Company&#146;s parent (if any) and subsidiary entities not to,
directly or indirectly Transfer or issue any Shares or other securities or all or
substantially all of the assets of the Company or the Company&#146;s parent (if any) or
subsidiaries to a Restricted Person, including pursuant to <U>Section&nbsp;3.1.1</U>,
<U>3.1.4</U> or <U>3.1.5</U>, without the prior written approval of the Majority Televisa
Investors. This <U>Section&nbsp;3.3.2</U> shall not apply with respect to any Transfer made
subsequent to a Televisa Sell-Down. For purposes of determining whether any Person
constitutes a Restricted Person, such determination shall be made as of immediately prior to
the date that the transferring Stockholder (other than a Televisa Investor) or its relevant
Transferees, or the Company, its subsidiaries, or its parent entities, as applicable,
expects to enter into a definitive agreement pursuant to which such Stockholder or its
relevant Transferees or the Company, its subsidiaries, or its parent entities, as the case
may be, agrees to Transfer or issue Shares or other securities or assets to such Person.
The Stockholders (other than the Televisa Investors) and the Company, its subsidiaries, and
its parent entities will use good faith efforts not to structure arrangements or agreements
in a manner to circumvent the provisions of this <U>Section&nbsp;3.3.2</U>, the definition of
&#147;Restricted Person&#148;, or the defined terms used herein or therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">3.3.3 <U>Transfers to Non-US Persons</U>. A Stockholder (other than a Televisa
Investor) shall not, and shall require its Permitted Transferees not to, Transfer Shares to
any Person which is known or reasonably should be known by such Stockholder or its Permitted
Transferees to be a non-U.S. Person for purposes of the Federal Communications Laws if, as a
result of such Transfer, the percentage ownership of voting interests and/or equity
interests of the Company owned directly or indirectly by non-U.S. Persons for purposes of
the Federal Communications Laws would increase as a result of such Transfer (in all cases,
without taking into account for such purposes any foreign attribution related to
non-controlling equity owners of any entity organized under the Laws of a state of the
United States of America (i.e., only ownership by a non-U.S. Person or group that owns a
majority of voting equity, or directly or indirectly has the right to or does nominate or
designate a majority of the members of the board of directors or similar body, of an entity
organized under the Laws of a state of the United States of America will be taken into
account)); <U>provided</U>, that this <U>Section&nbsp;3.3.3</U> shall not apply with respect to
any Transfer made subsequent to the later to occur of a Televisa Sell-Down or Televisa
owning less than 10% of the Common Stock of the Company (on a fully diluted, as-exercised
and as-converted basis). The Company agrees that it will not, except in an offering that is
a Public Offering, issue any capital stock or Convertible Securities to, or merge with or
into or otherwise combine with, any Person that is known or reasonably should be known by
the Company to be a Non-U.S. Person whose ownership of such issued capital stock or capital
stock underlying such Convertible Securities would, directly or indirectly, increase the
aggregate foreign ownership attributable to the Company under the Federal Communications
Laws (without taking into account for such purposes any foreign attribution related to
non-controlling equity owners of any entity organized under the Laws of a state of the
United States (i.e., only ownership by a non-U.S. Person or group that owns a majority of
voting equity, or directly or indirectly has the right to or does nominate or designate a
majority of the
members of the board of directors or similar body, of an entity organized under the
Laws of a state of the United States of America will be taken into account));
<U>provided</U>, that the Company may comply with any obligation with respect to the
exercise of Convertible Securities by any such Person so long as the Company did not
originally issue such Convertible Securities to such Person or any other such Non-U.S.
Person.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">3.3.4 Notwithstanding anything in this Agreement to the contrary, the restrictions in
<U>Section&nbsp;3.3.1</U>, <U>Section&nbsp;3.3.2</U> (other than the last sentence thereof) and
<U>Section&nbsp;3.3.3</U> shall not apply to any Transfers (a)&nbsp;to any Principal Investor or any
Affiliated Fund of any Principal Investor (for the sake of clarity, excluding portfolio
companies); (b)&nbsp;to Televisa or any of its Affiliates; (c)&nbsp;pursuant to Rule&nbsp;144 effected as
&#147;brokers&#146; transactions&#148; (as defined in Rule&nbsp;144) (<U>provided</U>, that <U>Section
3.3.1</U>, <U>Section&nbsp;3.3.2</U> (other than the last sentence thereof) and <U>Section
3.3.3</U> shall not apply to any Transfer by Bank Investors pursuant to Rule&nbsp;144, whether or
not effected as &#147;brokers&#146; transactions&#148;), (d)&nbsp;with respect a Transfer to Competitors only,
to any Purchaser of Control in connection with a Compliant Change of Control Transaction, or
(e)&nbsp;pursuant to any Public Offering or, following the Initial Public Offering, pursuant to
Rule&nbsp;144 directly to a &#147;market maker&#148; (as defined in Rule&nbsp;144) or pursuant to a genuine
block sale to a financial institution in the ordinary course of its trading business, in
each case under this <U>Section&nbsp;3.3.4</U>, provided that the Prospective Selling
Stockholder and the Company do not direct, request or encourage such underwriters, market
makers or block sale purchasers to resell such shares to any Person who is a Restricted
Person, Competitor or non-U.S. Person for purposes of Federal Communications Laws (in all
cases, without taking into account for such purposes any foreign attribution related to
non-controlling equity owners of entities organized under the jurisdiction of a state of the
United States of America (i.e., only ownership by a non-U.S. Person or group that owns a
majority of voting equity of or otherwise controls an entity organized under the
jurisdiction of a state of the United States of America will be taken into account)) (for
the avoidance of doubt, nothing in this <U>Section&nbsp;3.3.4</U> shall restrict the Transfer of
Shares to a nationally recognized underwriter, in its capacity as an underwriter of a public
underwritten offering where such underwriter agrees to undertake in good faith to sell such
Shares within two (2)&nbsp;Business Days after its acquisition thereof (<U>provided</U> that
<U>Section&nbsp;3.3.1</U>, <U>Section&nbsp;3.3.2</U> (other than the last sentence thereof) and
<U>Section&nbsp;3.3.3</U> shall not apply to any Transfer by Bank Investors pursuant to the
Initial Public Offering or, following the Initial Public Offering, pursuant to Rule&nbsp;144,
whether or not made directly to &#147;market makers&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.4 <U>Impermissible Transfer</U>. Any attempted Transfer of Shares not permitted under
the terms of this <U>Section&nbsp;3</U> shall be null and void, and the Company shall not in any way
give effect to any such impermissible Transfer. The Company agrees that it will not knowingly or
intentionally support, facilitate or cooperate (including by providing due diligence information,
making members of management available for meetings or discussions and giving representations,
warranties and/or indemnities) with respect to any Transfers by any holder of securities of the
Company party to this Agreement or any of its parent entities or subsidiaries which would violate
the terms of this Agreement, including restrictions on Transfers to Restricted Persons,
Competitors or non-U.S. Persons for purposes of the Federal Communications Laws and Transfers
that do not comply with the Change of Control process
in <U>Sections&nbsp;4.7</U> and <U>4.8</U>, as applicable. For the avoidance of doubt, any
Sponsor Sale or Merger Exit shall be subject to the terms of <U>Section&nbsp;3.3.2</U> and
<U>3.3.3</U>.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.5 <U>Notice of Transfer</U>. To the extent any Stockholder or Permitted Transferee shall
Transfer any Shares pursuant to <U>Section&nbsp;3.1.1</U> or <U>3.1.5</U>, such Stockholder or
Permitted Transferee shall, within five (5)&nbsp;Business Days following consummation of such
Transfer, deliver notice thereof to the Company and each PITV Investor Group; <U>provided</U>,
<U>however</U>, that such notice shall be provided to only the Company if prior notice of such
transaction was previously provided to each PITV Investor Group in accordance with <U>Section
3.2</U> or <U>3.3</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.6 <U>Other Restrictions on Transfer</U>. The restrictions on Transfer contained in this
Agreement are in addition to any other restrictions on Transfer to which a Stockholder may be
subject, including any restrictions imposed by applicable Law or restrictions on transfer
contained in the Charter or any restricted stock agreement, stock option agreement, stock
subscription agreement or other agreement to which such Stockholder is a party or by which it is
bound.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.7 <U>Period</U>. Unless specifically provided otherwise, each of the foregoing
provisions of <U>Sections&nbsp;3.1</U>, <U>3.2</U>, and <U>3.3.1</U> shall expire upon a Principal
Investor Sell-Down. For the avoidance of doubt, the provisions of <U>Section&nbsp;3.3.2</U> and
<U>3.3.3</U> shall survive any Public Offering and, in accordance with its terms, any Change of
Control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.8 <U>Transfer by Principal Investors and Principal Investor Groups</U>. Subject to any
applicable provisions of the Charter, the certificate of incorporation or similar organizational
documents of subsidiaries of the Company, the Principal Investor Agreement and <U>Sections
4.7</U>, <U>4.8</U> and <U>4.9</U> hereof, each PITV Investor agrees and acknowledges hereby
that each Principal Investor&#146;s and each Principal Investor Group&#146;s individual and collective
rights in their capacity as such under any and all of the applicable Transaction Agreements
(other than the Investment Agreement and the Service Agreements) (including such rights pursuant
to Sections&nbsp;2.1, 2.2, 2.3, 2.5 and 2.6 of the Principal Investors Agreement, but excluding the
rights retained by any such transferor as an &#147;Other Holder&#148; under this Agreement (including under
<U>Section&nbsp;4.1</U>) and as an &#147;Other Investor&#148; under the Participation, Registration Rights and
Coordination Agreement, in each case, by virtue of any Shares retained by such transferor), (i)
shall be fully transferred by such Principal Investors and Principal Investor Groups to such
Purchaser of Control in connection with a Compliant Change of Control Transaction with the result
that the Purchaser of Control will become and have all the rights of the Principal Investors and
Principal Investor Groups, and the rights so transferred shall not be retained by or shared with
the transferors, <U>provided</U> that such Purchaser of Control agrees to assume all of the
Principal Investors&#146; and Principal Investor Groups&#146; obligations hereunder and under any and all
applicable Transaction Agreements (but excluding the obligations that continue to be imposed on
any such transferor as an Other Holder under this Agreement and/or as an Other Investor under the
Participation, Registration Rights and Coordination Agreement by virtue of any Shares retained by
such transferor), in each case, to the same extent as the transferor was bound, and the
transferor remains bound as an Other Holder under this Agreement and as an Other Investor under
the Participation, Registration Rights and Coordination Agreement to the extent it owns any
Shares following such Compliant Change of Control Transaction, (ii)&nbsp;such transfer of rights to
and assumption of obligations by the Purchaser of Control shall not in
itself require any Televisa Investor&#146;s approval hereunder or under any of the other
Transaction Agreements or any other agreement (without prejudice to any approvals expressly
required for or in connection with, or other rights expressly provided with respect to, the
Compliant Change of Control Transaction, the Change of Control Procedures and other applicable
provisions of the Transaction Agreements), and (iii)&nbsp;any Purchaser of Control can thereafter
transfer all such rights (other than rights that it elects to terminate) and all such obligations
to any subsequent Purchaser of Control in connection with a Compliant Change of Control
Transaction; <U>provided</U> that none of the rights so transferred shall be retained by or
shared with the transferring Purchaser of Control and such subsequent Purchaser of Control shall
assume all of the Principal Investor Groups&#146; obligations under any and all of the applicable
Transaction Agreements (but excluding the obligations that continue to be imposed on any
transferor as an Other Holder under this Agreement and as an Other Investor under the
Participation, Registration Rights and Coordination Agreement by virtue of any Shares retained by
such transferor), in each case, to the same extent as the transferor Purchaser of Control was
bound, and the transferor Purchaser of Control remains bound as an Other Holder under this
Agreement and as an Other Investor under the Participation, Registration Rights and Coordination
Agreement to the extent that it owns any Shares following such Compliant Change of Control
Transaction. Notwithstanding any other provision in the Transaction Agreements to the contrary,
(x)&nbsp;the rights afforded to Principal Investors and Principal Investor Groups in their capacity as
such under this Agreement shall not terminate due to the Transfer of Shares held by Principal
Investors to a Purchaser of Control and the resulting reduction in the percentage ownership of
the Shares held by any Principal Investor shall not constitute a Principal Investor Sell-Down for
purposes of this Agreement, so long as all such rights are fully transferred to such Purchaser of
Control (and not retained by or shared with the transferors) and the obligations of the Principal
Investors in their capacity as such under the Transaction Agreements (other than the Investment
Agreement and the Service Agreements) are fully assumed by such Purchaser of Control to the same
extent as the transferors were bound, and (y)&nbsp;none of the rights or obligations of any of the
Principal Investors under the Service Agreements may be assigned or transferred to, or assumed
by, a Purchaser of Control (except for any rights or obligations assigned or transferred by a
Principal Investor to, and assumed by, a Purchaser of Control who is its Affiliate).
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">3.9 <U>Restrictions on Stock Ownership and Transfer</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">3.9.1 The Company may restrict or deprive the ownership, or proposed ownership, of
Company Securities of the Company by any Restricted Public Stockholder or other Person
(other than any Televisa Investor or any Principal Investor and their Permitted Transferees
or a Purchaser of Control) if such ownership or proposed ownership (a)&nbsp;is or could be
inconsistent with, or in violation of, any provision of the Federal Communications Laws, (b)
limits or impairs or could limit or impair any business activities or proposed business
activities of the Company under the Federal Communications Laws or (c)&nbsp;subjects or could
subject the Company to any law, regulation or policy under the Federal Communications Laws
to which the Company would not be subject but for such ownership or proposed ownership
(<U>clauses (a)</U>, <U>(b)</U> and <U>(c)</U> collectively, &#147;<U>FCC Regulatory
Limitations</U>&#148;); in each case so long as such restriction is approved by both Televisa and
the Majority Principal Investors (or, following a Principal Investor Sell-Down, both
Televisa and the Board). Notwithstanding anything
to the contrary herein, in no event may the Company take any action (x)&nbsp;in order to
comply with or the Federal Communications Laws that Discriminates against Televisa or the
Televisa Investors, (y)&nbsp;that restricts or deprives any Televisa Investor of the ownership,
or proposed ownership, of any securities of the Company, or (z)&nbsp;that adversely affects the
governance rights, rights to Board seats, approval rights, participation rights, liquidation
preference, participation rights, tag-along rights, exemption from drag-along obligations,
right of first offer, Preferential Rights or other rights or obligations of the Televisa
Investors set forth in this Agreement and the other Transaction Agreements or the rights of
any Televisa Investor with respect to a FCC Permitted Increase in Ownership. For purposes
of this <U>Section&nbsp;3.9</U>:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b) &#147;<U>Company Securities</U>&#148; shall mean both (i)&nbsp;as to any Person that is a
corporation, the authorized shares of such Person&#146;s capital stock, including all
classes of common, preferred, voting and nonvoting capital stock, and, as to any
Person that is not a Company or an individual, the ownership, membership,
partnership, limited liability company or other interests, as the case may be, in
such Person, including the right to share in profits and losses, the right to
receive distributions of cash and property, and the right to receive allocations of
items of income, gain, loss, deduction and credit and similar items from such
Person, whether or not such interests include voting or similar rights entitling the
holder thereof to exercise control over such Person; and (ii)&nbsp;securities and
obligations that, directly or indirectly, whether or not upon the satisfaction of
one or more conditions, are convertible into or exercisable or exchangeable for
&#147;Company Securities&#148; as described in <U>clause (i)</U> of this definition.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(c) &#147;<U>Restricted Public Stockholders</U>&#148; shall mean each stockholder of the
Company (other than the Televisa Investors and the Principal Investors) (i)&nbsp;that has
acquired Company Securities in a public offering pursuant to an effective
registration statement under the Securities Act, in a transaction meeting the
requirements of Rule&nbsp;144 of the Securities Act, in a block sale in the ordinary
course of such stockholder&#146;s trading business or otherwise in the public markets,
and (ii)&nbsp;whose ownership or proposed ownership thereof, or whose exercise of any
rights of ownership with respect thereto, results or could result in an FCC
Regulatory Limitation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>4.&nbsp;&#147;TAG ALONG&#148; AND &#147;DRAG ALONG&#148; RIGHTS, PREFERENTIAL RIGHT OF FIRST REFUSAL AND RIGHT OF FIRST
OFFER</B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.1 <U>Tag Along</U>. Subject to prior compliance with <U>Sections&nbsp;4.5</U> and
<U>4.6</U>, if any Prospective Selling Stockholder proposes to Sell any Shares of a single class
or of multiple classes to any Prospective Buyer(s) (including any Sale to Televisa pursuant to
<U>Section&nbsp;4.5</U> or a First Offer Purchaser pursuant to <U>Section&nbsp;4.6</U>) in a Transfer
that is subject to <U>Section&nbsp;3.1.5</U> (including a Sponsor Sale, if it is subject to
<U>Section&nbsp;3.1.5</U>) prior to the Principal Investor Sell-Down, then the following provisions
shall apply:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.1.1 <U>Notice</U>. The Prospective Selling Stockholder shall, prior to any such
proposed Transfer, furnish a written notice (the &#147;<U>Tag Along Notice</U>&#148;) to the Company,
which shall promptly furnish the Tag Along Notice to each Investor (other than (i)&nbsp;any
Investor that is the Prospective Buyer or a member of the Prospective Buyer&#146;s PITV Investor
Group, if applicable, or a member of the Prospective Selling Stockholder&#146;s PITV Investor
Group, if applicable, (ii)&nbsp;in connection with any Sponsor Sale with respect to which the
Televisa Investors will receive a Sponsor Sale Notice pursuant to <U>Section&nbsp;4.7.1</U>, the
Televisa Investors and, (iii)&nbsp;in connection with any proposed Transfer to Televisa pursuant
to <U>Section&nbsp;4.5</U>, Televisa) and each Manager who holds Tag Eligible Shares (each, a
&#147;<U>Tag Along Holder</U>&#148;). The Tag Along Notice shall include:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;the material terms and conditions of the proposed Sale, including (i)&nbsp;the
number and class of the Shares to be purchased from the Prospective Selling
Stockholder, (ii)&nbsp;the fraction(s) expressed as a percentage, determined by dividing
the number of Shares of each class to be purchased from the Prospective Selling
Stockholder by the total number of Tag Eligible Shares of each such class held by
the Prospective Selling Stockholder (for each class, the &#147;<U>Tag Along Sale
Percentage</U>&#148;) (it being understood that the Company shall reasonably cooperate
with the Prospective Selling Stockholder in respect of the determination of each
applicable Tag Along Sale Percentage), (iii)&nbsp;the per share purchase price or the
formula by which such price is to be determined and the payment terms, including a
description of any non-cash consideration sufficiently detailed to permit valuation
thereof, (iv)&nbsp;the name and address of each Prospective Buyer and (v)&nbsp;if known, the
proposed Transfer date; and
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(c)&nbsp;an invitation to each Tag Along Holder to make an offer to include in the
proposed Sale to the applicable Prospective Buyer(s) Tag Eligible Shares of the same
class(es) being sold by the Prospective Selling Stockholder held by such Tag Along
Holder (not in any event to exceed the Tag Along Sale Percentage of the total number
of Tag Eligible Shares of the applicable class held by such Tag Along Holder), on
the same terms and conditions (subject to <U>Section&nbsp;4.4.4</U> in the case of
Convertible Securities and subject to <U>Section&nbsp;4.4.1</U> under all
circumstances), with respect to each Share Sold, as the Prospective Selling
Stockholder shall Sell each of its Shares. For purposes of this <U>Section
4.1</U>, all shares of Common Stock will be treated as a single class and, subject
to <U>Section&nbsp;4.4.4</U>, all Convertible Securities will be treated as the same
class as Common Stock on an as-exercised or as-converted basis but subject to the
Prospective Buyer(s)&#146;s election to acquire the Convertible Securities instead of the
underlying shares of Common Stock in accordance with <U>Section&nbsp;4.4.4</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.1.2 <U>Exercise</U>. (a)&nbsp;Within seven (7)&nbsp;Business Days (or ten (10)&nbsp;Business Days,
if the proposed Transfer is not also the subject of a currently effective Preferential ROFR
Notice under <U>Section&nbsp;4.5</U> or a Sale Notice under <U>Section&nbsp;4.6</U>) after the date
of delivery of the Tag Along Notice by the Company to each applicable Investor or Manager or
(b)&nbsp;with respect to the Televisa Investors in the case of a Sponsor Sale with respect to
which the Televisa Investors will receive a Sponsor Sale Notice pursuant to <U>Section
4.7.1</U>, at any time on or before the Sponsor Sale Election Deadline, each Tag Along
Holder desiring to make an offer to include Tag Eligible Shares of the same class(es) being
sold by the Prospective Selling Stockholder in the proposed Sale (each a
&#147;<U>Participating Seller</U>&#148; and, together with the Prospective Selling Stockholder,
collectively, the &#147;<U>Tag Along Sellers</U>&#148;) shall furnish a written notice (the &#147;<U>Tag
Along Offer</U>&#148;) to the Prospective Selling Stockholder indicating the number of Tag
Eligible Shares of the same class(es) being sold by the Prospective Selling Stockholder
which such Participating Seller desires to have included in the proposed Sale (not in any
event to exceed the Tag Along Sale Percentage of the total number of Tag Eligible Shares of
the applicable class held by such Tag Along Holder). If the proposed Sale involves Shares
of multiple classes, each Participating Seller must include Tag Eligible Shares of each
class in the same proportions as are being sold by the Prospective Selling Stockholder.
Each Tag Along Holder who does not make a Tag Along Offer in compliance with the above
requirements, including the time period, shall have waived and be deemed to have waived all
of such holder&#146;s rights with respect to such Sale, and the Tag Along Sellers shall
thereafter be free to Sell to the Prospective Buyer, at a per share price no greater than
the per share price set forth in the Tag Along Notice and on other material terms and
conditions which are not materially more favorable to the Tag Along Sellers than those set
forth in the Tag Along Notice, without any further obligation to such non-accepting Tag
Along Holder pursuant to this <U>Section&nbsp;4.1</U>.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">4.1.3 <U>Irrevocable Offer</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;The offer of each Participating Seller contained in such holder&#146;s Tag Along
Offer or Sponsor Sale Tag Along Election, as applicable, shall be irrevocable, and,
to the extent such offer is accepted, such Participating Seller shall be bound and
obligated to Sell in the proposed Sale on the same terms and conditions, consistent
with <U>Section&nbsp;4.4.2</U>, with respect to each Share Sold (subject to <U>Section
4.4.4</U> in the case of Convertible Securities), as the Prospective Selling
Stockholder, up to such number of Tag Eligible Shares as such Participating Seller
shall have specified in such holder&#146;s Tag Along Offer or Sponsor Sale Tag Along
Election, as applicable; <U>provided</U>, that <U>Section&nbsp;4.7.6</U> below, and not
this <U>clause (a)</U>, shall apply to the Televisa Investors in a Sponsor Sale
with respect to which the Televisa Investors will receive a Sponsor Sale Notice
pursuant to <U>Section&nbsp;4.7.1</U> with respect to which <U>Section&nbsp;4.7</U> applies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(c)&nbsp;Notwithstanding the foregoing, if, prior to consummation, the terms of such
proposed Sale shall change with the result that the per share price shall be less
than the per share price set forth in the Tag Along Notice or the other material
terms and conditions shall be materially less favorable to the Tag Along Sellers
than those set forth in the Tag Along Notice (including, for the avoidance of doubt,
a material portion of the cash consideration being modified to non-cash
consideration), the acceptance by each Participating Seller shall be deemed to be
revoked, and it shall be necessary for a separate Tag Along Notice to be furnished,
and the terms and provisions of this <U>Section&nbsp;4.1</U> separately complied with,
in order to consummate such Sale pursuant to this <U>Section&nbsp;4.1</U>;
<U>provided</U>, that in such case of a separate Tag Along Notice, the applicable
period to which reference is made in <U>Section&nbsp;4.1.2</U> shall be four (4)
Business Days; and <U>provided</U>, further, that <U>Section&nbsp;4.7.6</U> below, and
not this <U>clause (b)</U>, shall apply to the Televisa Investors in a Sponsor Sale
with respect to which the Televisa Investors
will receive a Sponsor Sale Notice pursuant to <U>Section&nbsp;4.7.1</U> with
respect to which <U>Section&nbsp;4.7</U> applies.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.1.4 <U>Reduction of Shares Sold</U>. The Prospective Selling Stockholder shall
attempt to obtain the inclusion in the proposed Sale of the entire number of Tag Eligible
Shares which each of the Tag Along Sellers requested to have included in the Sale (as
evidenced in the case of the Prospective Selling Stockholder by the Tag Along Notice and in
the case of each Participating Seller by such Participating Seller&#146;s Tag Along Offer). In
the event the Prospective Selling Stockholder shall be unable to obtain the inclusion of
such entire number of Tag Eligible Shares in the proposed Sale, the number of Tag Eligible
Shares to be sold in the proposed Sale shall be allocated among the Tag Along Sellers, as
nearly as practicable, as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;there shall be first allocated to each Tag Along Seller a number of Tag
Eligible Shares equal to the lesser of (i)&nbsp;the number of Tag Eligible Shares offered
(or proposed, in the case of the Prospective Selling Stockholder) to be included by
such Tag Along Seller in the proposed Sale pursuant to this <U>Section&nbsp;4.1</U> and
(ii)&nbsp;a number of Tag Eligible Shares equal to such Tag Along Seller&#146;s Pro Rata
Portion; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(c)&nbsp;the balance, if any, not allocated pursuant to <U>clause (a)</U> above
shall be allocated to those Tag Along Sellers which offered to sell a number of Tag
Eligible Shares of the applicable class in excess of such Tag Along Seller&#146;s Pro
Rata Portion to each such Tag Along Seller on a pro rata basis, based upon the
amount of such excess, or in such other manner as the Tag Along Sellers may
otherwise agree.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In the event that the number of Shares that each Participating Seller will be permitted to
sell in a particular Sale is reduced in accordance with <U>clauses (a)</U> and <U>(b)</U>
above, the Prospective Selling Stockholder shall be responsible for determining the total
number of Shares to be sold by each Participating Seller in the proposed Sale in accordance
with this <U>Section&nbsp;4.1.4</U>, and shall provide notice to each Participating Seller of
the number of Shares that such Participating Seller will be selling in such Sale no later
than three (3)&nbsp;Business Days prior to the consummation of such Sale.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">4.1.5 <U>Additional Compliance</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;If prior to consummation, the terms of the proposed Sale shall change with
the result that the per share price to be paid in such proposed Sale shall be
greater than the per share price set forth in the Tag Along Notice or the other
material terms of such proposed Sale shall be materially more favorable to the Tag
Along Sellers than those set forth in the Tag Along Notice, the Tag Along Notice
shall be null and void, and it shall be necessary for a separate Tag Along Notice to
be furnished, and the terms and provisions of this <U>Section&nbsp;4.1</U> separately
complied with, in order to consummate such proposed Sale pursuant to this
<U>Section&nbsp;4.1</U>; <U>provided</U>, <U>however</U>, that in the case of such a
separate Tag Along Notice, the applicable period to which reference is made in
<U>Section&nbsp;4.1.2</U> shall be
four (4)&nbsp;Business Days; and <U>provided</U>, <U>further</U>, that <U>Section
4.7.6</U> below, and not this <U>clause (a)</U>, shall apply to the Televisa
Investors in a Sponsor Sale with respect to which <U>Section&nbsp;4.7</U> applies.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(c)&nbsp;In addition, if the Prospective Selling Stockholders have not completed the
proposed Sale by the end of the 120<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day after the date of delivery of,
(i)&nbsp;if the proposed Transfer is also the subject of a currently effective Sale
Notice under <U>Section&nbsp;4.6</U>, such Sale Notice, (ii)&nbsp;if the proposed Transfer is
also the subject of a currently effective Preferential ROFR Notice under <U>Section
4.5</U>, such Preferential ROFR Notice and (iii)&nbsp;otherwise, the Tag Along Notice
and/or Sponsor Sale Notice, as applicable, then each Participating Seller shall be
released from its obligations under its Tag Along Offer and/or Sponsor Sale Tag
Along Election, as applicable, such Tag Along Notice or Sponsor Sale Tag Along
Election, as applicable, shall be null and void, and it shall be necessary for a
separate Tag Along Notice and/or Sponsor Sale Notice, as applicable, to be
furnished, and the terms and provisions of this <U>Section&nbsp;4.1</U> and/or
<U>Section&nbsp;4.7</U>, as applicable, separately complied with, in order to consummate
such proposed Sale pursuant to this <U>Section&nbsp;4.1</U> and/or <U>Section&nbsp;4.7</U>,
as applicable, unless the failure to complete such proposed Sale resulted directly
from either (x)&nbsp;any failure by any Participating Seller to comply with the terms of
this <U>Section&nbsp;4</U> or (y)&nbsp;any failure by the FCC to consent to such transfer;
<U>provided</U>, that such consent is received within two hundred seventy (270)
days of such 120th day.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.1.6 <U>Assignment</U>. Televisa shall be permitted to assign its rights under this
<U>Section&nbsp;4.1</U> in whole or in part to any transferee of Shares permitted under the
Transaction Agreements, including any FCC-Approved Trust or any other Person. From and
after such assignment, Televisa and all such transferees shall be deemed to be &#147;Televisa&#148;
and a &#147;Televisa Investor&#148; for purposes of this <U>Section&nbsp;4.1</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.1.7 <U>Section&nbsp;16</U>. If a Televisa Investor is a Tag Along Seller, the
Prospective Selling Stockholders and the Company shall structure any Tag Along Sale with
respect to the Televisa Investors so as not to result in liability of any Televisa Investor
with respect to any Shares acquired prior to the delivery of the Tag Along Notice under
Section 16(b) of the Exchange Act and the related Exchange Act Rules, if applicable;
<U>provided</U> that this obligation shall not require the Prospective Selling Stockholders
or the Company to materially delay the consummation of, or to take any action that adversely
impacts the value to be obtained in, the Tag Along Sale (other than, if Televisa consents,
with respect to the applicable Televisa Investor(s)).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.1.8 For the avoidance of doubt, the Stockholders&#146; rights and obligations under this
<U>Section&nbsp;4.1</U> shall continue after a Change of Control except as otherwise provided
herein and in accordance with the Transaction Documents.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.2 <U>Change of Control Drag Along</U>. Each Stockholder agrees, if requested in writing
by the Majority Principal Investors at any time, and from time to time, prior to the Principal
Investor Sell-Down, to Sell a percentage of one or more classes of Shares held by such
Stockholder that is equal to the percentage of such Shares owned by the Prospective
Selling Stockholders that are proposed to be Sold by the Prospective Selling Stockholders
(which may be of a single class or of multiple classes to a Prospective Buyer) which would result
in a Change of Control (as adjusted pursuant to <U>Section&nbsp;4.2.2</U> below, the &#147;<U>Drag Along
Sale Percentage</U>&#148;), in the manner and on the terms set forth in this <U>Section&nbsp;4.2</U> (any
such sale, a &#147;<U>Drag Along Sale</U>&#148;); <U>provided</U>, <U>however</U>, that this <U>Section
4.2</U> shall not apply to a Change of Control if (a)&nbsp;the applicable Prospective Buyer is a
member of a Principal Investor Group, and (b)&nbsp;such Change of Control has not been approved by
vote or written consent of the Principal Investor Majority; <U>provided</U>, <U>further</U>,
that no Televisa Investor shall be deemed to be a Stockholder for the purposes of this<U>
Section&nbsp;4.2</U> (other than the notice provisions) and shall not be subject to the terms hereof
unless a Televisa Sell-Down has occurred, and in the event that any Televisa Investor is deemed
to be a Stockholder for purposes of this <U>Section&nbsp;4.2</U>, the terms of this <U>Section
4.2</U> shall not restrict any Transfers of Shares owned by any Televisa Investor which are
otherwise in compliance with this Agreement (including that the transferee, if not a Televisa
Investor, be bound by this <U>Section&nbsp;4.2</U> and the other terms of this Agreement to the
extent required under the terms of this Agreement); and <U>provided</U> <U>further</U>, that,
for the avoidance of doubt, a Televisa Investor&#146;s exemption from the Stockholders&#146; obligations
under this <U>Section&nbsp;4.2</U> shall not be transferable to any transferee of Shares held by such
Televisa Investor other than a Permitted Transferee of Televisa or another Televisa Investor (but
only for so long as they continue to be a Televisa Investor). For purposes of this <U>Section
4.2</U>, all shares of Common Stock will be treated as a single class and each share of Common
Stock will be Sold at the same price and for the same form of consideration. Subject to
<U>Section&nbsp;4.4.4</U> and the provisions of the Convertible Securities providing for the
conversion, exercise or exchange thereof, all Convertible Securities will be treated as the same
class as Common Stock on an as-exercised or as-converted basis (without prejudice to the rights
of such Stockholder with respect to the conversion, exercise or exchange of such Convertible
Securities and any entitlement to any payment of premium thereon or thereunder, including any
premiums payable under Section 4(a) or 5(a) of the TV Debentures or pursuant to <U>Section
4.4.4</U>) but subject to the Prospective Buyer(s)&#146;s election to acquire the Convertible
Securities instead of the underlying shares of Common Stock in accordance with <U>Section
4.4.4</U>. All Shares to be sold pursuant to <U>Section&nbsp;4.2</U> shall be included in
determining whether or not a proposed transaction constitutes a Change of Control.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.2.1 <U>Exercise in a Change of Control Transaction</U>. The Prospective Selling
Stockholders shall furnish a written notice (the &#147;<U>Drag Along Sale Notice</U>&#148;) to the
Company at least ten (10)&nbsp;Business Days prior to the consummation of the Change of Control
transaction, and the Company shall promptly furnish such Drag Along Sale Notice to each
Stockholder other than the Prospective Selling Stockholder. The Drag Along Sale Notice
shall set forth the material terms and conditions of the proposed Sale, including (a)&nbsp;the
number and class of Shares to be acquired from the Prospective Selling Stockholders, (b)&nbsp;the
Drag Along Sale Percentage for each class, (c)&nbsp;the per share consideration to be received in
the proposed Sale for each class, including the form of consideration (if other than cash),
(d)&nbsp;the name and address of the Prospective Buyer and (e)&nbsp;if known, the proposed Sale date
or a good faith estimate thereof. If the Prospective Selling Stockholders consummate the
proposed Sale to which reference is made in the Drag Along Sale Notice, each other
Stockholder (each, a &#147;<U>Participating Seller</U>,&#148; and, together with the Prospective
Selling Stockholders, collectively, the &#147;<U>Drag Along Sellers</U>&#148;) shall: (x)&nbsp;be bound
and obligated to Sell the Drag Along Sale Percentage of
such Stockholder&#146;s Shares of each class in the proposed Sale on the same terms and
conditions, with respect to each Share Sold (subject to <U>Section&nbsp;4.4.4</U> in the case of
Convertible Securities, including any election by the Prospective Buyer(s) to acquire the
Convertible Securities instead of the underlying Shares in accordance with <U>Section
4.4.4</U>) as the Prospective Selling Stockholders shall Sell (subject to <U>Section
4.4.4</U> in the case of Convertible Securities, and subject to <U>Section&nbsp;4.4.1</U> under
all circumstances in connection with a Change of Control transaction); and (y)&nbsp;except as
provided in <U>Section&nbsp;4.4.1</U> or <U>4.4.4</U>, shall receive the same form and amount
of consideration per Share to be received by the Prospective Selling Stockholders for the
corresponding class of Shares (on an as converted basis, if applicable), <U>provided</U>
that in no event will contractual rights with respect to the election of directors received
by any Prospective Selling Stockholder be deemed to be the receipt of additional forms or
amounts of consideration per Share. Except as provided in <U>Section&nbsp;4.4.1</U>, if any
Stockholders holding Shares are given an option as to the form and amount of consideration
to be received (other than with respect to any roll-over option given to the Televisa
Investors in accordance with <U>Section&nbsp;4.7.4</U> or <U>4.8.3</U> or to any or all holders
of Management Shares), all Stockholders holding Shares will be given the same option.
Unless otherwise agreed by each Drag Along Seller, any non-cash consideration shall be
allocated among the Drag Along Sellers pro rata based upon the aggregate amount of
consideration to be received by such Drag Along Sellers. If at the end of the two hundred
seventieth (270th) day after the date of delivery of the Drag Along Sale Notice, the
Prospective Selling Stockholders have not completed the proposed Sale, the Drag Along Sale
Notice shall be null and void, each Participating Seller shall be released from such
holder&#146;s obligation under the Drag Along Sale Notice and it shall be necessary for a
separate Drag Along Sale Notice to be furnished and the terms and provisions of this
<U>Section&nbsp;4.2</U> separately complied with, in order to consummate such proposed Sale
pursuant to this <U>Section&nbsp;4.2</U>, unless the failure to complete such proposed Sale
resulted directly from the failure by the FCC to consent to such transfer; <U>provided</U>,
that such consent is received within two hundred seventy (270)&nbsp;days of such two hundred
seventieth (270th) day. The right of a holder of Unvested Shares to receive consideration
for such Unvested Shares pursuant to this <U>Section&nbsp;4.2</U> shall be subject to the
vesting and other terms of such Unvested Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.2.2 <U>Adjustment of Drag Along Percentage</U>. Notwithstanding the foregoing,
Shares held by BMPS2 shall be excluded from a Drag Along Sale and, if agreed by the Majority
Principal Investors, the following Shares may be excluded from a Drag Along Sale: (i)&nbsp;Shares
held by the management of the Company and its subsidiaries, and/or (ii)&nbsp;Shares held by
BMPS1; <U>provided</U>, that upon such exclusion, the Drag Along Sale Percentage of each
Stockholder shall be increased to reflect such Shares that the management, BMPS1 or BMPS2
are not required to Sell.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.2.3 <U>Waiver of Appraisal Rights</U>. Each Drag Along Seller agrees not to demand
or exercise appraisal rights under Section&nbsp;262 of the DGCL with respect to a transaction
subject to this <U>Section&nbsp;4.2</U> as to which such appraisal rights are available.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.2.4 <U>Section&nbsp;16</U>. If a Televisa Investor is deemed to be a Stockholder subject
to the provisions of this <U>Section&nbsp;4.2</U> in accordance with the terms hereof, the
Prospective Selling Stockholders and the Company shall structure any Drag Along Sale with
respect
to the Televisa Investors so as not to result in liability of any Televisa Investor
with respect to any Shares acquired prior to the delivery of the Drag Along Sale Notice
under Section 16(b) of the Exchange Act and the related Exchange Act Rules, if applicable;
<U>provided</U> that this obligation shall not require the Prospective Selling Stockholders
or the Company to materially delay the consummation of, or to take any action that adversely
impacts the value to be obtained in, the Drag Along Sale (other than, if Televisa consents,
with respect to the applicable Televisa Investor(s)).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.2.5 <U>Miscellaneous Provisions</U>. The provisions of <U>Section&nbsp;4.4</U> shall
apply to any Sale under this <U>Section&nbsp;4.2</U> to the extent, and on the terms, provided
therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.3 <U>Recapitalization Transaction Drag Along</U>. Each Stockholder hereby agrees, if
requested by the Majority PITV Investors at any time, and from time to time, prior to the
Principal Investor Sell-Down, to exchange, convert or Transfer a percentage of one or more
classes of Shares held by such Stockholder that is equal to the percentage of such Shares owned
by the applicable PITV Investors which are proposed to be exchanged, converted or Transferred by
the applicable PITV Investors in a Recapitalization Transaction (as adjusted pursuant to
<U>Section&nbsp;4.3.6 </U>below, the &#147;<U>Drag Along Recapitalization Percentage</U>&#148;), in the manner
and on the terms set forth in this <U>Section&nbsp;4.3</U> (any such sale, a &#147;<U>Drag Along
Recapitalization Sale</U>&#148;); <U>provided</U>, <U>however</U>, that no Televisa Investor shall
be deemed to be a Stockholder for any purposes under this <U>Section&nbsp;4.3</U> (other than the
notice provisions) and shall not be subject to the terms hereof at any time. For purposes of
this <U>Section&nbsp;4.3</U>, the shares of Common Stock will be treated as a single class and,
subject to <U>Section&nbsp;4.4.4</U>, all Convertible Securities will be treated as the same class of
Common Stock on an as-exercised or as-converted basis.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.3.1 <U>Exercise in a Recapitalization Transaction</U>. The Company (solely at the
direction of the Majority PITV Investors) shall furnish a written notice (the &#147;<U>Drag
Along Recapitalization Notice</U>&#148;) to each Stockholder at least ten (10)&nbsp;Business Days
prior to the consummation of the Recapitalization Transaction. The Drag Along
Recapitalization Notice shall set forth the material terms and conditions of the proposed
Recapitalization Transaction, including (a)&nbsp;the number and class of Shares to be exchanged,
converted or Transferred in the Recapitalization Transaction, (b)&nbsp;the Drag Along
Recapitalization Percentage for each class and (c)&nbsp;the new form of securities or other forms
of consideration (including cash) to be received upon exchange, conversion or Transfer of
Shares of each class of Shares being exchanged, converted or Transferred. If the
Recapitalization Transaction described in such Drag Along Recapitalization Notice is
consummated, each Stockholder shall: (x)&nbsp;be bound and obligated to exchange, convert or
Transfer the Drag Along Recapitalization Percentage of such Stockholder&#146;s Shares of each
class included in the proposed Recapitalization Transaction on the same terms and
conditions, with respect to each Share being exchanged, converted or Transferred (subject to
<U>Section&nbsp;4.3.4</U> in the case of Convertible Securities) as the other holders of such
Shares (subject to <U>Section&nbsp;4.3.4</U> in the case of Convertible Securities and subject
to <U>Section&nbsp;4.3.2</U> under all circumstances); and (y)&nbsp;except as provided in <U>Section
4.3.2</U>, receive the same securities or other consideration per Share exchanged, converted
or Transferred (<U>provided</U>, that holders of Shares with voting rights will receive
voting securities, and holders of non-voting Shares will receive non-voting securities). If
at the end of the two hundred seventieth (270th) day after the date of delivery of the Drag
Along Recapitalization Notice, the Recapitalization Transaction has not been completed,
the Drag Along Recapitalization Notice shall be null and void, each Stockholder shall be
released from such Stockholder&#146;s obligation under the Drag Along Recapitalization Notice and
it shall be necessary for a separate Drag Along Recapitalization Notice to be furnished and
the terms and provisions of this <U>Section&nbsp;4.3.1</U> separately complied with in order to
consummate such proposed Recapitalization Transaction pursuant to this <U>Section&nbsp;4.3</U>,
unless the failure to complete such proposed Recapitalization Transaction resulted directly
from the failure by the FCC to consent to such transfer; <U>provided</U>, that such consent
is received within two hundred seventy (270)&nbsp;days of such two hundred seventieth (270th)
day. The right of a holder of Unvested Shares to receive securities upon exchange,
conversion or Transfer of such Unvested Shares pursuant to this <U>Section&nbsp;4.3.1</U> shall
be subject to the vesting and other terms of such Unvested Shares.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.3.2 <U>Certain Legal Requirements</U>. In the event the receipt of securities to be
received in exchange for, or upon conversion or Transfer of, Shares in a proposed
Recapitalization Transaction pursuant to this <U>Section&nbsp;4.3</U> by a Stockholder would
require under applicable Law (a)&nbsp;the registration or qualification of such securities or of
any Person as a broker or dealer or agent with respect to such securities where such
registration or qualification is not otherwise required for the Recapitalization
Transaction, or (b)&nbsp;the provision to any Stockholder of any specified information regarding
the Company or any of its subsidiaries, such securities or the issuer thereof that is not
otherwise required to be provided for the Recapitalization Transaction by the Company, then,
at the election of the Majority PITV Investors, such Stockholder shall not have the right to
exchange, convert or Transfer Shares in such proposed Recapitalization Transaction. In such
event, the Company shall have the obligation to cause to be paid to such Stockholder in lieu
thereof, against surrender of the Shares (in accordance with <U>Section&nbsp;4.3.5</U> hereof)
which would have otherwise been exchanged, converted or Transferred by such Stockholder in
the Recapitalization Transaction, an amount in cash equal to the Fair Market Value of such
Shares as of the effective date of the Recapitalization Transaction. Notwithstanding the
foregoing, this <U>Section&nbsp;4.3.2</U> shall not apply to any PITV Investor, BMPS1, BMPS2 or
any Bank Investor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.3.3 <U>Further Assurances</U>. Each Stockholder shall take or cause to be taken all
such reasonable actions as may be necessary or reasonably desirable in order to
expeditiously consummate any Recapitalization Transaction and any related transactions,
including executing, acknowledging and delivering consents, assignments, waivers and other
documents or instruments and furnishing information and copies of documents, filing
applications, reports, returns, filings and other documents or instruments with governmental
authorities, and otherwise reasonably cooperating with the Company;<U> provided</U>,
<U>however</U>, that Stockholders shall be obligated to become liable to the Company in
respect of any representations, warranties, covenants, indemnities or otherwise solely to
the extent provided in the immediately following sentence; <U>provided</U>, that no
Stockholder shall be required in connection therewith or as a condition thereto to (i)
qualify to do business or to file a general consent to service of process in any such states
or jurisdictions, unless such Stockholder is already subject to service in such jurisdiction
and except to the extent as may be required by the Securities Act, (ii)&nbsp;make joint
representations or warranties, (iii)&nbsp;be liable as to any representations,
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">warranties,
covenants and other agreements in excess of the proceeds received by such Stockholder
in connection with such Transfer, or (iv)&nbsp;make any representations or warranties in
connection with the business or condition of the Company or any of its subsidiaries;
<U>provided</U>, <U>further</U>, that in no event will a Stockholder be responsible for
more than its pro rata share of any indemnification obligations). Without limiting the
generality of the foregoing, each Stockholder agrees to execute and deliver such agreements
as may be reasonably specified by the Company, including agreements to (a)&nbsp;make individual
representations, warranties, covenants and other agreements as to the unencumbered title to
its Shares and the power, authority and legal right to Transfer such Shares and the absence
of any Adverse Claim with respect to such Shares, (b)&nbsp;be liable as to such representations,
warranties, covenants and other agreements, in each case to the same extent as the other
Stockholder(s) are liable for the comparable representations, warranties, covenants and
agreements made by them or on their behalf; <U>provided</U>, that such liability shall not
exceed the proceeds received by such Stockholder in connection with such Transfer;
<U>provided</U>, <U>further</U>, that no Bank Investor or (if Televisa Investors elect in
their sole discretion to be a Stockholder for purposes of this <U>Section&nbsp;4.3</U>) Televisa
Investor shall be required to enter into restrictive covenants that bind their Affiliates
or, in the case of the Televisa Investors, themselves (other than with respect to such
Affiliates of Bank Investors that are limited partners of the Bank Investors), and (c)&nbsp;other
than with respect to Televisa Investors, at the request of the Majority PITV Investors,
immediately prior to the consummation of the Recapitalization Transaction convert any voting
Shares held by such Stockholder into non-voting Shares, and vice versa. Each Stockholder
(other than the Bank Investors and the Televisa Investors) hereby constitutes and appoints
each member of the Majority PITV Investors who requested such Recapitalization Transaction,
or any of them, with full power of substitution, as such Stockholder&#146;s true and lawful
representative and attorney-in-fact, in such Stockholder&#146;s name, place and stead, to execute
and deliver any and all agreements that the members of the Majority PITV Investors who
requested such Recapitalization Transaction reasonably believe are consistent with this
<U>Section&nbsp;4.3.3</U>, and such member of the Majority PITV Investors shall provide a copy
of such agreements to such Stockholder within five (5)&nbsp;Business Days of execution;
<U>provided</U>, <U>however</U>, that failure to deliver such documents within such time
period shall not impair or affect the validity of such agreements. The foregoing power of
attorney is coupled with an interest and shall continue in full force and effect
notwithstanding the subsequent death, incapacity, bankruptcy or dissolution of any
Stockholder. In connection with any FCC approval required with regards to any
Recapitalization Transaction, the Company shall file such FCC applications as it is required
to file in order to obtain such FCC approval, and each Stockholder shall cooperate with the
Company and promptly provide the Company with any and all information necessary (as
reasonably determined by the Company&#146;s outside legal counsel, which shall be a nationally
recognized law firm with expertise in Federal Communications Laws) to complete the filing of
such applications. The Company shall use its reasonable best efforts to obtain such FCC
approval, including (1)&nbsp;diligently prosecuting such applications, including opposing any
petitions to deny, or other objections filed with respect to, such FCC applications, and (2)
promptly taking all other actions reasonably requested by the Majority PITV Investors as
necessary, desirable and/or appropriate to facilitate obtaining such FCC approval.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.3.4 <U>Treatment of Convertible Securities</U>. If any Stockholder shall exchange,
convert or Transfer Convertible Securities in any Recapitalization Transaction pursuant to
this <U>Section&nbsp;4.3</U> in which such Stockholder participates, then such Stockholder shall
receive in exchange for such Convertible Securities, options, warrants or convertible
securities, as the case may be, with substantively identical and otherwise substantially
similar terms (including with respect to the spread between the fair market value of the
relevant security and the exercise price to purchase such security) as the Convertible
Securities being exchanged, converted or Transferred, and which are exercisable for or
convertible into securities of the same nature as those being issued to the Stockholders in
the Recapitalization Transaction in exchange for the Shares for or into which the
Convertible Securities being exchanged were initially exercisable or convertible.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.3.5 <U>Closing</U>. The closing of a Recapitalization Transaction to which this
<U>Section&nbsp;4.3</U> applies shall take place (a)&nbsp;on the proposed exchange, conversion or
Transfer date, if any, specified in the Drag Along Recapitalization Notice
(<U>provided</U>, that consummation of any Transfer may be extended beyond such date to the
extent necessary to obtain any applicable governmental approval or other required approval
or to satisfy other conditions) or (b)&nbsp;if no proposed Transfer date was specified in the
Drag Along Recapitalization Notice, at such time as the Company shall specify by reasonable
notice to each Stockholder. At the closing of such Recapitalization Transaction, each
Stockholder shall deliver the certificates evidencing the Shares to be exchanged, converted
or Transferred by such Stockholder, duly endorsed, or with stock (or equivalent) powers duly
endorsed, for transfer with signature guaranteed, free and clear of any liens or
encumbrances, with any stock (or equivalent) transfer tax stamps affixed, against delivery
of the applicable consideration and any comparable transfer materials for any Convertible
Securities to be exchanged, converted or Transferred.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.3.6 <U>Adjustment of Drag Along Recapitalization Percentage</U>. Notwithstanding
the foregoing, Shares held by BMPS2 shall be excluded from a Drag Along Sale and Drag Along
Recapitalization Sale and, if agreed by the Majority PITV Investors, the following Shares
may be excluded from a Drag Along Recapitalization Sale: (i)&nbsp;Shares held by the management
of the Company and its subsidiaries, and/or (ii)&nbsp;Shares held by BMPS1; <U>provided</U>,
that this <U>Section&nbsp;4.3.6</U> shall not derogate from any Investor&#146;s rights pursuant to
<U>Section&nbsp;4.1</U>; <U>provided</U>, <U>further</U>, that upon such exclusion, the Drag
Along Recapitalization Percentage of each Stockholder shall be increased to reflect such
Shares that the management, BMPS1 or BMPS2 are not required to Sell.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.4 <U>Miscellaneous Sale Provisions</U>. The following provisions shall be applied to any
proposed Sale to which <U>Sections&nbsp;4.1</U>, <U>4.2</U>, <U>4.5</U> or <U>4.6</U> apply,
except that <U>Sections&nbsp;4.4.2</U> and <U>4.4.4</U> shall also apply to any Merger Exit, Sponsor
Sale or other Sale pursuant to <U>Section&nbsp;4</U>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.4.1 <U>Certain Legal Requirements</U>. In the event the consideration to be paid in
exchange for Shares in a proposed Sale pursuant to <U>Section&nbsp;4.1</U> or <U>Section
4.2</U> includes any securities, and the receipt thereof by a Participating Seller would
require under applicable Law (a)&nbsp;the registration or qualification of such securities or of
any Person as a broker or dealer or agent with respect to such securities where such
registration or
qualification is not otherwise required for the Sale by the Prospective Selling
Stockholder(s) or (b)&nbsp;the provision to any Tag Along Seller or Drag Along Seller of any
specified information regarding the Company or any of its subsidiaries, such securities or
the issuer thereof that is not otherwise required to be provided for the Sale by the
Prospective Selling Stockholder(s), then such Participating Seller shall not have the right
to Sell Shares in such proposed Sale. In such event, the Prospective Selling Stockholder(s)
shall, (x)&nbsp;in the case of a Sale pursuant to <U>Section&nbsp;4.1</U>, have the right, but not
the obligation, and, (y)&nbsp;in the case of a Sale pursuant to <U>Section&nbsp;4.2</U>, have the
obligation, to cause to be paid to such Participating Seller in lieu thereof, against
surrender of the Shares (in accordance with <U>Section&nbsp;4.4.5</U> hereof) which would have
otherwise been Sold by such Participating Seller to the Prospective Buyer in the proposed
Sale, an amount in cash equal to the Fair Market Value of such Shares as of the date such
securities would have been issued in exchange for such Shares. Notwithstanding the
foregoing, this <U>Section&nbsp;4.4.1</U> shall not apply to any PITV Investor, BMPS1, BMPS2 or
any Bank Investor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.4.2 <U>Further Assurances</U>. Each Participating Seller and First Offer Purchaser,
Proposed Purchaser and, in the event that it exercises its Preferential Right of First
Refusal, Televisa (as a purchaser), shall take or cause to be taken all such reasonable
actions as may be necessary or reasonably desirable in order to expeditiously consummate
each Sale pursuant to <U>Section&nbsp;4</U> and any related transactions, including executing,
acknowledging and delivering consents, assignments, waivers and other documents or
instruments, furnishing information and copies of documents, filing applications, reports,
returns, filings and other documents or instruments with governmental authorities, and
otherwise reasonably cooperating with the Prospective Selling Stockholder(s) and the
Prospective Buyer; <U>provided</U>, <U>however</U>, that Participating Sellers shall be
obligated to become liable to the Prospective Buyer in respect of any representations,
warranties, covenants, indemnities or otherwise solely to the extent provided in the
immediately following sentence; <U>provided</U>, <U>further</U>, that in connection with a
Sale pursuant to <U>Section&nbsp;4</U>, no Stockholder shall be required in connection therewith
or as a condition thereto to (i)&nbsp;qualify to do business or to file a general consent to
service of process in any such states or jurisdictions, unless such Stockholder is already
subject to service in such jurisdiction and except to the extent as may be required by the
Securities Act, (ii)&nbsp;make joint representations or warranties, (iii)&nbsp;be liable as to any
representations, warranties, covenants and other agreements in excess of the proceeds
received by such Stockholder in connection with such Transfer, or (iv)&nbsp;make any
representations or warranties in connection with the business or condition of the Company or
any of its subsidiaries; <U>provided</U>, <U>further</U>, that in no event will a
Stockholder be responsible for more than its pro rata share of any indemnification
obligations). Without limiting the generality of the foregoing, each Participating Seller
agrees to execute and deliver such agreements as may be reasonably specified by the
Prospective Selling Stockholder(s) to which such Prospective Selling Stockholder(s) will
also be party, including agreements to (a)&nbsp;make individual representations, warranties,
covenants and other agreements as to the unencumbered title to its Shares and the power,
authority and legal right to Transfer such Shares and the absence of any Adverse Claim with
respect to such Shares, (b)&nbsp;be liable as to such representations,
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">warranties, covenants and
other agreements, in each case to the same extent as the Prospective
Selling Stockholder(s) are liable for the comparable representations, warranties, covenants and
agreements made by them or on their behalf; <U>provided</U>, that in connection with a Sale
pursuant to <U>Section&nbsp;4</U>, such liability shall not exceed the proceeds received by such
Stockholder in connection with such Transfer; <U>provided</U>, <U>further</U>, that in
connection with a Sale pursuant to <U>Section&nbsp;4</U>, no Bank Investor or Televisa Investor
shall be required to enter into restrictive covenants that bind their Affiliates or, in the
case of the Televisa Investors, themselves (other than with respect to such Affiliates of
Bank Investors that are limited partners of the Bank Investors), and (c)&nbsp;other than with
respect to Televisa Investors, at the request of the Majority PITV Investors, immediately
prior to the consummation of the Sale convert any voting Shares held by such Participating
Seller into non-voting Shares, and vice versa; <U>provided</U>, that, subject to
<U>Section&nbsp;4.4.4</U>, including any election by the Prospective Buyer(s) to acquire the
Convertible Securities instead of the underlying shares of Common Stock in accordance with
<U>Section&nbsp;4.4.4</U>, the shares of Common Stock will be treated as a single class and each
share of Common Stock will be Sold at the same price and for the same form of consideration.
Each Participating Seller (other than the Bank Investors and the Televisa Investors) hereby
constitutes and appoints each of the Prospective Selling Stockholders, or any of them, with
full power of substitution, as such Participating Seller&#146;s true and lawful representative
and attorney-in-fact, in such Participating Seller&#146;s name, place and stead, to execute and
deliver any and all agreements that such Prospective Selling Stockholder reasonably believes
are consistent with this <U>Section&nbsp;4.4.2</U> and such member of the Prospective Selling
Stockholder shall provide a copy of such agreements to such Stockholder within five (5)
Business Days of execution; <U>provided</U>, <U>however</U>, that failure to deliver such
documents within such time period shall not impair or affect the validity of such
agreements. The foregoing power of attorney is coupled with an interest and shall continue
in full force and effect notwithstanding the subsequent death, incapacity, bankruptcy or
dissolution of any Participating Seller. In connection with any FCC approval required with
regard to any Sale pursuant to <U>Section&nbsp;4</U>, the Company shall file such FCC
applications as it is required to file in order to obtain such FCC approval, and each
Stockholder shall promptly provide the Company with any and all information necessary (as
reasonably determined by the Company&#146;s outside legal counsel, which shall be a nationally
recognized law firm with expertise in Federal Communications Laws) to complete the filing of
such applications. The Company shall use its reasonable best efforts to obtain such FCC
approval, including (1)&nbsp;diligently prosecuting such applications, including opposing any
petitions to deny, or other objections filed with respect to, such FCC applications, and (2)
promptly taking all other actions reasonably requested by the Prospective Selling
Stockholders as necessary, desirable and/or appropriate to facilitate obtaining such FCC
approval.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.4.3 <U>Sale Process</U>. The Majority Principal Investors in the case of a proposed
Sale pursuant to <U>Section&nbsp;4.2</U>, or the Prospective Selling Stockholder, in the case of
a proposed Sale pursuant to <U>Section&nbsp;4.1</U>, <U>4.5</U> or <U>4.6</U> shall, in their
sole discretion, decide whether or not to pursue, consummate, postpone or abandon any
proposed Sale and the terms and conditions thereof. No holder of Shares nor any Affiliate
of any such holder shall have any liability to any other holder of Shares or the Company
arising from, relating to or in connection with the pursuit, consummation, postponement,
abandonment
or terms and conditions of any proposed Sale except to the extent such holder shall
have failed to comply with the provisions of this <U>Section&nbsp;4</U>.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.4.4 <U>Treatment of Convertible Securities</U>. If any Participating Seller shall
Sell Convertible Securities (or shall convert Convertible Securities in order to Sell the
underlying Shares) in any Sale pursuant to this <U>Section&nbsp;4</U>, then, without prejudice
to the rights of such Stockholder with respect to the conversion, exercise or exchange of
such Convertible Securities and any entitlement to any payment of premium thereon or
thereunder, including any premiums payable under Section 4(a) or 5(a) of the TV Debentures,
such Participating Seller shall receive in exchange for such Convertible Securities
consideration in the amount (if greater than zero) equal to the purchase price received by
the Prospective Selling Stockholder(s) in such Sale for the number of shares of each class
of Common Stock that would be issued upon exercise, conversion or exchange of such
Convertible Securities less the exercise price, if any, of such Convertible Securities (to
the extent exercisable, convertible or exchangeable at the time of such Sale), plus in the
case of any Common Stock or TV Warrants into which such TV Debentures were converted in
connection with such Sale, and are included by Televisa Investors in any such Sale, the
Extra Amount determined as of the date that such Sale is consummated, unless the Company, at
its election, instead enters into an agreement with the Televisa Investors which obligates
the Company to continue to pay amounts which are equal to the amounts of interest payments
that otherwise would be required in respect of such TV Debentures that are so converted and
sold from the date of conversion to the Maturity Date (as defined in the terms of the TV
Debentures), and subject to reduction for any tax or other amounts required to be withheld
under applicable Law, and plus in the case of any TV Debentures that are not converted in
connection with such Sale and are acquired by the Prospective Buyer(s) on an unconverted
basis, an amount of additional consideration from the Prospective Buyer(s) equal to the
Extra Amount determined as of the date that such Sale is consummated.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.4.5 <U>Closing</U>. Subject to <U>Sections&nbsp;4.1.7</U> and <U>4.2.4</U>, the
closing of a Sale to which <U>Section&nbsp;4.1</U>, <U>4.2</U> or <U>4.6</U> applies shall
take place (a)&nbsp;on the proposed Transfer date, if any, specified in the Tag Along Notice,
Drag Along Sale Notice or Sale Notice, as applicable (provided that consummation of any
Transfer may be extended beyond such date to the extent necessary to obtain any applicable
governmental approval or other required approval or to satisfy other conditions), (b)&nbsp;if no
proposed Transfer date was required to be specified in the applicable notice, at such time
as the Prospective Selling Stockholders shall specify by notice to each Participating Seller
and (c)&nbsp;at such place as the Prospective Selling Stockholder(s) shall specify by notice to
each Participating Seller or First Offer Purchaser, as applicable. At the closing of such
Sale, each Participating Seller shall deliver the certificates evidencing the Shares to be
Sold by such Participating Seller, duly endorsed, or with stock (or equivalent) powers duly
endorsed, for transfer with signature guaranteed, free and clear of any liens or
encumbrances, with any stock (or equivalent) transfer tax stamps affixed, against delivery
of the applicable consideration, and any comparable transfer materials for any Convertible
Securities to be Sold.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.5 <U>Preferential Right of First Refusal</U>. Other than in connection with a
transaction to effect a Compliant Change of Control Transaction, including a Sponsor Sale or a
Merger
Exit, if any Prospective Selling Stockholder proposes to Sell any Shares of a single class
or multiple classes to any Person other than a Permitted Transferee of such Prospective Selling
Stockholder (including to another Stockholder or the Company or any of its Subsidiaries)
(collectively, a &#147;<U>Preferential ROFR Buyer</U>&#148;) in a Transfer subject to <U>Section
3.1.3</U> or <U>3.1.5</U>, such Prospective Selling Stockholder must first offer to Televisa the
right to purchase such Shares, subject to the following terms:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.5.1 <U>Notice</U>. The Prospective Selling Stockholder shall furnish a notice (the
&#147;<U>Preferential ROFR Notice</U>&#148;) of such proposed sale to Televisa and each other
Stockholder prior to any such proposed Transfer. Such notice shall include (i)&nbsp;the identity
of the proposed Transferee (the &#147;<U>Proposed Purchaser</U>&#148;), (ii)&nbsp;the number and class of
Shares proposed to be sold by the Prospective Selling Stockholder, (iii)&nbsp;the terms and
conditions of such Sale, including the price per Share, and (iv)&nbsp;any other material terms or
conditions of the proposed Sale. Such notice shall further state that Televisa may
purchase, and the Prospective Selling Stockholder shall be required to Sell, in accordance
with the provisions of this Agreement, any or all of such Shares, for the price and upon the
other terms and conditions set forth in the Preferential ROFR Notice; <U>provided</U>, that
Televisa shall not be entitled to purchase a number of such Shares exceeding (a)&nbsp;the
Additional Equity Amount or (b)&nbsp;the Preferential ROFR Cap applicable to the Principal
Investor Group of which such Prospective Selling Stockholder is a member; <U>provided</U>
<U>further</U>, that prior to the Qualified Public Offering or Change of Control, such
Shares shall be converted into shares of Class&nbsp;C Common Stock and/or Class&nbsp;D Common Stock in
accordance with Section&nbsp;4.8.3 of Article&nbsp;EIGHTH of the Charter (the &#147;<U>Preferential ROFR
Shares</U>&#148;). If all of the Shares proposed to be Transferred by the Prospective Selling
Stockholder are not purchased by Televisa, then the Transfer of such remaining Shares shall
be subject to the terms of <U>Section&nbsp;4.6</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.5.2 <U>Exercise</U>. Within ten (10)&nbsp;Business Days after the date of receipt of the
Preferential ROFR Notice, Televisa shall have the right (the &#147;<U>Preferential Right of
First Refusal</U>&#148;) to elect to purchase the Preferential ROFR Shares on the same terms and
conditions set forth in the Preferential ROFR Notice by furnishing a written notice
specifying the number of Preferential ROFR Shares to be purchased from the Prospective
Selling Stockholder and the proposed date of the closing of such purchase, which shall be no
later than ninety (90)&nbsp;days after the delivery of the Preferential ROFR Notice (the
&#147;<U>Preferential ROFR Exercise Notice</U>&#148;) unless the failure to complete such purchase
resulted from either (x)&nbsp;any failure by any Prospective Selling Stockholder or the Company
to comply with the terms of this <U>Section&nbsp;4.5</U> or (y)&nbsp;any failure by the FCC or other
Governmental Authority to consent to such transfer or for any waiting period under
applicable Law to expire (other than as a result of Televisa failing to make any necessary
HSR filing with respect thereto); <U>provided</U>, that such consent is received or such
waiting period expires within ninety (90)&nbsp;days of such 90th day. If Televisa does not
furnish a notice that complies with the above requirements, including the applicable time
period, Televisa will be deemed to have waived its rights only with respect to a purchase of
Preferential ROFR Shares that were the subject of such notice under this <U>Section
4.5</U>, and the Prospective Selling Stockholder shall be free to furnish a Sale Notice
pursuant to <U>Section&nbsp;4.6.1</U> with respect to such Shares.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.5.3 <U>Preferential ROFR Issuance</U>. If a proposed Transfer involves the
Transfer of Shares from Principal Investors that are members of different Principal Investor
Groups, the Shares to be Transferred to Televisa shall be allocated among such transferring
Stockholders pro rata in proportion to the total number of shares of Common Stock then owned
by the Principal Investor Groups of which such Stockholders are members, subject in each
case to the Preferential ROFR Cap (it being understood that a Preferential ROFR Cap
limitation on a Transfer by a member of one Principal Investor Group will not, in itself,
affect the obligations of the members of any other Principal Investor Group to Transfer
Shares to Televisa pursuant to this <U>Section&nbsp;4.5</U>), <U>provided</U>, that if a
proposed Transfer or series of related proposed Transfers involves the Transfer of Shares
from Principal Investors that are members of three (3)&nbsp;or more different Principal Investor
Groups to one or more Preferential ROFR Buyers, the Company shall be required to offer to
issue to Televisa at the closing referred to in <U>Section&nbsp;4.5.4</U>, and Televisa shall
have the right to elect to purchase (the &#147;<U>Preferential ROFR Issuance Right</U>&#148;), a
number of shares of Common Stock (which shall be Class&nbsp;C Common Stock, or, to the extent
that such issuance would cause the voting Equity Percentage to exceed the Maximum Equity
Percentage, Class&nbsp;D Common Stock) not to exceed, in the aggregate, the number of shares of
Common Stock equal to that number of Shares constituting the Additional Equity Amount (the
&#147;<U>Preferential ROFR Issuance</U>&#148;). Televisa may acquire such shares of Common Stock
from the Company pursuant to the same terms and conditions, including the price per share
set forth in the Preferential ROFR Notice; <U>provided</U>, that Televisa may not acquire a
number of Shares pursuant to the Preferential ROFR Issuance in excess of the Additional
Equity Amount. In the event that Televisa acquires any such shares of Common Stock from the
Company, the Company shall cause the proceeds of such acquisition to be used to redeem,
repurchase or repay Indebtedness and to pay any related premiums in connection therewith.
For the avoidance of doubt, the Preferential ROFR Issuance shall not be subject to any
preemptive or participation rights set forth in the Participation, Registration Rights and
Coordination Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.5.4 <U>Closing</U>. The closing of any Sale to which <U>Section&nbsp;4.5</U> applies or
any Preferential ROFR Issuance shall take place on the proposed Transfer date specified in
the Preferential ROFR Exercise Notice (provided that consummation of any Transfer may be
extended beyond such date to the extent necessary to obtain any applicable governmental
approval or other required approval or to satisfy other conditions). At the closing of any
Sale to which this <U>Section&nbsp;4.5</U> applies, the Prospective Selling Stockholder shall
deliver the certificates evidencing the Shares to be Sold by such Prospective Selling
Stockholder, duly endorsed, or with stock (or equivalent) powers duly endorsed, for transfer
with signature guaranteed, free and clear of any liens or encumbrances, with any stock (or
equivalent) transfer tax stamps affixed, against delivery of the applicable consideration,
and any comparable transfer materials for any Convertible Securities to be Sold. At the
closing of any Preferential ROFR Issuance, the Company shall deliver the certificates
evidencing the Shares to be issued to Televisa pursuant to <U>Section&nbsp;4.5.3</U>, free and
clear of any liens or encumbrances.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.5.5 <U>Compliance</U>. Any Sale of Shares by a Principal Investor to Televisa
pursuant to this <U>Section&nbsp;4.5</U> or Preferential ROFR Issuance shall be structured so as
to
comply with applicable U.S. Laws. Not in limitation of the foregoing, in the event
that Televisa reasonably and in good faith believes that a Transfer and issuance or an
issuance of Shares to Televisa pursuant to this <U>Section&nbsp;4.5</U> would not be prudent in
light of applicable Law, then (a)&nbsp;in the case of a sale of Shares by a Principal Investor to
Televisa pursuant to <U>Section&nbsp;4.5</U>, the Company shall, at Televisa&#146;s election, after
Televisa acquires such Shares pursuant to this <U>Section&nbsp;4.5</U>, exchange such Shares
that Televisa purchased from the Principal Investor for warrants in substantially the form
of the TV Warrants with an exercise price of $0.01 per share and a number of shares
underlying such warrants equal to the number of shares Televisa so acquired from the
Principal Investor or (b)&nbsp;in the case of a Preferential ROFR Issuance, the Company shall,
after good faith consultation with Televisa, issue to Televisa warrants in substantially the
form of the TV Warrants or debentures in substantially the form of the TV Debentures
(whichever the Board elects; it being understood that the economic terms of any such
warrants or debentures referred to in this <U>clause (b)</U> shall be determined so as to
be as equivalent as reasonably practicable to the economic terms of the Class&nbsp;C Common Stock
and/or Class&nbsp;D Common Stock which Televisa would have otherwise acquired, but in any case
the number of shares of Class&nbsp;C Common Stock and/or Class&nbsp;D Common Stock underlying such
debentures or warrants shall be no less than the number of such shares of Class&nbsp;C Common
Stock and/or Class&nbsp;D Common Stock that Televisa would have otherwise acquired) in lieu of
the Shares issuable pursuant to the Preferential Right of First Refusal. In the event that
Televisa reasonably believes that its exercise of the Preferential Right of First Refusal
could reasonably be expected to be subject to regulatory review due to, or restricted by,
Foreign Ownership Restrictions, Televisa or a Televisa Investor may, but is not required to,
after notice to, and an opportunity for comment by, the Company, (it being agreed that any
such assignment shall be the decision of Televisa and the Company shall have no consent
right) assign its rights under this <U>Section&nbsp;4.5</U> to (i)&nbsp;an FCC-Approved Trust, (ii)
any other Person while regulatory or judicial relief is being sought with respect to such
Foreign Ownership Restrictions or (iii)&nbsp;any other Person if the FCC has ordered that
Televisa reduce its voting or equity ownership in the Company, or Televisa has received
written notification from the FCC of an investigation with respect to Televisa&#146;s ownership
of the Company, and provided in either case in this clause (iii)&nbsp;that Televisa seeks
regulatory or judicial relief related to such order or investigation within six (6)&nbsp;months
of the transfer to such Person. The assignment set forth in the preceding sentence shall
only be for the period during which such Foreign Ownership Restrictions prevent Televisa
from holding such Shares or while Televisa is actively seeking regulatory or judicial relief
with respect to the Foreign Ownership Restrictions or from the applicable order or
investigation, as applicable (or in the case of clause (iii)&nbsp;of the preceding sentence,
prior to the six (6)&nbsp;month anniversary of the transfer to the other Person and thereafter
while Televisa is seeking regulatory or judicial relief related to such order or
investigation) and once such period terminates, such FCC-Approved Trust or other Person
shall assign such rights and transfer such Shares to Televisa or as otherwise permitted
under the Transaction Documents or otherwise comply with the terms of any applicable order
of the FCC or regulatory or judicial decision. Upon any such assignment set forth in this
<U>Section&nbsp;4.5.5</U>, the FCC-Approved Trust or other Person to which such assignment is
made shall become party to this Agreement, the Principal
Investor Agreement and the Participation, Registration Rights and Coordination
Agreement as a Televisa Investor to the extent Televisa is a party thereto.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.5.6 <U>Termination</U>. The Preferential Right of First Refusal and the
Preferential ROFR Issuance Right shall each terminate upon the earliest to occur of (i)&nbsp;the
Company providing Televisa in connection with any Public Offerings the opportunity to
acquire from the Company, or from the underwriters acting on the Company&#146;s behalf, an
aggregate number of Shares from all such Public Offerings equal to the then-applicable
Additional Equity Amount at a price per share equal to the offering price to the public in
the relevant Public Offering and (ii)&nbsp;Televisa&#146;s full exercise of the Televisa Option
pursuant to Section&nbsp;8.6 of the Investment Agreement. For the avoidance of doubt, (x)&nbsp;the
Preferential Right of First Refusal and the Preferential ROFR Issuance Right shall each
survive a Change of Control and (y)&nbsp;the termination of the Preferential Right of First
Refusal and the Preferential ROFR Issuance Right shall have no effect on, and shall not
limit in any manner, Televisa&#146;s participation rights under the Participation, Registration
Rights and Coordination Agreement or its rights under <U>Section&nbsp;4.6</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.6 <U>Right of First Offer</U>. Other than in connection with a transaction to effect a
Compliant Change of Control Transaction, including a Sponsor Sale or a Merger Exit, if any
Prospective Selling Stockholder proposes to Sell any Shares in a Transfer that is subject to
<U>Section&nbsp;3.1.5</U> (including to another Stockholder or the Company or any of its
subsidiaries) prior to the Principal Investor Sell-Down, and Televisa has not exercised its
Preferential Right of First Refusal in accordance with <U>Section&nbsp;4.5</U> with respect to all of
such Shares or if Televisa does not provide the Preferential ROFR Exercise Notice within ten (10)
Business Days of receipt of the Preferential ROFR Notice, then the following provisions shall
apply:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.6.1 <U>Notice</U>. The Prospective Selling Stockholder shall furnish a written
notice of such proposed Sale (a &#147;<U>Sale Notice</U>&#148;) to each Principal Investor Group
(other than any Principal Investor Group of which the Prospective Selling Stockholder is a
member, in which case no such notice shall be provided to such group) and the Televisa
Investors (other than any Televisa Investor which is a Prospective Selling Stockholder, in
which case no such notice shall be given to such Televisa Investor). For the avoidance of
doubt, in the event of any proposed Sale to which this <U>Section&nbsp;4.6</U> applies, the
Televisa Investors shall have the rights to exercise their respective rights of first offer
under this <U>Section&nbsp;4.6</U> only to the extent set forth below, including <U>Section
4.6.2(a)</U> and <U>Section&nbsp;4.6.6(c)</U>) (each such PITV Investor Group, a &#147;<U>First
Offer Holder</U>&#148;), prior to any such proposed Transfer. The Sale Notice shall include:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b) (i)&nbsp;the number and class(es) of Shares proposed to be sold by the
Prospective Selling Stockholder, which shall be net of the Shares acquired by
Televisa from such Prospective Selling Stockholder in connection with the same sale
pursuant to the exercise of its Preferential Right of First Refusal, if any (the
&#147;<U>Subject Shares</U>&#148;), (ii)&nbsp;the per share cash purchase price or the formula by
which such cash price is to be determined and (iii)&nbsp;the proposed Transfer date, if
known; and
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(c)&nbsp;an invitation to each First Offer Holder to make an offer to purchase,
subject to <U>Section&nbsp;4.6.6</U> below, any number of the Subject Shares at such
price.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">4.6.2 <U>Exercise</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;Within twenty (20)&nbsp;Business Days after the date of delivery of the Sale
Notice (the &#147;<U>First Offer Deadline</U>&#148;), each First Offer Holder may make an
offer to purchase any number of the Subject Shares at the price set forth in the
Sale Notice by furnishing a written notice (the &#147;<U>First Offer Notice</U>&#148;) of
such offer specifying a number of Subject Shares offered to be purchased from the
Prospective Selling Stockholder (each such Person delivering such notice, a
&#147;<U>First Offer Purchaser</U>&#148;); <U>provided</U>, <U>however</U>, that a Televisa
Investor shall be deemed to be a First Offer Purchaser if and only in the event one
or more of the Principal Investor Groups delivers a First Offer Notice pursuant to
this <U>Section&nbsp;4.6.2(a)</U>. The receipt of consideration by any Prospective
Selling Stockholder selling Shares in payment for the transfer of such Shares
pursuant to this <U>Section&nbsp;4.6.2</U> shall be deemed a representation and warranty
by such Prospective Selling Stockholder that (i)&nbsp;such Prospective Selling
Stockholder has full right, title and interest in and to such Shares; (ii)&nbsp;such
Prospective Selling Stockholder has all necessary power and authority and has taken
all necessary actions to sell such Shares as contemplated by this <U>Section
4.6.2</U>; and (iii)&nbsp;such Shares are free and clear of any and all liens or
encumbrances except pursuant to this Agreement and other Transaction Agreements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(c)&nbsp;Each First Offer Holder not furnishing a First Offer Notice that complies
with the above requirements, including the applicable time periods, shall be deemed
to have waived all of such First Offer Holder&#146;s rights to purchase such Subject
Shares under this <U>Section&nbsp;4.6.2</U> and the Prospective Selling Stockholder
shall thereafter be free to Sell the Subject Shares to the First Offer Purchasers
and/or any Prospective Buyer, at a per share purchase price no less than the price
set forth in the Sale Notice, without any further obligation to such First Offer
Holder pursuant to this <U>Section&nbsp;4.6</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.6.3 <U>Irrevocable Offer</U>. The offer of each First Offer Purchaser contained in
a First Offer Notice shall be irrevocable, and, subject to <U>Section&nbsp;4.6.6</U> below, to
the extent such offer is accepted, such First Offer Purchaser shall be bound and obligated
to purchase the number of Subject Shares set forth in such First Offer Purchaser&#146;s First
Offer Notice.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.6.4 <U>Acceptance of Offers</U>. Within ten (10)&nbsp;Business Days after the First
Offer Deadline, the Prospective Selling Stockholder shall inform each First Offer Purchaser,
by written notice (the &#147;<U>Acceptance Notice</U>&#148;), of whether or not the Prospective
Selling Stockholder will accept all (but not less than all) offers of the First Offer
Purchasers (for the avoidance of doubt, all such offers shall be subject to adjustment
pursuant to <U>Section&nbsp;4.6.6</U> below). In the event the Prospective Selling Stockholder
fails to furnish the Acceptance Notice within the specified time period, the Prospective
Selling
Stockholder shall be deemed to have decided not to Sell the Subject Shares to the First
Offer Purchasers. If the Prospective Selling Stockholder decides not to Sell the Subject
Shares to the First Offer Purchasers, each First Offer Purchaser shall be released from such
holder&#146;s obligations under such holder&#146;s irrevocable offer, and the Prospective Selling
Stockholder shall not sell the Shares subject to the First Offer Purchaser&#146;s irrevocable
offer to any other Person. Acceptance of such offers by the Prospective Selling Stockholder
is without prejudice to the Prospective Selling Stockholder&#146;s discretion under <U>Section
4.4.3</U> to determine whether or not to consummate any Sale.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.6.5 <U>Additional Compliance</U>. If at the end of the 120<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day after
the date of delivery of the Sale Notice, the Prospective Selling Stockholder and First Offer
Purchasers or Prospective Buyer (if not a First Offer Purchaser), if any, have not completed
the Sale of the Subject Shares (other than due to the failure of any First Offer Purchaser
to perform its obligations under this <U>Section&nbsp;4.6</U>), each First Offer Purchaser shall
be released from such holder&#146;s obligations under such holder&#146;s irrevocable offer, the Sale
Notice shall be null and void, and it shall be necessary for a separate Sale Notice to be
furnished, and the terms and provisions of this <U>Section&nbsp;4.6</U> separately complied
with, in order to consummate a Transfer of such Subject Shares unless the failure to
complete such proposed Sale resulted directly from any failure by the FCC to consent to such
Sale; <U>provided</U>, that such consent is received within one hundred fifty (150)&nbsp;days of
such 120th day; <U>provided</U> <U>further</U>, <U>however</U>, that in the case of such
a separate Sale Notice in which the classes of Subject Shares and the per share price are
unchanged and the number of Subject Shares is substantially the same, the applicable period
to which reference is made in<U> Sections&nbsp;4.6.2</U> and <U>4.6.4</U> shall be five (5)
Business Days and three (3)&nbsp;Business Days, respectively.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">4.6.6 <U>Determination of the Number of Subject Shares to be Sold</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;In the event that, as of the First Offer Deadline, the number of Subject
Shares offered to be purchased by the First Offer Purchasers is less than the number
of Subject Shares, the Prospective Selling Stockholder shall provide notice of such
shortfall to the First Offer Purchasers. Each First Offer Purchaser shall provide
notice to the Prospective Selling Stockholder within four (4)&nbsp;Business Days of
receipt of the notice from the Prospective Selling Stockholder if it wishes to
purchase all or any portion of the Subject Shares comprising such shortfall. In the
event that, after such four (4)&nbsp;additional Business Days, the number of Subject
Shares offered to be purchased by the First Offer Purchasers is still less than the
number of Subject Shares, (i)&nbsp;the Prospective Selling Stockholder may within four
(4)&nbsp;Business Days accept the offers of the First Offer Purchasers and, at the option
of the Prospective Selling Stockholder, and within thirty (30)&nbsp;days of such
acceptance, Sell any remaining Subject Shares which the First Offer Purchasers did
not elect to purchase to one or more Prospective Buyers at a price per share that is
no less than the price set forth in the Sale Notice or (ii)&nbsp;if a single Prospective
Buyer or group of Prospective Buyers is unwilling to purchase less than all of the
Subject Shares, the Prospective Selling Stockholder may within one hundred eighty
(180)&nbsp;days Sell all (but not less than all) of the Subject Shares to such
Prospective Buyer or group of Prospective Buyers at a
price per share that is no less than the price set forth-in the Sale Notice
rather than Sell any Subject Shares to the First Offer Purchasers. Such sales, if
any, to Prospective Buyer(s) other than the First Offer Purchasers in accordance
with <U>clause (i)</U> above shall be consummated together with the sale to the
First Offer Purchasers.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(c)&nbsp;In the event that the Prospective Selling Stockholder has accepted the
offers of the First Offer Purchasers and the aggregate number of Subject Shares
offered to be purchased by (and to be sold to) the First Offer Purchasers is equal
to or exceeds the aggregate number of Subject Shares, the Subject Shares shall be
sold to the First Offer Purchasers as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%; text-indent: 4%">(i)&nbsp;there shall be first allocated to each First Offer Purchaser a
number of Subject Shares equal to the lesser of (A)&nbsp;the number of Subject
Shares offered to be purchased by such First Offer Purchaser pursuant such
holder&#146;s First Offer Notice and any subsequent notice delivered by such
First Offer Purchaser pursuant to the second sentence of <U>Section
4.6.6(a)</U>, and (B)&nbsp;a number of Subject Shares equal to such First Offer
Purchaser&#146;s Pro Rata Portion; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%; text-indent: 4%">(ii)&nbsp;the balance, if any, not allocated pursuant to <U>clause (i)</U>
above shall be allocated to those First Offer Purchasers which offered to
purchase a number of Subject Shares in excess of such First Offer
Purchaser&#146;s Pro Rata Portion to each such First Offer Purchaser on a pro
rata basis, based upon the amount of such excess, or in such other manner as
the First Offer Purchasers may otherwise agree.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">In the event that the number of Subject Shares that each First Offer Purchaser
will be permitted to purchase in a particular Sale is reduced in accordance with
<U>clauses (i)</U> and <U>(ii)</U> above, the Prospective Selling Stockholder
shall be responsible for determining the total number of Subject Shares to be
purchased by each First Offer Purchaser in the proposed Sale in accordance with this
<U>Section&nbsp;4.6.6</U>, and shall provide notice to each First Offer Purchaser of the
number of Subject Shares that such First Offer Purchaser will be purchasing in such
Sale no later than three (3)&nbsp;Business Days prior to the consummation of such Sale.
For the avoidance of doubt, shares of Class&nbsp;A Common Stock, Class&nbsp;B Common Stock,
Class&nbsp;C Common Stock and Class&nbsp;D Common Stock shall be treated as a single class for
purposes of this <U>Section&nbsp;4.6.6</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">In the event any holders of Shares exercise such holders&#146; rights under
<U>Section&nbsp;4.1</U> to sell Shares in connection with a Sale to First Offer
Purchasers pursuant to this <U>Section&nbsp;4.6</U>, such Shares (as the case may be,
reduced in accordance with <U>Section&nbsp;4.1.4</U>) shall be deemed to be Subject
Shares for purposes of this <U>Section&nbsp;4.6</U> and shall be allocated among the
First Offer Purchasers in accordance with this <U>Section&nbsp;4.6.6</U>.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT THE OMITTED PORTIONS OF THIS
DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(d)&nbsp;Notwithstanding any of the foregoing, the maximum number of Subject Shares that
the Televisa Investors shall have the right to purchase under this <U>Section
4.6</U> at any particular time shall not exceed that number of Subject Shares the
purchase of which would cause the Televisa Investors&#146; Capital Percentage to exceed
the Maximum Capital Percentage.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.6.7 <U>Exempt Transaction</U>. The parties hereto acknowledge and agree that the
provisions of this <U>Section&nbsp;4.6</U> shall not apply in the event of (i)&nbsp;one or more
Transfers in connection with a Change of Control pursuant to <U>Sections&nbsp;4.2</U> ,
<U>4.7</U> and/or <U>4.8</U>, as applicable, (ii)&nbsp;a Recapitalization Transaction pursuant
to <U>Section&nbsp;4.3</U>, or (iii)&nbsp;any exercise by Televisa of its Preferential Right of First
Refusal pursuant to <U>Section&nbsp;4.5</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">4.6.8 <U>The Televisa Investors&#146; ROFO Sunset</U>. ***
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.6.9 <U>Foreign Ownership Restrictions</U>. In the event that Televisa reasonably
believes that it cannot exercise its rights under this <U>Section&nbsp;4.6</U> to the full
extent set forth herein (or any lesser extent that the Televisa Investors desire to obtain)
because of any Foreign Ownership Restrictions, Televisa or a Televisa Investor may, but is
not required to, after notice to, and an opportunity for comment by, the Company, (it being
agreed that any such assignment shall be the decision of Televisa and the Company shall have
no consent right) assign such rights to (a)&nbsp;any FCC-Approved Trust, (b)&nbsp;any other Person
while regulatory or judicial relief is being sought with respect to such Foreign Ownership
Restrictions or (c)&nbsp;any other Person if the FCC has ordered that Televisa reduce its voting
or equity ownership in the Company, or Televisa has received written notification from the
FCC of an investigation with respect to Televisa&#146;s ownership of the Company and provided in
either case in this clause (c)&nbsp;that Televisa seeks regulatory or judicial relief related to
such order or investigation within six (6)&nbsp;months of the transfer to such Person. The
assignment set forth in the preceding sentence shall only be for the period during which
such Foreign Ownership Restrictions prevent Televisa from holding such Shares or while
Televisa is actively seeking regulatory or judicial relief with respect to the Foreign
Ownership Restrictions or from the applicable order or investigation, as applicable (or in
the case of clause (c)&nbsp;of the preceding sentence, prior to the six (6)&nbsp;month anniversary of
the transfer to the other Person and thereafter while Televisa is seeking regulatory or
judicial relief related to such order or investigation) and once such period terminates,
such FCC-Approved Trust or other Person shall assign such rights and transfer such Shares to
Televisa or as otherwise permitted under the Transaction Documents or otherwise comply with
the terms of any applicable order of the FCC or regulatory or judicial decision. Upon any
such assignment set forth in this Section&nbsp;4.6.9, the FCC-Approved Trust or other Person to
which such assignment is made shall become a party to this Agreement, the Principal Investor
Agreement and the Participation, Registration Rights and Coordination Agreement as a
&#147;Televisa Investor.&#148; Not in limitation of the foregoing, in the event that Televisa
reasonably and in good faith believes that an acquisition of Shares by a Televisa Investor
pursuant to this <U>Section&nbsp;4.6</U> would not be prudent in light of applicable Law, then,
at Televisa&#146;s election, after Televisa acquired such Shares pursuant to this <U>Section
4.6</U>, the Company shall exchange such Shares that Televisa acquired pursuant to this
<U>Section&nbsp;4.6</U> for warrants in substantially the form of the TV Warrants with an
exercise price of $0.01 per share and a
number of shares underlying such warrants equal to the number of shares Televisa so
acquired pursuant to this <U>Section&nbsp;4.6</U>.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.6.10 <U>Notice of ROFO Closing</U>. The Company shall promptly notify each PITV
Investor (other than any First Offer Purchasers participating therein) in writing following
the closing of any transaction in which any PITV Investor purchases Subject Shares pursuant
to the exercise of its respective rights of first offer under this <U>Section&nbsp;4.6</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.7 <U>The Televisa Investors&#146; Rights and Obligations in the Event of a Sponsor Sale</U>.
In the event any one or more Principal Investors propose to Transfer Shares (other than through a
merger, consolidation or similar business combination transaction, in which case the provisions
of <U>Section&nbsp;4.8</U> apply) to any Prospective Buyer(s) in one or a series of related
transactions that would effect a Change of Control (taking into account Shares required to be
Transferred in such transaction pursuant to <U>Section&nbsp;4.2</U>) (a &#147;<U>Sponsor Sale</U>&#148;), then
the following provisions shall apply:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.7.1 <U>Notice and Exercise</U>. The Prospective Selling Stockholders shall furnish
a written notice of their intention to pursue a Sponsor Sale (the &#147;<U>Sponsor Sale
Notice</U>&#148;) to the Company and Televisa. The Sponsor Sale Notice shall constitute, and
conform to the terms and conditions of, a Tag Along Notice under <U>Section&nbsp;4.1</U> (other
than items listed in <U>Section&nbsp;4.1.1(a)(iii)</U> and <U>(iv)</U>), and Televisa shall
have the rights of a Tag Along Holder under <U>Section&nbsp;4.1</U> with respect to such Sponsor
Sale (the &#147;<U>Sponsor Sale Tag Along Rights</U>&#148;). Televisa shall have the right to
exercise its Sponsor Sale Tag Along Rights at any time on or before the Sponsor Sale
Election Deadline by furnishing to the Company and the Prospective Selling Stockholders a
written Tag Along Offer pursuant to, and in compliance with, <U>Sections&nbsp;4.1.2</U> and
<U>4.1.3</U> exercising such Sponsor Sale Tag Along Rights, which election shall be
irrevocable except as otherwise provided in <U>Section&nbsp;4.7.6</U>, if applicable (the
&#147;<U>Sponsor Sale Tag Along Election</U>&#148;). In the event that Televisa exercises its
Sponsor Sale Tag Along Rights under this <U>Section&nbsp;4.7.1</U> or <U>4.7.6</U>, as
applicable, then each other Televisa Investor shall be obligated (to the same extent as
Televisa) to participate in such Sponsor Sale on the terms and conditions (which terms and
conditions, for the avoidance of doubt, include the allocation of Tag Eligible Shares to be
sold pursuant to <U>Section&nbsp;4.1.4</U> above, if applicable, and in any case consistent with
<U>Sections&nbsp;4.4.2</U>) specified herein (without prejudice to the rights of such
Stockholder with respect to the conversion, exercise or exchange of such Convertible
Securities and any entitlement to any payment of premium thereon or thereunder, including
any premiums payable under Section 4(a) or 5(a) of the TV Debentures and subject to
<U>Section&nbsp;4.4.4</U>, including any election by the Prospective Buyer(s) to acquire the
Convertible Securities instead of the underlying shares of Common Stock in accordance with
<U>Section&nbsp;4.4.4</U>). If Televisa elects to exercise its Sponsor Sale Tag Along Rights,
then the Prospective Selling Stockholders shall use their commercially reasonable efforts to
obtain the agreement of the Prospective Buyer(s) to the participation of all Televisa
Investors in such Sponsor Sale, and may not in any event Transfer any Shares to the
Prospective Buyer with respect to such Sponsor Sale if such Prospective Buyer declines to
allow the participation of all Televisa Investors on the terms and conditions (which terms
and conditions, for the avoidance of doubt, include the allocation of Tag Eligible Shares to
be sold pursuant to <U>Section&nbsp;4.1.4</U> above, if applicable, and in any case consistent
with
<U>Section&nbsp;4.4.2</U>) specified herein, unless simultaneously with the consummation of
such Sponsor Sale, the Prospective Selling Stockholders or their designees purchase the
Shares that the Televisa Investors were entitled to Transfer to the Prospective Buyer on the
same terms and conditions, consistent with <U>Section&nbsp;4.4.2</U>, as the Transfer of Shares
of the Prospective Selling Stockholders (without prejudice to the rights of such Stockholder
with respect to the conversion, exercise or exchange of such Convertible Securities and any
entitlement to any payment of premium thereon or thereunder, including any premiums payable
under Section 4(a) or 5(a) of the TV Debentures).
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.7.2 <U>Sponsor Sale Tag Along Election Deadline</U>. Televisa shall notify the
Company that it is exercising its Sponsor Sale Tag Along Rights or will retain its Shares in
the Company within forty eight (48)&nbsp;hours after the latest to occur of the following (the
&#147;<U>Sponsor Sale Election Deadline</U>&#148;):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;the twentieth (20th) day after Televisa&#146;s receipt of the Sponsor Sale
Notice;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(c)&nbsp;the fifth (5th) day after Televisa has been provided with the opportunity
to have substantive meetings with those Prospective Buyer(s) that the Prospective
Selling Stockholders consider likely to be in the final round of bidding in the
Sponsor Sale (which, for the avoidance of doubt, must include the ultimate
purchaser(s) of Shares in the Sponsor Sale) pursuant to <U>Section&nbsp;4.7.5(e)</U>
below; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(d)&nbsp;the fifth (5th) day after Televisa&#146;s receipt of the final price and other
material contractual terms and conditions of the Sponsor Sale and definitive
purchase agreement (including, if a form of definitive purchase agreement was
provided to Prospective Buyers, a blackline comparison of the final form of
definitive purchase agreement related to such Sponsor Sale against the form
previously delivered to Televisa pursuant to <U>Section&nbsp;4.7.5(c)</U> below, if
any);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><U>provided</U>, that in any case, <U>Section&nbsp;4.10</U> shall have been complied with.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.7.3 <U>Sponsor Sale Tag Along Information, Access and Negotiation Rights</U>. In
the event that Televisa provides a timely Sponsor Sale Tag Along Election, then Televisa
will be entitled to (a)&nbsp;participate in all Board, committee or similar meetings related to
such Sponsor Sale and all Sponsor Sale-related meetings of the Principal Investors in their
capacities as such and (b)&nbsp;receive all information regarding negotiation and discussions
with, and identities and proposed terms of, the Prospective Buyer(s). In the event that
Televisa delivers a timely Sponsor Sale Tag Along Election (provided that it has not been
revoked in accordance with <U>Section&nbsp;4.7.6</U>), all subsequent changes to price and all
subsequent changes to, additions of, or elimination of, other material terms and conditions
shall be determined by the Prospective Selling Stockholders as defined in <U>clause
(f)(ii)</U> of the definition of Prospective Selling Stockholder.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.7.4 <U>Roll-Over</U>. Subject to <U>Section&nbsp;4.7.6</U> below, if Televisa fails to
exercise its Sponsor Sale Tag Along Rights before the Sponsor Sale Election Deadline or
notifies
the Prospective Selling Stockholders and the Company by such Sponsor Sale Election
Deadline that it will retain all of its Shares in the Company, then Televisa will be deemed
to have elected not to exercise its Sponsor Sale Tag Along Rights but will be deemed to have
elected to retain all of its Shares in the Company (and each other Televisa Investor shall
be obligated (to the same extent as Televisa) to retain all of its Shares in the Company).
In such event, Televisa shall have waived and be deemed to have waived all of its Sponsor
Sale Tag Along Rights and other applicable rights under this <U>Section&nbsp;4.7</U> and any
other applicable rights pursuant to <U>Section&nbsp;4.1</U> hereof only with respect to such
Sponsor Sale, and, the Prospective Selling Stockholders shall thereafter be free to Transfer
to the Prospective Buyer(s) without any further obligation to Televisa pursuant to
<U>Section&nbsp;4.1</U> or this <U>Section&nbsp;4.7</U>, except as otherwise provided in <U>Section
4.7.5</U> or <U>4.7.6</U>, if applicable; <U>provided</U> that in no event shall
Televisa&#146;s Capital Percentage or Equity Percentage or rights or obligations under any
Transaction Agreements be affected by such Transfer or Sponsor Sale. In such event, each
Televisa Investor shall, if requested by the Prospective Selling Stockholders, vote its
respective Shares in favor of the Sponsor Sale and as otherwise directed by the Prospective
Selling Stockholders (in each case, if and to the extent any such vote is required) in
connection with the Sponsor Sale in order to effectuate the intent of this provision.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.7.5 <U>Other Information and Access Rights</U>. Subject to the provisions of
Section&nbsp;4.4 of the Principal Investor Agreement, for any period after Televisa has received
or was entitled to receive the Sponsor Sale Notice:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;the Prospective Selling Stockholders shall keep Televisa generally apprised
of such Sponsor Sale process;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(c)&nbsp;copies of any management presentations related to such Sponsor Sale that
are given or provided to Prospective Buyer(s) shall also be provided to Televisa;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(d)&nbsp;copies of any forms of definitive transaction agreement or other
transaction documents setting forth the consideration and/or other material terms
and conditions of such Sponsor Sale that are provided to Prospective Buyer(s) for
comment shall also be provided to Televisa;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(e)&nbsp;access to all information included in any data room (including any
electronic data room) set up in connection with such Sponsor Sale and to which
access has been given to Prospective Buyer(s) shall also be given to Televisa; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(f)&nbsp;Televisa shall have a reasonable opportunity to meet with those Prospective
Buyer(s) that the Prospective Selling Stockholders believe are the likely
purchaser(s) of Shares in the Sponsor Sale (which, for the avoidance of doubt, must
include the ultimate purchaser(s) of Shares in the Sponsor Sale) before the final
bid in the Sponsor Sale process; <U>provided</U>, that (i)&nbsp;a representative of the
Principal Investors may be present at all such meetings and (ii)&nbsp;Televisa shall
promptly copy each of the Prospective Selling Stockholders on all material
correspondence (including via electronic mail) of a Televisa Investor or a
representative acting at the request thereof with any such Prospective Buyer(s)
and/or the Company.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.7.6 <U>Change in Material Terms</U>. Notwithstanding the foregoing, if any of the
following are expected to occur: (x)(i) the equity value payable upon the Sponsor Sale
changes by more than three and a half percent (3.5%), (ii)&nbsp;the percentage of the total
consideration represented by cash changes by more than three and a half percent (3.5%),
(iii)&nbsp;the type of consideration to be received changes, (iv)&nbsp;there is a three and a half
percent (3.5%) or greater increase in the amount of the consideration to be escrowed or held
back to cover indemnification claims that may be asserted by the purchaser or in the event
of any earn-out or similar payment, (v)&nbsp;there is a three and a half percent (3.5%) or
greater increase in any cap on indemnification claims that may be recovered by the purchaser
under the definitive acquisition agreement, or (vi)&nbsp;there are one or more changes to any
other terms that a sophisticated non-U.S. investor would deem to be material to its decision
to make an investment in the Company (in the case of each of <U>clauses (i)</U> through
<U>(vi)</U>, as compared to the terms most recently furnished to Televisa pursuant to
<U>Section&nbsp;4.7.2(c)</U> or this <U>Section&nbsp;4.7.6</U>, as applicable) or (y)&nbsp;there is a
change in (i)&nbsp;the purchaser(s) (other than to one or more controlled Affiliates of such
purchaser(s)) or (ii)&nbsp;terms that would have a material negative impact to the tax and
regulatory components of Televisa&#146;s investment in the Company (e.g., material change to the
structure of the investment), then the Prospective Selling Stockholders (other than the
Televisa Investors, if applicable) and the Company shall give at least forty eight (48)
hours&#146; notice of and disclose such new terms and conditions to Televisa (a &#147;<U>Change
Notice</U>&#148;), each Televisa Investor&#146;s most recently effective Sponsor Sale Tag Along
Election, if any, shall be deemed to be revoked, and Televisa shall notify the Company and,
prior to the Principal Investor Sell-Down, the Prospective Selling Stockholders (other than
the Televisa Investors, as applicable), within forty eight (48)&nbsp;hours (in the case of
<U>clause (x)</U>) or five (5)&nbsp;days (in the case of <U>clause (y)</U>) from receipt of the
Change Notice whether it (i)&nbsp;elects to exercise its respective Sponsor Sale Tag Along Rights
(which election shall be deemed to be a new, irrevocable Sponsor Sale Tag Along Election,
unless the material terms or conditions of the Sponsor Sale change again in the manner
described above, in which case the requirements of this <U>Section&nbsp;4.7.6</U> shall apply
once again), and in which case, each of the Televisa Investors shall be obligated (in the
event Televisa so exercises its respective Sponsor Sale Tag Along Rights, to the same extent
as Televisa) to participate in such Sponsor Sale on the terms and conditions consistent with
<U>Section&nbsp;4.4.2</U> (which terms and conditions, for the avoidance of doubt, include the
allocation of Tag Eligible Shares to be sold pursuant to <U>Section&nbsp;4.1.4</U> above, if
applicable, and subject to <U>Section&nbsp;4.4.4</U> in the case of Convertible Securities,
including any election by the Prospective Buyer(s) to acquire the Convertible Securities
instead of the underlying shares of Common Stock in accordance with <U>Section&nbsp;4.4.4</U>)
specified herein, or (ii)&nbsp;will retain its Shares in the Company, and in which case, each of
the other Televisa Investors shall be obligated to retain its respective Shares in the
Company. Nothing in this <U>Section&nbsp;4.7.6</U> shall be construed so as to reduce the time
periods provided for in <U>Section&nbsp;4.7.2</U> (including the time period following
Televisa&#146;s meeting with the ultimate purchaser(s)).
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.7.7 <U>Confidentiality</U>. All confidential and/or proprietary information
relating to the Sponsor Sale that is provided or made available to the Televisa Investors
shall be kept strictly confidential in accordance with <U>Section&nbsp;10.10.1</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.7.8 <U>Sunset</U>. All of the Televisa Investors&#146; rights under this <U>Section
4.7</U> shall terminate immediately upon a Televisa Sell-Down.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.7.9 <U>No Rights of First Offer or Refusal</U>. For the avoidance of doubt, neither
the rights of first offer described in <U>Section&nbsp;4.6</U> nor the Preferential Right of
First Refusal shall apply in connection with any Transfer of Shares that would result in a
Change of Control.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.7.10 <U>Parallel Sales Process</U>. From the date of delivery of a Sponsor Sale
Notice to the date of the closing of a Sponsor Sale or termination of the process relating
to such Sponsor Sale, so long as the Company is actively and in good faith pursuing the
marketing, negotiation or consummation of such Sponsor Sale, the Televisa Investors shall
not Transfer Shares or direct, request or induce another Person who is not a Televisa
Investor to Transfer Shares, other than Transfers by any Televisa Investor in the public
market (<U>provided</U> that Televisa shall not exercise any of its demand registration
rights under the Participation, Registration Rights and Coordination Agreement during such
period) to any Person (other than a Permitted Transferee) (or actively and intentionally
facilitate any such Transfer), other than as part of a Sponsor Sale as provided herein or
offer to arrange financing to any Person related to the purchase of Shares. The Televisa
Investors further agree not to participate in or form a Group in connection with any sales
process relating to either a transaction to effect a Merger Exit or Sponsor Sale other than
as set forth in the Change of Control Procedures. For the avoidance of doubt, this
<U>Section&nbsp;4.7.10</U> shall in no way derogate from Section&nbsp;8.3 of the Investment
Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.7.11 <U>Miscellaneous</U>. Each of the PITV Investors hereby acknowledges and
agrees that time is of the essence for all purposes under this <U>Section&nbsp;4.7</U>. All
time periods provided in this <U>Section&nbsp;4.7</U> are subject to extension during the
pendency of, and to comply with and be consistent with any remedies set forth in, any
applicable Arbitrator Determination as contemplated in <U>Section&nbsp;4.9</U> below.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.8 <U>The Televisa Investors&#146; Rights and Obligations in the Event of a Merger Exit</U>.
Notwithstanding anything to the contrary herein, in the event that the Majority Principal
Investors or the Company propose to effectuate a Merger Exit, then the following provisions shall
apply:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.8.1 <U>Notice and Exercise</U>. The Prospective Selling Stockholders shall furnish
a written notice of their intention to pursue a Merger Exit to the Company, which shall
promptly furnish such notice to Televisa, or the Company shall furnish a written notice of
its or the Board&#146;s intention to pursue a Merger Exit to Televisa (any such notice referenced
in this sentence, the &#147;<U>Merger Exit Notice</U>&#148;). The Merger Exit Notice shall provide
Televisa the right to elect to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;include a percentage of Shares held by it that is equal to the percentage
of Shares owned by the Prospective Selling Stockholders (which may be all other
Stockholders) that are proposed to be Sold (<I>e.g.</I>, converted or sold pursuant to the
merger) by the Prospective Selling Stockholders (which may be all other
Stockholders) to a Prospective Buyer in such Merger Exit (which may be of a single
class or of multiple classes), on the same terms and conditions (subject to
<U>Section&nbsp;4.4.4</U> in the case of Convertible Securities and without prejudice to
the rights of the holder of Convertible Securities with respect to the conversion,
exercise or exchange of such Convertible Securities and any entitlement to any
payment of premium thereon or thereunder, including any premiums payable under
Section 4(a) or 5(a) of the TV Debentures, and subject to <U>Section&nbsp;4.4.1</U>
under all circumstances in connection with such Merger Exit) as the terms and
conditions that are applicable to the Prospective Selling Stockholders (which may be
all other Stockholders), in any case consistent with <U>Section&nbsp;4.4.2</U>
(&#147;<U>Merger Exit Participation Rights</U>&#148;) by furnishing to the Company, which
shall promptly furnish to the Prospective Selling Stockholders, a written election
exercising such Merger Exit Participation Rights (the &#147;<U>Merger Exit Participation
Election</U>&#148;) on or before the Merger Exit Election Deadline, which election shall
be irrevocable except as otherwise provided in <U>Section&nbsp;4.8.9</U>, if applicable;
or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(c)&nbsp;roll-over all of its Shares into equity of the Acquiror (and receive cash
to the extent provided in <U>Section&nbsp;4.8.6(b)</U>). For the avoidance of doubt,
 shares of Class&nbsp;A Common Stock, Class&nbsp;B Common Stock, Class&nbsp;C Common Stock and Class
D Common Stock shall be treated as a single class for purposes of this <U>Section
4.8.</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.8.2 <U>Merger Exit Participation Election Deadline</U>. Televisa shall notify the
Company either that it is exercising its Merger Exit Participation Rights or will retain its
Shares in the Company within forty eight (48)&nbsp;hours after the latest to occur of the
following (the &#147;<U>Merger Exit Election Deadline</U>&#148;):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;the twentieth (20th) day after Televisa&#146;s receipt of the Merger Exit
Notice;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(c)&nbsp;the fifth (5th) day after Televisa has been provided with the opportunity
to have substantive meetings with those Prospective Buyer(s) that the Prospective
Selling Stockholders (or, after the Principal Investor Sell-Down, the Board)
consider likely to be in the final round of bidding in the Merger Exit (which, for
the avoidance of doubt, must include the ultimate purchaser(s) of Shares in the
Merger Exit) pursuant to <U>Section&nbsp;4.8.8(e)</U> below; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(d)&nbsp;the fifth (5th) day after Televisa&#146;s receipt of the price and other
material contractual terms and conditions of the Merger Exit and definitive purchase
agreement (including, if a form of definitive purchase agreement was provided to
Prospective Buyers, a blackline comparison of the final form of definitive purchase
agreement related to such Merger Exit against the form previously delivered to
Televisa pursuant to <U>Section&nbsp;4.8.8(c)</U> below, if any);
<U>provided</U>, that in any case, <U>Section&nbsp;4.10</U> shall have been complied with.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.8.3 <U>Rights in the Absence of a Merger Exit Participation Election; Rights
Following a Merger Exit Participation Election</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b) <U>Roll-Over</U>. If Televisa fails to provide a timely Merger Exit
Participation Election, then the Televisa Investors shall, subject to <U>Section
4.10</U>, roll-over all of their Shares into equity of the Acquiror (and receive
cash to the extent provided in <U>Section&nbsp;4.8.6(b)</U>). For the avoidance of
doubt, the Acquiror shall assume the obligations under any TV Debentures that are so
rolled-over. In the event that Televisa delivers a timely Merger Exit Participation
Election, then each other Televisa Investor shall be obligated (to the same extent
as Televisa) to participate in such Merger Exit on the terms and conditions
specified herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(c) <U>Merger Exit Information, Access and Negotiation Rights</U>. In the
event that Televisa delivers a timely Merger Exit Participation Election
(<U>provided</U>, that it has not been revoked in accordance with <U>Section
4.8.9</U>), then Televisa will be entitled to (a)&nbsp;participate in all Board,
committee or similar meetings related to such Merger Exit and, assuming there are
Principal Investors, all Merger Exit-related meetings of the Principal Investors in
their capacities as such and (b)&nbsp;receive all information regarding negotiation and
discussions with, and identities and proposed terms of, the Prospective Buyer(s).
In the event that Televisa delivers a timely Merger Exit Participation Election
(<U>provided</U>, that it has not been revoked in accordance with <U>Section
4.8.9</U>), all subsequent changes to price and all subsequent changes to, additions
of, or elimination of, other material terms and conditions shall be determined by
the Prospective Selling Stockholders as defined in <U>clause (g)(ii)</U> of the
definition of Prospective Selling Stockholder (or, after the Principal Investor
Sell-Down, the Board and, if Televisa has timely made a Merger Exit Participation
Election, the Majority Televisa Investors).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.8.4 <U>Voting Agreement</U>. Subject to <U>Section&nbsp;4.10</U> and provided that the
provisions of this <U>Section&nbsp;4.8</U> have been complied with, each of the Televisa
Investors shall (a)&nbsp;cast all votes to which they are entitled in respect of their Shares,
whether at any annual or special meeting, by written consent or otherwise, in such manner as
the Prospective Selling Stockholders (or, after the Principal Investor Sell-Down, the Board)
may instruct by written notice to the Televisa Investors to approve any aspect or aspects of
the Merger Exit or, if the Prospective Selling Stockholders (or, after the Principal
Investor Sell-Down, the Board) so instruct, against any proposal competing against or which
may impede or delay the Merger Exit, including any proposal to approve any amendment to the
Charter, any sale, merger, consolidation, reorganization or any other transaction or series
of transactions involving the Company or its subsidiaries (or all or any portion of their
respective assets) solely to effectuate the Merger Exit and subject to the rights of the
Televisa Investors under this <U>Section&nbsp;4.8</U>, (b)&nbsp;agree to waive any dissenters&#146;
rights, appraisal rights or similar rights, (c)&nbsp;reasonably cooperate with the Prospective
Selling Stockholders (or, after the Principal Investor Sell-Down, the Board) with respect to
the Merger Exit and roll over, including executing, acknowledging and delivering consents,
assignments, and other documents or instruments, furnishing
information and copies of documents, filing applications, reports, returns, filings and
other documents or instruments with Governmental Authorities, in each case, to the extent
necessary (as reasonably determined by the Company&#146;s outside legal counsel, which shall be a
nationally recognized law firm with expertise in Federal Communications Laws) and not
inconsistent with the Televisa Investor&#146;s rights under the Transaction Agreements, (d)
otherwise take all other actions required pursuant to <U>Sections&nbsp;4.3</U> and <U>4.4</U>
and (e)&nbsp;unless such Televisa Investor has exercised its Merger Exit Participation Rights,
and to the extent not occurring by virtue of operation of Law, roll-over all of its Shares
into equity of the Acquiror (and receive cash to the extent provided in <U>Section
4.8.6(b)</U>) in the Merger Exit. In connection with any FCC filing required with regards
to any Merger Exit, the Company shall file such FCC applications as it is required to file
in order to obtain such FCC approval, and the Televisa Investors shall cooperate with the
Company and promptly provide the Company with any and all information necessary (as
reasonably determined by the Company&#146;s outside legal counsel, which shall be a nationally
recognized law firm with expertise in Federal Communications Laws) to complete the filing of
such applications. The Company shall use its reasonable best efforts to obtain such FCC
approval, including (y)&nbsp;diligently prosecuting such applications, including opposing any
petitions to deny, or other objections filed with respect to, such FCC applications, and (z)
promptly taking all other actions reasonably requested by the Prospective Selling
Stockholders (or, after the Principal Investor Sell-Down, the Board) as necessary, desirable
and/or appropriate to facilitate obtaining such FCC approval.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.8.5 <U>Proxy</U>. If any of the Televisa Investors fails to vote all Shares to
which they are entitled in respect of their Shares in compliance with <U>Section&nbsp;4.8.4</U>,
or changes such vote without written approval of the Majority Principal Investors (or, after
the Principal Investor Sell-Down, the Board), then within five (5)&nbsp;days of receiving a
written notice from the Company regarding such non-compliance or change, the Majority
Principal Investors (or, after the Principal Investor Sell-Down, the Board) shall have a
proxy to vote such Televisa Investor&#146;s Shares in accordance with the agreements contained in
<U>Section&nbsp;4.8.4</U>. The power and authority to exercise the proxy granted hereby shall
be exercised if and only if the matter to be voted on has been approved by the Majority
Principal Investors (or, after the Principal Investor Sell-Down, the Board) and shall be
exercised on terms consistent with such approval. The proxy granted hereby is irrevocable
and coupled with an interest sufficient in Law to support irrevocable power.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">4.8.6 <U>Results of Merger Exit</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;Subject to <U>clauses (c)</U> and <U>(d)</U> hereof, each of the Televisa
Investors acknowledges and agrees that (i)&nbsp;the value of its Pre Transaction
Percentage could be greater than the implied value of the same numerical percentage
ownership (on a fully-diluted basis) of the Acquiror immediately after giving effect
to such Merger Exit (<I>e.g.</I>, due to Acquiror&#146;s increase in the Company&#146;s leverage to
effect the Merger Exit but in any case subject to Section&nbsp;4.4.3 of Article&nbsp;EIGHTH of
the Charter) and (ii)&nbsp;such Televisa Investor&#146;s Pre Transaction Percentage could be
greater than its Post Transaction Percentage (but only as a result of the Acquiror
and/or its equity holders (in each case, that are not Affiliated with any of the
Principal Investors) contributing cash (and no other assets) into the Company
in connection with such Merger Exit).
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT THE OMITTED PORTIONS OF THIS
DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(c)&nbsp;Notwithstanding <U>Section&nbsp;4.8.6(a)</U>, a Merger Exit shall not cause the
Post Transaction Percentage of a Televisa Investor to be less than *** of the Pre
Transaction Percentage of such Televisa Investor and shall not cause the aggregate
Post Transaction Percentage of all of the Televisa Investors to be reduced below:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%; text-indent: 4%">(i) *** (if (x)&nbsp;the Capital Percentage of the Televisa Investors, in
the aggregate, is *** immediately prior to such Merger Exit and (y)&nbsp;all of
the Televisa Investors rolled over their equity in such Merger Exit) in
connection with such Merger Exit);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%; text-indent: 4%">(ii)&nbsp;if (x)&nbsp;the Capital Percentage of the Televisa Investors, in the
aggregate, is greater than *** but less than *** immediately prior to such
Merger Exit and (y)&nbsp;all of the Televisa Investors rolled over their equity
in such Merger Exit, a percentage equal to *** multiplied by the Capital
Percentage of the Televisa Investors, in the aggregate, immediately prior to
such Merger Exit (but in any event not less than ***);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%; text-indent: 4%">(iii) *** (if (x)&nbsp;the Capital Percentage of the Televisa Investors is,
in the aggregate, *** immediately prior to such Merger Exit and (y)&nbsp;all of
the Televisa Investors rolled over their equity in such Merger Exit in
connection with such Merger Exit); or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%; text-indent: 4%">(iv)&nbsp;if (x)&nbsp;the Capital Percentage of the Televisa Investors, in the
aggregate, is less than *** immediately prior to such Merger Exit and (y)
all of the Televisa Investors rolled over their equity in such Merger Exit
in connection with such Merger Exit, a percentage equal to *** multiplied by
the Capital Percentage of the Televisa Investors, in the aggregate,
immediately prior to such Merger Exit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(d)&nbsp;In connection with any Merger Exit, each of the Televisa Investors shall be
granted the right to purchase for cash additional debentures in substantially the
form of the TV Debentures (or, at Televisa&#146;s election, warrants in substantially the
form of the TV Warrants or equity) at or after the closing of the Merger Exit at the
same implied price per share of the applicable security as paid by the Acquiror (or
its controlling shareholders) in connection with the Merger Exit for such
(underlying)&nbsp;security so that its Post Transaction Percentage equals its Pre
Transaction Percentage (or any lesser percentage that such Televisa Investor may
elect). Each of the Principal Investors and the Company acknowledges and agrees
that each Televisa Investor&#146;s respective Pre Transaction Percentages may not be
eliminated or diluted in any other Transfers (or transaction providing liquidity to
any of the Principal Investors) by any of the Principal Investors or eliminated in
any other transaction.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(e)&nbsp;Subject to <U>clauses (b)</U> and <U>(c)</U> above, in the event of a
Merger Exit in which any Televisa Investor does not exercise its Merger Exit
Participation Rights, the Acquiror shall assume the obligations under such Televisa
Investor&#146;s TV Debentures pursuant to <U>Section&nbsp;4.8.3(a)</U> and such Televisa
Investor shall, in exchange for shares of Common Stock and TV Warrants it held
immediately prior to the Merger Exit, receive shares of common stock (or, in the
case of TV Warrants, warrants to acquire shares of common stock) in the Acquiror
with substantially the same terms as the shares of Common Stock it held immediately
prior to the Merger Exit which have an aggregate value, based on the implied equity
value of the Acquiror immediately after the Merger Exit (it being understood that
the value of any indebtedness incurred by the Acquiror in connection with such
Merger Exit shall be equal to the principal amount thereof so long as all of the
proceeds of such indebtedness are held by the Acquiror until the effective time of
the Merger Exit), equal to the value of the shares of Common Stock (including shares
of Common Stock underlying TV Warrants) held by such Televisa Investor immediately
prior to such Merger Exit, with the value of each share of Common Stock (including
 shares of Common Stock underlying the TV Warrants) held by such Televisa Investor to
be deemed to be equal to the Merger Price. To the extent the Capital Percentage
(calculated by reference to common stock (and securities convertible or exchangeable
for common stock, including the assumed TV Debentures) of the Acquiror instead of by
reference to the Common Stock and Convertible Securities of the Company) would
exceed the Maximum Capital Percentage as a result of the acquisition of such shares
of stock in the Acquiror and the Acquiror&#146;s assumption of the TV Debentures, the
Company shall elect to redeem an amount of TV Debentures sufficient to reduce the
Capital Percentage to the Maximum Capital Percentage and, for the avoidance of
doubt, the Redemption Price and the Applicable Premium (as defined in the TV
Debentures) shall be paid by the Company (or the Acquiror, as applicable) to such
Televisa Investor pursuant to the terms of Section 4(a) of the TV Debentures. For
the avoidance of doubt, the Company shall also be entitled to elect to redeem any
amounts of TV Debentures pursuant to the terms of Section 4(a) of the TV Debentures
and, in the event that the Company makes such election and a Televisa Investor that
is the holder thereof elects pursuant to Section 5(a) of the TV Debentures to
convert the principal amount of such TV Debentures or any portion thereof into TV
Warrants, then such TV Warrants shall be exercisable following the Merger Exit for
 shares of common stock of the Acquiror and such Televisa Investor shall be entitled
to receive the Applicable Premium (as defined in the TV Debentures) in respect of
such converted TV Debentures pursuant to the terms of the TV Debentures. The
parties acknowledge and agree that in a Merger Exit, the Televisa Investors will not
receive value with respect to their Shares (on an as-converted basis) on a per Share
basis in a Merger Exit that is less than the value that other stockholders receive
for their Shares on a per Share basis in such Merger Exit, with the value of such
Shares (on an as-converted basis) held by such Televisa Investor to be deemed to be
equal to the Merger Price, even though the form of consideration for the Televisa
Investors&#146; Shares may differ in accordance with the terms hereof, including in
accordance with this <U>clause (d)</U>,
and in the event that any Principal Investors do not participate in the Merger
Exit and elect to receive shares of the Acquiror in exchange for their shares of
Common Stock, the shares of the Acquiror provided to the Televisa Investors who do
not exercise their Merger Exit Participation Rights shall be valued on the same
basis as the shares of the Acquiror provided to such Principal Investors (unless
such basis would result in the Televisa Investors receiving less consideration for
their Shares than the provisions of this <U>Section&nbsp;4.8.6</U> would otherwise
require).
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.8.7 <U>Non-Circumvention</U>. The Principal Investors, the Company, its parent entities
and subsidiaries will use good faith efforts not to structure arrangements or agreements in
a manner to circumvent the provisions of <U>Section&nbsp;4.8.6</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.8.8 <U>Other Information and Access Rights</U>. Subject to Section&nbsp;4.4 of the
Principal Investor Agreement, for any period after Televisa has received the Merger Exit
Notice:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;the Prospective Selling Stockholders and the Board or the Company shall
keep Televisa generally apprised of such Merger Exit process;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(c)&nbsp;copies of any management presentations related to such Merger Exit that are
given or provided to the Prospective Buyer(s) shall also be provided to Televisa;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(d)&nbsp;copies of any forms of definitive transaction agreements or other
transaction documents setting forth the consideration and/or other material terms
and conditions of such Merger Exit that are provided to the Prospective Buyer(s) for
comment shall also be provided to Televisa;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(e)&nbsp;access to all information included in any data room (including any
electronic data room) set up in connection with such Merger Exit and to which access
has been given to the Prospective Buyer(s) shall also be given to Televisa; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(f)&nbsp;Televisa shall have a reasonable opportunity to meet with those Prospective
Buyer(s) that the Prospective Selling Stockholders (or, after the Principal Investor
Sell-Down, the Board) believe are the likely purchaser(s) of Shares in the Merger
Exit (which, for the avoidance of doubt, must include the ultimate purchaser(s) of
Shares in the Merger Exit) before the final bid in the Merger Exit process;
<U>provided</U> that (i)&nbsp;if there are any Principal Investors, a representative of
the Principal Investors may be present at all such meetings and, (ii)&nbsp;if there are
any Principal Investors, Televisa shall promptly copy each of the Prospective
Selling Stockholders on all material correspondence (including via electronic mail)
of a Televisa Investor or a representative acting at the request thereof with any
such Prospective Buyer(s) and/or the Company.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT THE OMITTED PORTIONS OF
THIS DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO
RULE 24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED
THE OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.8.9 <U>Change in Material Terms</U>. Notwithstanding the foregoing, if any of the
following are expected to occur: (x)(i) the equity value payable upon a Merger Exit changes
by more than ***, (ii)&nbsp;the percentage of the total consideration represented by
cash changes by more than ***, (iii)&nbsp;the type of consideration to be received changes,
(iv)&nbsp;there is *** increase in the amount of the consideration to be escrowed or held back to
cover indemnification claims that may be asserted by the Acquiror or in the event of any
earn-out or similar payment, (v)&nbsp;there is *** increase in any cap on indemnification claims
that may be recovered by the Acquiror under the definitive acquisition agreement, or (vi)
there are one or more changes to any other terms that a sophisticated non-U.S. investor
would deem to be material to its decision to make an investment in the Company (in the case
of each of clauses (i)&nbsp;through (vi), as compared to the terms most recently furnished to
Televisa pursuant to <U>Section&nbsp;4.8.2(c)</U> or this <U>Section&nbsp;4.8.9</U>, as applicable)
or (y)&nbsp;there is a change in (i)&nbsp;the Acquiror(s) (other than to one or more controlled
Affiliates of such Acquiror(s)) or (ii)&nbsp;terms that would have a material negative impact to
the tax and regulatory components of Televisa&#146;s investment in the Company (e.g., material
change to the structure of the investment), then the Prospective Selling Stockholders (other
than the Televisa Investors, as applicable) and the Company shall give at least forty eight
(48)&nbsp;hours&#146; notice of and disclose such new terms and conditions to Televisa in a Change
Notice, Televisa&#146;s most recently effective Merger Exit Participation Election, if any, shall
be deemed to be revoked, and Televisa shall notify the Company and, prior to the Principal
Investor Sell-Down, the Prospective Selling Stockholders (other than the Televisa Investors,
as applicable), within forty eight (48)&nbsp;hours (in the case of <U>clause (x)</U>) or five
(5)&nbsp;days (in the case of <U>clause (y)</U>) from receipt of the Change Notice whether it
(i)&nbsp;elects to exercise its Merger Exit Participation Rights (which election shall be deemed
to be a new, irrevocable Merger Exit Participation Election, unless the material terms or
conditions of the Merger Exit change again in the manner described above, in which case the
requirements of this <U>Section&nbsp;4.8.9</U> shall apply once again), in which case, each
other Televisa Investor shall be obligated (in the event Televisa so exercises its Merger
Exit Participation Rights, to the same extent as Televisa) to participate in such Merger
Exit on the terms and conditions specified herein, or (ii)&nbsp;subject to <U>Section&nbsp;4.10</U>,
roll-over all of its Shares into equity of the Acquiror and receive cash to the extent
provided in <U>Section&nbsp;4.8.6(b)</U>, in which case, each other Televisa Investor shall be
obligated to roll-over all of its respective Shares into equity of the Acquiror and receive
cash to the extent provided in <U>Section&nbsp;4.8.6(b)</U>. Nothing in this <U>Section
4.8.9</U> shall be construed so as to reduce the time periods provided for in <U>Section
4.8.2</U> (including the time period following Televisa&#146;s meeting with the ultimate
purchaser(s)).
</DIV>





<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.8.10 <U>Confidentiality</U>. All confidential and/or proprietary information relating to
the Merger Exit that is provided or made available to the Televisa Investors shall be kept
strictly confidential in accordance with <U>Section&nbsp;10.10.1</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">4.8.11 <U>No Rights of First Offer or Refusal</U>. ***
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.8.12 <U>Parallel Sales Process</U>. From the date of delivery of a Merger Exit
Notice to the date of the closing of a Merger Exit or termination of the process relating to
such Merger Exit, so long as the Company is actively and in good faith pursuing the
consummation of such Merger Exit, Televisa shall not direct, request or induce another
Person who is not a Televisa Investor to Transfer Shares held by Televisa, other than
Transfers in the public market (<U>provided</U> that Televisa shall not exercise any demand
registration rights under the Participation, Registration Rights and Coordination
Agreement during such period) to any Person (or actively and intentionally facilitate any
such Transfer), other than as part of a Merger Exit as provided herein or offer to arrange
financing to any Person related to the purchase of Shares. The Televisa Investors further
agree not to participate in or form a Group in connection with any sales process relating to
either a transaction to effect a Sponsor Sale or Merger Exit other than as set forth in the
Change of Control Procedures. For the avoidance of doubt, this <U>Section&nbsp;4.8.12</U> shall
in no way derogate from Section&nbsp;8.3 of the Investment Agreement.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.8.13 <U>Miscellaneous</U>. Each of the PITV Investors and the Company hereby
acknowledges and agrees that time is of the essence for all purposes under this <U>Section
4.8</U>. All time periods provided in this <U>Section&nbsp;4.8</U> are subject to extension
during the pendency of, and to comply with and be consistent with any remedies set forth in,
any applicable Arbitrator Determination as contemplated in <U>Section&nbsp;4.9</U> below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.8.14 <U>Sunset</U>. All of the Televisa Investors&#146; rights under this <U>Section
4.8</U> shall terminate immediately upon a Televisa Sell-Down.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.9 <U>Compliance with Sponsor Sale and Merger Exit Procedures</U>. In the event of any
dispute between or among the parties to this Agreement relating to or arising out of the Televisa
Investors&#146; rights and obligations in the event of either a Sponsor Sale or a Merger Exit as set
forth in <U>Section&nbsp;4.7</U> or <U>4.8</U> (collectively, the &#147;<U>Change of Control
Procedures</U>&#148;) or whether a Change of Control is a Compliant Change of Control Transaction, the
terms of this <U>Section&nbsp;4.9</U> shall apply. For the avoidance of doubt, no Change of Control
that is not subject to <U>Section&nbsp;4.7</U> or <U>4.8</U> or is not a Compliant Change of Control
Transaction may be effectuated; <U>it</U> <U>being</U> <U>understood</U> that any disputes
regarding compliance with such sections shall be subject to <U>Section&nbsp;4.9</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.9.1 <U>Selection of Arbitrator</U>. Set forth on <U>Schedule&nbsp;4.9</U> hereof is a
list of Persons qualified as of the Televisa Closing to serve as an arbitrator of disputes
arising out of or relating to the Change of Control Procedures. The Company and Televisa
will review such list every two years and update it to the extent the parties mutually
agree. As promptly as practicable following the delivery of either a Sponsor Sale Notice or
a Merger Exit Notice, the Company and Televisa shall contact the first arbitrator listed on
<U>Schedule&nbsp;4.9</U> and ask him to serve. If such arbitrator is unable to serve (including
because of a conflict) or does not accept within five (5)&nbsp;Business Days, then the Company
and Televisa shall contact the next arbitrator on the list and repeat this process until an
arbitrator is willing and able and agrees to serve as the Arbitrator. In the event that no
arbitrator listed on <U>Schedule&nbsp;4.9</U> is willing to serve as the Arbitrator, then the
Company, acting at the direction of the Majority Principal Investors (or, after the
Principal Investor Sell-Down, the Board), and Televisa shall as promptly as practicable
mutually agree on a current or former partner of a nationally recognized law firm whose
principal practice is or was public mergers and acquisitions to serve as the Arbitrator.
The Arbitrator who is willing and able to serve and agrees to serve shall be the
&#147;Arbitrator.&#148;
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.9.2 <U>Initial Meeting</U>. As promptly as practicable following the delivery of
either a Sponsor Sale Notice or a Merger Exit Notice, the Company and Televisa will discuss
with the Arbitrator the general process that is anticipated and procedures that the
Arbitrator may desire to implement in order to be kept informed of material events related
to such Sponsor Sale or Merger Exit process.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.9.3 <U>Breach of Change of Control Procedures</U>. If, at any time after delivery
and receipt of a Sponsor Sale Notice or a Merger Exit Notice and selection of the Arbitrator
pursuant to <U>Section&nbsp;4.9.1</U>, either the Company or Televisa (i)&nbsp;believes that the
other party (including the Principal Investors) has breached or failed to comply with any of
its obligations required by the Change of Control Procedures (including any obligations set
forth in an Arbitrator Determination), (ii)&nbsp;believes that there has been a failure of any of
the conditions for its benefit in the Change of Control Procedures, (iii)&nbsp;believes that a
Change of Control is or will not be a Compliant Change of Control Transaction, or (iv)
otherwise disputes any matter relating to the applicable Change of Control, then the Company
or Televisa, as applicable, will promptly deliver written notice to the other party and the
Arbitrator alleging such breach or failure and setting forth in reasonable detail the facts
and circumstances relating to such alleged breach or failure (the &#147;<U>Breach Notice</U>&#148;).
In the event that any party hereto becomes aware of a breach or failure which it intends to
form the basis for a Breach Notice, such party shall promptly notify the other parties
hereto and the Arbitrator. The Company and Televisa shall exercise commercially reasonable
efforts to mutually resolve the issues set forth in the Breach Notice and, if applicable, to
cure any actual breach of the Change of Control Procedures. If either party believes that
the issues set forth in the Breach Notice have not been resolved by the parties within two
(2)&nbsp;Business Days of delivery of the Breach Notice, such party may submit to the Arbitrator
a written request that the Arbitrator determine whether a breach or failure exists and the
appropriate cure or remedy for such breach or failure (the &#147;<U>Arbitration Request</U>&#148;).
The Arbitration Request shall be delivered to the non-requesting party on the same date it
is delivered to the Arbitrator.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.9.4 <U>Determination of Arbitrator</U>. The Arbitrator shall have full power and
authority to resolve all disputes (including the discretion to order proceedings in the
manner the Arbitrator believes will allow appropriate review of any disputes put before the
Arbitrator) and, subject to <U>Section&nbsp;4.9.5</U>, order remedies relating to the parties&#146;
non-compliance with the Change of Control Procedures, to interpret the requirements of the
Change of Control Procedures, or otherwise relating to the applicable Change of Control.
The Arbitrator shall, by the end of the third (3<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP>) Business Day following the
date of the Arbitrator&#146;s receipt of the Breach Notice (or, if the Arbitrator determines that
additional time is necessary, within such additional amount of time), provide a written
determination (the &#147;<U>Arbitrator Determination</U>&#148;) setting forth whether either party
has committed a breach of the Change of Control Procedures (or such other applicable
determination) and the appropriate cure or remedy for such breach. The Arbitrator
Determination shall be final and binding upon the Company, the Principal Investors and the
Televisa Investors (unless vacated or modified by the Delaware Court on the ground that the
Arbitrator was biased or engaged in improper conduct or that the ruling was outside the
jurisdiction of the Arbitrator as set forth in this <U>Section&nbsp;4.9</U>), none of the
Company, the Televisa Investors or the Principal Investors shall have the right to appeal
such Arbitrator Determination in any court or otherwise commence any legal action with
respect to the breach(es) alleged in the Breach Notice or the cure or remedy ordered by the
Arbitrator (other than on the ground that the Arbitrator was biased or engaged in improper
conduct or that the ruling was outside the jurisdiction of the Arbitrator as set forth in
this <U>Section&nbsp;4.9</U>). All issues concerning the arbitrability of any matter relating
to the Change of Control Procedures or the applicable Change of Control shall be determined
by the Arbitrator and not by any court of law or any other method. The jurisdiction of the
Arbitrator shall be limited to enforcing the terms of the Change of Control Procedures,
ensuring that a Change of Control is a Compliant Change of Control Transaction, and/or
resolving any other disputed matters relating to the applicable Change of Control during the
Sponsor Sale or Merger Exit process and promptly thereafter in connection with any claims of
breach of or non-compliance with the Change of Control Procedures, that a Change of Control
was not a Compliant Change of Control Transaction, and/or relating to the applicable Change
of Control, including with respect to the remedies set forth under <U>Section&nbsp;4.9.5</U>.
The Arbitrator shall not have jurisdiction before the initiation of or, except as provided
in the foregoing sentence, following the consummation or other termination of the Sponsor
Sale or Merger Exit process. Any Arbitrator Determination shall be enforceable in the
Delaware Court, and such Delaware Court shall have the power to order provisional remedies
to enforce such Arbitrator Determination, and the parties consent to in personam
jurisdiction in such court, and no actions arising out of or relating to the Change of
Control Procedures or a Change of Control or the arbitration relating thereto may be
commenced in any other court.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.9.5 <U>Remedies</U>. The remedies set forth in the Arbitrator Determination shall
be designed by the Arbitrator in a manner as to (x)&nbsp;remedy promptly the breach or failure to
comply with or failure of conditions in the Change of Control Procedures, (y)&nbsp;permit the
Sponsor Sale or Merger Exit to proceed expeditiously (both before and after execution of the
definitive agreements between the Prospective Selling Stockholders and/or the Company and
the Prospective Buyer(s) and as set forth in any such definitive agreement), unless such
Sponsor Sale or Merger Exit is not permitted under this Agreement or under the Transaction
Agreements (for example, if such transaction is with a Restricted Person or is not compliant
with <U>Section&nbsp;4.10</U>) and (z)&nbsp;ensure that any permissible Change of Control transaction
is a Compliant Change of Control Transaction. The remedies the Arbitrator may designate in
the Arbitrator Determination shall be limited to the following:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;The Arbitrator may award equitable relief including (x)&nbsp;mandatory
injunctions compelling the Company, the Principal Investors or the Televisa
Investors to act and (y)&nbsp;prohibitory injunctions restraining the Company, the
Principal Investors or the Televisa Investors from any action, in each case, in
connection with the Sponsor Sale or Merger Exit process. Such equitable relief may
include, but shall not be limited to, the following:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%; text-indent: 4%">(i)&nbsp;in the event that the Arbitrator determines that the breaching
party has not provided the aggrieved party with the amount of time to make a
specified decision or take a specified action as required by the Change of
Control Procedures, the remedy shall be providing the
aggrieved party with such amount of time following the Arbitrator
Determination so that the aggrieved party may make such decision or take
such action;
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%; text-indent: 4%">(ii)&nbsp;in the event that the Arbitrator determines that the breaching
party has not provided the aggrieved party with information as required by
the Change of Control Procedures, the remedy shall be that the breaching
party shall provide the aggrieved party with such information and providing
the aggrieved party with the time periods following the Arbitrator
Determination set forth in this Agreement relating to its review of such
information;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%; text-indent: 4%">(iii)&nbsp;in the event that the Arbitrator determines that the breaching
party has failed to act or inform the aggrieved party of a decision within a
certain period of time as required by the Change of Control Procedures, the
remedy shall be that the breaching party is immediately required to take
such action or make such decision; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%; text-indent: 4%">(iv)&nbsp;other equitable or interim relief that the Arbitrator deems
appropriate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(c)&nbsp;The Arbitrator shall have no jurisdiction at any time to award monetary
relief for any breach or failure to act; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(d)&nbsp;The Arbitrator shall be permitted, in the Arbitrator&#146;s sole discretion, to
declare any Change of Control (whether a Sponsor Sale, a Merger Exit or otherwise) a
Compliant Change of Control Transaction or declare any Change of Control which is
not a Compliant Change of Control Transaction to be null and void <I>ab initio</I>, and in
all cases shall provide other equitable relief sufficient to ensure that the
applicable Change of Control proceeds as promptly as practicable and results in a
Compliant Change of Control Transaction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.9.6 <U>Cooperation with Arbitrator</U>. The Company, the Principal Investors and
the Televisa Investors shall fully cooperate with the Arbitrator and provide the Arbitrator
with all information reasonably necessary to make the Arbitration Determination. Upon the
request of the Arbitrator, each of the Company, the Principal Investors and the Televisa
Investors shall make its officers and representatives readily available for conferences and
meetings with the Arbitrator to expedite the delivery of the Arbitration Determination;
provided that there shall be no <I>ex parte </I>communication between any party or its
representatives and the Arbitrator.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.9.7 <U>Pendency of Arbitration</U>. The Company, the Principal Investors and the
Televisa Investors acknowledge and agree that no definitive agreement providing for a
Sponsor Sale or Merger Exit shall be executed and no Sponsor Sale or Merger Exit shall be
consummated (i)&nbsp;until an Arbitrator has been appointed and there is an opportunity for the
parties to hold the initial meeting with the Arbitrator to discuss the Change of Control
process as contemplated by <U>Section&nbsp;4.9.2</U>, (ii)&nbsp;during the pendency of the
Arbitrator&#146;s
review of an Arbitration Request brought by Televisa or an Arbitration Request relating
to a right or condition for the benefit of the Televisa Investors, including any Arbitration
Request relating to a failure to comply with any Arbitrator Determination or (iii)&nbsp;until the
Arbitrator Determination has been fully complied with.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.9.8 <U>Expenses of the Arbitrator</U>. The fees, costs and expenses of the
Arbitrator incurred in connection with the Arbitrator&#146;s investigation of and determination
with respect to any breach alleged in a Breach Notice shall be borne by the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.9.9 <U>Confidentiality</U>. For the avoidance of doubt, any arbitration arising
out of the Change of Control Procedures and all discussions or communications relating
thereto shall be subject to the confidentiality obligations set forth in <U>Section
10.10.1</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">4.10 <U>Tax Matters</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.10.1 <U>Exit Transaction</U>. Subject to <U>Section&nbsp;4.10.3</U>, prior to executing
a binding agreement providing for, or entering into or consummating, any transaction or
series of related transactions that would result in a sale or exchange or similar Transfer
(e.g., conversion in a merger) of all or a substantial portion of the Shares held by the
Principal Investors and Televisa or a sale of all or substantially all of the assets of the
Company (it being understood that if the Company is not the ultimate parent company of
Univision whose shares are held by the Principal Investors and Televisa Investors, the
provisions of this Section&nbsp;4.10 shall instead apply to such parent company and references to
the &#147;Company&#148; and the &#147;Shares&#148; shall be deemed to be references to such parent company and
 shares of such parent company, respectively) or the Company and its subsidiaries (considered
collectively) (including a Sponsor Sale or Merger Exit) (an &#147;<U>Exit Transaction</U>&#148;), the
Principal Investors will (i)&nbsp;provide Televisa with a written description of such Exit
Transaction, including the price, form of consideration and other key contractual terms and
conditions of such Exit Transaction consistent with a Sponsor Sale Notice or Merger Exit
Notice (regardless of whether such notices are required to be delivered pursuant to the
Change of Control Procedures), (ii)&nbsp;provide Televisa with a reasonable opportunity to
evaluate the tax consequences to Televisa of such Exit Transaction, and (iii)&nbsp;at Televisa&#146;s
request, implement modifications to such transaction structure or alternative transaction
structures proposed by Televisa in view of adverse tax consequences or tax benefits;
<U>provided</U>, that such modifications or alternative transaction structures do not
result in an adverse impact to the Principal Investors that is material to the Principal
Investors relative to their anticipated net proceeds in the Exit Transaction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.10.2 <U>Exit Transactions Requiring the Consent of Televisa</U>. Notwithstanding
<U>Section&nbsp;4.10.1</U> or any provisions of the Transaction Agreements other than this
<U>Section&nbsp;4.10</U>, the Principal Investors and/or the Company will not be permitted to
execute a binding agreement providing for, or enter into or consummate, any Exit Transaction
described below without Televisa&#146;s prior written consent:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;any Exit Transaction that would have adverse U.S. tax consequences that
would be material to Televisa or any of its Affiliates if Televisa and/or such
Affiliates were U.S. corporations; or
</DIV>
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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(c)&nbsp;unless Televisa obtains a ruling from the Mexican taxing authorities (which
Televisa must use commercially reasonable efforts to obtain upon request by the
Company), in form and substance satisfactory to Televisa, confirming the tax-free
nature of such a transaction to Televisa and its subsidiaries, any Exit Transaction
that is structured as:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%; text-indent: 4%">(i)&nbsp;a transaction in which Shares held by Televisa are exchanged
(whether by merger or otherwise) for securities of any other entity;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%; text-indent: 4%">(ii)&nbsp;a merger in which the Company is the surviving entity and the
Shares held by Televisa are exchanged for cash and/or securities and/or
other assets;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%; text-indent: 4%">(iii)&nbsp;a merger in which the Company is not the surviving entity;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%; text-indent: 4%">(iv)&nbsp;a sale or exchange by the Company and/or its subsidiaries of
substantially all of their collective assets (including shares of their
subsidiaries).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4.10.3 <U>Permitted Exit Transactions</U>. Notwithstanding anything to the contrary
contained in <U>Section&nbsp;4.10.1</U> or <U>4.10.2</U>, but subject to <U>Section&nbsp;3.3.2</U>,
the Principal Investors and/or the Company are permitted to execute agreements providing
for, or enter into and consummate, any Exit Transaction described below without Televisa&#146;s
prior written consent; <U>provided</U>, that such Exit Transactions may remain subject to
other applicable provisions of the Transaction Agreements, including <U>Sections&nbsp;3</U>,
<U>4.7</U>, <U>4.8</U> and <U>4.9</U>,:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;a direct sale or exchange by the Principal Investors (other than pursuant
to a merger) of all or a portion of their shares of the Company; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(c)&nbsp;a merger into the Company of a corporation (with no material assets or
material liabilities other than related to funding (including borrowing) of the
consideration for the merger) in which the Company is the surviving entity and
Shares held by Televisa remain outstanding without modification;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><U>provided</U>, that in the case of <U>clause (a)</U> above, where shares of Common Stock
representing more than 15% of the then outstanding shares of Common Stock of the Company (on
a fully diluted, as-exercised and as-converted basis) are proposed to be Transferred and
other than in sales pursuant to <U>Section&nbsp;3.1.3</U> and in the case of <U>clause (b)</U>
above, prior to entering into any such transaction, the Principal Investors and the Company,
as applicable, will comply with <U>clauses (i)</U> and <U>(ii)</U> of <U>Section
4.10.1</U> and will consider in good faith any modifications suggested by Televisa, but
shall have no obligation to implement such modifications. In addition, the provisions
contained in <U>Sections&nbsp;4.10.1</U> and <U>4.10.2</U> shall not apply to an Exit
Transaction in which Televisa exercises its tag-along rights pursuant to <U>Section
4.1</U>; <U>provided</U>, that the Principal Investors comply with <U>clauses (i)</U> and
<U>(ii)</U> of <U>Section&nbsp;4.10.1</U> and consider in good faith any modifications
suggested by Televisa (though the Principal Investors shall have no obligation to implement
such modifications).
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT THE OMITTED PORTIONS OF THIS
DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.11 <U>Period</U>. The provisions of <U>Sections&nbsp;4.1</U> (other than with respect to Televisa
Investors), <U>4.2</U>, and <U>4.3</U> shall expire as to any Share on the earlier of (i)&nbsp;a
Change of Control (other than a Change of Control involving any Purchaser of Control, as provided
in <U>Section&nbsp;3.8</U> above) and (ii)&nbsp;the Principal Investor Sell-Down; <U>provided</U> that
<U>Section&nbsp;4.1</U> shall expire as to any Shares held by a Bank Investor only upon a Principal
Investor Sell-Down. The provisions of <U>Section&nbsp;4.6</U> shall expire as to any Share on the
applicable Principal Investor&#146;s Principal Investor Sell-Down. For the avoidance of doubt, the
provisions of <U>Sections&nbsp;4.1</U> (with respect to Televisa Investors), <U>4.7</U>,
<U>4.8</U>, <U>4.9</U>, <U>4.10</U> and <U>4.13</U> shall survive any Public Offering or
Change of Control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.12 <U>Exchanges of Equity</U>. Any number of shares of Common Stock acquired by any
Televisa Investor (or any FCC-Approved Trust or any other Person to which Televisa has assigned
its Preferential Rights in accordance with the Transaction Agreements) which count towards the
Additional Equity Amount, are issued pursuant to the conversion of TV Debentures or exercise of
TV Warrants, or are purchased from BMPS2 may, at the option of any Televisa Investor (or any such
FCC-Approved Trust or other Person), be exchanged for TV Debentures or, at the Company&#146;s option,
TV Warrants convertible or exercisable, as applicable, for the same percentage of shares of
Common Stock (including such TV Debentures or TV Warrants on an as-converted or as-exercised
basis) as represented by the shares of Common Stock for which such TV Debenture or TV Warrants
were exchanged.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.13 <U>Other Mergers and Similar Transactions</U>. The Company shall not agree to or
consummate any merger, consolidation, reorganization or similar transaction between or among the
Company and any other Person (whether such Person is an Affiliate or not an Affiliate of the
Company), that does not result in a Change of Control (which for the avoidance of doubt, is
governed by other provisions hereof) (a &#147;<U>Non-Change of Control Merger</U>&#148;), unless,
following the consummation of such transaction, (a)&nbsp;the Televisa&#146;s Investors&#146; rights and
obligations pursuant to the Transaction Agreements shall continue with respect to the surviving
corporation or successor to the extent provided therein; except, for the sake of clarity, to the
extent those rights have otherwise terminated in accordance with their respective terms; (b)&nbsp;the
Televisa Investors shall have no greater obligations with respect to the surviving corporation or
successor and its stockholders under the Transaction Agreements than they had to the Company, its
subsidiaries and its parent entities, if any, and the Principal Investors under the Transaction
Agreements immediately prior to the Non-Change of Control Merger; (c)&nbsp;the surviving corporation
or successor (or its parent, if the surviving corporation or successor is a wholly-owned
subsidiary of such parent) shall become a party to the Transaction Agreements to which the
Company (or, if applicable, selling stockholders, if any) is a party and assume all obligations
of the Company pursuant thereto in effect immediately prior to the consummation of such
Non-Change of Control Merger (and, if applicable, selling stockholders, if any, shall remain
bound by the terms of the Transaction Agreements to the extent they retain any shares); (d)&nbsp;such
Non-Change of Control Merger is not with a Restricted Person; (e) <U>Section&nbsp;4.10</U> hereof is
complied with if and to the extent applicable; and (f)&nbsp;the Televisa Investors do not suffer any
dilution in such Non-Change of Control Merger other than pro rata with all other Stockholders,
<U>provided</U> that in any case such Non-Change of Control Merger may not cause the Post
Transaction Percentage of a Televisa Investor to be less than *** of the Pre Transaction
Percentage of such Televisa Investor and shall not cause the aggregate Post Transaction
Percentage of all of the Televisa Investors to be reduced below:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(i) *** (if the Capital Percentage of the Televisa Investors, in the aggregate, is
*** immediately prior to such Non-Change of Control Merger);
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT THE OMITTED PORTIONS OF THIS
DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(ii)&nbsp;if the Capital Percentage of the Televisa Investors, in the aggregate, is
greater than *** but less than *** immediately prior to such Non-Change of Control
Merger, a percentage equal to *** multiplied by the Capital Percentage of the
Televisa Investors, in the aggregate, immediately prior to such Non-Change of
Control Merger (but not less than ***);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(iii) *** (if the Capital Percentage of the Televisa Investors is, in the
aggregate, *** immediately prior to such Non-Change of Control Merger); or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(iv)&nbsp;if the Capital Percentage of the Televisa Investors, in the aggregate, is
less than *** immediately prior to such Non-Change of Control Merger, a percentage
equal to *** multiplied by the Capital Percentage of the Televisa Investors, in the
aggregate, immediately prior to such Non-Change of Control Merger.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="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>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>MAXIMUM EQUITY PERCENTAGE; AND MAXIMUM CAPITAL PERCENTAGE</B>; <B>HOLDER LOCK UP.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">5.1 <U>Maximum Equity Percentage; Maximum Capital Percentage</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">5.1.1 Notwithstanding anything to the contrary in any of the Transaction Agreements but
subject to Section&nbsp;8.3(b) of the Investment Agreement, and subject to permitted changes in
percentage ownership in a Compliant Change of Control Transaction, Televisa covenants and
agrees that, in the case of clause (i)&nbsp;below, until the Cap Release Requirements have been
satisfied and, in the case of clause (ii)&nbsp;below, until the Standstill Release Requirements
have been satisfied, (i)&nbsp;the Equity Percentage of the Televisa Investors shall not exceed
the Maximum Equity Percentage at any time, and (ii)&nbsp;the Capital Percentage of the Televisa
Investors shall not exceed the Maximum Capital Percentage at any time; <U>provided</U>,
<U>however</U>, that this <U>Section&nbsp;5.1.1</U> shall not limit or prevent (a)&nbsp;increases in
Televisa&#146;s Equity Percentage and/or Capital Percentage which result from any share
repurchase, recapitalization, acquisition or similar action taken or instituted by BMP or
any of its subsidiaries or (b)&nbsp;the conversion or exercise of the TV Debentures or TV
Warrants in compliance with the two (2)&nbsp;Business Day time limitation set forth in the terms
thereof in conjunction with a Transfer of such TV Debentures or TV Warrants (or the shares
of Common Stock into which they have been converted).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">5.1.2 Notwithstanding the foregoing provisions in <U>Section&nbsp;5.1.1(a)</U>, the
provisions of <U>Section&nbsp;5.1</U> shall no longer apply in the event that any of BMP, BMPH
or Univision or any subsidiary thereof that is a Significant Subsidiary commences or becomes
subject to as debtor (voluntarily or involuntarily) any case, action or proceeding before
any court or other Governmental Authority relating to bankruptcy, reorganization,
insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors or any
general assignment for the benefit of creditors, composition, marshaling of assets for
creditors, or other, similar arrangement in respect of its creditors generally or any
substantial portion of its creditors, in each case undertaken under the Laws of any
jurisdiction by any Person (other than due to a breach by a Televisa Investor of its
obligations under Section&nbsp;4.5 of the Principal Investor Agreement); <U>provided</U> that if
such case, action or proceeding is involuntary, it shall have continued undismissed for
sixty (60)&nbsp;days or more or an order or decree approving or ordering any of the foregoing
shall be entered prior to the end of such sixty (60)&nbsp;day period.
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.2 <U>Holder Lock Up</U>. In connection with each underwritten Public Offering, each
Stockholder hereby agrees, at the request of the Company or the managing underwriters, to be
bound by and/or to execute and deliver, a lock-up agreement with the underwriter(s) of such
Public Offering restricting such Stockholder&#146;s right to (a)&nbsp;Transfer, directly or indirectly, any
 shares of Common Stock or any securities convertible into or exercisable or exchangeable for such
Common Stock or (b)&nbsp;enter into any swap or other arrangement that transfers to another any of the
economic consequences of ownership of Common Stock, in each case if and to the extent that such
restrictions are agreed to by the Majority PITV Investors (or a majority of the shares of Common
Stock if there are no PITV Investors remaining) with the underwriter(s) of such Public Offering;
<U>provided</U>, <U>however</U>, that no Stockholder shall be required by this <U>Section
5</U> to be bound by a lock-up agreement covering a period of greater than 90&nbsp;days (180&nbsp;days in
the case of the Initial Public Offering) following the effectiveness of the related registration
statement. Notwithstanding the foregoing, such lock-up agreement shall not apply to (a)
transactions relating to shares of Common Stock or other securities acquired in (i)&nbsp;open market
transactions or block purchases after the completion of the Initial Public Offering or (ii)&nbsp;a
Public Offering, (b)&nbsp;Transfers to Permitted Transferees of such Stockholder permitted in
accordance with the terms of this Agreement, (c)&nbsp;conversions of shares of Common Stock into other
classes of Common Stock or securities without change of holder, (d)&nbsp;exercise of the TV Debentures
or TV Warrants and (e)&nbsp;during the period preceding the execution of the underwriting agreement,
Transfers to a Charitable Organization permitted in accordance with the terms of this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">5.3 <U>Liquidity Process for Televisa</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">5.3.1 Notwithstanding anything to the contrary contained in this Agreement or the other
Transaction Agreements, in the event that a Strategic Buyer acquires, in one or more
transactions, a majority of the voting Common Stock and fully diluted Shares of the Company
(the date of such majority acquisition, the &#147;<U>Majority Acquisition Date</U>&#148;), then,
prior to the earlier of (a)&nbsp;the third anniversary of the Majority Acquisition Date and (b)&nbsp;a
Qualified Public Offering that was not pursuant to a Televisa Demand Public Offering
(including any subsequent exercise by the Televisa Investors of a PRRCA Demand Right) (a
&#147;<U>Non-TV Initiated QPO</U>&#148;), no Televisa Investor shall be permitted to (x)&nbsp;Transfer any
of its Shares pursuant to <U>Section&nbsp;3.1.5</U>, or (y)&nbsp;exercise PRRCA Demand Rights without
the prior written consent of the Strategic Buyer.
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">5.3.2 (a)&nbsp;If there has not been a Non-TV Initiated QPO prior thereto, then commencing
on the third anniversary of the Majority Acquisition Date until the fourth anniversary of
the Majority Acquisition Date (the &#147;<U>Third Anniversary Period</U>&#148;), Televisa shall have
the right, exercisable upon written notice to the Strategic Buyer, to require that the
Company (or, if the Company has been merged with or into another entity, the
surviving entity in which the Televisa Investors hold shares of common stock or
securities convertible into common stock as a result of such merger) effectuate a registered
public offering of Shares held by Televisa Investors requested to be registered in
accordance with, and subject to, the applicable terms set forth in <U>Section&nbsp;5.3.4</U> and
<U>Section&nbsp;5.4</U> (a &#147;<U>Demand Public Offering</U>&#148;); <U>provided</U> that the
demanding Televisa Investors shall have first provided the Strategic Buyer the right of
first offer to acquire all of such Shares proposed to be sold by such Televisa Investors in
such Demand Public Offering, and such Shares shall not have been purchased by the Strategic
Buyer, in accordance with the provisions of <U>Section&nbsp;5.5</U> (the &#147;<U>Strategic
ROFO</U>&#148;) (any such right, a &#147;<U>Liquidity Right</U>&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;If there has not been a Non-TV Initiated QPO prior thereto, then commencing
on the fourth anniversary of the Majority Acquisition Date until the fifth
anniversary of the Majority Acquisition Date, the Televisa Investors shall be
entitled to exercise a Liquidity Right during such period (the &#147;<U>Fourth
Anniversary Period</U>&#148;), subject to the Strategic ROFO.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(c)&nbsp;If there has not been a Non-TV Initiated QPO prior thereto, then commencing
on the fifth anniversary of the Majority Acquisition Date until the sixth
anniversary of the Majority Acquisition Date, Televisa shall be entitled to exercise
a Liquidity Right during such period (the &#147;<U>Fifth Anniversary Period</U>&#148;),
subject to the Strategic ROFO.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(d)&nbsp;If Televisa did not exercise a Liquidity Right during the Third Anniversary
Period or during the Fourth Anniversary Period but has exercised a Liquidity Right
during the Fifth Anniversary Period and if there has not been a Non-TV Initiated QPO
prior thereto, then commencing on the sixth anniversary of the Majority Acquisition
Date until the seventh anniversary of the Majority Acquisition Date, Televisa
Investors shall be entitled to exercise a Liquidity Right during such period (the
&#147;<U>Sixth Anniversary Period</U>&#148;), subject to the Strategic ROFO.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(e)&nbsp;No Liquidity Right may be exercised following the consummation of the first
Demand Public Offering; it being understood that thereafter Televisa shall have
PRRCA Demand Rights, subject to the Strategic ROFO and the limitations set forth in
Section&nbsp;5.3.4, to the extent applicable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">5.3.3 To exercise a Liquidity Right, Televisa shall furnish to the Strategic Buyer a
written notice of such election (the &#147;<U>Election Notice</U>&#148;), which notice shall (x)
specify the number of Shares held by Televisa Investors with respect to which the Liquidity
Right is being exercised, which number of Shares shall not exceed the applicable amount set
forth in <U>Section&nbsp;5.3.4</U> (such number of Shares, the &#147;<U>Exercise Shares</U>&#148;), and
(y)&nbsp;the price per Share at which Televisa would be prepared to sell such Shares to the
Strategic Buyer (<U>provided</U> that no Televisa Investor shall be obligated to sell at
such price or any other specific price whether to the Strategic Buyer or in a Public
Offering). Not more than one Election Notice may be given in any period of twelve (12)
consecutive months. A Demand Public Offering shall be consummated in compliance
with <U>Section&nbsp;5.4</U>. A Strategic ROFO shall be consummated in accordance with
<U>Section&nbsp;5.5</U>.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">5.3.4 Notwithstanding anything to the contrary herein or in the Participation,
Registration Rights and Coordination Agreement, the maximum number of Shares any or all of
the Televisa Investors may propose to sell pursuant to any Aggregated Transfer shall be
subject to the following limitations:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(a)&nbsp;the number of Shares that Televisa Investors may propose to sell during the
Third Anniversary Period pursuant to one or more Aggregated Transfers during the
Third Anniversary Period shall not exceed one-third of the aggregate number of
Shares (on an as-converted and as-exercised basis) held by Televisa Investors on the
Majority Acquisition Date (the &#147;<U>Initial Stake</U>&#148;);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;the number of Shares that Televisa Investors may propose to sell during the
Fourth Anniversary Period pursuant to one or more Aggregated Transfers during the
Fourth Anniversary Period shall not exceed one-third of the Initial Stake;
<U>provided</U> that, if Televisa has not exercised its Liquidity Right during the
Third Anniversary Period, the Televisa Investors may offer to sell during the Fourth
Anniversary Period one-half of the Initial Stake pursuant to one or more Aggregated
Transfers during the Fourth Anniversary Period;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(c)&nbsp;the number of Shares that Televisa Investors may propose to sell during the
Fifth Anniversary Period pursuant to one or more Aggregated Transfers during the
Fifth Anniversary Period shall not exceed one-half of the Initial Stake; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(d)&nbsp;the number of Shares the TV Investors may propose to sell during the Sixth
Anniversary Period pursuant to one or more Aggregated Transfers during the Sixth
Anniversary Period (if applicable) shall not exceed the lesser of the remainder of
the Initial Stake and one-half of the Initial Stake.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">5.3.5 If there has not been a Non-TV Initiated QPO, and Televisa has sold any Shares
pursuant to a Demand Public Offering, thereafter and until a Principal Investor Sell Down
has occurred if Televisa wishes to Transfer Shares pursuant to a PRRCA Demand Right, it may
do so only if the Strategic Buyer is afforded a Strategic ROFO with respect to the number of
Shares that Televisa Investors request to sell pursuant to any such PRRCA Demand Right in
accordance with <U>Section&nbsp;5.5</U>. Notwithstanding the foregoing, the limitations
contained in <U>Sections&nbsp;5.3</U> through <U>5.5</U> shall not apply if following a Demand
Public Offering, the Company, the Strategic Buyer and/or Stockholders other than Televisa
have Sold, in one or more Public Offerings (including in the Demand Public Offering), Shares
representing, in the aggregate, more than 15% of the Shares (on an as-exercised and
as-converted basis) outstanding as at the time that notice of exercise of any subsequent
PRRCA Demand Right is given to the Company. In addition, for the avoidance of doubt and for
the purposes of clarity, upon the occurrence of a Non-TV Initiated QPO, the provisions of
and the rights and obligations under <U>Sections&nbsp;5.3</U> through <U>5.5</U> hereof shall
cease to apply and Televisa shall
continue to have the rights afforded to it under the Participation, Registration Rights
and Coordination Agreement, unless prior to such Non-TV Initiated QPO, Televisa has sold
Shares pursuant to a Demand Public Offering, in which case, such provisions shall continue
to apply in accordance with their terms.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">5.4 <U>Demand Public Offering</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">5.4.1 In the event that the Strategic Buyer is obligated to effect the Demand Public
Offering pursuant to <U>Section&nbsp;5.3.2</U>, then the Company shall, as soon as reasonably
possible but in any event within forty-five (45)&nbsp;days following the Election Notice, file a
registration statement under the Securities Act for a Public Offering (including by means of
a shelf registration pursuant to Rule&nbsp;415 if so requested by Televisa if the Company is then
eligible to use such registration) of all of the Shares the Televisa Investors are entitled
to have registered and effect such registration as soon as reasonably practicable;
<U>provided</U> that if the Televisa Investors are not permitted to register and sell at
least 80% of the Shares the Televisa Investors are entitled to and seek to have registered
in such registration statement, then the number of Televisa Requests that the Majority
Televisa Investors shall be entitled to make pursuant to Section&nbsp;3.1.1 of the Participation,
Registration Rights and Coordination Agreement shall be increased to include one additional
Televisa Request. The Company will use its best efforts to (x)&nbsp;effect the registration
under the Securities Act of such Shares to the extent required to permit the disposition (in
accordance with the Televisa Investors&#146; intended methods of distribution and as otherwise
specified the Televisa Investors), and (y)&nbsp;obtain acceleration of the effective date of the
registration statement relating to such registration (when directed by the Televisa
Investors); <U>provided</U>, <U>however</U>, that the Company shall not be obligated to
effect any such registration pursuant to this <U>Section&nbsp;5.4.1</U> in any particular
jurisdiction in which the Company would be required to qualify to do business or to execute
a general consent to service of process in effecting such registration, qualification or
compliance unless the Company is already subject to service in such jurisdiction and except
as may be required by the Securities Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">5.4.2 The Company, the Strategic Buyer, the Televisa Investors and the other Holders
shall have the rights and obligations with respect to the Demand Public Offering which are
applicable to a Televisa Request as set forth in the Participation, Registration Rights and
Coordination Agreement; <U>provided</U> that the terms of Section&nbsp;3.1.1 thereof shall not
apply to the Demand Public Offering and, for the avoidance of doubt, no Exercise Notice or
Demand Public Offering shall constitute a Televisa Request for purposes of Section&nbsp;3.1.1
thereof.
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.5 <U>Strategic ROFO</U>. Prior to exercising a Liquidity Right or a PRRCA
Demand Right, Televisa shall deliver written notice to the Strategic Buyer of its intent
to sell Shares pursuant to its Liquidity Right or PRRCA Demand Right, as applicable (the
&#147;<U>ROFO Notice</U>&#148;). The ROFO Notice shall set forth the number of Shares proposed
to be sold by the Televisa Investors, the proposed method of disposition and the price
per Share Televisa expects (<U>provided</U> that no Televisa Investor shall be
obligated to sell at such price or any other specific price whether to the Strategic
Buyer or in a Public Offering), if it has an expectation, to receive upon consummation
of such proposed Sale. Within five (5)&nbsp;Busineses Days of the receipt of such ROFO
Notice the Strategic Buyer may give written notice to Televisa that it desires to
discuss purchasing such Shares (the &#147;<U>Exercise Notice</U>&#148;). If the Strategic Buyer
elects to discuss the purchase of such Shares, then during the twenty (20)&nbsp;Business Day
period following the delivery of the Exercise Notice (the &#147;<U>Negotiation Period</U>&#148;),
Televisa and the Strategic Buyer shall negotiate in good faith regarding the purchase of
such Shares by the Company or the Strategic Buyer. The Strategic Buyer shall not be
obligated to register, and Televisa shall not have any rights to exercise, any right to
initiate a Demand Public Offering or a PRRCA Demand Right until the expiration of the
Negotiation Period. If Televisa and the Strategic Buyer are able to agree upon the
terms of such proposed Sale, they shall enter into a binding agreement within thirty
(30)&nbsp;days of the delivery of the Exercise Notice. Each Strategic ROFO must be
consummated within ninety (90)&nbsp;days of the Exercise Notice or at such other time as is
mutually agreed between Televisa and the Strategic Buyer. If the Strategic ROFO is not
consummated within such 90&nbsp;day period, Televisa shall have the right to require the
Demand Public Offering or the PRRCA Demand Right, as applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.6 Nothing herein shall affect Section&nbsp;3.2.1 of the Participation, Registration
Rights and Coordination Agreement and Televisa&#146;s rights thereunder or derogate from any
other rights or obligations of the parties hereto under this Agreement or the
Participation, Registration Rights and Coordination Agreement.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>REMEDIES</B>.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.1 <U>Generally</U>. The parties shall have all remedies available at law, in equity or
otherwise in the event of any breach or violation of this Agreement or any default hereunder,
subject to the provisions of <U>Section&nbsp;4.9</U>. The parties acknowledge and agree that in the
event of any breach of this Agreement, in addition to any other remedies which may be available,
each of the parties hereto shall be entitled to specific performance of the obligations of the
other parties hereto and, in addition, to such other equitable remedies (including preliminary or
temporary relief) as may be appropriate in the circumstances, subject to the provisions of
<U>Section&nbsp;4.9</U>.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.2 <U>Deposit</U>. Without limiting the generality of <U>Section&nbsp;6.1</U>, if any
Stockholder fails to (a)&nbsp;deliver to the purchaser thereof the certificate or certificates
evidencing Shares to be Sold pursuant to <U>Section&nbsp;4</U> or (b)&nbsp;deliver to the Company an
affidavit of the registered owner of such Shares with respect to the ownership and the loss,
theft, destruction or mutilation of the certificate evidencing such Shares accompanied by an
indemnity reasonably satisfactory to the Company (it being understood that if the holder is a
Qualified Institutional Investor, any other holder of Shares which is an entity regularly engaged
in the business of investing in companies and meeting such requirements of creditworthiness as
may reasonably be imposed by the Company such Person&#146;s own agreement will be satisfactory) such
that the Company is willing to issue a new certificate to the purchaser evidencing the Shares
being Sold (an &#147;<U>Affidavit and Indemnity</U>&#148;), then such purchaser may, provided it signs an
agreement agreeing to be bound by the terms of this <U>Section&nbsp;6.2</U> if it is not otherwise
already agreeing to be bound by the terms of this Agreement generally, at its option and in
addition to all other remedies it may have, deposit the purchase price for such Shares with any
national bank or, trust company
having combined capital, surplus and undivided profits in excess of One Hundred Million
Dollars ($100,000,000) (the &#147;<U>Escrow Agent</U>&#148;) and the Company shall cancel on its books the
certificate or certificates representing such Shares and thereupon all of such holder&#146;s rights in
and to such Shares (other than the right to receive the applicable purchase price in accordance
with the terms of this <U>Section&nbsp;6.2</U>) shall terminate. Thereafter, upon delivery to such
purchaser stock powers duly endorsed, for transfer, with signature guaranteed, free and clear of
any liens or encumbrances, and with any transfer tax stamps affixed) or upon delivery by such
holder of an Affidavit and Indemnity to the Company such purchaser shall instruct the Escrow
Agent to deliver the purchase price for such Shares (without any interest from the date of the
closing to the date of such delivery, any such interest to accrue to such purchaser), less the
reasonable fees and expenses of the Escrow Agent, to such holder. Each Stockholder hereby
constitutes and appoints each PITV Investor, or any of them, with full power of substitution, as
such Stockholder&#146;s true and lawful representative and attorney-in-fact, in such Stockholder&#146;s
name, place and stead, to execute and deliver any escrow agreement in customary form entered into
with respect to such Stockholder in accordance with this <U>Section&nbsp;6.2</U>, and such PITV
Investor shall provide a copy of such agreement to such Stockholder within five (5)&nbsp;Business Days
of execution; <U>provided</U>, <U>however</U>, that failure to deliver such documents within
such time period shall not impair or affect the validity of such agreements. The foregoing power
of attorney is coupled with an interest and shall continue in full force and effect
notwithstanding the subsequent death, incapacity, bankruptcy or dissolution of any Stockholder.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="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>7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>LEGENDS</B>.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.1 <U>Restrictive Legend</U>. Each certificate representing Shares shall have the
following legend endorsed conspicuously thereupon:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><B>&#147;THE VOTING OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE, AND
THE SALE, ENCUMBRANCE OR OTHER DISPOSITION THEREOF, ARE SUBJECT TO
THE PROVISIONS OF A STOCKHOLDERS AGREEMENT (AS MAY BE AMENDED FROM
TIME TO TIME) TO WHICH THE ISSUER AND CERTAIN OF ITS STOCKHOLDERS
ARE PARTY. SUCH AGREEMENT INCLUDES RESTRICTIONS AND LIMITATIONS ON
THE TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE. A
COPY OF SUCH AGREEMENT MAY BE INSPECTED AT THE PRINCIPAL OFFICE OF
THE ISSUER OR OBTAINED FROM THE ISSUER WITHOUT CHARGE UPON REQUEST.&#148;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Any Person who acquires Shares which are not subject to all or part of the terms of this
Agreement shall have the right to have such legend (or the applicable portion thereof) removed from
certificates representing such Shares.
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.2 <U>1933 Act Legends</U>. Each certificate representing Shares shall have the following
legend endorsed conspicuously thereupon:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><B>&#147;THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ISSUED IN A PRIVATE
PLACEMENT, WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE &#147;</B><U><B>ACT</B></U><B>&#148;), AND MAY NOT BE SOLD, ASSIGNED, PLEDGED OR
OTHERWISE TRANSFERRED (A)&nbsp;IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
UNDER THE ACT COVERING THE TRANSFER, OR (B)&nbsp;IN A TRANSACTION WHICH IS
EXEMPT FROM REGISTRATION UNDER THE PROVISIONS OF THE ACT;</B>
<U><B>PROVIDED</B></U><B> THAT THE ISSUER MAY REQUIRE THE TRANSFEROR TO DELIVER
AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER REGARDING
THE AVAILABILITY OF SUCH AN EXEMPTION.&#148;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.3 <U>Stop Transfer Instruction</U>. The Company or BMPH will instruct any transfer agent
not to register the Transfer of any Shares until the conditions specified in the foregoing
legends and this Agreement are satisfied.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.4 <U>Termination of 1933 Act Legend</U>. The requirement imposed by <U>Section&nbsp;7.2</U>
hereof shall cease and terminate as to any particular Shares (a)&nbsp;when, in the opinion of counsel
reasonably acceptable to the Company, such legend is no longer required in order to assure
compliance by the Company with the Securities Act, or (b)&nbsp;when such Shares have been registered
pursuant to an effective registration statement under the Securities Act or transferred pursuant
to Rule&nbsp;144. Whenever (x)&nbsp;such requirement shall cease and terminate as to any Shares or (y)
such Shares shall be transferable under paragraph (k)&nbsp;of Rule&nbsp;144, the holder thereof shall be
entitled to receive from the Company or BMPH, as the case may be, without expense, new
certificates not bearing the legend set forth in <U>Section&nbsp;7.2</U> hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.5 <U>Shares Held by Co-Investment Vehicles</U>. Each Principal Investor Group agrees to
convert any shares of Class&nbsp;A Common Stock held by the Co-Investment Vehicles of such Principal
Investor Group at any time into shares of Class&nbsp;B Common Stock upon the receipt thereof by such
Co-Investment Vehicle.
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.6 <U>Shares Held by Televisa</U>. In the event any stockholder converts its voting
 shares of Common Stock into non-voting shares of Common Stock, the Company shall promptly notify
the Televisa Investors of such conversion and the number of voting shares of Common Stock that is
or will be held by such stockholder and all stockholders following such conversion and shall
provide the Televisa Investors with a certificate signed by an authorized Senior Officer stating
that such conversion has occurred, the number of shares of Common Stock which have been converted
and, if actually known to the Company, the reasons for effectuating such conversion. Not later
than the fifteenth (15<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>) Business Day after the Televisa Investors receive such
notice and certificate, the Televisa Investors will convert (by delivery to the Company of (i)
written notice of such conversion and (ii)&nbsp;the certificate(s), duly endorsed for transfer,
evidencing such shares to be converted), and each Televisa Investor hereby authorizes the Company
to convert on its behalf, and such conversion shall be deemed to automatically have occurred, in
the event it fails to deliver to the Company within such 15 business day period the items set
forth in clauses (i)&nbsp;and (ii)&nbsp;above, in accordance with the
provisions of the Charter with respect to such Common Stock, an amount of the Televisa
Investors&#146; voting shares of Common Stock (pro-rata amongst the Televisa Investors, based on the
number of voting shares of Common Stock held by such Televisa Investors or as otherwise
determined by Televisa) into non-voting shares of Common Stock such that the Televisa Investors&#146;
aggregate Equity Percentage (but without regard to clause (a)&nbsp;of the definition of Equity
Percentage) is no greater than the Maximum Equity Percentage (i.e., if the Televisa Investors&#146;
aggregate Equity Percentage (without regard to clause (a)&nbsp;of the definition of Equity Percentage)
is increased by the conversion by a Stockholder of its voting shares of Common Stock into
non-voting shares of Common Stock but the Televisa Investors&#146; aggregate Equity Percentage
(without regard to clause (a)&nbsp;of the definition of Equity Percentage) is as a result thereof less
than or equal to the Maximum Equity Percentage, then no conversion of any shares of Common Stock
of Televisa Investors will be required). In the event any Stockholder converts its non-voting
 shares of Common Stock into voting shares of Common Stock, the Company shall promptly notify the
Televisa Investors of such conversion and the number of non-voting shares of Common Stock that is
or will be held by such Stockholder and all Stockholders of the Company following such conversion
and shall provide the Televisa Investors with a certificate signed by an authorized Senior
Officer stating that such conversion has occurred and the number of shares of Common Stock which
have been converted and, if actually known to the Company, the reasons for effectuating such
conversion. The Televisa Investors will be permitted to convert (by delivery to the Company of
(x)&nbsp;written notice of such conversion and (y)&nbsp;the certificate(s), duly endorsed for transfer,
evidencing such shares to be converted), in accordance with the provisions of the Charter with
respect to such Common Stock, an amount of the Televisa Investors&#146; non-voting shares of Common
Stock (pro-rata amongst the Televisa Investors, based on the number of non-voting shares of
Common Stock held by all Televisa Investors or as otherwise determined by Televisa) into voting
 shares of Common Stock up to the Maximum Equity Percentage. Notwithstanding the foregoing,
nothing contained herein shall be deemed to limit or restrict in any way the right of the
Televisa Investors, at any time and from time to time, to convert their non-voting shares of
Common Stock into voting shares of Common Stock up to the Maximum Equity Percentage. In each
case, the Company shall promptly thereafter issue and send to the applicable Televisa Investors
new certificates, registered in the name of such Televisa Investors, evidencing the applicable
 shares of Common Stock into which such Televisa Investors converted their respective shares of
Common Stock. Notwithstanding the foregoing, the Parties agree and acknowledge that Televisa and
its Permitted Transferees shall have no obligation to procure the agreement of, or compliance by,
any Televisa Investor who is not a Permitted Transferee of Televisa and Televisa&#146;s percentage of
voting shares shall not be adversely affected as a result of such non-compliance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">7.7 <U>Waiver of Rights</U>. Each Stockholder (other than Televisa Investors) hereby
unconditionally and irrevocably waives and relinquishes any and all rights of first offer, right of
first refusal, tag-along or other rights hereunder with respect to the issuance of the shares of
Class&nbsp;C Common Stock, Class&nbsp;D Common Stock and the TV Debentures under the Investment Agreement,
any issuance of TV Warrants pursuant to the terms of the TV Debentures and any issuance of Shares
pursuant to the exercise of the TV Warrants and conversion of the TV Debentures.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt">
<TABLE width="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>8.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>AMENDMENT, TERMINATION, ETC</B>.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.1 <U>Oral Modifications</U>. This Agreement may not be orally amended, modified,
extended or terminated, nor shall any oral waiver of any of its terms be effective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.2 <U>Written Modifications</U>. Except as provided in the second sentence of this
<U>Section&nbsp;8.2</U>, this Agreement may be amended, modified, extended, terminated or waived
(&#147;<U>Amendment</U>&#148;), only by an agreement in writing signed by the Company and the Majority
PITV Investors (or Stockholders holding a majority of the shares of Class&nbsp;A Common Stock held by
Stockholders party hereto if there are no PITV Investors remaining). The consent of Televisa
shall be required for (i)&nbsp;any Amendment to the provisions of <U>Sections&nbsp;2.1</U>, <U>2.2</U>,
<U>2.6</U>, <U>3.1</U>, <U>3.2</U>, <U>3.3</U>, <U>3.4</U>, <U>3.6</U>, <U>3.7</U>,
<U>3.9, 4.1</U>, <U>4.2</U>, <U>4.4</U>, <U>4.5</U>, <U>4.7</U>, <U>4.8</U>, <U>4.9</U>,
<U>4.10</U>, <U>4.11</U>, <U>4.12</U>, <U>5</U>, <U>7.6</U>, <U>10.10</U>, or this
<U>Section&nbsp;8.2</U> (or any definitions used therein) and (ii)&nbsp;any Amendment that, by its terms,
Discriminates against any of the Televisa Investors under this Agreement. The consent of a
Majority in Interest of the Bank Investor Shares shall be required for any Amendment that, by its
terms, Discriminates against the holders of Bank Investor Shares as such under this Agreement,
and the consent of any holder of Bank Investor Shares shall be required for any Amendment that,
by its terms, Discriminates against such holder of Bank Investor Shares as such (compared to
other holders of Bank Investor Shares) under this Agreement; <U>provided</U>, that it is
understood and agreed that, for the purposes of interpreting and enforcing this amendment and
waiver provision, Amendments that affect all Stockholders will not be deemed to Discriminate
against the holders of Bank Investor Shares as such simply because holders of Bank Investor
Shares (i)&nbsp;own or hold more or less Shares than any other Stockholders, (ii)&nbsp;invested more or
less money in the Company or its direct or indirect subsidiaries than any other Stockholders or
(iii)&nbsp;have greater or lesser voting rights or powers than any other Stockholders. The consent of
a Majority in Interest of the Other Investor Shares shall be required for any Amendment that, by
its terms, Discriminates against the holders of Other Investor Shares as such under this
Agreement; <U>provided</U>, that it is understood and agreed that, for the purposes of
interpreting and enforcing this amendment and waiver provision, Amendments that affect all
Stockholders will not be deemed to Discriminate against the holders of Other Investor Shares as
such simply because holders of Other Investor Shares (i)&nbsp;own or hold more or less Shares than any
other Stockholders, (ii)&nbsp;invested more or less money in the Company or its direct or indirect
subsidiaries than any other Stockholders or (iii)&nbsp;have greater or lesser voting rights or powers
than any other Stockholders. A copy of each such Amendment shall be sent to each Stockholder and
shall be binding upon each party hereto and each holder of Shares subject hereto except to the
extent otherwise required by applicable Law; <U>provided</U>, that the failure to deliver a copy
of such Amendment shall not impair or affect the validity of such Amendment. The consent of a
Majority in Interest of the Management Shares held by Managers then employed by the Company shall
be required for any Amendment that, by its terms, Discriminates against the holders of Management
Shares as such under this Agreement; <U>provided</U>, that it is understood and agreed that, for
the purposes of interpreting and enforcing this amendment and waiver provision, Amendments that
affect all Stockholders will not be deemed to Discriminate against the holders of Management
Shares as such simply because holders of Management Shares (i)&nbsp;own or hold more or less Shares
than any other Stockholders, (ii)&nbsp;invested more or less money in the Company or its direct or
indirect subsidiaries than any other Stockholders, or (iii)&nbsp;have greater or lesser voting rights
or powers than any other Stockholders. A copy of each such Amendment shall be sent to each
Stockholder and shall be binding upon each party hereto and each holder of Shares subject
hereto except to the extent otherwise required by applicable Law; <U>provided</U>, that the
failure to deliver a copy of such Amendment shall not impair or affect the validity of such
Amendment. In addition, each party hereto and each holder of Shares subject hereto may waive any
right hereunder by an instrument in writing signed by such party or holder. To the extent the
Amendment of any Section of this Agreement would require a specific consent pursuant to this
<U>Section&nbsp;8.2</U>, any Amendment to the definitions used in such Section as applied to such
Section shall also require the specified consent. Notwithstanding anything to the contrary
herein, transferees or purchasers of Shares or Convertible Securities that have complied with the
provisions of <U>Sections&nbsp;3</U> and <U>4</U> hereof or <U>Section&nbsp;2</U> of the Participation,
Registration Rights and Coordination Agreement shall be added as parties to this Agreement
without obtaining any additional consent of the parties hereto.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.3 <U>Withdrawal from Agreement</U>. If the Company consummates an Initial Public
Offering, then on and after the first date on which (x)&nbsp;the holders of Shares immediately prior
to the Initial Public Offering own less than fifty (50%) of the then outstanding Common Stock or,
if earlier, (y)&nbsp;the Principal Investors immediately prior to the Initial Public Offering
collectively own in the aggregate less than fifty (50%) of the shares of Common Stock
collectively held by the Principal Investors (either directly or through such Principal
Investors&#146; ownership of Units of BMPS1) immediately following the Televisa Closing (either of
clause (x)&nbsp;or (y), as applicable, the &#147;<U>Aggregate Sell-Down Percentage</U>&#148;), any holder of
Shares that, together with its Affiliates, holds less than one percent (1%) of the then
outstanding shares of Common Stock may elect (on behalf of itself and all of its Affiliates that
hold Shares which together represent less than such one percent (1%)) (&#147;<U>Individual Sell-Down
Percentage</U>&#148;), by written notice to the Company and the PITV Investor Groups, to (a)&nbsp;withdraw
all Shares held by such holder and all of its Affiliates from this Agreement (Shares withdrawn
pursuant to this <U>clause (a)</U>, the &#147;<U>Withdrawn Shares</U>&#148;) and (b)&nbsp;terminate this
Agreement with respect to such holder and its Affiliates (holders and Affiliates withdrawing
pursuant to this <U>clause (b)</U>, the &#147;<U>Withdrawing Holders</U>&#148;); <U>provided</U>, that
any Shares held indirectly (through ownership of Units of BMPS1 or BMPS2) by any holder, together
with its Affiliates, shall not be taken into consideration when calculating Individual Sell-Down
Percentages. This Agreement will stay in effect with respect to Persons other than the
Withdrawing Holders. From the date of delivery of such withdrawal notice, the Withdrawn Shares
shall cease to be Shares subject to this Agreement and, if applicable, the Withdrawing Holders
shall cease to be parties to this Agreement and shall no longer be subject to the obligations of
this Agreement or have rights under this Agreement; <U>provided</U>, <U>however</U>, that such
Withdrawing Holders, if they are members of a PITV Investor Group, shall comply with, and cause
the other members of such PITV Investor Group to comply with, such PITV Investor Group&#146;s
obligations under Article&nbsp;II, Section&nbsp;10 of the Company&#146;s bylaws to cause the removal or
resignation of any directors designated by such PITV Investor Group; <U>provided</U>,
<U>further</U>, that the Withdrawing Holders shall nonetheless be obligated under <U>Section
5</U> with respect to any Pending Underwritten Offering to the same extent that they would have
been obligated if they had not withdrawn. The Company shall make best efforts to provide all
Investors a written notice promptly following the first date on which the holders of Shares or
the Principal Investors, as applicable, immediately prior to the Initial Public Offering own less
than the Aggregate Sell-Down Percentage. Any amendment to this <U>Section&nbsp;8.3</U> adversely
affecting the Bank Investors (including decreasing the Aggregate Sell-Down Percentage or the
Individual Sell-Down
Percentage) shall require the consent of the Majority in Interest of the holders of Bank
Investor Shares.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.4 <U>Effect of Termination</U>. No termination under this Agreement (including pursuant
to <U>Section&nbsp;8.3</U>) shall relieve any Person of liability for breach prior to termination.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="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>9.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>DEFINITIONS</B>. For purposes of this Agreement:</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.1 <U>Certain Matters of Construction</U>. In addition to the definitions referred to or
set forth below in this <U>Section&nbsp;9</U>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;The words &#147;hereof,&#148; &#147;herein,&#148; &#147;hereunder&#148; and words of similar import shall
refer to this Agreement as a whole and not to any particular Section or provision of
this Agreement, and reference to a particular Section of this Agreement shall
include all subsections thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(c)&nbsp;The word &#147;including&#148; shall mean including, without limitation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(d)&nbsp;Definitions shall be equally applicable to both nouns and verbs and the
singular and plural forms of the terms defined;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(e)&nbsp;The masculine, feminine and neuter genders shall each include the other;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(f)&nbsp;For the avoidance of doubt, unless otherwise specified, the term
&#147;outstanding,&#148; as used in this Agreement in reference to capital stock, shall not
include Convertible Securities or shares issuable upon conversion, exchange or
exercise thereof, and as used in this Agreement in reference to Convertible
Securities, shall mean Convertible Securities that are outstanding (without giving
effect to the conversion, exchange or exercise of such Convertible Securities); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(g)&nbsp;For the avoidance of doubt, &#147;fully diluted,&#148; as used in this Agreement in
reference to capital stock, shall mean after giving effect to the conversion,
exchange or exercise of all outstanding Convertible Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">9.2 <U>Definitions</U>. The following terms shall have the following meanings:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>2007 Stockholders Agreement</U>&#148; shall have the meaning set forth in the Recitals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>2007 Equity Incentive Plan</U>&#148; shall mean the Broadcasting Media Partners, Inc. 2007
Equity Incentive Plan, effective as of March&nbsp;27, 2007, as amended from time to time, or any
successor or additional Company management equity incentive plan approved by the Company&#146;s Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>2010 Equity Incentive Plan</U>&#148; shall mean the Broadcasting Media Partners, Inc. Equity
Incentive Plan, effective as of the date hereof, as amended from time to time, or any successor or
additional Company management equity incentive plan approved by the Board.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>2010 Stockholders Agreement</U>&#148; shall have the meaning set forth in the Recitals.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Acceptance Notice</U>&#148; shall have the meaning set forth in <U>Section&nbsp;4.6.4</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Acquiror</U>&#148; shall mean a Person formed for the purpose of effecting a Merger Exit, any
prospective acquiror of all or substantially all the assets of the Company and its subsidiaries and
any Person prospectively acquiring Shares in a Sponsor Sale (it being understood that in no event
shall any parent entities of either the party to the merger or such prospective acquiror be deemed
to be an &#147;Acquiror&#148;), together with any successors thereto (including any surviving Person, whether
the Company or otherwise, in a Merger Exit).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Acquisition Holdco</U>&#148; shall mean any direct or indirect parent entity of an Acquiror or
of the surviving entity (including a Purchaser of Control) following a Merger Exit, the majority of
whose value (which, for purposes of the definition of &#147;Compliant Change of Control Transaction,&#148;
shall be determined as of the effective date of the Merger Exit) consists of the Shares or assets
of the Company and/or the Company&#146;s subsidiaries.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Acquisition Sub</U>&#148; shall have the meaning set forth in the Recitals.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Act</U>&#148; shall have the meaning set forth in <U>Section&nbsp;7.2</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Additional Equity Amount</U>&#148; shall mean, at the time of determination, that number of
shares of Common Stock of the Company that, together with the Shares acquired by Televisa on the
Televisa Closing, would equal (i)&nbsp;a percentage (equal to the Maximum Capital Percentage) of the sum
of (A)&nbsp;the number of the Company&#146;s Shares issued and outstanding as of immediately following the
Televisa Closing (determined on a fully diluted, as-converted and as-exercised basis;
<U>provided</U> that awards granted under the 2010 Equity Incentive Plan shall be excluded for
such purposes), <U>plus</U> (B)&nbsp;the number of Shares, if any, issued by the Company to Televisa
(and any FCC-Approved Trust or any other Person to which Televisa has assigned its Preferential
Rights in accordance with the Transaction Agreements) pursuant to the exercise of any Preferential
Rights, <U>decreased</U> <U>by</U> (ii)&nbsp;the number of Shares, if any, acquired by Televisa (and
any trust arrangement satisfactory to the FCC or any other Person to which Televisa has assigned
its Preferential Rights in accordance with the Transaction Agreements) pursuant to any exercise of
any Preferential Rights, in the case of each of <U>clauses (i)</U> and <U>(ii)</U>, as adjusted
for any stock splits, stock dividends, reverse stock splits, stock combinations, recapitalizations
and other similar capitalization changes. For the avoidance of doubt, as of the Televisa Closing
the Additional Equity Amount would be 1,281,464 shares of Common Stock, which has been calculated
as shown on <U>Schedule&nbsp;I</U> hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Adverse Claim</U>&#148; shall have the meaning set forth in Section&nbsp;8-102 of the applicable
Uniform Commercial Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Affidavit and Indemnity</U>&#148; shall have the meaning set forth in <U>Section&nbsp;6.2</U>.
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Affiliate</U>&#148; shall mean, with respect to any specified Person, any other Person which
directly or indirectly through one or more intermediaries controls, or is controlled by, or is
under common control with, such specified Person; <U>provided</U>, <U>however</U>, that neither
the Company nor any of its subsidiaries shall be deemed an Affiliate of any of the Stockholders
(and vice versa), and, in addition, such specified Person&#146;s Affiliates shall also include, (a)&nbsp;if
such specified Person is a private equity investment fund, any other private equity investment fund
the primary investment advisor to which is the primary investment advisor to such specified Person
or an Affiliate thereof, and (b)&nbsp;if such specified Person is a natural Person, any Family Member of
such natural Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Affiliated Fund</U>&#148; shall mean, with respect to any specified Person, a private equity
investment fund that is an Affiliate of such Person or that is advised by the same investment
adviser as such Person or by an Affiliate of such investment adviser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Aggregate Sell-Down Percentage</U>&#148; shall have the meaning set forth in <U>Section
8.3</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Aggregated Transfer</U>&#148; shall mean the Transfer of any Shares by any Televisa Investor
pursuant to the applicable terms of the Liquidity Rights or the PRRCA Demand Rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Agreement</U>&#148; shall have the meaning set forth in the Preamble, as it may be amended
from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Amended and Restated Program License Agreement</U>&#148; shall have the meaning set forth in
the Investment Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Amendment</U>&#148; shall have the meaning set forth in <U>Section&nbsp;8.2</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Arbitration Request</U>&#148; shall have the meaning set forth in <U>Section&nbsp;4.9.3</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Arbitrator</U>&#148; shall have the meaning set forth in <U>Section&nbsp;4.9.1</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Arbitrator Determination</U>&#148; shall have the meaning set forth in <U>Section&nbsp;4.9.4</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Bank Investor</U>&#148; shall have the meaning set forth in the Preamble.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Bank Investor Shares</U>&#148; shall mean all Shares held by a Bank Investor. Any Bank
Investor Shares that are Transferred by the holder thereof to such holder&#146;s Permitted Transferees
shall remain Bank Investor Shares in the hands of such Permitted Transferee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>BMP EBITDA</U>&#148; shall mean, with respect to any period and for the Company and its
consolidated subsidiaries on a consolidated basis, the sum of (a)&nbsp;operating income (loss)&nbsp;as
reported in its financial statements for such period (but excluding therefrom and without
duplication (i)&nbsp;any gain or loss on the sale of assets outside the ordinary course of business (as
determined in good faith by the Company) and (ii)&nbsp;any effect of extraordinary, non-recurring or
unusual gains or losses (less all fees and expenses relating thereto) as determined in accordance
with GAAP), plus (b)&nbsp;to the extent deducted in arriving at the amount in clause (a), the sum of
the following amounts for such period: (i)&nbsp;depreciation and amortization as determined in
accordance with GAAP, (ii)&nbsp;impairment loss/charges as determined in accordance with GAAP, (iii)
fees and expenses paid to the Principal Investors and the Televisa Investors, (iv)&nbsp;charges
pertaining to share-based compensation as determined in accordance with GAAP, (v)&nbsp;restructuring
charges and contract termination costs incurred or accrued during such period and (vi)&nbsp;fees, costs
and expenses related to the issuance of debt or equity financing including the TV Debentures and
the other transactions contemplated thereby, plus (c)&nbsp;dividends or distributions received in
respect of minority investments received in cash, minus (d)&nbsp;to the extent included in arriving at
the amount in clause (a), an amount equal to the non-cash advertising revenue recognized from
Televisa and its Affiliates during such period. For the avoidance of doubt, BMP EBITDA shall be
calculated consistent with the illustrative example set forth on Schedule&nbsp;IV hereto.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT THE OMITTED PORTIONS OF THIS
DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>BMPH</U>&#148; shall have the meaning set forth in the Preamble.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>BMPS1</U>&#148; shall have the meaning set forth in the Preamble.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>BMPS1 LLC Agreement</U>&#148; shall mean the Amended and Restated Limited Liability Company
Agreement of BMP Services LLC, dated as of January&nbsp;29, 2008, as amended from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>BMPS2</U>&#148; shall have the meaning set forth in the Preamble.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>BMPS2 LLC Agreement</U>&#148; shall mean the Amended and Restated Limited Liability Company
Agreement of BMPS2, dated as of the date hereof, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Board</U>&#148; shall mean the board of directors of the Company or any authorized committee
thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Breach Notice</U>&#148; shall have the meaning set forth in <U>Section&nbsp;4.9.3</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Business</U>&#148; shall mean the business of the Company and its subsidiaries conducted at
any given time or which the Board has authorized the Company to develop or pursue (by acquisition
or otherwise), which currently consist of (primarily but not necessarily exclusively)
Spanish-language media in the U.S., including Spanish-language television broadcast networks,
Spanish-language radio broadcast networks, ownership and operation of Spanish-language television
and radio stations and Spanish-language Internet portals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Business Day</U>&#148; shall mean any day that is not a Saturday, a Sunday or other day on
which banks are required or authorized by Law to be closed in the City of New York or Mexico.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Capital Percentage</U>&#148; shall have the meaning set forth in the Investment Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Cap Release Requirements</U>&#148; shall mean ***
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Change of Control</U>&#148; shall mean the occurrence of (a)&nbsp;any consolidation or merger of
the Company with or into any other Person, or any other corporate reorganization, business
combination, transaction or Transfer of securities of the Company by its stockholders, or a
series of related transactions (including the acquisition of capital stock of the Company), whether
or not the Company is a party thereto, in which the stockholders of the Company immediately prior
to such consolidation, merger, reorganization, business combination, transaction or Transfer, own,
directly or indirectly, capital stock either (i)&nbsp;representing directly, or indirectly through one
or more entities, less than fifty percent (50%) of the equity of the Company or other surviving
entity immediately after such consolidation, merger, reorganization, business combination,
transaction or Transfer or (ii)&nbsp;that does not directly, or indirectly through one or more entities,
afford the holders thereof the power to elect (by contract, share ownership or otherwise) a
majority of the entire Board or other similar governing body of the Company or other surviving
entity immediately after such consolidation, merger, reorganization, business combination,
transaction or Transfer; (b)&nbsp;any transaction or series of related transactions, whether or not the
Company is a party thereto, after giving effect to which in excess of fifty percent (50%) of the
Company&#146;s voting power (by contract, share ownership or otherwise) is owned directly, or indirectly
through one or more entities, by any Person and its &#147;affiliates&#148; or &#147;associates&#148; (as such terms are
defined in the Exchange Act Rules) or any Group, excluding, in any case referred to in <U>clause
(a)</U> or <U>(b)</U>, any Initial Public Offering or any bona fide primary or secondary public
offering following the occurrence of an Initial Public Offering; or (c)&nbsp;a sale, lease or other
disposition of all or substantially all of the consolidated assets of the Company and its
subsidiaries; <U>provided</U>, that for purposes of this sentence, any transactions with the same
third party or any of its Affiliates shall be deemed to be a series of related transactions. For
the avoidance of doubt, none of the following shall, in and of itself, constitute a &#147;<U>Change of
Control</U>&#148;: (x)&nbsp;a spin-off of one of the businesses of the Company or any subsidiary thereof, or
a comparable transaction, or (y)&nbsp;a transaction in which, after giving effect thereto, the Principal
Investors and their Affiliates continue to own, directly or indirectly, more than fifty percent
(50%) of the equity (1)&nbsp;of the Company or other surviving entity in the case of a transaction of
the sort described in <U>clause (a)</U> above, (2)&nbsp;of the Company in the case of a transaction of
the sort described in <U>clause (b)</U> above or (3)&nbsp;of the acquiring entity in the case of a
transaction of the sort described in <U>clause (c)</U> above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Change of Control Procedures</U>&#148; shall have the meaning set forth in <U>Section
4.9</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Charitable Organization</U>&#148; shall mean a charitable organization, as described by
Section&nbsp;501(c)(3) of the Internal Revenue Code of 1986, as in effect from time to time, that is not
an Affiliate of a Stockholder, a Competitor, a Restricted Person, or primarily for the benefit of a
Stockholder, Competitor, or Restricted Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Charter</U>&#148; shall mean the Amended and Restated Certificate of Incorporation of the
Company, as filed with the Delaware Secretary of State on the date hereof, as may thereafter be
amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Class&nbsp;A Common Stock</U>&#148; shall mean the voting Class&nbsp;A Common Stock, par value $.001 per
share, of the Company and shall include any shares of common stock issued in exchange for or in
consideration of (including shares of common stock of the surviving company in connection with a
merger or similar business combination) or in substitution for the Class&nbsp;A Common Stock, including
shares of common stock issued upon an Initial Public Offering in
exchange for or in substitution for such Class&nbsp;A Common Stock, or as such shares of Class&nbsp;A
Common Stock may be reclassified.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT THE OMITTED PORTIONS OF THIS
DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Class&nbsp;B Common Stock</U>&#148; shall mean the nonvoting Class&nbsp;B Common Stock, par value $.001
per share, of the Company and shall include any shares of common stock issued in exchange for or in
consideration of (including shares of common stock of the surviving company in connection with a
merger or similar business combination) or in substitution for the Class&nbsp;B Common Stock, including
shares of common stock issued upon an Initial Public Offering in exchange for or in substitution
for such Class&nbsp;B Common Stock, or as such shares of Class&nbsp;B Common Stock may be reclassified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Class&nbsp;C Common Stock</U>&#148; shall mean the voting Class&nbsp;C Common Stock, par value $.001 per
share, of the Company and shall include any shares of common stock issued in exchange for or in
consideration of (including shares of common stock of the surviving company in connection with a
merger or similar business combination) or in substitution for the Class&nbsp;C Common Stock, or as such
shares of Class&nbsp;C Common Stock may be reclassified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Class&nbsp;D Common Stock</U>&#148; shall mean the nonvoting Class&nbsp;D Common Stock, par value $.001
per share, of the Company and shall include any shares of common stock issued in exchange for or in
consideration of (including shares of common stock of the surviving company in connection with a
merger or similar business combination) or in substitution for the Class&nbsp;D Common Stock, or as such
shares of Class&nbsp;D Common Stock may be reclassified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Co-Investment Vehicle</U>&#148; shall mean any one of (a)&nbsp;the MDP Co-Investment Vehicles,
collectively, (b)&nbsp;the PEP Co-Investment Vehicles, collectively, (c)&nbsp;the THL Co-Investment Vehicles,
collectively, and (d)&nbsp;the TPG Co-Investment Vehicles, collectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Commercial Agreements</U>&#148; shall mean, collectively, (i)&nbsp;the Amended and Restated Program
License Agreement and all agreements ancillary thereto for programming rights granted to the
Company, (ii)&nbsp;the IPRA Amendment, (iii)&nbsp;the Mexico License Agreement, (iv)&nbsp;the Second Program
License Agreement, and (v)&nbsp;the Sales Agency Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Commission</U>&#148; shall mean the United States Securities and Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Common Stock</U>&#148; shall mean the common stock of the Company, including the Class&nbsp;A
Common Stock, the Class&nbsp;B Common Stock, the Class&nbsp;C Common Stock and the Class&nbsp;D Common Stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Company</U>&#148; shall have the meaning set forth in the Preamble.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Company Securities</U>&#148; shall have the meaning set forth in <U>Section&nbsp;3.9.1(a)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Competitor</U>&#148; shall mean, ***
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Compliant Change of Control Transaction</U>&#148; shall mean any Sponsor Sale or Merger Exit
(a)&nbsp;that is conducted in accordance with the Change of Control Procedures and <U>Section&nbsp;4.10</U>,
(b)
in which the Acquiror is not a Restricted Person and, in the case of a Merger Exit, is a newly
formed Acquiror that has no material assets or liabilities other than the equity or indebtedness
used to effect such Change of Control (<U>provided</U>, that in any case Section&nbsp;4.4.3(b) of
Article&nbsp;EIGHTH of the Charter shall apply), but in any case shall have no assets or liabilities of
an operating business, and (c)&nbsp;in connection with which, following the consummation of such
transaction, (i)(x) the Televisa Investors&#146; board rights pursuant to <U>Section&nbsp;2</U> of the
Principal Investor Agreement shall continue with respect to the Acquiror and any Acquisition Holdco
to the extent provided therein, (y)&nbsp;the Televisa Investors&#146; other governance rights pursuant to the
Transaction Agreements (other than immaterial rights and in any case consent rights of the Televisa
Investors under Section&nbsp;2.4 of the Principal Investor Agreement and Section&nbsp;4.4.3 of Article&nbsp;EIGHTH
of the Charter shall not be considered immaterial) shall continue with respect to the Acquiror (or
its parent, if the Acquiror is a wholly-owned subsidiary of such parent) or any Acquisition Holdco
to the extent provided therein, (z)&nbsp;the Televisa Investors&#146; rights (other than governance rights
referred to in <U>clauses (x)</U> and <U>(y)</U> above) (other than immaterial rights and in any
case consent rights of the Televisa Investors under Section&nbsp;2.4 of the Principal Investor Agreement
and Section&nbsp;4.4.3 of Article&nbsp;EIGHTH of the Charter shall not be considered immaterial) and
obligations pursuant to the Transaction Agreements shall continue with respect to the Acquiror and
any Acquisition Holdco to the extent provided therein; except, for the sake of clarity, in the case
of each of <U>clauses (x)</U>, <U>(y)</U> and <U>(z)</U> above, to the extent those rights have
otherwise terminated in accordance with their respective terms; (ii)&nbsp;the Televisa Investors shall
have no greater obligations with respect to the Acquiror and its stockholders and any Acquisition
Holdco and its stockholders under the Transaction Agreements than they had to the Company, its
subsidiaries and its parent entities and the Principal Investors under the Transaction Agreements
immediately prior to such Change of Control; and (iii)&nbsp;the Acquiror (or its parent, if the Acquiror
is a wholly-owned subsidiary of such parent) or any Acquisition Holdco shall become a party to the
Transaction Agreements to which the Company or the selling stockholders, as applicable, are a party
and assume all obligations of the Principal Investors pursuant thereto in effect immediately prior
to the Change of Control (including, for the avoidance of doubt, the change of Control Procedures
and any Arbitrator Determination or remedy or relief issued by the Arbitrator) and the selling
stockholders, if applicable, shall remain bound by the terms of the Transaction Agreements to the
extent they retain any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Consolidated Leverage Ratio</U>&#148; shall mean, as of any date of determination, the ratio
of (x)&nbsp;Indebtedness as of such date to (y)&nbsp;BMP EBITDA for the period of the four fiscal quarters
ended on or immediately prior to such date for which financial statements are available. In the
event that the Company and any of its consolidated subsidiaries incurs, redeems, retires or
extinguishes any Indebtedness subsequent to the commencement of the period for which the
Consolidated Leverage Ratio is being calculated but prior to or simultaneously with the event for
which the calculation of such ratio is made (a &#147;<U>Ratio Calculation Date</U>&#148;), then the
Consolidated Leverage Ratio shall be calculated giving pro forma effect to such incurrence,
redemption, retirement or extinguishment of indebtedness as if the same had occurred at the
beginning of the applicable four-quarter period. For purposes of making the computations referred
to above, acquisitions, dispositions, mergers, amalgamations and consolidations (as determined in
accordance with GAAP), in each case with respect to an operating unit of a business made during the
four-quarter reference period or subsequent to such reference period and on or prior to or
simultaneously with the relevant Ratio Calculation Date shall be calculated on a pro forma
basis in accordance with GAAP for the actual BMP EBITDA thereof assuming that all such
acquisitions, dispositions, mergers, amalgamations and consolidations had occurred on the first day
of the four-quarter reference period. Whenever pro forma effect is to be given to any acquisition,
disposition, merger, amalgamation or consolidation, the pro forma calculations shall be made in
good faith by a responsible financial or accounting officer of the Company. For clarity,
<U>Schedule&nbsp;V</U> reflects the Consolidated Leverage Ratio as of September&nbsp;30, 2010.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>control</U>&#148; (including, with correlative meanings, the terms &#147;controlling,&#148; &#147;controlled
by&#148; and &#147;under common control with&#148;), as used with respect to any Person, shall mean the
possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of such Person, whether through the ownership of voting securities, by agreement or
otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Convertible Securities</U>&#148; shall mean any evidence of indebtedness (including the TV
Debentures), shares of stock, options, warrants (including the TV Warrants) or other securities
which are directly or indirectly convertible into or exchangeable or exercisable for shares of
Common Stock, including any options and warrants; provided that the Preferential Rights shall not
be deemed to be Convertible Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Covered Matters</U>&#148; shall have the meaning set forth in <U>Section&nbsp;11.1</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Delaware Court</U>&#148; shall have the meaning set forth in <U>Section&nbsp;11.2</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Demand Public Offering</U>&#148; shall have the meaning set forth in <U>Section&nbsp;5.3.2(a)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>DGCL</U>&#148; shall mean the Delaware General Corporation Law, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Discriminate(s)</U>&#148; and &#147;<U>Discrimination</U>&#148; shall mean, with respect to a specified
Person, to discriminate against such specified Person as compared to other applicable parties in a
manner that is, or is reasonably expected to be, (a)&nbsp;with respect to all Persons other than the
Televisa Investors, materially and disproportionately adverse to such specified Person and, (b)
with respect to any Televisa Investor, disproportionately adverse to such Televisa Investor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Drag Along Recapitalization Notice</U>&#148; shall have the meaning set forth in <U>Section
4.3.1</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Drag Along Recapitalization Percentage</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;4.3</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Drag Along Recapitalization Sale</U>&#148; shall have the meaning set forth in <U>Section
4.3</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Drag Along Sale</U>&#148; shall have the meaning set forth in <U>Section&nbsp;4.2</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Drag Along Sale Notice</U>&#148; shall have the meaning set forth in <U>Section&nbsp;4.2.1</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Drag Along Sale Percentage</U>&#148; shall have the meaning set forth in <U>Section&nbsp;4.2</U>.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT THE OMITTED PORTIONS OF THIS
DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Drag Along Sellers</U>&#148; shall have the meaning set forth in <U>Section&nbsp;4.2.1</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Election Notice</U>&#148; shall have the meaning set forth in <U>Section&nbsp;5.3.3</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Equity Incentive Plans</U>&#148; shall mean the 2007 Equity Incentive Plan and the 2010 Equity
Incentive Plan, collectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Equity Percentage</U>&#148; shall mean at any given time (a)&nbsp;in the context of equity
ownership, a fraction, expressed as a percentage, (i)&nbsp;the numerator of which is the aggregate
number of shares of Common Stock held at such time by Persons who are Televisa Investors, and (ii)
the denominator of which is the total number of shares of Common Stock outstanding at such time and
(b)&nbsp;in the context of voting power, the percentage of outstanding voting equity of the Company
owned, directly or indirectly, at such time by such Persons indicated in <U>clause (a)</U> of this
definition. For the avoidance of doubt, the shares of Common Stock issuable (but not yet issued)
upon conversion of the TV Debentures or upon exercise of the TV Warrants or the Preferential Rights
or issuable (but not yet issued) in respect of the Equity Incentive Plans shall not be considered
outstanding for purposes of this definition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Equivalent Shares</U>&#148; shall mean, at any date of determination, (a)&nbsp;as to any
outstanding shares of Common Stock, such number of shares of Common Stock, (b)&nbsp;as to any
outstanding Convertible Securities (other than the TV Debentures and TV Warrants), the maximum
number of shares of Common Stock for which or into which such Convertible Securities may at the
time be exercised, converted or exchanged (or which will become exercisable, convertible or
exchangeable on or prior to, or by reason of, the transaction or circumstance in connection with
which the number of Equivalent Shares is to be determined assuming all of the conditions to
exercise, conversion or exchange thereof have been satisfied), and (c)&nbsp;as to any outstanding TV
Debentures and TV Warrants, the maximum number of shares of Common Stock for which such TV
Debentures or TV Warrants, as the case may be, may then be converted or exercised, assuming all of
the conditions to the conversion or exercise thereof have been satisfied.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Escrow Agent</U>&#148; shall have the meaning set forth in <U>Section&nbsp;6.2</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Exchange Act</U>&#148; shall mean the Securities Exchange Act of 1934 and the rules and
regulations promulgated thereunder, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Exchange Act Rules</U>&#148; shall mean the rules adopted by the Commission under the Exchange
Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Exercise Notice</U>&#148; shall have the meaning set forth in <U>Section&nbsp;5.5</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Exercise Shares</U>&#148; shall have the meaning set forth in <U>Section&nbsp;5.3.3</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Exit Transaction</U>&#148; shall have the meaning set forth in <U>Section&nbsp;4.10.1</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Expiration Date</U>&#148; shall mean ***
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Extra Amount</U>&#148; shall mean the amount, determined as of any given date in respect of
any TV Debentures, which is equal to the sum of the present value on such date of all required
interest payments that otherwise would have been due on such TV Debentures from the date of
conversion or Sale, as applicable, through the Maturity Date (as defined in the terms of the TV
Debentures), in each case computed using a discount rate equal to the Treasury Rate (as defined in
the terms of the TV Debentures) as of such date with respect to each such interest payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Fair Market Value</U>&#148; shall mean, as of any date, as to any Share, the Board&#146;s good
faith determination of the fair market value of such Share (which, in the case of Options, shall
equal the Fair Market Value of the share underlying such Option less the exercise price for such
Option) as of the applicable reference date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Family Member</U>&#148; shall mean, with respect to any natural Person, (a)&nbsp;any lineal
descendant or ancestor or sibling (by birth or adoption) of such natural Person, (b)&nbsp;any spouse or
former spouse of any of the foregoing, (c)&nbsp;any legal representative or estate of any of the
foregoing, or the ultimate beneficiaries of the estate of any of the foregoing, if deceased and (d)
any trust or other bona fide estate-planning vehicle the only beneficiaries of which are any of the
foregoing Persons described in <U>clauses (a)</U> through <U>(c)</U> above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>FCC</U>&#148; shall mean the United States Federal Communications Commission or any successor
entity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>FCC-Approved Trust</U>&#148; shall mean a bona fide trust arrangement satisfactory to the FCC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>FCC Permitted Increase in Ownership</U>&#148; shall have the meaning set forth in the
Investment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>FCC Regulatory Limitations</U>&#148; shall have the meaning set forth in <U>Section
3.9.1</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Federal Communications Laws</U>&#148; shall mean the Communications Act of 1934, as amended,
and any successor statute thereto, and the rules, regulations and policies promulgated by the FCC
thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Fifth Anniversary Period</U>&#148; shall have the meaning set forth in <U>Section
5.3.2(c)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>First Offer Deadline</U>&#148; shall have the meaning set forth in <U>Section&nbsp;4.6.2(a)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>First Offer Holder</U>&#148; shall have the meaning set forth in <U>Section&nbsp;4.6.1</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>First Offer Notice</U>&#148; shall have the meaning set forth in <U>Section&nbsp;4.6.2(a)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>First Offer Purchaser</U>&#148; shall have the meaning set forth in <U>Section&nbsp;4.6.2(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Foreign Ownership Cap</U>&#148; shall have the meaning set forth in the definition of
Regulatory Amendment or Waiver.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Foreign Ownership Restrictions</U>&#148; shall mean any and all restrictions imposed by the
Federal Communications Laws on the direct or indirect ownership by non-U.S. citizens of entities
that directly or indirectly control broadcast licensees such as the Company and its broadcast
licensee subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Fourth Anniversary Period</U>&#148; shall have the meaning set forth in <U>Section
5.3.2(b)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>GAAP</U>&#148; shall mean United States generally accepted accounting principles as in effect
on the date of the Televisa Closing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Governmental Authority</U>&#148; shall mean any United States (federal, state or local) or
foreign government, or governmental, regulatory, judicial or administrative authority, agency,
commission or court (including the FCC and applicable stock exchange(s)).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Group</U>&#148; shall mean &#147;group&#148; (within the meaning of Section&nbsp;13(d)(3) of the Exchange
Act); <U>provided</U>, that a &#147;group&#148; must be formed knowingly in order to constitute a Group, and
the existence of any Group may not be established by mere parallel action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Group Related Affiliate</U>&#148; shall have the meaning set forth in the definition of
&#147;Principal Investor Majority.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Incentive Shares</U>&#148; shall mean all Shares and Options held by a Manager that are
subject to vesting or other service or performance based conditions to ownership, treating such
Options as a number of Incentive Shares equal to the maximum number of Shares for which such
Options may at the time be exercised.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Indebtedness</U>&#148; shall have the meaning set forth in the Principal Investor Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Individual Sell-Down Percentage</U>&#148; shall have the meaning set forth in <U>Section
8.3</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Initial Public Offering</U>&#148; shall mean the initial underwritten Public Offering
registered on Form S-1 (or any successor form under the Securities Act).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Initial Stake</U>&#148; shall have the meaning set forth in <U>Section&nbsp;5.3.4(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Institutional Investor</U>&#148; and &#147;<U>Institutional Investors</U>&#148; shall have the meanings
set forth in <U>Section&nbsp;10.11</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Interim Charter</U>&#148; shall have the meaning set forth in the Recitals.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Investment Agreement</U>&#148; shall have the meaning set forth in the Recitals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Investors</U>&#148; shall have the meaning set forth in the Preamble.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT THE OMITTED PORTIONS OF THIS
DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>IPO Recap</U>&#148; shall have the meaning set forth in the definition of Recapitalization
Transaction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>IPRA Amendment</U>&#148; shall have the meaning set forth in the Investment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Law</U>&#148; shall mean any statute, law, ordinance, regulation, rule, code, injunction,
judgment, decree, order or any other judicially enforceable legal requirement (including common
law) of any Governmental Authority.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Liquidity Right</U>&#148; shall have the meaning set forth in <U>Section&nbsp;5.3.2(a)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Major Televisa Competitor</U>&#148; shall have the meaning set forth on <U>Schedule&nbsp;II</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Major Television Person</U>&#148; shall mean ***
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Majority Acquisition Date</U>&#148; shall have the meaning set forth in <U>Section&nbsp;5.3.1</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Majority in Interest</U>&#148; shall mean with respect to Shares of one or more class(es), a
majority in number of such Shares of all such class or classes taken in the aggregate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Majority MDP Investors</U>&#148; shall mean, as of any date, the holders of a Majority in
Interest of the Shares held by the MDP Investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Majority PEP Investors</U>&#148; shall mean, as of any date, the holders of a Majority in
Interest of the Shares held by the PEP Investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Majority PITV Investors</U>&#148; shall mean, as of any applicable time, (a)&nbsp;PITV Investor
Groups that, in the aggregate, hold greater than fifty percent (50%) of the outstanding Common
Stock then held by all PITV Investor Groups (<U>provided</U>, in the case of the Televisa
Investors, including only such shares of Common Stock held directly by Televisa) and (b)&nbsp;a majority
of the PITV Investor Groups; <U>provided</U>, that if the aggregate number of PITV Investor Groups
is two and both of the PITV Investor Groups have not reached agreement or consented with respect to
a matter, the term &#147;Majority PITV Investors&#148; shall have the meaning set forth in <U>clause (a)</U>
of this definition only; <U>provided</U>, <U>further</U>, that no Principal Investor Group shall
be deemed to be a Principal Investor Group for purposes of this definition from and after such time
that it has voluntarily sold sixty six and two thirds percent (66 2/3%) or more, in the aggregate,
of the Shares held by such Principal Investor Group immediately following the Televisa Closing to
Persons other than their respective Permitted Transferees; and <U>provided</U>, <U>further</U>,
that, following a Transfer of control to an initial or subsequent Purchaser of Control, such
Purchaser of Control shall have the right to exercise the rights of the transferor Principal
Investor Groups and the transferor PITV Investor Groups in accordance with <U>Section&nbsp;3.8</U>
hereof.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Majority Principal Investors</U>&#148; shall mean, as of any applicable time, (a)&nbsp;Principal
Investor Groups (excluding, in each case, Co-Investment Vehicles that constitute part of such
Principal Investor Group) that, in the aggregate, hold at least 60% of the outstanding Common Stock
then held by all Principal Investor Groups (without taking into account shares of Common
Stock held by Co-Investment Vehicles that are part of such Principal Investor Group) and (b)&nbsp;a
majority of the Principal Investor Groups; <U>provided</U>, that if the aggregate number of
Principal Investor Groups is an even number and a majority of the Principal Investor Groups has not
reached agreement or consented with respect to a matter, the term &#147;Majority Principal Investors&#148;
shall have the meaning set forth in <U>clause (a)</U> of this definition only; <U>provided</U>,
<U>further</U>, that no Principal Investor Group shall be deemed to be a Principal Investor Group
for purposes of this definition from and after such time that it has voluntarily sold sixty six and
two thirds percent (66 2/3%) or more, in the aggregate, of the Shares held by such Principal
Investor Group immediately following the Televisa Closing to Persons other than their respective
Permitted Transferees; <U>provided</U>, <U>further</U>, that, following a Transfer of control to
an initial or subsequent Purchaser of Control, such Purchaser of Control shall have the right to
exercise the rights of the Principal Investors and the Majority Principal Investors in accordance
with Section&nbsp;3.8 hereof; and <U>provided</U>, <U>further</U>, that, for purposes of <U>Sections
2</U>, <U>4.2</U>, <U>4.3</U>, <U>4.4</U>, <U>4.7</U> and <U>4.8</U>, at such time as there
are no Principal Investors remaining, &#147;Majority Principal Investors&#148; shall mean Investors holding
at least 60% majority of the outstanding Class&nbsp;A Common Stock then held by Investors party to this
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Majority SCG Investors</U>&#148; shall mean, as of any date, the holders of a Majority in
Interest of the Shares held by the SCG Investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Majority Televisa Investors</U>&#148; shall mean, as of any date, the holders of a Majority in
Interest of the Shares held by the Televisa Investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Majority THL Investors</U>&#148; shall mean, as of any date, the holders of a Majority in
Interest of the Shares held by the THL Investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Majority TPG Investors</U>&#148; shall mean, as of any date, the holders of a Majority in
Interest of the Shares held by the TPG Investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Management Shares</U>&#148; shall mean all Shares held by a Manager. Any Management Shares
that are Transferred by the holder thereof to such holder&#146;s Permitted Transferees shall remain
Management Shares in the hands of such Permitted Transferee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Managers</U>&#148; shall have the meaning set forth in the Preamble.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Maximum Capital Percentage</U>&#148; shall mean 40%; <U>provided</U> that such percentage
shall be increased to the extent that any share repurchase, recapitalization, acquisition or
similar action taken or instituted by the Company or any of its Subsidiaries results in the Capital
Percentage as of immediately prior to such action being increased as of immediately after such
action; and <U>provided, further</U>, that (i)&nbsp;the Maximum Capital Percentage shall be an
unlimited percentage at and after the earlier to occur of (x)&nbsp;the time when the Standstill Release
Requirements have been satisfied or (y)&nbsp;the time when the limitations in Section&nbsp;5.1.1 of this
Agreement shall no longer apply pursuant to Section&nbsp;5.1.2 of this Agreement, and (ii)&nbsp;the Maximum
Capital Percentage shall not restrict Televisa from making, either alone or as part of a group, an
offer permitted by Section&nbsp;8.3(b) of the Investment Agreement and acquiring Shares pursuant
thereto.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Maximum Equity Percentage</U>&#148; shall mean the sum of:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(i)&nbsp;10%; <U>provided</U> that such percentage shall be increased to the extent that the
Equity Percentage increases as a result of any share repurchase, recapitalization, acquisition or
similar action taken or instituted by the Company or any of its Subsidiaries and <U>provided</U>,
<U>further</U>, in the event that the Principal Investors have Transferred more than 95% of the
aggregate amount of the Principal Investors&#146; Total Ownership Amount to one or more Person(s) that
are not (x)&nbsp;Permitted Transferees (not including pursuant to <U>clause (b)(ii)</U> of the
definition of Permitted Transferees) of any Principal Investor or (y)&nbsp;a Purchaser of Control, then
the percentage set forth in this <U>clause (i)</U> shall be increased to 20%; <U>provided</U>,
that such percentage shall be increased to the extent that any share repurchase, recapitalization,
acquisition or similar action taken or instituted by the Company or any of its subsidiaries
following such increase to 20% results in the Equity Percentage as of immediately prior to such
action being increased as of immediately after such action; <U>plus</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(ii)&nbsp;the amount of any FCC Permitted Increase in Ownership (for illustrative purposes, if the
Foreign Ownership Cap is increased from the current 25% cap to 30%, then the Maximum Equity
Percentage shall be increased by 5&nbsp;percentage points), and if the Foreign Ownership Cap is no
longer applicable under, or is eliminated by, applicable Law, the Maximum Equity Percentage shall
also be disregarded. For the avoidance of doubt, this definition of Maximum Equity Percentage,
applies to both <U>clause (a)</U> and <U>(b)</U> of the definition of Equity Percentage;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>provided</U>, <U>however</U>, that (A)&nbsp;the Maximum Equity Percentage shall be an unlimited
percentage at and after the earlier to occur of (x)&nbsp;the time when the Cap Release Requirements have
been satisfied or (y)&nbsp;the time when the limitations in <U>Section&nbsp;5.1.1</U> of this Agreement
shall no longer apply pursuant to <U>Section&nbsp;5.1.2</U> of this Agreement, and (B)&nbsp;the Maximum
Equity Percentage shall not restrict Televisa from making, either alone or as part of a group, an
offer permitted by Section&nbsp;8.3(b) of the Investment Agreement and acquiring Shares pursuant
thereto. Without limiting the foregoing provisos, following the acquisition by a Strategic Buyer
of a majority of the voting Common Stock and equity of the Company, the Maximum Equity Percentage
may be further increased to the extent mutually agreed by the Strategic Buyer and Televisa.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>MDP</U>&#148; shall mean, as of any date, Madison Dearborn Capital Partners IV, L.P., MDCPIV
Intermediate (Umbrella), L.P., Madison Dearborn Capital Partners V-A, L.P., MDCPV Intermediate
(Umbrella), L.P. and their respective Permitted Transferees, in each case only if such Person is
then a Stockholder and holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>MDP Co-Investment Vehicles</U>&#148; shall mean, as of any date, MDCP Foreign Co-Investors
(Umbrella), L.P., MDCP US Co-Investors (Umbrella), L.P. and their respective successor entities,
and any Affiliated Fund thereof if, in each case, (i)&nbsp;substantially all of the equity thereof
(including amounts paid for the acquisition of any Convertible Securities to subscribe for,
purchase or otherwise acquire such equity) has not been contributed by the same investors, partners
and members as contributed to the equity of MDP, (ii)&nbsp;such entity has been formed for the main
purpose of investing in the Company or any Affiliate thereof, and (iii)&nbsp;such entity is a
Stockholder and owns Shares. For the avoidance of doubt, neither MDCPIV Intermediate
(Umbrella), L.P., MDCPV Intermediate (Umbrella), L.P., nor any successor thereof shall be
deemed to be a Co-Investment Vehicle for the purposes of this Agreement.
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>MDP Investors</U>&#148; shall mean, as of any date, MDP, the MDP Co-Investment Vehicles, and
their respective Permitted Transferees, in each case only if such Person is then a Stockholder and
holds any Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Merger</U>&#148; shall have the meaning set forth in the Recitals.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Merger Agreement</U>&#148; shall have the meaning set forth in the Recitals.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Merger Closing</U>&#148; shall have the meaning set forth in the Recitals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Merger Exit</U>&#148; shall mean a Change of Control transaction (other than a Sponsor Sale)
that is structured as a merger, consolidation, sale of all or substantially all assets or similar
business combination of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Merger Exit Election Deadline</U>&#148; shall have the meaning set forth in <U>Section
4.8.2</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Merger Exit Notice</U>&#148; shall have the meaning set forth in <U>Section&nbsp;4.8.1</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Merger Exit Participation Election</U>&#148; shall have the meaning set forth in <U>Section
4.8.1(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Merger Exit Participation Rights</U>&#148; shall have the meaning set forth in <U>Section
4.8.1(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Merger Price</U>&#148; shall mean, with respect to any Share acquired by the Acquiror in a
Merger Exit, the amount of consideration paid to the holder of such Share in the Merger Exit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Mexico License Agreement</U>&#148; shall have the meaning set forth in the Investment
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Minimum Total Combined Investment</U>&#148; shall mean, with respect to any one Principal
Investor, shares of Common Stock with an aggregate initial cost of $150,000,000. For purposes
hereof, the agreed initial cost of a share of Common Stock shall be $398.52 (subject to appropriate
adjustment for stock splits, dividends and similar events).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Negotiation Period</U>&#148; shall have the meaning set forth in <U>Section&nbsp;5.5</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>New Televisa Investor</U>&#148; shall mean any Person described in <U>clause (ii)</U> or
<U>(iii)</U> of the definition of the Televisa Investors; <U>provided</U>, that such Person shall
cease to be a New Televisa Investor hereunder, and shall automatically become an Other Investor
hereunder, immediately upon such Person ceasing to be a member of a Group of which Televisa and/or
any of its Affiliates is a member with respect to securities of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Non-Change of Control Merger</U>&#148; shall have the meaning set forth in <U>Section
4.13</U>.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Non-TV Initiated QPO</U>&#148; shall have the meaning set forth in <U>Section&nbsp;5.3.1</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Open Market Purchase Rights</U>&#148; shall have the meaning set forth in the Investment
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Options</U>&#148; shall mean any options to subscribe for, purchase or otherwise directly
acquire Common Stock, other than (i)&nbsp;any such option held by the Company or any direct or indirect
subsidiary thereof or (ii)&nbsp;any right to purchase shares of Common Stock pursuant to this Agreement
or the Participation, Registration Rights and Coordination Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Other Investor Shares</U>&#148; shall mean all Shares held by an Other Investor. Any Other
Investor Shares that are Transferred by the holder thereof to such holder&#146;s Permitted Transferees
shall remain Other Investor Shares in the hands of such Permitted Transferee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Other Investors</U>&#148; shall have the meaning set forth in the Preamble.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Participating Seller</U>&#148; shall have the meanings set forth in <U>Section&nbsp;4.1.2</U> and
<U>Section&nbsp;4.2.1</U>, as applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Participation, Registration Rights and Coordination Agreement</U>&#148; shall mean the Amended
and Restated Participation, Registration Rights and Coordination Agreement of the Company, dated as
of the date hereof, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Pending Underwritten Offering</U>&#148; shall mean, with respect to any Withdrawing Holder
withdrawing from this Agreement pursuant to <U>Section&nbsp;8.3</U>, any underwritten Public Offering
for which a registration statement relating thereto is or has been filed with the Commission either
prior to, or not later than the sixtieth day after, the effectiveness of such Withdrawing Holder&#146;s
withdrawal from this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>PEP</U>&#148; shall mean, as of any date, Providence Equity Partners V (Umbrella US) L.P.,
Providence Equity Partners VI (Umbrella US) L.P., Providence Investors V (Univision) L.P.,
Providence Investors VI (Univision) L.P. and their respective Permitted Transferees, in each case
only if such Person is then a Stockholder and holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>PEP Co-Investment Vehicles</U>&#148; shall mean, as of any date, Providence Co-Investors
(Univision) L.P., Providence Co-Investors (Univision US) L.P. and their respective successor
entities, and any Affiliated Fund thereof if, in each case, (i)&nbsp;substantially all of the equity
thereof (including amounts paid for the acquisition of any Convertible Securities to subscribe for,
purchase or otherwise acquire such equity) has not been contributed by the same investors, partners
and members as contributed to the equity of PEP, (ii)&nbsp;such entity has been formed for the main
purpose of investing in the Company or any Affiliate thereof, and (iii)&nbsp;such entity is a
Stockholder and owns Shares. For the avoidance of doubt, neither Providence Investors V
(Univision) L.P., Providence Investors VI (Univision) L.P., nor any successor thereof shall be
deemed to be a Co-Investment Vehicle for the purposes of this Agreement.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>PEP Investors</U>&#148; shall mean, as of any date, PEP, the PEP Co-Investment Vehicles, and
their respective Permitted Transferees, in each case only if such Person is then a Stockholder and
holds any Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Permitted Person</U>&#148; shall have the meaning set forth on <U>Schedule&nbsp;III</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Permitted Transferee</U>&#148; shall mean, in respect of (a)&nbsp;any PITV Investor, (i)&nbsp;any
Affiliate of such PITV Investor (other than a portfolio company of such PITV Investor) or (ii)&nbsp;any
successor entity, (b)&nbsp;any Bank Investor, any Affiliate of such Bank Investor, (c)&nbsp;any SCG Investor,
(i)&nbsp;any Person which is controlled by or for the benefit of Haim Saban or Cheryl Saban (or in the
event of their divorce, their subsequent respective spouses) (collectively &#147;<U>Saban</U>&#148;) or
their Family Members (other than a portfolio company of any SCG Investor), (ii)&nbsp;then-current or
former officers and/or employees of Saban or entities controlled by Saban who were issued such
interests as a result of or in connection with their employment by Saban, or such officers&#146; and/or
employees&#146; Family Members to the extent they receive such Transferred interests initially issued to
such officer or employee as a result of or in connection with his or her employment by Persons
controlled by Saban, and (iii)&nbsp;any trust, custodianship or other entity created for estate or tax
planning purposes all of the beneficiaries of which are any of the persons listed in <U>subclause
(i)&nbsp;to (iii)</U> of this <U>clause (c)</U>, (d)&nbsp;any Manager, any Family Member of such Manager,
the Company or any subsidiary thereof, and (e)&nbsp;any holder of Shares who is a natural person, (i)
upon the death of such natural person, such person&#146;s estate, executors, administrators, personal
representatives, heirs, legatees or distributees in each case acquiring the Shares in question
pursuant to the will or other instrument taking effect at death of such holder or by applicable
Laws of descent and distribution and (ii)&nbsp;any Person acquiring such Shares pursuant to a qualified
domestic relations order; in each case described in <U>clauses (a)</U> through <U>(e)</U>, only
if such transferee agrees to be bound by the terms of the Transaction Agreements in accordance with
their respective terms to the same extent its transferor is bound thereby (it being understood that
any Transfer not meeting the foregoing conditions but purporting to rely on <U>Section&nbsp;3.1.1</U>
shall be null and void). In addition, any Stockholder shall be a Permitted Transferee of the
Permitted Transferees of itself and any member of a Principal Investor Group shall be a Permitted
Transferee of any other member of such Principal Investor Group. No Restricted Person may be a
&#147;Permitted Transferee.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Person</U>&#148; shall mean any individual, partnership, corporation, company, association,
trust, joint venture, limited liability company, unincorporated organization, entity or division,
or any government, governmental department or agency or political subdivision thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>PITV Investor Group</U>&#148; shall mean (a)&nbsp;each of the Principal Investor Groups; and (b)
the Televisa Investors; <U>provided</U>, <U>however</U>, that the Televisa Investors shall cease
to be a PITV Investor Group after a Televisa Sell-Down. Where this Agreement provides for the
vote, consent or approval of any PITV Investor Group, such vote, consent or approval shall be
determined by (i)&nbsp;the Majority MDP Investors, the Majority PEP Investors, the Majority SCG
Investors, the Majority Televisa Investors, the Majority THL Investors or the Majority TPG
Investors, as the case may be, or (ii)&nbsp;a Purchaser of Control, as applicable, except as otherwise
specifically set forth herein.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT THE OMITTED PORTIONS OF THIS
DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>PITV Investors</U>&#148; shall mean the Televisa Investors and the Principal Investors,
collectively; <U>provided</U>, that a Principal Investor and/or a Televisa Investor shall cease to
be a PITV Investor if it ceases to be a member of a PITV Investor Group; <U>provided</U>,
<U>further</U>, that, following a Transfer of control to an initial or subsequent Purchaser of
Control, such Purchaser of Control shall have the right to exercise the rights of the transferor
Principal Investors in accordance with <U>Section&nbsp;3.8</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Post Transaction Percentage</U>&#148; shall mean, with respect to any Televisa Investor, the
total percentage of equity (on a fully-diluted basis, including the equity issuable upon exercise
of any Convertible Securities) in the acquiror that such Televisa Investor owns, directly or
indirectly, immediately after giving effect to a Merger Exit or Non-Change of Control Merger, as
applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Pre Transaction Percentage</U>&#148; shall mean, with respect to any Televisa Investor, the
Capital Percentage that such Televisa Investor owns, directly or indirectly, immediately prior to
giving effect to a Merger Exit or Non-Change of Control Merger, as applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Preferential Participation Right</U>&#148; shall have the meaning set forth in the
Participation, Registration Rights and Coordination Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Preferential Right of First Refusal</U>&#148; shall have the meaning set forth in <U>Section
4.5.2</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Preferential Rights</U>&#148; shall mean the Open Market Purchase Rights, the Televisa Option,
the Preferential Participation Right and the Preferential Right of First Refusal.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Preferential ROFR Buyer</U>&#148; shall have the meaning set forth in <U>Section&nbsp;4.5</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Preferential ROFR Cap</U>&#148; shall mean, with respect to each Principal Investor Group at
the time of determination, a number of Shares of Common Stock equal to that number of Shares
constituting *** of the Additional Equity Amount (determined, for purposes of the definition, as of
the date hereof) and as reduced by the aggregate number of Shares of Common Stock Transferred by
any member of such Principal Investor Group pursuant to the Preferential Right of First Refusal
prior to such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Preferential ROFR Exercise Notice</U>&#148; shall have the meaning set forth in <U>Section
4.5.2</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Preferential ROFR Issuance</U>&#148; shall have the meaning set forth in <U>Section
4.5.3</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Preferential ROFR Issuance Right</U>&#148; shall have the meaning set forth in <U>Section
4.5.3</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Preferential ROFR Notice</U>&#148; shall have the meaning set forth in <U>Section&nbsp;4.5.1</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Preferential ROFR Shares</U>&#148; shall have the meaning set forth in <U>Section&nbsp;4.5.1</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Principal Investor</U>&#148; shall have the meaning set forth in the Preamble.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT THE OMITTED PORTIONS OF THIS
DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Principal Investor Agreement</U>&#148; shall mean the Amended and Restated Principal Investor
Agreement of the Company, dated as of the date hereof, among BMP, BMPH, Univision, Televisa and the
Principal Investors, as it may be amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Principal Investor Group</U>&#148; shall mean any one of (a)&nbsp;the MDP Investors, collectively,
(b)&nbsp;the PEP Investors, collectively, (c)&nbsp;the SCG Investors, collectively, (d)&nbsp;the THL Investors,
collectively, and (e)&nbsp;the TPG Investors, collectively; <U>provided</U>, <U>however</U>, that any
such Principal Investor Group shall cease to be a Principal Investor Group at such time after the
Televisa Closing, and at all times thereafter, as such Principal Investor Group ceases to hold
Shares representing a Total Combined Investment of at least the Minimum Total Combined Investment;
<U>provided</U>, further, that, following a Transfer of control to an initial or subsequent
Purchaser of Control, such Purchaser of Control shall have the right to exercise the rights of the
Principal Investor Groups in accordance with <U>Section&nbsp;3.8</U>; <U>provided</U>,
<U>further</U>, that no adjustment or modification to the term &#147;Minimum Total Combined Investment&#148;
shall cause any former Principal Investor Group to again become a Principal Investor Group. Where
this Agreement provides for the vote, consent or approval of any Principal Investor Group, such
vote, consent or approval shall be determined by (i)&nbsp;the Majority MDP Investors, the Majority PEP
Investors, the Majority THL Investors, the Majority TPG Investors, or the Majority SCG Investors,
as the case may be, or (ii)&nbsp;any Purchaser of Control, as applicable, except as otherwise
specifically set forth herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Principal Investor Majority</U>&#148; shall mean, with respect to a transaction between the
Company or one of its subsidiaries on the one hand and a Principal Investor Group (or any member
thereof) or one of its, or their, Affiliates on the other (a &#147;<U>Group Related Affiliate</U>&#148;),
(a)&nbsp;Principal Investor Groups that are not and whose Affiliates are not Group Related Affiliates
and who, in the aggregate, hold a Majority in Interest of the Common Stock then held by all
Principal Investor Groups that are not and whose Affiliates are not a Group Related Affiliate with
respect to such transaction, or (b)&nbsp;if each Principal Investor Group and/or an Affiliate of each
Principal Investor Group is a Group Related Affiliate with respect to such transaction, the
Majority Principal Investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Principal Investor Sell-Down</U>&#148; shall mean the date upon which (i)&nbsp;the MDP Investors,
PEP Investors, SCG Investors, THL Investors and TPG Investors, collectively, or (ii)&nbsp;any initial or
successive Purchaser(s) of Control, as applicable, have voluntarily Transferred *** or more, in the
aggregate, of the shares of Common Stock held by the Principal Investors (either directly or
through such Principal Investors&#146; ownership of Units of BMPS1) immediately following the Televisa
Closing to Persons other than Permitted Transferrees and other than Purchaser(s) of Control after
which the transferor(s) in such transfer to a Purchaser(s) of Control will no longer have rights as
a Principal Investor, but such Purchaser of Control (or successive Purchaser of Control) shall have
the collective rights and obligations of such Principal Investors and such Principal Investor
Groups under the Transaction Agreements in accordance with <U>Section&nbsp;3.8</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Principal Investors&#146; Total Ownership Amount</U>&#148; shall mean the total number of Shares
owned immediately after the Televisa Closing by the Principal Investors, including any Shares held
indirectly through such Principal Investors&#146; ownership of Units of BMPS1 (as adjusted for
any stock splits, stock dividends, reverse stock splits, stock combinations, recapitalizations
and other similar capitalization changes).
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Pro Rata Portion</U>&#148; shall mean:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;for purposes of <U>Section&nbsp;4.1.4</U>, with respect to each Tag Along
Seller, a number of Shares equal to the aggregate number of Shares that the
Prospective Buyer is willing to purchase in the proposed Sale, multiplied by a
fraction, the numerator of which is the aggregate number of Tag Eligible Shares held
by such Tag Along Seller and the denominator of which is the aggregate number of Tag
Eligible Shares of the applicable class held by all Tag Along Sellers; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(c)&nbsp;for purposes of <U>Section&nbsp;4.6.6</U>, with respect to each First Offer
Purchaser, a number of Shares equal to the aggregate number of Subject Shares
multiplied by a fraction, the numerator of which is the aggregate number of Shares
held by such First Offer Purchaser and the denominator of which is the aggregate
number of Shares held by all First Offer Purchasers.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Proposed Purchaser</U>&#148; shall have the meaning set forth in <U>Section&nbsp;4.5.1</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Prospective Buyer</U>&#148; shall mean any Person or Group, including the Company or any of
its subsidiaries or any other Stockholder, proposing to purchase or otherwise acquire Shares or all
or substantially all assets from a Prospective Selling Stockholder, including pursuant to a Merger
Exit; <U>provided</U>, that the term &#147;Prospective Buyer,&#148; as used in <U>Sections&nbsp;4.7</U> and
<U>4.8</U> (and any other sections relating thereto), shall not include the Company or any of its
subsidiaries.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Prospective Selling Stockholder</U>&#148; shall mean:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(a)&nbsp;for purposes of <U>Section&nbsp;3.3</U>, any Investor that proposes to Transfer
any Shares to any Prospective Buyer;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;for purposes of <U>Section&nbsp;4.1</U>, any Stockholder that proposes to
Transfer any Shares to any Prospective Buyer, including Televisa buying pursuant to
<U>Section&nbsp;4.5</U> and a First Offer Purchaser buying pursuant to <U>Section
4.6</U>;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(c)&nbsp;for purposes of <U>Section&nbsp;4.2</U>, any Stockholder forming part of the
acting Majority Principal Investors that has elected to exercise the drag along
right provided by such Section;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(d)&nbsp;for purposes of <U>Section&nbsp;4.5</U>, any Principal Investor that proposes
to Transfer any shares in a transaction that is subject to such Section;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(e)&nbsp;for purposes of <U>Section&nbsp;4.6</U>, any Stockholder forming part of the
acting Majority Principal Investors that proposes to Transfer any Shares in a
transaction that is subject to such Section;
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(f)&nbsp;for purposes of <U>Section&nbsp;4.7</U>, (i)&nbsp;any Stockholder forming part of
the acting Majority Principal Investors that proposes to Transfer any Shares in a
Sponsor Sale that is subject to such Section or, (ii)&nbsp;for any time following
Televisa&#146;s timely Sponsor Sale Tag Along Election (<U>provided</U> that it has not
been revoked in accordance with <U>Section&nbsp;4.7.6</U>), but only for purposes of the
last sentence of <U>Section&nbsp;4.7.3</U> and the entirety of <U>Section&nbsp;4.7.6</U>,
any Stockholder forming part of the acting Majority PITV Investors that proposes to
Transfer any Shares in a Sponsor Sale that is subject to such Section;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(g)&nbsp;for purposes of <U>Section&nbsp;4.8</U>, (i)&nbsp;any Stockholder forming part of
the acting Majority Principal Investors that proposes to Transfer any Shares in a
Merger Exit that is subject to such Section or, (ii)&nbsp;for any time following
Televisa&#146;s timely Merger Exit Participation Election (<U>provided</U>, that it has
not been revoked in accordance with <U>Section&nbsp;4.8.9</U>), but only for purposes of
the last sentence of <U>Section&nbsp;4.8.3</U> and the entirety of <U>Section
4.8.9</U>, any Stockholder forming part of the acting Majority PITV Investors that
proposes to Transfer any Shares in a Merger Exit that is subject to such Section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>PRRCA Demand Rights</U>&#148; shall mean, with respect to any Person, such Person&#146;s rights as
an &#147;Initiating Investor&#148; pursuant to Section&nbsp;3.1 of the Participation, Registration Rights and
Coordination Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Public Offering</U>&#148; shall mean a public offering and sale of Common Stock for cash
pursuant to an effective registration statement under the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Purchaser of Control</U>&#148; shall mean one or more Persons (other than Restricted Persons)
acquiring control of the Company pursuant to a Compliant Change of Control Transaction (including a
Sponsor Sale or Merger Exit), but subject to and in accordance with <U>Section&nbsp;3.8</U> hereof.
For the avoidance of doubt, such term shall include any and all successive &#147;Purchasers of Control&#148;
after the initial Change of Control (including the initial Sponsor Sale or Merger Exit, if any)
that occurs after the date hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Qualified Institutional Investor</U>&#148; shall mean any of (a)&nbsp;the MDP Investors, (b)&nbsp;the
PEP Investors, (c)&nbsp;the SCG Investors, (d)&nbsp;the THL Investors, (e)&nbsp;the TPG Investors, (f)&nbsp;the
Televisa Investors, (g)&nbsp;the Bank Investors and (h)&nbsp;the respective Affiliates of the foregoing
Persons.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Qualified Public Offering</U>&#148; shall mean the first underwritten Public Offering (other
than any Public Offering or sale pursuant to a registration statement on Form S-4, S-8 or a
comparable form) in which (i)&nbsp;the aggregate price to the public of all Common Stock sold in such
offering (together with the aggregate price to the public of all Common Stock sold in any previous
underwritten Public Offerings (other than any Public Offering or sale pursuant to a registration
statement on Form S-4, S-8 or any comparable form)) equals or exceeds $500,000,000 and (ii)&nbsp;the
Common Stock of the Company sold in such offering (together with all Common Stock sold in any
previous underwritten Public Offerings (other than any Public Offering or sale pursuant to a
registration statement on Form S-4, S-8 or any comparable form)) represents less than 20% of the
then-outstanding Common Stock; it being understood that the
foregoing determination shall be made assuming that the TV Debentures and/or TV Warrants have
been exercised and converted.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT THE OMITTED PORTIONS OF THIS
DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Ratio Calculation Date</U>&#148; shall have the meaning given to it in the definition of
&#147;<U>Consolidated Leverage Ratio</U>&#148; as set forth herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Recapitalization</U>&#148; shall have the meaning set forth in the Recitals.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Recapitalization Agreement</U>&#148; shall have the meaning set forth in the Recitals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Recapitalization Transaction</U>&#148; shall mean a transaction not constituting a Change of
Control approved by the Majority PITV Investors in which one or more classes of securities issued
by the Company or any of its direct or indirect subsidiaries are, in whole or in part, converted
into, or exchanged for, cash or securities in another form issued by the Company, any of its direct
or indirect subsidiaries, a newly formed parent or affiliated Persons. Notwithstanding the
foregoing, in connection with the Initial Public Offering, the Majority PITV Investors may approve
a recapitalization transaction in which shares of Common Stock are converted into, or exchanged
for, securities in another form issued by a newly formed parent of the Company in a manner that
does not adversely affect the rights, obligations and/or securities of Televisa or the Televisa
Investors under any of the Transaction Agreements (an &#147;<U>IPO Recap</U>&#148;). For the avoidance of
doubt, any IPO Recap shall be deemed to be a Recapitalization Transaction hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Regulatory Amendment or Waiver</U>&#148; shall mean an amendment of the Federal Communications
Laws by duly enacted legislation or a ruling or waiver by the FCC that increases or grants
permission to exceed the foreign ownership limitations established by the Federal Communications
Laws that currently requires FCC approval for non-U.S. individuals, corporations and governments to
own, in the aggregate, more than twenty-five percent (25%) of the equity interests or possess more
than twenty-five percent (25%) of the voting rights of a U.S. entity that directly or indirectly
controls a broadcast licensee or more than twenty percent (20%) of the equity interests or voting
rights in such broadcast licensee (the &#147;<U>Foreign Ownership Cap</U>&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Restricted Person</U>&#148; shall mean ***
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Restricted Public Stockholders</U>&#148; shall have the meaning set forth in <U>Section
3.9.1(b)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>ROFO Notice</U>&#148; shall have the meaning set forth in <U>Section&nbsp;5.5</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Rule&nbsp;144</U>&#148; shall mean Rule&nbsp;144 under the Securities Act (or any successor rule).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Saban</U>&#148; shall have the meaning set forth in the definition of &#147;<U>Permitted
Transferee</U>.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Sale</U>&#148; shall mean a Transfer for value and the terms &#147;<U>Sell</U>&#148; and &#147;<U>Sold</U>&#148;
shall have correlative meanings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Sale Notice</U>&#148; shall have the meaning set forth in <U>Section&nbsp;4.6.1</U>.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Saban Arrangements</U>&#148; shall mean the arrangements reflected in the Saban Services
Agreement, the BMPS1 LLC Agreement or the BMPS2 LLC Agreement, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Saban Services Agreement</U>&#148; shall mean the Amended and Restated Services Agreement, by
and between the Company, SCG Investments IIB LLC, BMPI Services LLC and BMPI Services II, LLC,
dated as of the date hereof, as amended from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Sales Agency Agreement</U>&#148; shall have the meaning set forth in the Investment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>SCG Investors</U>&#148; shall mean, as of any date, SCG Investments II, LLC and its Permitted
Transferees, in each case only if such Person is then a Stockholder and holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Second Program License Agreement</U>&#148; shall have the meaning set forth in the Investment
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Securities Act</U>&#148; shall mean the Securities Act of 1933 and the rules and regulations
promulgated thereunder, as amended from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Senior Officer</U>&#148; shall have the meaning set forth in the Investment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Service Agreements</U>&#148; shall mean, collectively, (i)&nbsp;the Amended and Restated Management
Agreement by and among the Company, BMPH, Univision, Madison Dearborn Partners IV, L.P., Madison
Dearborn Partners V-B, L.P., Providence Equity Partners V Inc., Providence Equity Partners L.L.C.,
KSF Corp., THL Managers VI, LLC and TPG Capital, L.P., dated as of the date hereof as it may be
amended from time to time and (ii)&nbsp;the Technical Assistance Agreement by and among the Company,
BMPH, Univision and Televisa, S.A de C.V., dated as of the date hereof as it may be amended from
time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Shares</U>&#148; shall mean (a)&nbsp;all shares of Common Stock held by a Stockholder, whenever
issued, including all shares of Common Stock issued upon the exercise, conversion or exchange of
any Convertible Securities and (b)&nbsp;all Convertible Securities held by a Stockholder (treating such
Convertible Securities as a number of Shares equal to the number of Equivalent Shares represented
by such Convertible Securities for all purposes of this Agreement except as otherwise specifically
set forth herein). Notwithstanding the foregoing, Shares shall include Management Shares for all
purposes of this Agreement, provided, that with respect to <U>Section&nbsp;4.6</U>, (x)&nbsp;Shares held by
a Prospective Selling Stockholder shall include all Management Shares, and (y)&nbsp;Shares held by
Persons other than a Prospective Selling Stockholder shall only include Management Shares which are
not Incentive Shares. For the avoidance of doubt, (i)&nbsp;upon a proposed Transfer of Convertible
Securities (including the TV Debentures and TV Warrants), such Transfer shall be deemed to be of
that number of Shares into which the Convertible Securities are convertible, assuming that all
conditions to which the Transfer of the Convertible Securities are subject have been satisfied;
(ii)&nbsp;any Shares held by BMPS1 shall be deemed to be held by the Principal Investors (in proportion
to their respective interests in BMPS1) for all
purposes under this Agreement; and (iii)&nbsp;any Shares held by BMPS2 shall be deemed to be held
by Televisa for all purposes under this Agreement.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT THE OMITTED PORTIONS OF THIS
DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Significant Subsidiary</U>&#148; shall mean any &#147;significant subsidiary,&#148; as that term is
defined in Regulation&nbsp;S-X promulgated under the Securities Act and the Exchange Act (or any
successor regulation); <U>provided</U> that all references to ten percent (10%) set forth therein
shall be deemed to be references to seven and one-half percent (7.5%) for purposes of this
definition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Sixth Anniversary Period</U>&#148; shall have the meaning set forth in <U>Section
5.3.2(d)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Specified Restricted Person</U>&#148; shall mean ***
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Sponsor Sale</U>&#148; shall have the meaning set forth in <U>Section&nbsp;4.7</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Sponsor Sale Election Deadline</U>&#148; shall have the meaning set forth in <U>Section
4.7.2</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Sponsor Sale Notice</U>&#148; shall have the meaning set forth in <U>Section&nbsp;4.7.1</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Sponsor Sale Tag Along Election</U>&#148; shall have the meaning set forth in <U>Section
4.7.1</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Sponsor Sale Tag Along Rights</U>&#148; shall have the meaning set forth in <U>Section
4.7.1</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Standstill Release Requirements</U>&#148; shall have the meaning set forth in the Investment
Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Stockholders</U>&#148; shall have the meaning set forth in the Preamble.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Strategic Buyer</U>&#148; shall have the meaning set forth in the Investment Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Strategic ROFO</U>&#148; shall have the meaning set forth in <U>Section&nbsp;5.3.2(a)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Subject Shares</U>&#148; shall have the meaning set forth in <U>Section&nbsp;4.6.1(a)(i)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>subsidiary</U>&#148; of any Person, shall mean any corporation, partnership, joint venture or
other legal entity of which such Person (either alone or through or together with any other
subsidiary), owns, directly or indirectly, more than 50% of the stock or other equity interests,
the holders of which are generally entitled to vote for the election of the board of directors or
other governing body of such corporation or other legal entity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Tag Along Holder</U>&#148; shall have the meaning set forth in <U>Section&nbsp;4.1.1</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Tag Along Notice</U>&#148; shall have the meaning set forth in <U>Section&nbsp;4.1.1</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Tag Along Offer</U>&#148; shall have the meaning set forth in <U>Section&nbsp;4.1.2</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Tag Along Sale Percentage</U>&#148; shall have the meaning set forth in <U>Section
4.1.1(a)</U>.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT THE OMITTED PORTIONS OF THIS
DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Tag Along Sellers</U>&#148; shall have the meaning set forth in <U>Section&nbsp;4.1.2</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Tag Eligible Shares</U>&#148; shall mean, at any time, all Shares that (a)&nbsp;are not Management
Shares, or (b)&nbsp;are Management Shares that will be Vested Shares as of the proposed Transfer date
specified in the Tag Along Notice, if so specified, and otherwise the anticipated Transfer date as
reasonably determined in good faith by the Prospective Selling Stockholder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Televisa</U>&#148; shall have the meaning set forth in the Preamble.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Televisa Closing</U>&#148; shall have the meaning set forth in the Recitals.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Televisa Investment</U>&#148; shall have the meaning set forth in the Recitals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Investors</U>&#148; shall mean, as of any date, collectively, (i)&nbsp;Televisa and any
Permitted Transferee of Televisa; (ii)&nbsp;any Person that is not a Permitted Transferee of Televisa
but that is, as of such date, a member of a Group of which Televisa and/or any of its Affiliates is
a member with respect to securities of the Company (excluding any Principal Investor); and (iii)&nbsp;a
Permitted Transferee of a Person described in <U>clause (ii)</U> above, <U>provided</U>, that
such Permitted Transferee is, as of such date, a member of, a Group of which Televisa and/or any of
its Affiliates is a member with respect to securities of the Company (excluding any Principal
Investor); in each case under <U>clauses (i)</U>, <U>(ii)</U> and <U>(iii)</U>, only if and to
the extent such Person is then a Stockholder and holds any Shares; <U>provided</U>,
<U>further</U>, that BMPS2 shall not constitute a Televisa Investor and Televisa shall not be
responsible for any actions or failures to act of BMPS2, but Televisa shall be deemed to hold the
Shares held by BMPS2, including regardless of any Transfer of Shares by BMPS2 under the Saban
Arrangements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Televisa Option</U>&#148; shall have the meaning set forth in the Investment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Sell-Down</U>&#148; shall mean the date upon which the Televisa Investors have
voluntarily sold *** in the aggregate, of the shares of Common Stock and Convertible Securities
exchangeable or convertible into shares of Common Stock or TV Warrants (on an as-converted basis)
held by Televisa immediately following the Televisa Closing as adjusted for any stock splits, stock
dividends, reverse stock splits, stock combinations, recapitalizations and other similar
capitalization changes; <U>provided</U> that the sale of any Shares by Persons who are &#147;Televisa
Investors&#148; pursuant to clause (ii)&nbsp;or (iii)&nbsp;of the definition thereof shall not count towards a
Televisa Sell-Down except to the extent that such Person acquired such Shares from Televisa.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Third Anniversary Period</U>&#148; shall have the meaning set forth in <U>Section
5.3.2(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>THL</U>&#148; shall mean, as of any date, Thomas H. Lee Equity Fund VI, L.P., THL Equity Fund
VI Investors (Univision), L.P. and their respective Permitted Transferees, in each case only if
such Person is then a Stockholder and holds any Shares.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>THL Co-Investment Vehicles</U>&#148; shall mean, as of any date, THL Equity Fund VI
Intermediate Investors (Univision), L.P., THL Equity Fund VI Intermediate Investors (Univision
US), L.P., THL Equity Fund VI Investors (GS), LLC and their respective successor entities, and
any Affiliated Fund thereof if, in each case, (i)&nbsp;substantially all of the equity thereof
(including amounts paid for the acquisition of any Convertible Securities to subscribe for,
purchase or otherwise acquire such equity) has not been contributed by the same investors, partners
and members as contributed to the equity of THL, (ii)&nbsp;such entity has been formed for the main
purpose of investing in the Company or any Affiliate thereof, and (iii)&nbsp;such entity is a
Stockholder and owns Shares. For the avoidance of doubt, neither THL Equity Fund VI Investors
(Univision), L.P. nor any successor thereof shall be deemed to be a Co-Investment Vehicle for the
purposes of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>THL Investors</U>&#148; shall mean, as of any date, THL, the THL Co-Investment Vehicles and
their respective Permitted Transferees, in each case only if such Person is then a Stockholder and
holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Total Combined Investment</U>&#148; shall mean with respect to a Person or group of Persons at
any time, the aggregate number of shares of Common Stock (including shares of Common Stock
underlying the outstanding TV Debentures and the outstanding TV Warrants) then held by such Person
or group of Persons.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>TPG</U>&#148; shall mean, as of any date, TPG Umbrella IV, L.P., TPG Media V-AIV 1, L.P., TPG
Umbrella International IV, L.P., TPG Media V-AIV 2, L.P. and their respective Permitted
Transferees, in each case only if such Person is then a Stockholder and holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>TPG Co-Investment Vehicles</U>&#148; shall mean, as of any date, TPG Umbrella Co-Investment,
L.P., TPG Umbrella International Co-Investment, L.P. and their respective successor entities, and
any Affiliated Fund thereof if, in each case, (i)&nbsp;substantially all of the equity thereof
(including amounts paid for the acquisition of any Convertible Securities to subscribe for,
purchase or otherwise acquire such equity) has not been contributed by the same investors, partners
and members as contributed to the equity of TPG, (ii)&nbsp;such entity has been formed for the main
purpose of investing in the Company or any Affiliate thereof, and (iii)&nbsp;such entity is a
Stockholder and owns Shares. For the avoidance of doubt, neither TPG Umbrella International IV,
L.P., TPG Umbrella International V, L.P. nor any successor thereof shall be deemed to be a
Co-Investment Vehicle for the purposes of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>TPG Investors</U>&#148; shall mean, as of any date, TPG, the TPG Co-Investment Vehicles, and
their respective Permitted Transferees, in each case only if such Person is then a Stockholder and
holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Transaction Agreements</U>&#148; shall mean this Agreement, the Investment Agreement, the
Principal Investor Agreement, the Participation, Registration Rights and Coordination Agreement,
the TV Debentures, the TV Warrants, the Service Agreements and the Charter and bylaws of the
Company, the organizational documents of BMPH and Univision and the Letter of Credit (as defined in
the Investment Agreement).
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Transfer</U>&#148; shall mean any sale, pledge (provided that the term &#147;Transfer&#148; shall not be
deemed to include a pledge of any Shares pursuant to a bona fide financing with a financial
institution, commercial lender or other bona fide provider of debt financing, but shall be
deemed to include a foreclosure on, or subsequent Transfer of, any such pledged Shares),
assignment, encumbrance or other transfer or disposition of any Shares (or any voting or economic
interest therein) to any other Person, whether directly, indirectly, voluntarily, involuntarily, by
operation of law, pursuant to judicial process or otherwise. For the avoidance of doubt, it shall
constitute a &#147;Transfer&#148; subject to the restrictions on Transfer contained or referenced in
<U>Section&nbsp;3</U> (a)&nbsp;if a transferee is not an individual, a trust or an estate, and the
transferor or an Affiliate thereof ceases to control such transferee (in which case, to the extent
such transferee then holds assets in addition to Shares, the determination of the purchase price
deemed to have been paid for the Shares held by such transferee in such deemed transfer for
purposes of the provisions of <U>Sections&nbsp;3</U> and <U>4</U> shall be made by the Board in good
faith), (b)&nbsp;with respect to any Acquisition Holdco, or any holder of Shares which was formed for
the purpose of holding Shares, there is a Transfer of the equity interests of such Acquisition
Holdco or holder other than to a Permitted Transferee of such Acquisition Holdco or holder or of
the party transferring the equity of such holder, or (c)&nbsp;with respect to an Affiliate of Televisa
of which the Shares held by such Affiliate constitute a majority of the value of such Affiliate,
there is a direct Transfer of the equity interests of such Affiliate other than to a Permitted
Transferee of such Affiliate or of the party transferring the equity of such Affiliate or to the
shareholders of any publicly traded parent entity of such Affiliate. For the avoidance of doubt, a
conversion of Class&nbsp;A Common Stock, Class&nbsp;B Common Stock, Class&nbsp;C Common Stock and/or Class&nbsp;D
Common Stock into Common Stock of any such other classes pursuant to the Charter shall not be
deemed as a Transfer. For the avoidance of doubt, any Transfer of Units shall be treated as a
Transfer of a proportional number of Shares held by BMPS1 or BMPS2, as applicable (based on the
total number of Units outstanding and the total number of Shares held by BMPS1 or BMPS2, as the
case may be), in each case, as of immediately prior to such Transfer. No securities transferred to
or held by BMPS1 or BMPS2 will be deemed to have been Transferred until they are sold by BMPS1 or
BMPS2, as applicable. Notwithstanding the foregoing, with respect to securities acquired by BMPS2
from any Televisa Investor, such securities will continue to be deemed to be securities held by
Televisa regardless of any Transfer by BMPS2 under the Saban Arrangements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>TuTV Interest</U>&#148; shall have the meaning set forth in the Investment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>TV Debentures</U>&#148; shall mean the 1.5% convertible debenture due 2025 initially issued to
Televisa pursuant to the Investment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>TV Warrants</U>&#148; shall mean the Company warrants exercisable for shares of Class&nbsp;A Common
Stock, Class&nbsp;C Common Stock and/or Class&nbsp;D Common Stock, as applicable, issuable under certain
circumstances pursuant to the TV Debentures and the Transaction Agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Units</U>&#148; shall have the meaning set forth in the BMPS1 LLC Agreement and the BMPS2 LLC
Agreement, as applicable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Univision</U>&#148; shall have the meaning set forth in the Preamble.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Unvested Shares</U>&#148; shall mean, with respect to a Manager at any time, the Management
Shares held by such Manager which remain subject to vesting requirements or other service or
performance based conditions to ownership at such time.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Vested Shares</U>&#148; shall mean, with respect to a Manager at any time, the Management
Shares held by such Manager which are not subject to vesting requirements or other service or
performance based conditions to ownership at such time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Withdrawing Holder</U>&#148; shall have the meaning set forth in <U>Section&nbsp;8.3</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Withdrawn Shares</U>&#148; shall have the meaning set forth in <U>Section&nbsp;8.3</U>.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>10.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>MISCELLANEOUS</B>.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.1 <U>Authority; Effect</U>. Each party hereto, severally and not jointly, represents
and warrants to and agrees with each other party that (a)&nbsp;the execution and delivery of this
Agreement and the consummation of the transactions contemplated hereby have been duly authorized
on behalf of such party and do not violate any agreement or other instrument applicable to such
party or by which its assets are bound and (b)&nbsp;this Agreement constitutes a legal, valid and
binding obligation of such party, enforceable against such party in accordance with its terms,
except to the extent that the enforcement of the rights and remedies created hereby is subject to
(i)&nbsp;bankruptcy, insolvency, reorganization, moratorium and other Laws of general application
affecting the rights and remedies of creditors generally and (ii)&nbsp;general principles of equity.
This Agreement does not, and shall not be construed to, give rise to the creation of a
partnership among any of the parties hereto, or to constitute any of such parties members of a
joint venture or other association. The Company and BMPH shall be jointly and severally liable
for all obligations of each such party pursuant to this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.2 <U>Notices</U>. Any notices and other communications required or permitted in this
Agreement shall be effective if in writing and (a)&nbsp;delivered personally, (b)&nbsp;sent by facsimile,
or (c)&nbsp;sent by overnight courier, in each case, addressed as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">If to the Company, BMPH or Univision, to it:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">c/o Univision Communications Inc.<br>
5999 Center Drive<br>
Los Angeles, California 90045<br>
Facsimile No.: (310)&nbsp;556-1526<br>
Attention: General Counsel
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">with a copy (which shall not constitute notice) to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">Weil, Gotshal &#038; Manges LLP<br>
50 Kennedy Plaza, 11<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor<br>
Providence, Rhode Island 02903<br>
Facsimile No.: (401)&nbsp;278-4701<br>
Attention: David K. Duffell, Esq.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">If to any Stockholder, to it at the address set forth on <U>Exhibit&nbsp;A</U>, or if not set forth
thereon, in the records of the Company.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Notice to the holder of record of any shares of capital stock shall be deemed to be notice to the
holder of such shares for all purposes hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Unless otherwise specified herein, such notices or other communications shall be deemed effective
(x)&nbsp;on the date received, if personally delivered, (y)&nbsp;on the date received if delivered by
facsimile on a Business Day, or if not delivered on a Business Day, on the first Business Day
thereafter and (z)&nbsp;seven (7)&nbsp;Business Days after being sent by overnight courier. Each of the
parties hereto shall be entitled to specify a different address by giving notice as aforesaid to
each of the other parties hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.3 <U>Entire Agreement; No Assignment</U>. This Agreement, the Transaction Agreements,
any exhibits or schedules hereto or thereto and any other agreement, document or instrument
referred to herein or therein set forth the entire understanding and agreement of the parties,
and supersede all prior agreements, arrangements and communications, whether oral or written,
with respect to the subject matter hereof (including the Memorandum of Understanding, dated
October&nbsp;4, 2010, by and among certain of the parties hereto). Except as otherwise expressly
provided herein or therein, no Stockholder party hereto may assign any of its respective rights
or delegate any of its respective obligations under this Agreement without the prior written
consent of the other parties hereto, and any attempted assignment or delegation in violation of
the foregoing shall be null and void.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.4 <U>Descriptive Heading</U>. The descriptive headings of this Agreement are for
convenience of reference only, are not to be considered a part hereof and shall not be construed
to define or limit any of the terms or provisions hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.5 <U>Counterparts</U>. This Agreement may be executed in multiple counterparts, each of
which shall be deemed an original, but all of which taken together shall constitute one
instrument. A facsimile signature shall be considered due execution and shall be binding upon.
the signatory thereto with the same force and effect as if the signature were an original.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.6 <U>Severability</U>. In the event that any provision hereof would, under applicable
Law (other than Federal Communications Laws, in which case any modification or limitation must be
agreed by each of Televisa, on the one hand, and the Majority Principal Investors, on the other
hand (or if there are no Principal Investors, the agreement of Televisa and the Board of the
Company shall be required)), be invalid or unenforceable in any respect, such provision shall be
construed by modifying or limiting it so as to be valid and enforceable to the maximum extent
compatible with, and possible under, applicable Law. The provisions hereof are severable, and in
the event any provision hereof should be held invalid or unenforceable in any respect pursuant to
the preceding sentence, it shall not invalidate, render unenforceable or otherwise affect any
other provision hereof.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.7 <U>No Recourse</U>. Notwithstanding anything that may be expressed or implied in this
Agreement, and notwithstanding the fact that certain of the parties hereto may be corporations,
partnerships, limited liability companies or trusts, each party to this Agreement covenants,
agrees and acknowledges that no recourse under this Agreement or any documents or instruments
delivered in connection with this Agreement shall be had against any current or future director,
officer, employee, general or limited partner, member, manager or trustee of
any Stockholder or of any partner, member, manager, trustee, Affiliate or assignee thereof,
in its capacity as such (<U>provided</U> that, for the avoidance of doubt, such recourse may be
had against any such Person in its capacity as a party signatory hereto), whether by the
enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any
statute, regulation or other applicable Law, it being expressly agreed and acknowledged that no
personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any
current or future officer, agent or employee of any Stockholder or any current or future member
of any Stockholder or any current or future director, officer, employee, partner, member, manager
or trustee of any Stockholder or of any Affiliate or assignee thereof, in its capacity as such
(<U>provided</U> that, for the avoidance of doubt, such recourse may be had against any such
Person in its capacity as a party signatory hereto), for any obligation of any Stockholder under
this Agreement or any documents or instruments delivered in connection with this Agreement for
any claim based on, in respect of or by reason of such obligations or their creation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.8 <U>Aggregation of Shares</U>. All Shares held by a Stockholder and its Affiliates and
Affiliated Funds shall be aggregated together for purposes of determining the availability of any
rights or incurrence of any obligations under <U>Section&nbsp;4</U>. Within any Principal Investor
Group, the Principal Investors who are members of such Principal Investor Group may allocate the
ability to exercise any rights and/or the incurrence of any obligations under this Agreement in
any manner that such Principal Investor Group (by a Majority in Interest of the Shares held by
such Principal Investor Group) sees fit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.9 <U>Obligations of Company, BMPH and Univision</U>. Each of the Company, BMPH and
Univision shall be jointly and severally liable for any payment obligation of any of the Company,
BMPH or Univision pursuant to this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">10.10 <U>Confidentiality; Non-Solicitation</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">10.10.1 <U>Confidentiality</U>. Each Stockholder agrees that it will keep
confidential and will not disclose, divulge or use for any purpose, other than to monitor
its investment in the Company and its subsidiaries (or, in the case of information relating
to a Sponsor Sale or Merger Exit, to evaluate, negotiate and implement the terms and
conditions of such Sponsor Sale or Merger Exit, as applicable), any confidential information
obtained from the Company, unless such confidential information (a)&nbsp;is known or becomes
known to the public in general (other than as a result of a breach of this <U>Section
10.10</U> by such Stockholder or its Affiliates), (b)&nbsp;is or has been independently developed
or conceived by such Stockholder without use of the Company&#146;s confidential information or
(c)&nbsp;is or has been made known or disclosed to such Stockholder by a third party (other than
an Affiliate of such Stockholder) without a breach of any obligation of confidentiality such
third party may have to the Company that is known to such Stockholder; <U>provided</U>,
<U>however</U>, that a Stockholder may disclose confidential information (v)&nbsp;to its
attorneys, accountants, consultants, and other professionals to the extent necessary to
obtain their services in connection with monitoring its investment in the Company (or, in
the case of information relating to a Sponsor Sale or Merger Exit, to evaluate, negotiate
and implement the terms and conditions of such Sponsor Sale or Merger Exit, as applicable),
(w)&nbsp;to any prospective purchaser of any Shares from such Stockholder as long as such
prospective purchaser agrees to be bound by the provisions of this <U>Section
10.10</U> as if a Stockholder, (x)&nbsp;to any Affiliate, partner, member or related investment
fund of such Stockholder and their respective directors, employees and consultants, in each
case in the ordinary course of business, (y)&nbsp;as may be reasonably determined by such
Stockholder to be necessary in connection with such Stockholder&#146;s enforcement of its rights
in connection with this Agreement or its investment in the Company and its subsidiaries or
(z)&nbsp;as may otherwise be required by applicable Law or legal, judicial or regulatory process,
provided that such Stockholder takes reasonable steps to minimize the extent of any required
disclosure described in this <U>clause (z)</U> (other than in connection with filings
required under applicable securities or stock exchange Laws); and <U>provided</U>,
<U>further</U>, that the acts and omissions of any Person to whom such Stockholder may
disclose confidential information pursuant to <U>clauses (v)</U> through <U>(x)</U> of the
preceding proviso shall be attributable to such Stockholder for purposes of determining such
Stockholder&#146;s compliance with this <U>Section&nbsp;10.10</U>. Each of the parties hereto
acknowledge that the Investors or any of their Affiliates and related investment funds may
review the business plans and related proprietary information of any enterprise, including
any enterprise which may have products or services which compete directly or indirectly with
those of the Company and its subsidiaries, and may trade in the securities of such
enterprise. Nothing in this <U>Section&nbsp;10.10</U> shall preclude or in any way restrict the
Investors or their Affiliates or related investment funds from investing or participating in
any particular enterprise, or trading in the securities thereof whether or not such
enterprise has products or services that compete with those of the Company.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">10.10.2 <U>Non-Solicitation</U>. Until the Expiration Date, after reasonable inquiry
under the circumstances, neither Televisa nor the Company shall, and shall cause their
respective directors, officers, employees, consultants and Affiliates (other than the
Principal Investors and their non-Company Affiliates) not to, directly or indirectly,
knowingly hire, employ or otherwise engage (a)&nbsp;any individual with annual compensation of
$150,000 or more who is or has been within the previous year employed by Televisa or
Univision, as applicable, or any of their respective Affiliates or (b)&nbsp;any individual person
or Affiliate of such individual person who has been an independent contractor (excluding
attorneys, accountants, investment bankers and other professional advisors) to any of either
Univision or its Affiliates or Televisa or its Affiliates, as applicable, within the
preceding twelve months and received compensation in excess of $150,000 during such period
or annually.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.11 <U>Opportunities</U>. Subject to <U>Section&nbsp;10.10</U>, each of the parties hereto
acknowledge that the Principal Investors, the Bank Investors and the Televisa Investors (each, an
&#147;<U>Institutional Investor</U>,&#148; and collectively, the &#147;<U>Institutional Investors</U>&#148;) or any
of their Affiliates and related investment funds may review the business plans and related
proprietary information of any enterprise, including an enterprise which may have products or
services which compete directly or indirectly with those of the Company, and may trade in the
securities of such enterprise. Nothing in this Agreement shall preclude or in any way restrict
the Institutional Investors or their Affiliates or related investment funds from investing or
participating in any particular enterprise, or trading in the securities thereof whether or not
such enterprise has products or services that compete with those of the Company. Notwithstanding
anything to the contrary herein, the parties expressly acknowledge and agree
that: (a)&nbsp;the Institutional Investors, members of the Board of Directors designated by such
Institutional Investors and Affiliates of such Institutional Investors, have the right to, and
shall have no duty (contractual or otherwise) not to, directly or indirectly, engage in the same
or similar business activities or lines of business as the Company, BMPH or Univision or any of
their respective Affiliates, including those deemed to be Competitors or Restricted Persons; (b)
in the event an Institutional Investor (other than the Televisa Investors), member(s) of the
Board of Directors designated by such Institutional Investor (other than the Televisa Investors)
or Affiliates of such Institutional Investor (other than Affiliates of the Bank Investors and
Televisa Investors, to the extent such Affiliates of Bank Investors are not limited partners of
the Bank Investors), directly or indirectly, engage (whether as owner, partner, officer,
director, employee, consultant, investor, lender or otherwise, except as the holder of not more
than 1% of the outstanding stock of a publicly-traded company) in the same or similar business
activities or lines of business as the Company, BMPH or Univision or any of their respective
Affiliates, including those deemed to be Competitors or Restricted Persons, such Institutional
Investor (other than a Televisa Investor) shall promptly disclose to the Board, in reasonable
detail, the nature and identity of such business activities or lines of business and shall
provide the Board additional information as reasonably requested thereby in connection with such
activity, and (c)&nbsp;in the event that an Institutional Investor, members of the Board of Directors
designated by such Institutional Investors or any Affiliate of such Institutional Investor
acquires knowledge of a potential transaction or matter that may be a corporate opportunity for
any of the Company, BMPH, Univision or any Affiliate thereof, such Institutional Investor,
members of the Board of Directors designated by such Institutional Investors or Affiliate of such
Institutional Investor shall have no duty (contractual or otherwise) to communicate or present
such corporate opportunity to the Company, BMPH, Univision or any Affiliate thereof, as the case
may be, and, notwithstanding any provision of this Agreement to the contrary, shall not be liable
to the Company, BMPH, Univision or any Affiliate thereof or the Stockholders for breach of any
duty (contractual or otherwise) by reason of the fact that such Investor, any Affiliate thereof
or related investment fund thereof, directly or indirectly, pursues or acquires such opportunity
for itself, directs such opportunity to another Person, or does not present such opportunity to
the Company.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->97<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">10.12 <U>Information Rights</U>.<SUP style="font-size: 85%; vertical-align: text-top"> </SUP>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">10.12.1 <U>Historical Financial Information</U>. The Company will furnish the
following to each Stockholder:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;As soon as available, and in any event within one hundred twenty (120)&nbsp;days
after the end of each fiscal year of the Company, the consolidated balance sheet of
the Company and its subsidiaries as at the end of each such fiscal year and the
consolidated statements of income, cash flows and changes in stockholders&#146; equity
for such year of the Company and its subsidiaries, setting forth in each case in
comparative form the figures for the next preceding fiscal year, accompanied by the
report of independent certified public accountants of recognized national standing,
to the effect that, except as set forth therein, such consolidated financial
statements have been prepared in accordance with generally accepted accounting
principles applied on a basis consistent with prior years and fairly present in all
material respects the financial condition of the Company and its
subsidiaries at the dates thereof and the results of their operations and
changes in their cash flows and stockholders equity for the periods covered thereby.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(c)&nbsp;As soon as available, and in any event within 60&nbsp;days after the end of each
fiscal quarter of the Company for the first three fiscal quarters of a fiscal year,
the consolidated balance sheet of the Company and its subsidiaries as at the end of
such quarter and the consolidated statements of income for such quarter and the
portion of the fiscal year then ended of the Company and its subsidiaries, in each
case prepared in accordance with generally accepted accounting principles applied on
a basis consistent with prior years (without footnote disclosure and subject to
year-end adjustments), setting forth in each case the figures for the corresponding
periods of the previous fiscal year, or, in the case of such balance sheet, for the
last day of such fiscal year, in comparative form, all in reasonable detail.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->98<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">





<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">10.12.2 <U>Satisfaction</U>. Notwithstanding anything to the contrary in <U>Section
10.12.1</U>, the Company may satisfy its obligation thereunder by (a)&nbsp;providing or filing
with the Commission on EDGAR or in such other manner as makes them publicly available the
financial statements of any of BMPH or Univision to the extent such financial statements
reflect the entirety of the operations of the business of the Company, BMPH, Univision and
their subsidiaries, together with the separate financial statements of the Company and, if
applicable, BMPH (which separate financial statements may be unaudited if the Company and,
if applicable, BMPH are holding companies of the stock of BMPH (in the case of the Company)
and Univision (in the case of BMPH) without operations for the periods covered by such
financial statements) and consolidating schedules or (b)&nbsp;filing such financial statements of
the Company with the Commission on EDGAR or in such other manner as makes them publicly
available. The Company&#146;s obligation to furnish the materials described in <U>Section
10.12.1</U> shall be satisfied so long as it transmits such materials to the Stockholders
within the time periods specified in <U>Section&nbsp;10.12.1</U>, notwithstanding that such
materials may actually be received after the expiration of such periods.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">10.12.3 <U>Period</U>. Each of the foregoing provisions of this <U>Section&nbsp;10.12</U>
shall expire on the closing of the Initial Public Offering, but only for such time as the
Company files the financial statements contemplated by <U>Section&nbsp;10.12.1</U> with the
Commission on EDGAR or in such other manner as makes them publicly available.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.13 <U>Consent to Notice of Stockholders Meetings</U>. Each Stockholder hereby agrees
and consents to receive notices by the Company of any stockholders meetings (including any
notices required under the bylaws of the Company) by facsimile or by email.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.14 <U>Certain Limitations</U>. Notwithstanding anything to the contrary contained in this Agreement, no party hereto shall be
liable to the other parties under this Agreement for any special, consequential, punitive, indirect
or exemplary damages (including lost or anticipated revenues or profits relating to the same)
arising from any claim relating to this Agreement, whether such claim is based on warranty,
contract, tort (including negligence or strict liability) or otherwise.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt">
<TABLE width="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>11.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>GOVERNING LAW</B>.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.1 <U>Governing Law</U>. This Agreement and the negotiation, execution, performance or
nonperformance, interpretation, termination, construction and all matters based upon, arising out
of or related to this Agreement, whether arising in law or in equity (collectively, the
&#147;<U>Covered Matters</U>&#148;), and all claims or causes of action (whether in contract or tort) that
may be based upon, arise out of or relate to the Covered Matters, except for documents,
agreements and instruments that specify otherwise, shall be governed by the laws of the State of
Delaware without giving effect to its principles or rules of conflict of laws to the extent that
such principles or rules would require or permit the application of laws of another jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.2 <U>Consent to Jurisdiction</U>. Subject to <U>Section&nbsp;4.9</U>, each party to this
Agreement, by its execution hereof, (a)&nbsp;hereby irrevocably submits to the exclusive jurisdiction
of the Chancery Court of the State of Delaware (and if the Chancery Court does not accept
jurisdiction, the federal court located in Delaware if the federal court in Delaware does not
accept jurisdiction, any state court in Delaware) (any of the above, the &#147;<U>Delaware
Court</U>&#148;) for the purpose of any action, claim, cause of action or suit (in contract, tort or
otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or
relating to the subject matter hereof, (b)&nbsp;hereby waives to the extent not prohibited by
applicable Law, and agrees not to assert, and agrees not to allow any of its subsidiaries to
assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not
subject personally to the jurisdiction of the above-named courts, that its property is exempt or
immune from attachment or execution, that any such proceeding brought in one of the above named
courts is improper, or that this Agreement or the subject matter hereof or thereof may not be
enforced in or by such court and (c)&nbsp;hereby agrees not to commence or maintain any action, claim,
cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation
arising out of or based upon this Agreement or relating to the subject matter hereof or thereof
other than before one of the above-named courts nor to make any motion or take any other action
seeking or intending to cause the transfer or removal of any such action, claim, cause of action
or suit (in contract, tort or otherwise), inquiry, proceeding or investigation to any court other
than one of the above-named courts whether on the grounds of inconvenient forum or otherwise.
Notwithstanding the foregoing, to the extent that any party hereto is or becomes a party in any
litigation in connection with which it may assert indemnification rights set forth in this
agreement, the court in which such litigation is being heard shall be deemed to be included in
<U>clause (a)</U> above. Notwithstanding the foregoing, any party to this Agreement may
commence and maintain an action to enforce a judgment of any of the above-named courts in any
court of competent jurisdiction. Each party hereto hereby consents to service of process in any
such proceeding in any manner permitted by Delaware Law, and agrees that service of process by
registered or certified mail, return receipt requested, at its address specified pursuant to
<U>Section&nbsp;10.2</U> hereof is reasonably calculated to give actual notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.3 <U>WAIVER OF JURY TRIAL</U>. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH
CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER
AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY
ISSUE OR ACTION, CLAIM, CAUSE OF ACTION
OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT
OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR
RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING
OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER
PARTIES HERETO THAT THIS <U>SECTION 11.3</U> CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY
ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED
HEREBY. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS <U>SECTION 11.3</U>
WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT
TO TRIAL BY JURY.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.4 <U>Exercise of Rights and Remedies</U>. No delay of or omission in the exercise of
any right, power or remedy accruing to any party as a result of any breach or default by any
other party under this Agreement shall impair any such right, power or remedy, nor shall it be
construed as a waiver of or acquiescence in any such breach or default, or of any similar breach
or default occurring later; nor shall any such delay, omission nor waiver of any single breach or
default be deemed a waiver of any other breach or default occurring before or after that waiver.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.5 <U>No Third Party Beneficiaries</U>. Nothing expressed or referred to in this
Agreement will be construed to give any Person, other than the parties to this Agreement and
their permitted transferees, any legal or equitable right, remedy or claim under or with respect
to this Agreement or any provision of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.6 <U>No Derogation of Other Rights</U>. Notwithstanding anything to the contrary
herein, nothing in this Agreement derogates from any party&#146;s rights and obligations under the
Commercial Agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.7 <U>No Partnership, Agency, or Joint Venture</U>. This Agreement is intended to
create, and creates, a contractual relationship and is not intended to create, and does not
create, any agency, partnership, joint venture or any like relationship between the parties
hereto.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;<I>Signature pages follow</I>&#093;
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->101<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt">IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized)
under seal as of the date first above written.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><I>THE COMPANY</I>:</TD>
    <TD colspan="5" valign="top" align="left"><B>BROADCASTING MEDIA PARTNERS, INC.</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" colspan="2">/s/ Andrew Hobson
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>

</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Name:&nbsp;</TD>
    <TD align="left" valign="top">Andrew Hobson</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD align="left" valign="top">Senior Executive Vice President</TD>
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><I>MIDCO</I>:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>BROADCAST MEDIA PARTNERS HOLDINGS, INC.</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" colspan="2">/s/ Andrew Hobson
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Name:&nbsp;</TD>

    <TD align="left" valign="top">Andrew Hobson</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>

    <TD align="left" valign="top">Senior Executive Vice President</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><I>UNIVISION</I>:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>UNIVISION COMMUNICATIONS INC.</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" colspan="2">/s/ Andrew Hobson
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Name:&nbsp;</TD>

    <TD align="left" valign="top">Andrew Hobson</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>

    <TD align="left" valign="top">Senior Executive Vice President</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>*</B>&nbsp;The signature appearing immediately below shall serve as a signature at each place indicated
with an &#147;*&#148; on this page:
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="7">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" colspan="2">/s/ Andrew Hobson
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Name:&nbsp;</TD>
    <TD align="left" valign="top">Andrew Hobson</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD align="left" valign="top">Senior Executive Vice President</TD>
    <TD>&nbsp;</TD>

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


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT
</DIV>




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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>THE PRINCIPAL INVESTORS</I>:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>MDP INVESTORS</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="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>MADISON DEARBORN CAPITAL PARTNERS IV, L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Madison Dearborn Partners IV, L.P., its General Partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Madison Dearborn Partners, LLC, its General Partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</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="7" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Michael P. Cole</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>MDCPIV INTERMEDIATE (UMBRELLA), L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Madison Dearborn Partners IV, L.P. its General Partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Madison Dearborn Partners, LLC, its General Partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</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="7" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Michael P. Cole</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>MADISON DEARBORN CAPITAL PARTNERS V-A, L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Madison Dearborn Partners V-A&#038;C, L.P., its General Partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Madison Dearborn Partners, LLC, its General Partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</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="7" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Michael P. Cole</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT
</DIV>


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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>MDCPV INTERMEDIATE (UMBRELLA), L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Madison Dearborn Partners V-A&#038;C, L.P., its General Partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Madison Dearborn Partners, LLC, its General Partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</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="7" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Michael P. Cole</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>MDCP FOREIGN CO-INVESTORS (UMBRELLA), L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Madison Dearborn Partners V-A&#038;C, L.P., its General Partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Madison Dearborn Partners, LLC, its General Partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</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="7" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Michael P. Cole</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>MDCP US CO-INVESTORS (UMBRELLA), L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Madison Dearborn Partners V-A&#038;C, L.P., its General Partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Madison Dearborn Partners, LLC, its General Partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</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="7" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Michael P. Cole</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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: 10pt"><B>*</B>&nbsp;The signature appearing immediately below shall serve as a signature at each place indicated with
an &#147;*&#148;under the heading of MDP INVESTORS:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&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="border-bottom: 1px solid #000000">/s/ Michael P. Cole</DIV>
Name: Michael P. Cole
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT
</DIV>




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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>PEP INVESTORS</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="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>PROVIDENCE INVESTORS V (UNIVISION)&nbsp;L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Providence Umbrella GP L.L.C., its General Partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</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="7" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mark Masiello</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" nowrap><B>PROVIDENCE EQUITY PARTNERS V (UMBRELLA US) L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Providence Equity GP V L.P., its General Partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Providence Equity Partners V L.L.C., its General Partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</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="7" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mark Masiello</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>PROVIDENCE INVESTORS VI (UNIVISION)&nbsp;L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Providence VI Umbrella GP L.L.C., its General Partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</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="7" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mark Masiello</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" nowrap><B>PROVIDENCE EQUITY PARTNERS VI (UMBRELLA US) L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Providence Equity GP VI L.P., its General Partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Providence Equity Partners VI L.L.C., its General Partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</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="7" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mark Masiello</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT
</DIV>



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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>PROVIDENCE CO-INVESTORS (UNIVISION)&nbsp;L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Providence Umbrella GP L.L.C., its General Partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</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="7" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mark Masiello</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>PROVIDENCE CO-INVESTORS (UNIVISION US) L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Providence Umbrella GP L.L.C., its General Partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</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="7" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mark Masiello</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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: 10pt"><B>*</B>&nbsp;The signature appearing immediately below shall serve as a signature at each place indicated with
an &#147;*&#148;under the heading of PEP INVESTORS:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&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="border-bottom: 1px solid #000000">/s/ Mark Masiello</DIV>
Name: Mark Masiello
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT
</DIV>




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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<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>SCG INVESTMENTS II, LLC, a Delaware LLC</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/ Adam Chesnoff</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Adam Chesnoff&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">Manager&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT
</DIV>




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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>TPG INVESTORS</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="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>TPG UMBRELLA IV, L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">TPG Advisors IV, Inc.,<BR>
its general partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</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="7" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ronald Cami</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>TPG Media V-AIV 1, L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">TPG Advisors V, Inc.,<BR>
its general partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</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="7" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ronald Cami</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>TPG UMBRELLA INTERNATIONAL IV, L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">TPG Advisors IV, Inc.,<BR>
its general partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</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="7" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ronald Cami</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT
</DIV>


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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>TPG MEDIA V-AIV 2, L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">TPG Advisors V, Inc.,<BR>
its general partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</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="7" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ronald Cami</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>TPG UMBRELLA CO-INVESTMENT, L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">TPG Advisors V, Inc.,<BR>
its general partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</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="7" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ronald Cami</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" nowrap><B>TPG UMBRELLA INTERNATIONAL CO-INVESTMENT, L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">TPG Advisors V, Inc.,<BR>
its general partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</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="7" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ronald Cami</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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: 10pt"><B>*</B>&nbsp;The signature appearing immediately below shall serve as a
signature at each place indicated with an &#147;*&#148; under the heading of
TPG INVESTORS:
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Ronald Cami</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Ronald Cami&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT
</DIV>




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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>THL INVESTORS</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="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
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<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>THOMAS H. LEE EQUITY FUND VI, L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">THL Equity Advisors VI, LLC, its General Partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
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</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Thomas H. Lee Partners, L.P., its Sole Member</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
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</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Thomas H. Lee Advisors, LLC, its General Partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
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</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</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="7" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Scott Sperling</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
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</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>THL EQUITY FUND VI INVESTORS (UNIVISION), L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
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    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">THL Equity Advisors VI, LLC, its General Partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
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</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Thomas H. Lee Partners, L.P., its Sole Member</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
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    <TD align="left" valign="top">&nbsp;</TD>
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    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Thomas H. Lee Advisors, LLC, its General Partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
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    <TD align="left" valign="top">&nbsp;</TD>
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</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</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="7" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Scott Sperling</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>THL EQUITY FUND VI INTERMEDIATE INVESTORS (UNIVISION), L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">THL Equity Advisors VI, LLC, its general partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Thomas H. Lee Partners, L.P., its sole member</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
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    <TD align="left" valign="top">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Thomas H. Lee Advisors, LLC, its general partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
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    <TD align="left" valign="top">&nbsp;</TD>
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    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</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="7" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Scott Sperling</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT
</DIV>


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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>THL EQUITY FUND VI INTERMEDIATE INVESTORS (UNIVISION US), L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">THL Equity Advisors VI, LLC, its General Partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
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    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Thomas H. Lee Partners, L.P., its Sole Member</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Thomas H. Lee Advisors, LLC, its General Partner</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</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="7" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Charles P. Holden</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>THL EQUITY FUND VI INVESTORS (GS), LLC</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">THL Equity Advisors VI, LLC, its Manager</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</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="7" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Charles P. Holden</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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: 10pt"><B>*</B>&nbsp;The signature appearing immediately below
shall serve as a signature at each place
indicated with an &#147;*&#148; under the heading of THL
INVESTORS:
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="60%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="2%">&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/  Charles P. Holden</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Charles P. Holden&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Its: Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT
</DIV>




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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>THE BANK INVESTORS</I>:
</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" nowrap><B>BACI INVESTORS INTERMEDIATE (UNIVISION), L.P.</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/
Robert H. Sheridan III
</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Robert H. Sheridan III</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Partner</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT
</DIV>


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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<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="33%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>CREDIT SUISSE INVESTORS INTERMEDIATE (UNIVISION), L.P.</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/ Jill A. Russo</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name: Jill A. Russo</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title: Vice President</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: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT
</DIV>


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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<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" nowrap><B>DB INVESTORS INTERMEDIATE (UNIVISION), L.P.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD align="left" nowrap>By:&nbsp;</TD>
    <TD colspan="2">DB (Univision), LLC</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD align="left" nowrap>Its:&nbsp;</TD>
    <TD colspan="2">General Partner<BR>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD align="left" nowrap>By:&nbsp;</TD>
    <TD colspan="2">GSS Holdings (Univision), Inc.</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD align="left" nowrap>Its:&nbsp;</TD>
    <TD colspan="2">Sole Member<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">/s/
Jill A. Russo</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;</TD>
    <TD align="left">Jill A. Russo</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT
</DIV>


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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<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="33%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>LB INVESTORS INTERMEDIATE (UNIVISION), L.P.</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/ Ashvin Rao</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name: Ashvin Rao</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title: Authorized Signatory</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: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT
</DIV>


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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="4"><B>RBS INVESTORS INTERMEDIATE (UNIVISION), L.P.</B></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt"><!-- 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>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 0px solid #000000" align="left">RBS (Univision), LLC</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Its:&nbsp;&nbsp;</TD>
    <TD align="left">General Partner</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 0px solid #000000" align="left">GSS
Holdings (Univision- RBS), Inc&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Its:&nbsp;&nbsp;</TD>
    <TD align="left">Sole Member</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left" nowrap>&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/
Jill A. Russo</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Jill A. Russo</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Its:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT
</DIV>


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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<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>WCP UNIVISION, L.P.</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/ Walker Simmons</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Walker Simmons</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Partner</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT
</DIV>


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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>MANAGERS</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="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>ANDREW W. HOBSON</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Andrew W. Hobson</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT
</DIV>


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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&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"><B>JOSEPH UVA</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Joseph Uva</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT
</DIV>


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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<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>BMPI Services LLC</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/ C. Douglas Kranwinkle</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">C. Douglas Kranwinkle</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT
</DIV>


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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<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>BMPI Services II, LLC</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/ C. Douglas Kranwinkle&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">C. Douglas Kranwinkle&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT
</DIV>


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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>TELEVISA:</I>
</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</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</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Attorney-in-Fact</TD>
    <TD>&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</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Attorney-in-Fact</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT
</DIV>



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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>Exhibit&nbsp;A</B></U><BR>
<U><B>Stockholder Notice Addresses</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="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Stockholder</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Address</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>With Copies to (which shall not constitute notice):</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">MDP Investor or to
the MDP Principal
Investor Group
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>c/o Madison Dearborn Partners<BR>
Three First National Plaza, suite 3800<BR>
Chicago, Illinois, 60602<BR>
Facsimile No.: (312)&nbsp;895-1221<BR>
Attention: Michael P. Cole
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Three First National Plaza, suite 3800<BR>
Chicago, Illinois, 60602
<BR>
Facsimile No.: (312)&nbsp;895-1041<BR>

Attention: Mark Tresnowski, Esq.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PEP Investor or to
the PEP Principal
Investor Group
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">c/o Providence Equity Partners Inc.<BR>
50 Kennedy Plaza, 18<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor<BR>
Providence, Rhode Island 02903<BR>
Facsimile No.: (401)&nbsp;751-1790<BR>
Attention: Jonathan M. Nelson
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Weil, Gotshal &#038; Manges LLP
<BR>50 Kennedy Plaza, 11<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor
<BR>
Providence, Rhode Island 02903<BR>
Facsimile No.: (401)&nbsp;278-4701<BR>
Attention: David K. Duffell, Esq.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SCG Investor or to
the SCG Principal
Investor Group
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">c/o Saban Capital Group<BR>
10100 Santa Monica Boulevard<BR>
Los Angeles, California 90067<BR>
Facsimile No.: (310)&nbsp;557-5100<BR>
Attention: Adam Chesnoff
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10100 Santa Monica Boulevard
Suite&nbsp;2600
<BR>
Los Angeles, California 90067
<BR>
Facsimile No.: (310)&nbsp;557-5103
<BR>
Attention: Niveen Tadros, Esq.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">THL Investor or to
the THL Principal
Investor Group
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">c/o Thomas H. Lee Partners, L.P.<BR>
100 Federal Street, 35<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor<BR>
Boston, Massachusetts 02110<BR>
Facsimile No.: (617)&nbsp;227-3514<BR>
Attention: Scott Sperling
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Weil, Gotshal &#038; Manges LLP
<BR>
100 Federal Street, 34<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor
<BR>
Boston, Massachusetts 02110
<BR>
Facsimile No.: (617)&nbsp;772-8333
<BR>
Attention: David P. Kreisler, Esq.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">TPG Investor or to
the TPG Principal
Investor Group
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">c/o Texas Pacific Group<BR>
301 Commerce Street, Suite&nbsp;3300<BR>
Fort Worth, Texas 76102<BR>
Facsimile No.: (817)&nbsp;871-4010<BR>
Attention: Ronald Cami
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cleary Gottlieb Steen &#038; Hamilton LLP
<BR>
One Liberty Plaza
<BR>
New York, New York 10006
<BR>
Facsimile No.: (212)&nbsp;225-3999
<BR>
Attention: Paul J. Shim, Esq. and Glenn P.
McGrory, Esq.</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Stockholder</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Address</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>With Copies to (which shall not constitute notice):</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">BACI Investors
Intermediate
(Univision), L.P.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">c/o Banc of America Capital Investors V, L.P.<BR>
Bank of America Corporate Center<BR>
100 North Tryon Street, 25thFloor<BR>
Charlotte, NC 28255<BR>
Attn: Robert Sheridan<BR>
Fax: (704)&nbsp;386-6432<BR>
Phone: (704)&nbsp;386-1324
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kirkland &#038; Ellis LLP
<BR>
300 North LaSalle Street
<BR>
Chicago, IL 60654
<BR>
Facsimile No. (312)&nbsp;862-2200
<BR>
Attention: Margaret A. Gibson, P.C.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Credit Suisse
Investors
Intermediate
(Univision), L.P.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">c/o Credit Suisse Strategic Partners<BR>
11 Madison Avenue<BR>
New York, New York 10010<BR>
Attn: Peter Song<BR>
Fax: (646)&nbsp;935-7048<BR>
Phone: (212)&nbsp;538-5295
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Credit Suisse Strategic Partners
<BR>
305 Park Avenue South
<BR>
New York, New York 10010
<BR>
Attn: Stephen Ramsthaler
<BR>
Fax: (646)&nbsp;935-7704</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DB Investors
Intermediate
(Univision), L.P.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">c/o DB Investment Partners, Inc.<BR>
attn: Kristine Cicardo<BR>
60 Wall St.<BR>
New York, NY 10005<BR>
Phone: (212)&nbsp;250-4279<BR>
Fax: (212)&nbsp;797-4872
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">c/o DB Investment Partners, Inc.
<BR>
attn: Kevin Sullivan
<BR>
60 Wall St.
<BR>
New York, NY 10005
<BR>
Phone: (212)&nbsp;250-2205
<BR>
Fax: (212)&nbsp;797-4655</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">LB Investors
Intermediate
(Univision), L.P.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>c/o Lehman Brothers<BR>
1271 Avenue of the Americas<BR>
New York, New York 10019<BR>
Attn: Ashvin Rao<BR>
Email: ashvin.rao@lehmanholdings.com<BR>
Fax: (917)&nbsp;210-4011<BR>
Phone: (646)&nbsp;285-9826
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kirkland &#038; Ellis LLP
<BR>
300 North LaSalle Street
<BR>
Chicago, IL 60654
<BR>
Facsimile No. (312)&nbsp;862-2200
<BR>
Attention: Margaret A. Gibson, P.C.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">RBS Investors
Intermediate
(Univision), L.P.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">c/o Royal Bank of Scotland, acting through<BR>
its Equity Finance Division<BR>
12<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor, 135 Bishopsgate, London<BR>
EC2M 3UR, United Kingdom<BR>
Attention: Gavin Petken<BR>
Fax: 44(0)20.7085.2258<BR>
Phone: 44(0)20.7085.2248
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kirkland &#038; Ellis LLP
<BR>
300 North LaSalle Street
<BR>
Chicago, IL 60654
<BR>
Facsimile No. (312)&nbsp;862-2200
<BR>
Attention: Margaret A. Gibson, P.C.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">WCP Investors
Intermediate
(Univision), L.P.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">c/o Pamlico Capital II, L.P.<BR>
150 North College Street, 24th Floor<BR>
Charlotte, NC 28202<BR>
Attn: Walker Simmons<BR>
Fax: (704)&nbsp;414-7160<BR>
Phone: (704)&nbsp;414-7191
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">c/o Pamlico Capital II, L.P.
<BR>
150 North College Street, 24th Floor
<BR>
Charlotte, NC 28202
<BR>
Attn: Michele Bailey
<BR>
Fax: (704)&nbsp;414-7160
<BR>
Phone: (704)&nbsp;414-7111</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Stockholder</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Address</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>With Copies to (which shall not constitute notice):</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">BMPI Services LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>c/o Univision Communications Inc.<BR>
5999 Center Drive<BR>
Los Angeles, CA 90045<BR>
Attn: General Counsel
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cleary Gottlieb Steen &#038; Hamilton LLP
<BR>
One Liberty Plaza
<BR>New York, NY 10006
<BR>
Attention: Robert J. Raymond
<BR>
Facsimile: (212)&nbsp;225-3999
<BR>and
<BR>Weil, Gotshal &#038; Manges LLP
<BR>
50 Kennedy Plaza

Providence, RI 02903
<BR>
Attention: David Duffell
<BR>
Facsimile: (401)&nbsp;278 4701</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Andrew H. Hobson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">35 Close Road<BR>
Greenwich, Connecticut 06831
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Proskauer Rose LLP<BR>
1585 Broadway</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, NY 10036<BR>

Attention: Michael S. Sirkin
<BR>
Facs&#237;mile: (212)&nbsp;969-2900</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Joseph Uva
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>24 Gull Point Road<BR>
Monmouth Beach, New Jersey 07750
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Proskauer Rose LLP
<BR>
1585 Broadway
<BR>
New York, NY 10036
<BR>
Attention: Michael S. Sirkin
<BR>
Facs&#237;mile: (212)&nbsp;969-2900</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Grupo Televisa S.A.B.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grupo Televisa, S.A.B<BR>
Building A, 4th Floor<BR>
No 2000 Colonia Santa Fe<BR>
Mexico, DF / 01210 / Mexico<BR>
Facsimile: &#043; 52 55 5261 2494
Attention: General Counsel
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wachtell, Lipton, Rosen &#038; Katz
<BR>
51 West 52nd Street
<BR>
New York, NY 10019
<BR>
Facsimile No.: (212)&nbsp;403-2000
<BR>
Attention: Joshua R. Cammaker</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;Please see attached.&#093;
</DIV>


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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT THE OMITTED PORTIONS OF THIS
DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>***</B>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>SCHEDULE III<BR>
PERMITTED PERSONS</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#147;<U>Permitted Person</U>&#148; shall mean any of The Hearst Corporation, Discovery
Communications, Inc., Scripps Networks Interactive, Inc., News Corporation, The Walt Disney
Company, Time Warner Inc., Viacom Inc., CBS Corporation, Liberty Media Corporation and
other Persons controlled by John C. Malone, Comcast Corporation, Time Warner Cable Inc.,
Cox Communications, Inc., DIRECTV, Sony Corporation, Clear Channel Communications, Inc.,
Verizon Communications Inc., Cellco Partnership d/b/a Verizon Wireless and AT&#038;T Inc. and
any direct or indirect subsidiary of the foregoing.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>SCHEDULE IV<BR><BR>

ILLUSTRATIVE EXAMPLE OF BMP EBITDA</B>

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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SCHEDULE IV</B>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONSOLIDATED LEVERAGE RATIO AS OF SEPTEMBER 30, 2010</B>

</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->v<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>SCHEDULE 4.9<BR>
LIST OF ARBITRATORS</B>

</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Robert Fiske</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>George Lowy</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>David Geronemus</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Alan Feld</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Michael Cooper</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Frederick Kanner</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->i<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.25
<SEQUENCE>8
<FILENAME>c19172exv4w25.htm
<DESCRIPTION>EXHIBIT 4.25
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 4.25</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;4.25</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Execution Version</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>AMENDMENT</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">AMENDMENT (this &#147;<U>Amendment</U>&#148;), dated as of February&nbsp;28, 2011, to that certain Amended
and Restated Stockholders Agreement, dated as of December&nbsp;20, 2010 (the &#147;<U>Stockholders
Agreement</U>&#148;), is made by and among Broadcasting Media Partners, Inc., a Delaware corporation
(the &#147;<U>Company</U>&#148;), Broadcast Media Partners Holdings, Inc., a Delaware corporation
(&#147;<U>BMPH</U>&#148;), Univision Communications Inc., a Delaware corporation (&#147;<U>Univision</U>&#148;) and
certain stockholders of the Company (collectively, the &#147;<U>Parties</U>&#148;). Capitalized terms used
herein and not otherwise defined shall have the meanings set forth in the Stockholders Agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>WITNESSETH</B>:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">WHEREAS, the Parties wish to amend the Stockholders Agreement as herein set forth to correct
typographical errors in the capitalization of the Company and the Additional Equity Amount; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">WHEREAS, this Amendment amends the Stockholders Agreement in accordance with Section&nbsp;8.2 of
the Stockholders Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">NOW, THEREFORE, based upon the mutual promises and agreements contained herein, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
undersigned, intending to be legally bound, hereby agree as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>AGREEMENTS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">1.&nbsp;<U>Amendment to the Stockholders Agreement</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(a)&nbsp;Section&nbsp;9.2 of the Stockholders Agreement shall be amended as follows: the
reference to the number &#147;1,281,464&#148; in the definition of &#147;Additional Equity
Amount&#148; shall be deleted and replaced with &#147;1,282,100&#148;.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(b)&nbsp;Schedule&nbsp;I to the Stockholders Agreement shall be replaced with the contents
of Schedule&nbsp;I hereto.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.&nbsp;<U>Representations</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(a)&nbsp;Each of the Parties represents and warrants that (i)&nbsp;all corporate and limited
liability company action necessary for the authorization, execution, and delivery
of this Amendment by it have been taken and obtained; (ii)&nbsp;this Amendment has been
duly and validly executed and delivered by it and (assuming due authorization,
execution and delivery by the other Parties hereto) shall be valid and legally
binding upon it and enforceable against it, except to the extent the
enforceability thereof may be limited by bankruptcy laws, insolvency laws,
reorganization laws, moratorium laws or other laws of general applicability affecting creditors&#146; rights
generally or by general equitable principles (regardless of whether enforcement is
sought in a proceeding in equity or at law); and (iii)&nbsp;its execution or delivery
of this Amendment does not and will not conflict with or violate any provision of
its organizational documents.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(b)&nbsp;Each of the undersigned Parties (other than the Company, BMPH and Univision)
represent and warrant that it owns the number of shares across from such Party&#146;s
name on the attached Schedule&nbsp;I (in the case of Multimedia Telecom, S.A. de C.V.,
assuming the effectiveness of, and the completion of the deliveries under, the
amendment to the Investment Agreement entered into immediately prior hereto by
Televisa, the Company, Univision and BMPSI Services II, LLC). The Company
represents that the undersigned parties (other than the Company, BMPH and
Univision) collectively comprise the Majority PITV Investors necessary to amend
the Stockholders Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.&nbsp;<U>Reference to and Effect on the Stockholders Agreement; Ratification</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;Except as specifically amended above, the Stockholders Agreement is and shall continue to
be in full force and effect and is hereby ratified and confirmed in all respects.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;The execution, delivery and effectiveness of this Amendment shall not operate as a waiver
of any right, power or remedy of any Party hereto under the Stockholders Agreement, or constitute a
waiver of any provision of any other agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;Upon the effectiveness of this Amendment, each reference in the Stockholders Agreement to
&#147;Stockholders Agreement&#148;, &#147;hereto&#148;, &#147;hereunder&#148;, &#147;hereof&#148; or words of like import referring to the
Stockholders Agreement, and, for the avoidance of doubt, each reference in any other Transaction
Documents to &#147;the Stockholders Agreement&#148;, &#147;thereto&#148;, &#147;thereof&#148;, &#147;thereunder&#148; or words of like
import referring to the Stockholders Agreement, shall mean and be a reference to the Stockholders
Agreement as amended hereby.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.&nbsp;<U>Execution of Counterparts</U>. This Amendment may be executed in any number of
counterparts and by different Parties hereto on separate counterparts, each of which counterparts,
when so executed and delivered, shall be deemed to be an original and all of which counterparts,
taken together, shall constitute but one and the same Amendment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">5.&nbsp;<U>Governing Law</U>. This Amendment and the negotiation, execution, performance or
nonperformance, interpretation, construction and all matters based upon, arising out of or related
to this Amendment, whether arising in law or in equity (collectively, the &#147;<U>Covered
Matters</U>&#148;), and all claims or causes of action (whether in contract or tort) that may be based
upon, arise out of or relate to the Covered Matters, except for documents, agreements and
instruments that specify otherwise, shall be governed by the laws of the
State of Delaware without giving effect to its principles or rules of conflict of laws to the
extent that such principles or rules would require or permit the application of laws of another
jurisdiction.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">6.&nbsp;<U>Headings</U>. The Section headings used or contained in this Amendment are for convenience
of reference only and shall not affect the construction of this Amendment.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">7.&nbsp;<U>Severability</U>. In the event that any provision hereof would, under applicable Law
(other than Federal Communications Laws, in which case any modification or limitation must be
agreed by each of Televisa, on the one hand, and the Majority Principal Investors, on the other
hand (or, if there are no Principal Investors, the agreement of Televisa and the Board of the
Company shall be required)), be invalid or unenforceable in any respect, such provision shall be
construed by modifying or limiting it so as to be valid and enforceable to the maximum extent
compatible with, and possible under, applicable Law. The provisions hereof are severable, and in
the event any provision hereof should be held invalid or unenforceable in any respect pursuant to
the preceding sentence, it shall not invalidate, render unenforceable or otherwise affect any other
provision hereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">8.&nbsp;<U>Interpretation</U>. Whenever the context and construction so require, all words used in
the singular number herein shall be deemed to have been used in the plural, and vice versa, and the
masculine gender shall include the feminine and neuter and the neuter shall include the masculine
and feminine.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;The remainder of the page is intentionally left blank.&#093;
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to be duly executed by their
respective officers hereunto duly authorized as of the day and year first above written.
</DIV>
<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="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><I>THE COMPANY</I>:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>BROADCASTING MEDIA PARTNERS, INC.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Andrew W. Hobson
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Senior Executive Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><I>BMPH</I>:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>BROADCAST MEDIA PARTNERS HOLDINGS, INC.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Andrew W. Hobson
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Senior Executive Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><I>UNIVISION</I>:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>UNIVISION COMMUNICATIONS INC.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Andrew W. Hobson</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Senior Executive Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The signature appearing immediately below shall serve as a signature at each place indicated
with an &#147;*&#148; on this page:</DIV></TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="14%">&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">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Andrew W. Hobson
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Andrew W. Hobson
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Senior Executive Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Signature Page to Stockholders Agreement Amendment
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%"><I>THE PRINCIPAL INVESTORS</I>:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 20%"><U><B>MDP INVESTORS</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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>MADISON DEARBORN CAPITAL PARTNERS IV, L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Madison Dearborn Partners IV, L.P., its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Madison Dearborn Partners, LLC, its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Michael P. Cole
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>MDCPIV INTERMEDIATE (UMBRELLA), L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Madison Dearborn Partners IV, L.P. its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Madison Dearborn Partners, LLC, its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Michael P. Cole</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>MADISON DEARBORN CAPITAL PARTNERS V-A, L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Madison Dearborn Partners V-A&#038;C, L.P., its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Madison Dearborn Partners, LLC, its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Michael P. Cole</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Signature Page to Stockholders Agreement Amendment
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<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="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>MDCPV INTERMEDIATE (UMBRELLA), L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Madison Dearborn Partners V-A&#038;C, L.P., its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Madison Dearborn Partners, LLC, its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Michael P. Cole</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>MDCP FOREIGN CO-INVESTORS (UMBRELLA), L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Madison Dearborn Partners V-A&#038;C, L.P., its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Madison Dearborn Partners, LLC, its General Partner
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Michael P. Cole</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>MDCP US CO-INVESTORS (UMBRELLA), L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Madison Dearborn Partners V-A&#038;C, L.P., its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Madison Dearborn Partners, LLC, its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Michael P. Cole</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The signature appearing immediately below shall serve as a signature at each place indicated with
an &#147;*&#148;under the heading of MDP INVESTORS:</DIV></TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Michael P. Cole
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Michael P. Cole
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Signature Page to Stockholders Agreement Amendment
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 20%"><U><B>PEP INVESTORS</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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>PROVIDENCE INVESTORS V (UNIVISION)&nbsp;L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Providence Umbrella GP L.L.C., its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Mark Masiello</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>PROVIDENCE EQUITY PARTNERS V (UMBRELLA US) L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Providence Equity GP V L.P., its General Partner
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Providence Equity Partners V L.L.C., its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Mark Masiello</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<tr style="font-size:10pt"><td>&nbsp;</td></tr>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>PROVIDENCE INVESTORS VI (UNIVISION)&nbsp;L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Providence VI Umbrella GP L.L.C., its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Mark Masiello</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>PROVIDENCE EQUITY PARTNERS VI (UMBRELLA US) L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Providence Equity GP VI L.P., its General Partner
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Providence Equity Partners VI L.L.C., its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Mark Masiello</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Signature Page to Stockholders Agreement Amendment
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<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="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>PROVIDENCE CO-INVESTORS (UNIVISION)&nbsp;L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Providence Umbrella GP L.L.C., its General Partner
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Mark Masiello</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>PROVIDENCE CO-INVESTORS (UNIVISION US) L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Providence Umbrella GP L.L.C., its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Mark Masiello</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The signature appearing immediately below shall serve as a signature at each place indicated with
an &#147;*&#148;under the heading of PEP INVESTORS:</DIV></TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Mark Masiello
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Mark Masiello
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Signature Page to Stockholders Agreement Amendment
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<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="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>SCG INVESTMENTS II, LLC, a Delaware LLC</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Adam Chesnoff</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Adam Chesnoff
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Manager</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Signature Page to Stockholders Agreement Amendment
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 20%"><U><B>TPG INVESTORS</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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>TPG UMBRELLA IV, L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TPG Advisors IV, Inc., <BR>
its general partner
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Ronald Cami</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>TPG Media V-AIV 1, L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TPG Advisors V, Inc., <BR>
its general partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Ronald Cami</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>TPG UMBRELLA INTERNATIONAL IV, L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TPG Advisors IV, Inc., <BR>
its general partner
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Ronald Cami</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Signature Page to Stockholders Agreement Amendment
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<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="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>TPG MEDIA V-AIV 2, L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TPG Advisors V, Inc., <BR>
its general partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Ronald Cami</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>TPG UMBRELLA CO-INVESTMENT, L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TPG Advisors V, Inc., <BR>
its general partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Ronald Cami</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>TPG UMBRELLA INTERNATIONAL CO-INVESTMENT, L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TPG Advisors V, Inc., <BR>
its general partner
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Ronald Cami</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The signature appearing immediately below shall serve as a signature at each place indicated with an &#147;*&#148; under the
heading of TPG INVESTORS:</DIV></TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&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">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Ronald Cami</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ronald Cami
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Signature Page to Stockholders Agreement Amendment
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 20%"><U><B>THL INVESTORS</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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>THOMAS H. LEE EQUITY FUND VI, L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">THL Equity Advisors VI, LLC, its General Partner
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thomas H. Lee Partners, L.P., its Sole Member</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thomas H. Lee Advisors, LLC, its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Scott Sperling</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>THL EQUITY FUND VI INVESTORS (UNIVISION), L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">THL Equity Advisors VI, LLC, its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thomas H. Lee Partners, L.P., its Sole Member</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thomas H. Lee Advisors, LLC, its General Partner
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Scott Sperling</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" nowrap><B>THL EQUITY FUND VI INTERMEDIATE INVESTORS (UNIVISION), L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">THL Equity Advisors VI, LLC, its general partner
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thomas H. Lee Partners, L.P., its sole member</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thomas H. Lee Advisors, LLC, its general partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Scott Sperling</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Signature Page to Stockholders Agreement Amendment
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<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="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" nowrap><B>THL EQUITY FUND VI INTERMEDIATE INVESTORS (UNIVISION US), L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">THL Equity Advisors VI, LLC, its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thomas H. Lee Partners, L.P., its Sole Member</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thomas H. Lee Advisors, LLC, its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Scott Sperling</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>THL EQUITY FUND VI INVESTORS (GS), LLC</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">THL Equity Advisors VI, LLC, its Manager
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Scott Sperling</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The signature appearing immediately below shall serve as a signature at each place
indicated with an &#147;*&#148; under the heading of THL INVESTORS:</DIV></TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&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">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Scott Sperling</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Scott Sperling</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Signature Page to Stockholders Agreement Amendment
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>TELEVISA:</I>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 20%"><B>MULTIMEDIA TELECOM S.A. DE C.V.</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="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&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">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Salvi Rafael Folch Viadero</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Salvi Rafael Folch Viadero</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:  Attorney-in-Fact
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Joaqu&#237;n Balc&#225;rcel Santa Cruz</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Joaqu&#237;n Balc&#225;rcel Santa Cruz</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Attorney-in-Fact</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Signature Page to Stockholders Agreement Amendment
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Execution Version</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Schedule&nbsp;I</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Please see attached
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.26
<SEQUENCE>9
<FILENAME>c19172exv4w26.htm
<DESCRIPTION>EXHIBIT 4.26
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 4.26</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;4.26</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B><I>Execution Version</I></B>
</DIV>





<DIV align="center" style="font-size: 10pt; margin-top: 10pt">AMENDED AND RESTATED PRINCIPAL INVESTOR AGREEMENT
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">by and among
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Broadcasting Media Partners, Inc.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Broadcast Media Partners Holdings, Inc.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Univision Communications Inc.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Grupo Televisa, S.A.B.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">and
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">the Principal Investors
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Dated as of December&nbsp;20, 2010
</DIV>






<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>AMENDED AND RESTATED PRINCIPAL INVESTOR AGREEMENT</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Amended and Restated Principal Investor Agreement (the &#147;<U>Agreement</U>&#148;) is made as of
December&nbsp;20, 2010 by and among:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(i)&nbsp;Broadcasting Media Partners, Inc., a Delaware corporation (f/k/a Umbrella Holdings, LLC,
and together with its successors and permitted assigns, the &#147;<U>Company</U>&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(ii)&nbsp;Broadcast Media Partners Holdings, Inc., a Delaware corporation (together with its
successors and permitted assigns, &#147;<U>BMPH</U>&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(iii)&nbsp;Univision Communications Inc., successor in interest to Umbrella Acquisition, Inc., a
Delaware corporation (&#147;<U>Univision</U>&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(iv)&nbsp;each Person executing this Agreement as a Principal Investor (collectively with their
Permitted Transferees and so long as they are members of a Principal Investor Group, the
&#147;<U>Principal Investors</U>&#148;); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(v)&nbsp;Grupo Televisa, S.A.B., a corporation organized under the laws of Mexico (collectively
with its Permitted Transferees, &#147;<U>Televisa</U>&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>RECITALS</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;Each of the Company, BMPH and Umbrella Acquisition, Inc. (&#147;<U>Acquisition Sub</U>&#148;), were
formed for the purpose of engaging in a transaction in which Acquisition Sub was merged with and
into Univision, on March&nbsp;29, 2007 (the &#147;<U>Merger Closing</U>&#148;), with Univision surviving (the
&#147;<U>Merger</U>&#148;) pursuant to an Agreement and Plan of Merger between the Company, Acquisition Sub
and Univision dated as of June&nbsp;26, 2006 (as amended from time to time, the &#147;<U>Merger
Agreement</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;Upon the Merger Closing, shares of common stock of Acquisition Sub were automatically
converted into shares of common stock of Univision, and BMPH thereby holds all of the issued and
outstanding common stock of Univision. In addition, and in connection with the Merger Closing, the
Company, BMPH, Univision and the Principal Investors entered into the Principal Investor Agreement,
dated as of March&nbsp;29, 2007 (as amended from time to time, the &#147;<U>2007 Principal Investor
Agreement</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;On November&nbsp;23, 2010, the parties to the 2007 Principal Investor Agreement and certain
other parties entered into a Recapitalization Agreement (the &#147;<U>Recapitalization Agreement</U>&#148;),
pursuant to which the following events occurred (the &#147;<U>Recapitalization</U>&#148;):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(i)&nbsp;the Company amended and restated its existing Amended and Restated Certificate of
Incorporation (the &#147;<U>Interim Charter</U>&#148;), which amendment provided for (A)&nbsp;the
authorization of the Class&nbsp;A Common Stock and Class&nbsp;B Common Stock and (B)&nbsp;the
reclassification of all shares of the Company&#146;s outstanding common stock into Class&nbsp;A
Common Stock or Class&nbsp;B Common Stock as set forth in the Recapitalization Agreement and
the Interim Charter;
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(ii)&nbsp;each Stockholder exchanged the issued and outstanding securities of the Company
and of BMPH held by such Stockholder as follows: (A)&nbsp;each holder of shares of 8.64%
Cumulative Preferred Stock of BMPH, par value $.001 per share contributed such shares to the
Company and received, in exchange for such shares, shares of Class&nbsp;A Common Stock and/or
Class&nbsp;B Common Stock; (B)&nbsp;each holder of shares of Class&nbsp;A-1 common stock of the Company,
par value $.001 per share received, in exchange for such shares, which shares were
reclassified as, shares of Class&nbsp;A Common Stock; (C)&nbsp;each holder of shares of Class&nbsp;A-2
common stock of the Company, par value $.001 per share received, in exchange for such
 shares, which shares were reclassified as, shares of Class&nbsp;B Common Stock; (D)&nbsp;each holder
of shares of Class&nbsp;L-1 common stock of the Company, par value $.001 per share received, in
exchange for such shares, which shares were reclassified as, shares of Class&nbsp;A Common Stock;
and (E)&nbsp;each holder of shares of Class&nbsp;L-2 common stock of the Company, par value $.001 per
share received, in exchange for such shares, which shares were reclassified as, shares of
Class&nbsp;B Common Stock in each case, pursuant to the terms of the Interim Charter and the
Recapitalization Agreement and subject to the conditions of the Recapitalization Agreement;
and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iii)&nbsp;all of the outstanding capital stock of BMPH is currently owned by the Company
and no preferred stock of BMPH is outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;In connection with the Recapitalization, the parties to the 2007 Principal Investor
Agreement amended and restated such agreement in its entirety (the &#147;<U>2010 Principal Investor
Agreement</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.&nbsp;Televisa has entered into an Investment Agreement, dated as of the date hereof (as amended
from time to time, the &#147;<U>Investment Agreement</U>&#148;) with Pay-TV Venture, Inc., the Company,
Univision and BMPI Services II, LLC (&#147;<U>BMPS2</U>&#148;), pursuant to which, among other things, (a)
Televisa will, on the terms and conditions set forth therein, acquire, or cause one of its
subsidiaries to acquire, (i)&nbsp;certain shares of Class&nbsp;C Common Stock and Class&nbsp;D Common Stock, (ii)
1.5% convertible debentures issued by the Company and convertible into shares of Class&nbsp;A Common
Stock, Class&nbsp;B Common Stock, Class&nbsp;C Common Stock and/or Class&nbsp;D Common Stock, as applicable,
and/or warrants of the Company exercisable for shares of Class&nbsp;A Common Stock, Class&nbsp;C Common Stock
and/or Class&nbsp;D Common Stock, as applicable, and (iii)&nbsp;Units from BMPS2 and (b)&nbsp;Univision will, on
the terms and conditions set forth therein, acquire the TuTV Interest from Pay-TV Venture, Inc.
(clauses (a)&nbsp;and (b)&nbsp;collectively, the &#147;<U>Televisa Investment</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.&nbsp;Immediately following the consummation of the closing of the Televisa Investment pursuant
to the terms and conditions of the Investment Agreement (the &#147;<U>Televisa Closing</U>&#148;), the
outstanding Common Stock, Units and Convertible Securities of the Company will be held as set forth
on <U>Schedule&nbsp;I</U> hereto.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.&nbsp;In connection with the Televisa Investment, the parties believe that it is in the best
interests of the Company, BMPH, Univision and the PITV Investors to amend and restate the 2010
Principal Investor Agreement and to replace it in its entirety with this Agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>AGREEMENT</B></U>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Therefore, the parties hereto hereby agree as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>1.&nbsp;EFFECTIVENESS; DEFINITIONS</B>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">1.1 <U>Effective Date</U>. This Agreement shall become effective upon the Televisa Closing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.2 <U>Definitions</U>. Certain terms are used in this Agreement as specifically defined
herein. These definitions are set forth or referred to in <U>Section&nbsp;8</U> hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>2.&nbsp;CONSENT RIGHTS</B>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">2.1 <U>Actions that Require PITV Investor Approval</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.1.1 <U>Actions that Require Majority PITV Investor Approval</U>. Prior to the earlier
to occur of (i)&nbsp;a Televisa Sell-Down or (ii)&nbsp;a Principal Investor Sell-Down, in addition to any
other approval required by any applicable provision of the Transaction Agreements, including by
<U>Sections&nbsp;2.1.3</U>, <U>2.2</U>, <U>2.3</U> and <U>2.4</U> hereof or the Program License
Agreement, if any, or by applicable Law, the parties hereto agree that the approval of the
Majority PITV Investors shall be required for the Company and/or any of its subsidiaries to
take any of the following actions, and the Company shall not, and shall cause its subsidiaries
not to, take any of the following actions without the written approval of the Majority PITV
Investors:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Charter; Bylaws; Stockholders Agreements.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="16%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amend, restate, modify or waive any
provisions of the certificate of incorporation or bylaws (or similar
organizational documents) of the Company, BMPH, Univision or any
subsidiary thereof;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="16%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amend or waive any provisions of the
Investment Agreement, the Stockholders Agreement or the
Participation, Registration Rights and Coordination Agreement; or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="16%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exercise any rights of the Majority PITV
Investors under the Stockholders Agreement (other than pursuant to
Sections&nbsp;4.2 and 4.3 thereof) or the Participation, Registration
Rights and Coordination Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Recapitalization</I>. Enter into or effect any transaction
or series of related transactions that would effect a recapitalization or
reclassification of the
Company&#146;s or BMPH&#146;s securities or any of their subsidiaries&#146; (other than
wholly-owned subsidiaries) securities, including recapitalization into any
form of Convertible Securities or prepaid warrants.</TD>
</TR>



</TABLE>
</DIV>
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</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Debt</I>. Other than borrowings under the Existing Debt
Documents or any other debt agreement that was previously approved by the
Majority PITV Investors, incur any indebtedness, assume, guarantee, endorse
or otherwise become responsible for the indebtedness of any other Person
(<U>provided</U> that the Company or any of its direct or indirect
subsidiaries may provide cross-guarantees for any indebtedness that has been
approved under this <U>Section&nbsp;2.1.1(iii)</U>), issue any debt securities,
enter into any agreement under which it may incur indebtedness or issue debt
securities in the future, in an aggregate amount in excess of $100,000,000
for all such matters.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Equity Issuances</I>. Other than (x)&nbsp;in connection with the
Company&#146;s Initial Public Offering, (y)&nbsp;a Compliant Change of Control
Transaction, or (z)&nbsp;the exercise, conversion or exchange of Convertible
Securities outstanding immediately after the Televisa Closing (or TV
Warrants) or exercise of Preferential Rights or participation rights by
Televisa Investors or pursuant to the provisions of the Transaction
Agreements providing for the exchange of shares of Common Stock for TV
Warrants or TV Debentures, authorize, create or issue any equity securities
or Convertible Securities of the Company or any of its subsidiaries (except
as may be issued to the Company or any of its wholly-owned subsidiaries or
upon exercise of any Convertible Securities of the Company previously
approved for issuance pursuant to the provisions of this <U>Section
2.1.1(iv)</U>), issue any rights to acquire any equity securities or
Convertible Securities of the Company or any of its subsidiaries or grant
any registration rights in respect of any such securities or rights, except
for equity securities, Convertible Securities, or rights to acquire equity
securities or Convertible Securities and piggyback registration rights
issued or granted pursuant to management incentive plans approved pursuant
to <U>Section&nbsp;2.2.1</U>.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Public Offering</I>. (a)&nbsp;In connection with the Company&#146;s
Initial Public Offering or any Company Public Offering thereafter, (x)
authorize, create or issue any equity securities or Convertible Securities
of the Company or any of its subsidiaries (except as may be issued to the
Company or any of its wholly-owned subsidiaries), (y)&nbsp;issue any rights to
acquire any equity securities or Convertible Securities of the Company or
any of its subsidiaries other than to the extent required under the
Participation, Registration Rights and Coordination Agreement or (z)&nbsp;grant
any registration rights in respect of any such securities or rights other
than to the extent required under the Participation, Registration Rights and
Coordination Agreement and (b)
exercise any rights of the Majority PITV Investors to initiate the
Company&#146;s Initial Public Offering pursuant to paragraph (v)&nbsp;of the first
proviso of Section&nbsp;3.1.1 of the Participation, Registration Rights and
Coordination Agreement.</TD>
</TR>


</TABLE>
</DIV>
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</DIV>

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<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Size of the Board</I>. Expand the number of members of the
Board to more than twenty (20)&nbsp;or amend <U>Section&nbsp;2.7</U> hereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Prepayment or Modification of Debt</I>. Other than upon the
consummation of a Compliant Change of Control Transaction, voluntarily
prepay debt of the Company or any of its subsidiaries in an amount in excess
of $100,000,000 in any 12-month period (including debt incurred under the
Existing Debt Documents, other than the Revolving Credit Facility) or amend
or waive any material provisions of any agreement, indenture or similar
instrument governing the terms of any indebtedness or debt securities of the
Company or any of its subsidiaries with a principal amount in excess of
$100,000,000 (including material provisions of the Existing Debt Documents).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Repurchase of Securities, Exercise of Call Rights, Payment of Dividends</I>.
Prior to the closing of the Initial Public Offering, (a)&nbsp;enter into or
effect any transaction or series of related transactions involving the
repurchase, exercise of call rights, redemption or other acquisition of
securities of the Company or any of its direct or indirect subsidiaries from
any Stockholder or (b)&nbsp;declare or pay any dividend or make any other
distributions of payments by the Company or any of its subsidiaries (other
than dividends or distributions payable to the Company or any of its
wholly-owned subsidiaries), in each case, other than (x)&nbsp;pursuant to the
exercise, conversion or exchange of Convertible Securities outstanding as of
immediately after the Televisa Closing (or TV Warrants) or previously
approved for issuance pursuant to the provisions of <U>Section
2.1.1(iv)</U>) by PITV Investors, (y)&nbsp;pursuant to the exercise of
Preferential Rights or participation rights by Televisa Investors or
pursuant to the provisions of the Transaction Agreements providing for the
exchange of shares of Common Stock for TV Warrants or TV Debentures, or (z)
in connection with the consummation of a Compliant Change of Control
Transaction.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Bankruptcy, etc</I>. Commence a voluntary case under the
Bankruptcy Code or any applicable bankruptcy, insolvency or other similar
law now or hereafter in effect; consent to the entry of an order for relief
in an involuntary case, or the conversion of an involuntary case to a
voluntary case, under any such law; consent to the appointment of or taking
possession by a receiver, trustee or other custodian for all or a
substantial part of its property; make a general assignment for the benefit
of creditors; or adopt a plan of complete or partial liquidation or
dissolution.</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT THE OMITTED PORTIONS OF THIS
DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Agreement with Venevision</I>. (a)&nbsp;Amend, restate, modify or
waive any provision of, or extend the term of the Second Amended and
Restated International Program License Agreement by and among Venevision
International Corporation (&#147;<U>Venevision</U>&#148;) and Univision dated May&nbsp;18,
2010 or (b)&nbsp;enter into any agreement, commitment or arrangement with
Venevision related to the same or comparable programming and other media
rights embodied in the agreement referred to in <U>clause (i)</U> above,
or, if so approved by the Majority PITV Investors, thereafter amend,
restate, modify or waive any provision thereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Annual Budget. </I>Approve the annual budget of the Company
and its subsidiaries, modify in any material respect any such budget or take
any action that is or would be reasonably likely to result in a material
variance therefrom; <U>provided</U>, <U>however</U>, that, for any year in
which an annual budget is not so approved, then the Company shall continue
its operations in accordance with the annual budget most recently approved
under this <U>Section&nbsp;2.1.1(xi)</U>, increased by 5% each fiscal year with
respect to which an annual budget is not approved.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Certain Litigation</I>. Settle or compromise any material
claim, suit, action, arbitration or other proceeding whether administrative,
civil or criminal, in law or in equity involving (a)&nbsp;a claim against or
potential loss by the Company and/or its subsidiaries in excess of
$100,000,000 or (b)&nbsp;a claim against the Company and/or its subsidiaries
which would be reasonably likely to result in a material restriction or
limitation on a material portion of the Business; <U>provided</U>, that the
Televisa Investors and their shares will not be counted towards a Majority
PITV Investors&#146; approval in connection with a material claim, suit, action,
arbitration or other proceeding involving Televisa.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xiii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Material Agreements</I>. Subject to clause (xv)-(xviii) of this <U>Section
2.1.1</U>, enter into, modify or amend in any material respect, or waive any
material right under (a)&nbsp;any Contract (or series of related Contracts)
providing for the payment to or by the Company or any of its subsidiaries of
more than $100,000,000; <U>provided</U>, that such Contracts (or series of
related Contracts) do not relate to the acquisition, production or
scheduling of programs, (b)&nbsp;any Contract (or series of related Contracts)
relating to the acquisition of network programming that accounts for more
than *** per week of the programming on a majority of the owned and operated
stations of the Company and its subsidiaries, (c) *** and (d)&nbsp;any Contract
providing for the payment by the Company or any of its subsidiaries of
compensation (including equity incentives) to Haim Saban and/or his
Affiliates; <U>provided</U>, that the SCG Investors shall be deemed not to
be a Principal Investor Group for purposes of the approval of any such
matter in <U>clause (d)</U>.</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT THE OMITTED PORTIONS OF
THIS DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO
RULE 24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED
THE OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xiv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Employment Agreements</I>. Enter into or modify or amend in any material respect, or
waive any material right under, any employment agreement with, or agree to
provide other cash or equity based compensation (including stock options,
carried interest and benefit packages), to any senior executive of the
Company or its subsidiaries, providing for the payment by the Company or any
of its subsidiaries of more than *** and that would result in such senior
executive being amongst the Company&#146;s and its subsidiaries&#146; ten (10)&nbsp;highest
paid employees, other than agreements for ***.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Acquisition of Assets</I>. Enter into or effect any
transaction or series of related transactions involving the purchase, rent,
lease, license in, exchange or other acquisition (by merger, consolidation
or otherwise) by the Company, BMPH, Univision or any of their respective
subsidiaries of (a)&nbsp;any assets (including equity interests in any Person)
for consideration (including assumed liabilities) having a fair market value
in excess of $250,000,000 per transaction or series of related transactions
other than (i)&nbsp;transactions solely between and among the Company, BMPH,
Univision and/or any of their wholly-owned subsidiaries, and (ii)&nbsp;purchases,
rentals, leases, licenses, exchanges and other acquisitions of inventory,
equipment and supplies in the ordinary course of business, (b)&nbsp;any radio
station or television station in a top twenty (20)&nbsp;DMA for consideration
(including assumed debt) having a fair market value in excess of
$100,000,000, or (c)&nbsp;any programming involving payment(s) in excess of
$100,000,000.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xvi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Sale of Assets</I>. Enter into or effect any transaction or
series of related transactions involving the sale, lease out, license out,
exchange or other disposition (including by merger, consolidation or
otherwise) by the Company or any of its subsidiaries of (a)&nbsp;any assets
(including equity interests in any Person) for consideration (including
assumed liabilities) having a fair market value in excess of $250,000,000
per transaction or series of related transactions other than (i)
transactions solely between and among any of the Company, BMPH, Univision
and/or any of their wholly owned subsidiaries and (ii)&nbsp;sales, leases,
licenses, exchanges or other dispositions of products and services of the
Company&#146;s business in the ordinary course of business, (b)&nbsp;any television
station or radio station in a top twenty (20)&nbsp;DMA and for consideration
(including assumed debt) having a fair market value in excess of
$100,000,000, or (c)&nbsp;any programming involving payment(s) in excess of
$100,000,000.</TD>
</TR>


</TABLE>
</DIV>
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</DIV>

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<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xvii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Investments</I>. (a)&nbsp;Make any loan, advance or capital contribution to any
Person (other than the Company, BMPH, Univision or any of their wholly owned
subsidiaries) (i)&nbsp;in an amount in excess of $250,000,000
per transaction or series of related transactions, (ii)&nbsp;involving any
radio station or television station in a top twenty (20)&nbsp;DMA and involving
payment(s) by the Company and/or any subsidiary in excess of $100,000,000,
or (iii)&nbsp;in connection with any programming involving payment(s) in excess
of $100,000,000, or (b)&nbsp;enter into any joint venture or strategic alliance
which (i)&nbsp;commits the Company and its subsidiaries to a financial
commitment in excess of (1) $250,000,000 for any such joint venture or
alliance or series of related joint ventures or alliances (other than such
joint venture(s) or alliance(s) relating to programming), or (2)
$100,000,000 for any such joint venture or alliance or series of related
joint ventures or alliances relating to programming, or (ii)&nbsp;involves any
radio station or television station in a top twenty (20)&nbsp;DMA and involves
a payment by the Company and its subsidiaries in excess of $100,000,000.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xviii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Agreements or Commitments</I>. Enter into any agreement or otherwise
obligate or commit the Company or any of its subsidiaries to do any of the
foregoing.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.1.2 <U>Receipt of Confidential Information</U>. A Conflicted PITV Investor will have
the right to grant or withhold its approval on the matters set forth in <U>Section&nbsp;2.1.1</U>
hereof and participate in discussions with respect thereto notwithstanding that such Conflicted
PITV Investor may not be entitled to Confidential Information pertaining to such matter
pursuant to the terms of this Agreement and/or the Stockholders Agreement; <U>provided</U>
that such right to approve and participate in such approval process shall not imply that any
Conflicted PITV Investor is entitled to any such Confidential Information; <U>provided</U>
<U>further</U> that in connection with any Change of Control, the provisions of Sections
4.7.3, 4.7.5, 4.7.6. 4.7.7, 4.8.3(b), 4.8.8, 4.8.9, 4.8.10 and/or 10.10.1, as applicable, of
the Stockholders Agreement shall apply in lieu of the provisions of this <U>Section&nbsp;2.1.2</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.1.3 <U>Actions that Require Majority Principal Investor Approval and/or Majority Voting
Principal Investor</U>.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Majority Principal Investor Approval</I>. Prior to the
Principal Investor Sell-Down, and in addition to any other approval required
by, or any other provisions of, the organizational documents of the Company,
BMPH and/or Univision, or by applicable Law, the parties hereto agree that
the approval of the Majority Principal Investors shall be required for the
Company or any of its subsidiaries to take any of the following actions, and
the Company shall not, and shall cause its subsidiaries not to, take any of
the following actions without the written approval of the Majority Principal
Investors:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="16%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Stockholders Agreements</I>. Exercise any
rights of the Majority Principal Investors under the Investment
Agreement, the Stockholders Agreement, the Participation,
Registration Rights
and Coordination Agreement and the certificate of incorporation of
the Company or BMPH.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

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</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="16%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Drag Along Rights</I>. Exercise the &#147;Drag
Along&#148; rights pursuant to Sections&nbsp;4.2 or 4.3 of the Stockholders
Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="16%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Change of Control</I>. Effect a Change of
Control.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="16%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Program License Agreement</I>. Notwithstanding
other provisions of <U>Section&nbsp;2.1.1</U>, (i)&nbsp;amend, restate, modify
or waive any provision of, or extend the term of the Program License
Agreement, the Second Program License Agreement, the IPRA Amendment,
the Sales Agency Agreement or the Mexico License Agreement, (ii)
enter into any agreement, commitment or arrangement with Televisa
related to the same or comparable programming and other media rights
embodied in the Program License Agreement, the Second Program License
Agreement, the IPRA Amendment, the Sales Agency Agreement or the
Mexico License Agreement, or, if so approved by the Majority
Principal Investors, thereafter amend, restate, modify or waive any
provision thereof, or (iii)&nbsp;settle or compromise any claim, suit,
action, arbitration or other proceeding whether administrative, civil
or criminal, in law or in equity, with Televisa or any affiliate
thereof or relating to any of the agreements referred to in
<U>clauses (i)</U> or <U>(ii)</U> above.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="16%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Agreements or Commitments</I>. Enter into any
agreement or otherwise obligate or commit the Company or any of its
subsidiaries to do any of the foregoing.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Majority Voting Principal Investor Approval</I>. Prior to
the Principal Investor Sell-Down, and in addition to any other approval
required by, or any other provisions of, the organizational documents of the
Company, BMPH and/or Univision, or by applicable Law, the parties hereto
agree that the approval of the Majority Voting Principal Investors shall be
required for any of the Company, BMPH or Univision to take any of the
following actions, and the Company, BMPH and Univision shall not, and shall
cause their respective subsidiaries not to, take any of the following
actions without the written approval of the Majority Voting Principal
Investors:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="16%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Board of Directors</I>. Prior to the Principal
Investor Sell Down, nominate any director to the Board pursuant to
<U>Section&nbsp;2.5.1(i)</U>.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
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</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="16%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Agreements or Commitments</I>. Enter into any
agreement or otherwise obligate or commit the Company or any of its
subsidiaries to do any of the matters set forth in clause (ii)(a).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.2 <U>Actions that Require Board Approval</U>. Prior to the earlier to occur of a (i)
Televisa Sell-Down or a (ii)&nbsp;Principal Investor Sell-Down, and in addition to any other approval
required by any applicable provision of the Transaction Agreements or the Program License
Agreement, if any, or by applicable Law, the parties hereto agree that the approval of the Board
(or a committee thereof to which it is permitted under applicable Law to delegate and does delegate
authority with respect to such matter in accordance with this Agreement) shall be required for the
Company and/or any of its subsidiaries to take any of the following actions and the Company shall
not, and shall cause its subsidiaries not to, take any of the following actions without the
approval of the Board (or a committee thereof to which it is permitted under applicable law to
delegate and does delegate authority with respect to such matter in accordance with this
Agreement), regardless of any approval of such actions by their respective stockholders:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.2.1 <U>Management Incentive Plan</U>. (i)&nbsp;Adopt or make a material amendment to any
cash or equity based management incentive plan, and (ii)&nbsp;determine fair market value at which
all stock grants under the Company&#146;s Equity Incentive Plans shall be made and at which the
exercise price for all option grants shall be set.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.2.2 <U>Executive Officers</U>. (i)&nbsp;Hire or remove, with or without cause, or enter
into, renew, materially modify or terminate, or waive any material rights under, any employment
contract with, any executive officer of the Company, BMPH or Univision from time to time, and
(ii)&nbsp;set procedures for periodic reviews and evaluations of senior executives and succession
plans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.2.3 <U>Management Equity Repurchases</U>. Enter into or effect any transaction or
series of related transactions involving the repurchase, redemption or other acquisition of
securities, or options or rights to acquire any securities, of the Company or any of its
subsidiaries from any Person who is or was an executive officer or manager thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.2.4 <U>Auditors</U>. Engage or terminate the engagement of the Company&#146;s auditors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.2.5 <U>Litigation</U>. Settle or compromise any material claim, suit, action,
arbitration or other proceeding whether administrative, civil or criminal, in law or in equity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.2.6 <U>Financial Adviser</U>. Engage investment bankers or financial advisers for the
provision of financial, managerial and/or operational advice in connection with the Company&#146;s
business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.2.7 <U>Committees of the Board</U>. (a)&nbsp;Modify the composition of any committee of the
Board other than in accordance with the terms of this Agreement, or (b)&nbsp;create any new
committee of the Board to which the Board delegates authority (which, if approved by the Board
must be a delegation of authority not inconsistent with this Agreement and is in accordance
with <U>Section&nbsp;2.6</U>).
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT THE OMITTED PORTIONS OF THIS
DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED
THE OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.2.8 <U>Joint Ventures and Alliances</U>. Enter into any joint venture or strategic
alliance that has an aggregate value in excess of $10,000,000 per transaction or series of
related transactions, or in excess of $25,000,000 in the aggregate in any fiscal year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.2.9 <U>Acquisition of Assets</U>. Enter into or effect any transaction or series of
related transactions involving the purchase, rent, lease in, license in, exchange or other
acquisition (whether by merger, consolidation or otherwise) by the Company or any of its
subsidiaries of any assets (including equity interests in any Person) for consideration
(including assumed liabilities) having a fair market value (as reasonably determined by the
Board) in excess of $10,000,000 per transaction or series of related transactions, or in excess
of $25,000,000 in the aggregate in any fiscal year, other than (a)&nbsp;transactions solely between
and among any of the Company, BMPH, Univision and/or any of their wholly owned subsidiaries,
and (b)&nbsp;purchases, rentals, leases, licenses, exchanges or other acquisitions of inventory,
equipment and supplies in the ordinary course of business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.2.10 <U>Sale of Assets</U>. Enter into or effect any transaction or series of related
transactions, involving the sale, lease out, license out, exchange or other disposal (including
by merger, consolidation or otherwise) by the Company or any of its subsidiaries of any assets
(including equity interests in any Person) for consideration (including assumed liabilities)
having a fair market value (as reasonably determined by the Board) in excess of $10,000,000 per
transaction or series of related transactions, or in excess of $25,000,000 in the aggregate in
any fiscal year, other than (a)&nbsp;transactions solely between and among any of the Company, BMPH,
Univision and/or any of their wholly owned subsidiaries, and (b)&nbsp;sales, leases, licensing,
exchanges or other disposition of products and services of the Company&#146;s business in the
ordinary course of business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.2.11 <U>Investments</U>. Make any loan, advance or capital contribution to any Person
(other than the Company, BMPH, Univision or any of their wholly-owned subsidiaries), in an
amount in excess of $10,000,000 per transaction or series of related transactions, or in excess
of $25,000,000 in the aggregate in any fiscal year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.2.12 <U>Capital Expenditures</U>. Increase the Company&#146;s capital expenditure level by
5% or more than the capital expenditure level set in the Company&#146;s approved annual budget
applicable for such fiscal year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.2.13 <U>Material Agreements</U>. (a)&nbsp;Enter into, modify or amend in any material
respect, or waive any material right under, any Contract (or series of related Contracts)
providing for the payment to or by the Company or any of its subsidiaries of more than
$25,000,000 in any twelve (12)&nbsp;month period, other than, in the case of Contracts (or series of
related Contracts) providing for payments to the Company or any subsidiary thereof, entered
into in the ordinary course of business or (b)&nbsp;enter into, modify or <font style="white-space: nowrap">amend ***.</font>
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.2.14 <U>Annual Budget</U>. Approve the annual operating budget of the Company and its
subsidiaries, modify in any material respect any such budget or take any action that is or
would be reasonably likely to result in a material variance therefrom.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.2.15 <U>Announcements</U>. Approve or make any material public release or
announcement concerning the Company and its subsidiaries as a whole.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.2.16 <U>Agreements or Commitments</U>. Enter into any agreement or otherwise obligate
or commit the Company or any of its subsidiaries to do any of the foregoing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">2.3 <U>Other Restricted Actions</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.3.1 Prior to the earlier to occur of (i)&nbsp;a Televisa Sell-Down or (ii)&nbsp;a Principal
Investor Sell-Down, in addition to any approval required under any applicable provision of the
Transaction Agreements, including by <U>Sections&nbsp;2.1</U>, <U>2.2</U> or <U>2.6.6</U> herein
and the Charter, or by applicable Law, the parties hereto agree that any transaction or
agreement between the Company or one of its subsidiaries, on the one hand, and a member(s) of
the PITV Investor Group or one or more of its Affiliates, on the other, shall require the
consent of the PITV Investor Majority (other than the member(s) of the PITV Investor Group that
is party or whose Affiliate is a party to such transaction) unless all PITV Investor Groups are
parties to such transaction or agreement on a pro rata basis with respect to all of such PITV
Investor Groups&#146; Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.3.2 Prior to such time as there are no Principal Investors remaining hereunder, each of
the Principal Investor Groups agrees that it will not amend, modify or waive any of the
following, unless such amendment, modification or waiver is approved by each Principal Investor
Group:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any provision of Section&nbsp;3 (Transfer Restrictions),
Section&nbsp;5 (Maximum Equity Percentage; Maximum Capital Percentage; Holder
Lock-Up; Liquidity Rights) or Section&nbsp;7 (Legends) of the Stockholders
Agreement or Section&nbsp;4 (Transfer Restrictions) or Section&nbsp;8 (Legends) of the
Participation, Registration Rights and Coordination Agreement, or any other
provision of this Agreement or the Stockholders Agreement or the
Participation, Registration Rights and Coordination Agreement that imposes
additional transfer restrictions on the Principal Investors or reduces the
transfer restrictions imposed on any Principal Investor without a
corresponding reduction in the transfer restrictions imposed on all other
Principal Investors;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any provision of Section&nbsp;4 of the Stockholders Agreement
(&#147;Tag Along&#148; and &#147;Drag Along&#148; Rights, Preferential Right of First Refusal
and Right of First Offer) that (a)&nbsp;reduces the Principal Investors&#146; rights
as a Participating Seller (or their right to become a Participating Seller)
under Section&nbsp;4.1 of the Stockholders Agreement or a Prospective
Selling Stockholder under Section&nbsp;4.5 of the Stockholders Agreement or (b)
increases the Principal Investors&#146; obligations as a Participating Seller
or Prospective Selling Stockholder (or adversely modifies the
circumstances under which they can be required to be a Participating
Seller or Prospective Selling Stockholder);</TD>
</TR>


</TABLE>
</DIV>
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</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any provision of the definition of Principal Investor
Group, Majority Principal Investors, Competitor, Conflicted PITV Investor,
Majority Non Conflicted Principal Investors, Voting Principal Investor
Groups, or Majority Voting Principal Investors in any of the Stockholders
Agreement, the Participation, Registration Rights and Coordination Agreement
or this Agreement that changes such definition so as to raise the threshold
criteria to remain a Principal Investor Group or as to change the criteria
for determining the Majority Principal Investors, a Competitor, a Conflicted
PITV Investor, Majority Non Conflicted Principal Investors, Voting Principal
Investor Groups or Majority Voting Principal Investors, as the case may be;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Information Rights available to the Principal
Investors under Section&nbsp;10.12 of the Stockholders Agreement in a manner that
reduces such rights;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the definitions of Participation Shares or Participation
Portion in the Participation, Registration Rights and Coordination Agreement
that reduces the rights of a Principal Investor to participate in issuances
of securities pursuant to Section&nbsp;2 thereof;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>prior to the Qualified Public Offering, the definition of
Minimum Total Combined Investment in this Agreement or the Stockholders
Agreement that increases the initial cost of shares of Common Stock
threshold set forth herein;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>prior to the Initial Public Offering, <U>Section
2.5</U> hereof in a manner that reduces the number of directors each
Principal Investor Group is entitled to designate or nominate;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;10.7 or 10.8 of the Stockholders Agreement, or Section&nbsp;10.7 or
10.8 of the Participation, Registration Rights and Coordination Agreement;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;3 of the Participation, Registration Rights and
Coordination Agreement that materially reduces or restricts the rights of a
Principal Investor to initiate or participate in registered offerings of
Common Stock;</TD>
</TR>

</TABLE>
</DIV>
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</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Sections&nbsp;2.5.1</U> (Composition of the Board),
<U>2.5.2</U> (Principal Investor Designees), <U>2.5.4</U> (Board
Observers) or <U>2.6</U> (Committees of the Board) hereof;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Section&nbsp;9.12</U> of this Agreement that reduces the
indemnification rights set forth therein;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;7.3 of the Participation, Registration Rights
and Coordination Agreement and Section&nbsp;8.3 of the Stockholders Agreement
that materially reduces or restricts the rights of a Principal Investor to
withdraw from such agreements; or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xiii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the certificate of incorporation of the Company to effect a reverse stock
split in which any of the Common Stock held by any PITV Investor is
converted into the right to receive cash in lieu of a fractional share;</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><U>provided</U>, that any amendment to the definitions used in such provisions (only to the
extent any such amendment would have an effect contrary to the intent set forth in any of
<U>clauses (i)</U> through <U>(xiii)</U> immediately above) shall also require the consent
of each Principal Investor Group; <U>provided</U>, <U>however</U>, that the consent of any
Principal Investor or Principal Investor Group, as applicable, shall only be required under
this Section <U>2.3.2</U> for any amendment, modification or waiver to the Stockholders
Agreement, the Participation, Registration Rights and Coordination Agreement, the
organizational documents of the Company or BMPH or this Agreement to the extent it
Discriminates against the rights of such Principal Investor or Principal Investor Group, as
applicable, as compared to the other Principal Investors or Principal Investor Groups, as
applicable; <U>provided</U>, <U>further</U>, that notwithstanding any provision to the
contrary in this <U>Section&nbsp;2.3.2</U>, the Charter may be amended in any way in connection
with the Initial Public Offering so long as the Majority Principal Investors consent to such
amendment and such amendment does not Discriminate against any Principal Investor or
Principal Investor Group that has not consented thereto; and <U>provided</U>,
<U>further</U>, that any Principal Investor or Principal Investor Group may waive any right
of such Principal Investor or Principal Investor Group hereunder by an instrument in writing
signed by such Principal Investor or Principal Investor Group.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.3.3 Prior to such time as there are no Principal Investors remaining hereunder, in
connection with any vote or action of the stockholders of the Company or any subsidiary thereof
relating to either of the following matters, each of the Principal Investor Groups agrees that
it will not consent to, or vote in favor of either of, the following matters, unless it is
approved by each Principal Investor Group:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other than pursuant to the exercise, conversion or
exchange of TV Debentures or TV Warrants or exercise of Preferential Rights
or participation rights by Televisa Investors or exercise by Televisa
Investors of other rights under the Transaction Agreements to exchange
Shares, the repurchase, exercise of call rights or other acquisition of
securities of the Company or BMPH from, or require the sale of securities
of the Company or BMPH by, the Principal Investor Groups which is not on a
pro rata basis (other than non pro rata repurchase, exercise, other
acquisition or requirement of sale, in the case of de minimis
differences); or</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any action pursuant to Section&nbsp;3.2.1(b)(iii) of the
Participation, Registration Rights and Coordination Agreement in a manner
that Discriminates against Principal Investor Groups;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>provided</U>, that notwithstanding any provision to the contrary in this <U>Section&nbsp;2.3.3</U>,
the Charter may be amended in any way in connection with the Initial Public Offering so long as the
Majority Principal Investors consent to such amendment and such amendment does not Discriminate
against any Principal Investor or Principal Investor Group that has not consented thereto; and
<U>provided</U>, <U>further</U>, that any Principal Investor or Principal Investor Group may
waive any right of such Principal Investor or Principal Investor Group hereunder by an instrument
in writing signed by such Principal Investor or Principal Investor Group.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.4 <U>Actions that Require the Majority Televisa Investors&#146; Approval</U>. In addition to
any other approval required by, or any other provision of, the organizational documents of the
Company, BMPH or Univision, by <U>Section&nbsp;2.1</U>, <U>2.2</U> or <U>2.3</U> or by applicable
Law, the parties hereto agree that the approval of the Majority Televisa Investors shall be
required for any of the Company, BMPH and/or Univision to take any of the following actions, and
the Company shall not, and shall cause its subsidiaries not to, take any of the following actions
without the written approval of the Majority Televisa Investors:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.4.1 <U>Amendments to Other Agreements</U>. Amend, alter or repeal any provision of the
Transaction Agreements to the extent that such amendment, alteration or repeal would, by its
terms, Discriminate against the Televisa Investors in a manner that is disproportionately
adverse to the Televisa Investors&#146; rights and obligations as compared to (i)&nbsp;the Principal
Investors, prior to a Principal Investor Sell-Down, (ii)&nbsp;the public stockholders of the
Company, following a Principal Investor Sell-Down if there are public stockholders and not a
Purchaser of Control, or (iii)&nbsp;a Purchaser of Control, following a Change of Control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.4.2 <U>Modification to Board Composition or Board Committees</U>. Amend, modify or
waive the provisions (i)&nbsp;hereof or of the Charter or the bylaws of the Company, BMPH and/or
Univision in a manner that disproportionately changes the number of directors the Televisa
Investors are entitled to designate to the Board as compared to (1)&nbsp;the Principal Investors,
prior to a Principal Investor Sell-Down, or (2)&nbsp;the Purchaser of Control, following a Change of
Control (or in a manner that changes the number of directors the Televisa Investors are
entitled to designate to the Board if a Principal Investor Sell-Down has occurred and there is
no Purchaser of
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Control);
<U>provided</U>, that in any case, the Televisa Investors&#146; percentage representation on the Board cannot be reduced below the Equity Percentage, (ii)
hereof or any provision of the Charter or the bylaws of the Company, BMPH and/or Univision in a
manner that changes the committees the board is required to maintain, or (iii)&nbsp;hereof or any
provision of the charter or the bylaws of the Company, BMPH or Univision in a manner that
disproportionately changes the number of directors the Televisa Investors are entitled to
designate to each committee as compared to (1)&nbsp;the Principal Investors, prior to a Principal
Investor Sell-Down or (2)&nbsp;the Purchaser of Control, following a Change of Control;
<U>provided</U>, that the Televisa Investors&#146; representation on any committee shall not be
less than one (or in a manner that changes the number of directors the Televisa Investors are
entitled to designate to each committee if a Principal Investor Sell-Down has occurred and
there is no Purchaser of Control) to the extent that the Televisa Investors are entitled to
appoint at least one director.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.4.3 <U>Transfer Restrictions</U>. Amend, modify or waive any provision of the
Transaction Agreements, if such amendment, modification or waiver imposes additional transfer
restrictions on the Televisa Investors, other than amendments, modifications or waivers that
are (i)&nbsp;required by applicable Law (but subject to <U>Section&nbsp;9.9</U>), (ii)&nbsp;customary insider
information trading windows imposed by the Company following the Company&#146;s Initial Public
Offering, and (iii)&nbsp;restrictions in underwriter&#146;s lock-ups.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.4.4 <U>Information Rights</U>. Amend, modify or waive the provisions of <U>Section
2.5.7</U> or <U>2.6.1</U> hereof or Section&nbsp;10.12 of the Stockholders Agreement in a manner
that adversely changes the Televisa Investors&#146; information rights thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.4.5 <U>Participation Rights</U>. Amend, modify or waive the provisions of the
Participation, Registration Rights and Coordination Agreement in a manner that adversely
changes the Televisa Investors&#146; rights to participate (or terms and conditions of such rights)
in issuances of securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.4.6 <U>Registration Rights</U>. Amend, modify or waive any provision of the
Participation, Registration Rights and Coordination Agreement in a manner that adversely
changes the Televisa Investors&#146; right to initiate or participate in registered offerings of
Common Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.4.7 <U>Indemnification Rights</U>. Amend, modify or waive the provisions of
<U>Section&nbsp;9.12</U> hereof or Section&nbsp;3.4 of the Participation, Registration Rights and
Coordination Agreement in a manner that adversely changes the Televisa Investors&#146; rights or
obligations thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.4.8 <U>Certain Reverse Stock Splits</U>. Amend, modify or waive the provisions of the
Charter to effect a reverse stock split in which any of the Common Stock held by any Televisa
Investor is converted into the right to receive cash in lieu of a fractional share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.4.9 <U>Certain Sections</U>. Amend, modify or waive <U>Section&nbsp;10.7</U> or
<U>10.8</U> of the Stockholders Agreements or of the Participation, Registration Rights and
Coordination Agreement in a manner adverse to Televisa.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.4.10 <U>Period</U>. The rights granted to the Majority Televisa Investors pursuant to
this <U>Section&nbsp;2.4</U> shall expire upon a Televisa Sell-Down; <U>provided</U>,
<U>however</U>, that (i)&nbsp;the Majority Televisa Investors rights pursuant to <U>Sections
2.4.1</U> (Amendments to Other
Agreements), <U>2.4.3</U> (Transfer Restrictions), <U>2.4.5</U> (Participation Rights),
<U>2.4.6</U> (Registration Rights) and <U>2.4.7</U> (Indemnification Rights) will survive so
long as the Televisa Investors hold any Shares; and (ii)&nbsp;the Majority Televisa Investors rights
granted pursuant to <U>Sections&nbsp;2.4.2</U> (Modification to Board Composition or Board
Committees) and <U>2.4.4</U> (Information Rights) shall survive until such time as the
Televisa Investors no longer have a right to designate at least one (1)&nbsp;director to the Board
pursuant to this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">2.5 <U>Board of Directors</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.5.1 <U>Composition of the Board</U>. Each PITV Investor hereby agrees to vote, or
cause to be voted, all Shares which have voting rights over which such PITV Investor has the
power to vote or direct the voting (including, in the case of the Principal Investors, pursuant
to a proxy granted under Section&nbsp;2.1.3 of the Stockholders Agreement), and will take all
necessary or desirable actions within such PITV Investor&#146;s control, and the Company and the
Board will take all necessary or desirable actions within its control, to cause the authorized
number of directors to be established at twenty (20)&nbsp;directors or such greater number approved
pursuant to <U>Section&nbsp;2.1.1(vi)</U> and subject to <U>Section&nbsp;2.4.2</U>, and to elect or
appoint or cause to be elected or appointed to the Board and cause to be continued in office
(including, if necessary, by appointing in order to fill vacancies created by expanding the
Board):
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fourteen (14)&nbsp;designees shall be nominated pursuant to
<U>Section&nbsp;2.5.2</U> below;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Three (3)&nbsp;designees shall be nominated pursuant to
<U>Section&nbsp;2.5.3</U> below;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chief Executive Officer of the Company; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Two (2)&nbsp;independent designees, who shall (i)&nbsp;be
recommended by the Nominating Committee in accordance with <U>Section
2.6.5</U>, (ii)&nbsp;meet the standard for Independence and (iii)&nbsp;be approved by
the majority vote of the whole Board; <U>provided</U>, that such
independent designees shall initially be Gloria Estefan and Henry Cisneros;
<U>provided</U> <U>further</U>, that in the event Televisa acquires any
Common Stock or converts any of its Convertible Securities into shares of
Common Stock, Televisa shall be entitled, in its sole discretion, to
designate individuals to such positions (when such positions become vacant
including upon the expiration of the term or such director&#146;s resignation),
such that the number of Televisa&#146;s designees on the Board pursuant to
<U>Sections&nbsp;2.5.1(ii)</U>, <U>2.5.2(iii)(b)</U> and <U>2.5.3</U> would
represent a percentage of the total number of directors on the Board
equivalent to the Televisa Investors&#146; and their Permitted Transferees&#146; then
current Equity Percentage as increased as a result of such conversion
(rounded up to the nearest whole number of directors), and <U>provided</U>,
<U>further</U>, that Televisa shall not be entitled to designate
individuals to any such vacant positions (when such positions become vacant
including upon the expiration of the term or such
director&#146;s resignation), if such vacated Board seat must be filled with a
director meeting the standard for Independence to satisfy applicable Law.
For the avoidance of doubt, no PITV Investor shall be required to cause
its designated directors to resign and no director shall have any
obligation to resign from the Board to allow Televisa to take advantage of
this provision, but no director whose seat Televisa would otherwise have
the right to fill shall be re-nominated upon the expiration or termination
of such director&#146;s then-current term.</TD>
</TR>


</TABLE>
</DIV>
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<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.5.2 <U>Principal Investor Designees</U>. Fourteen (14)&nbsp;designees shall be designated
as follows:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(a)&nbsp;three (3)&nbsp;designees of each Voting Principal Investor
Group which holds shares of Common Stock representing a Total Combined
Investment (without taking into account holdings of Co-Investment Vehicles
that are part of such group) equal to or exceeding two and one third
(2<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>/<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>)
times the Minimum Total Combined Investment; (b)&nbsp;two (2)&nbsp;designees of each
Voting Principal Investor Group which holds shares of Common Stock
representing a Total Combined Investment (without taking into account
holdings of Co-Investment Vehicles that are part of such group) equal to or
exceeding one and two thirds
(1<SUP style="font-size: 85%; vertical-align: text-top">2</SUP>/<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>) times the Minimum Total Combined
Investment, but less than two and one third (2<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>/<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>) times the Minimum Total
Combined Investment; and (c)&nbsp;one (1)&nbsp;designee of each Principal Investor
Group which holds shares of Common Stock representing a Total Combined
Investment (without taking into account holdings of Co-Investment Vehicles
that are part of such group) equal to or exceeding the Minimum Total
Combined Investment, but less than one and two thirds
(1<SUP style="font-size: 85%; vertical-align: text-top">2</SUP>/<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>) times the Minimum
Total Combined Investment; <U>provided</U>, that a Voting Principal
Investor Group can assign its right to designate member(s) of the Board (x)
to any Affiliated Fund which is, alone or together with its Affiliates, a
Voting Principal Investor, or (y)&nbsp;subject to the consent of the Majority
Voting Principal Investors, to a Person that acquires all Shares held by
such Principal Investor Group at such time and becomes a party to this
Agreement as a Principal Investor. No individual designated by a Voting
Principal Investor Group pursuant this clause (i)&nbsp;shall be removed without
such Voting Principal Investor Group&#146;s consent.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(a)&nbsp;Each Non Voting Principal Investor Group which holds
 shares of Common Stock representing a Total Combined Investment (without
taking into account holdings of Co-Investment Vehicles that are part of such
group) equal to or exceeding two and one third (2<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>/<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>) times the Minimum Total
Combined Investment shall be entitled to nominate three (3)&nbsp;members to the
Board (each a &#147;<U>Board Nominee</U>&#148;); (b)&nbsp;each Non Voting Principal
Investor Group which holds shares of Common Stock representing a Total
Combined Investment (without taking into
account holdings of Co-Investment Vehicles that are part of such group)
equal to or exceeding one and two thirds
(1<SUP style="font-size: 85%; vertical-align: text-top">2</SUP>/<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>) times the Minimum Total
Combined Investment, but less than two and one third (2<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>/<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>) times the
Minimum Total Combined Investment shall be entitled to nominate two (2)
Board Nominees; and (c)&nbsp;each Non Voting Principal Investor Group which
holds shares of Common Stock representing a Total Combined Investment
(without taking into account holdings of Co-Investment Vehicles that are</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"><TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>part of such group) equal to or exceeding the Minimum Total Combined
Investment, but less than one and two thirds
(1<SUP style="font-size: 85%; vertical-align: text-top">2</SUP>/<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>) times the Minimum Total
Combined Investment shall be entitled to nominate one (1)&nbsp;Board Nominee;
<U>provided</U>, that in no event shall such Board Nominee(s) be an
employee(s) of the Non Voting Principal Investor Group or any Affiliate
thereof, or an officer, director (or observer to the Board), employee,
agent, equityholder (other than a holder of up to 1% of the common stock
of a publicly traded company) or other Affiliate of a Competitor. The
Majority Voting Principal Investors shall be entitled, in their sole
discretion, to appoint such Board Nominees to the Board and to remove such
Board Nominees from the Board, with or without cause; <U>provided</U>,
that if any such Board Nominee is not appointed to the Board or removed
therefrom, the Non Voting Principal Investor Group that nominated such
individual shall be entitled to nominate his or her replacement. A Non
Voting Principal Investor Group can assign its right to nominate Board
Nominees (a)&nbsp;to any Affiliated Fund, or (b)&nbsp;subject to the consent of the
Majority Principal Investors, to a Person that acquires all Shares held by
such Non Voting Principal Investor Group at such time and becomes a party
to this Agreement. For the avoidance of doubt, the appointment of
nominees pursuant to this <U>Section&nbsp;2.5.2(ii)</U> shall not be subject
to the recommendation of the Nominating Committee. No Board Nominee
nominated by a Non Voting Principal Investor Group and appointed by the
Majority Voting Principal Investors pursuant to this clause (ii)&nbsp;shall be
removed without the Majority Voting Principal Investors&#146; consent.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event one or more of such fourteen (14)&nbsp;positions
on the Board becomes vacant pursuant to paragraphs (i)&nbsp;or (ii)&nbsp;above as a
result of Transfers of shares of Common Stock by Principal Investor Groups,
such vacant positions on the Board shall be filled as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="16%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>prior to a Principal Investor Sell-Down,
the Majority Voting Principal Investors shall be entitled, in their
sole discretion, to designate nominees to such vacant positions and
no such nominee shall be removed without the Majority Voting
Principal Investors&#146; consent; and</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="16%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>following a Principal Investor Sell-Down,
such vacancies shall be filled by individuals, who shall (i)&nbsp;meet the
standard for Independence, (ii)&nbsp;be recommended by the Nominating
Committee and (iii)&nbsp;be approved by the majority vote of the Board;
<U>provided</U>, that in the event Televisa acquires any Common
Stock or converts any of its Convertible Securities into shares of
Common Stock, and if a Televisa Sell-Down has not occurred, Televisa
shall be entitled, in its sole discretion, to designate individuals
to such vacant positions (when and if such positions become vacant
including upon the expiration of the term or such director&#146;s
resignation), such that the number of Televisa&#146;s designees on the
Board pursuant to <U>Sections&nbsp;2.5.1(ii)</U>, <U>2.5.2(iii)(b)</U>
and <U>2.5.3</U> would represent a percentage of the total number of
directors on the Board equivalent to the Televisa Investors&#146; and
their Permitted Transferees&#146; then current Equity Percentage as
increased as a result of such conversion (rounded up to the nearest
whole number of directors), and <U>provided</U>, <U>further</U>,
that Televisa shall not be entitled to designate individuals to such
vacant positions (when and if such positions become vacant including
upon the expiration of the term or such director&#146;s resignation), if
such vacated Board seat must be filled with a director meeting the
standard for Independence to satisfy applicable Law. For the
avoidance of doubt, no PITV Investor shall be required to cause its
designated directors to resign and no director shall have any
obligation to resign from the Board to allow Televisa to take
advantage of this provision, but no director whose seat Televisa
would otherwise have the right to fill shall be re-nominated upon the
expiration or termination of such director&#146;s then-current term.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prior to an Initial Public Offering (and thereafter, if
permitted by applicable law and stock exchange rules), the Majority
Principal Investors may elect to appoint alternate directors to stand in
place of any of the Principal Investors&#146; designees to the Board.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As of the date hereof, the fourteen (14)&nbsp;designees to the
Board designated pursuant to this <U>Section&nbsp;2.5.2</U> shall be as set
forth on <U>Schedule&nbsp;2.5.2</U> attached hereto.</TD>
</TR>


</TABLE>
</DIV>
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</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.5.3 <U>Televisa Designees</U>. Three (3)&nbsp;designees shall be designated as follows:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(a)&nbsp;Televisa shall be entitled to designate three (3)
members to the Board (each a &#147;<U>Televisa Board Designee</U>&#148;);
<U>provided</U>, that in the event that Televisa voluntarily Transfers any
 shares of Common Stock to a Person other than one of its Permitted
Transferees or another Televisa
Investor, Televisa shall no longer be entitled to designate any members to
the Board pursuant to this Agreement if, after giving effect to such
Transfer, the Televisa Investors do not hold at least a number of shares
of Common Stock equal to ninety-five percent (95%) of the number of shares
of Common Stock (for the avoidance of doubt, for all purposes herein used,
irrespective of whether such shares are voting or non-voting shares of
Common Stock) held by the Televisa Investors immediately following the
Televisa Closing (subject to appropriate adjustment for stock splits,
stock dividends, reverse stock splits, stock combinations,
recapitalizations and similar events); <U>provided</U>, <U>further</U>,
in the event of such a Transfer, the Company shall provide Televisa with
sixty (60)&nbsp;days notice before Televisa&#146;s right to designate members to the
Board shall terminate. If, prior to the expiration of such sixty-day
period, the Televisa Investors increase their ownership of shares of
Common Stock in a manner not prohibited by the Transaction Agreements such
that the Televisa Investors hold at least a number of shares of Common
Stock equal to ninety-five percent (95%) of the number of shares of Common
Stock held by the Televisa Investors immediately following the Televisa
Closing (subject to appropriate adjustment for stock splits, stock
dividends, reverse stock splits, stock combinations, recapitalizations and
similar events), Televisa shall not lose its right to designate members to
the Board as set forth in this <U>Section&nbsp;2.5.3(i)</U>. Notwithstanding
the foregoing, Televisa can assign its right to designate one (1)&nbsp;or more
members of the Board that Televisa is entitled to designate to any
Person(s) that acquires from the Televisa Investors in one or more
transactions shares of Common Stock which represented ten percent (10%) or
more of the fully-diluted shares (excluding Convertible Securities held by
employees of the Company or any of its subsidiaries) of Common Stock of
the Company as of the Televisa Closing (the &#147;<U>Board Seat Assignee</U>&#148;)
(including by acquiring Convertible Securities that such Person promptly
converts into or exercises for shares of Common Stock) and becomes a party
to this Agreement as part of a PITV Investor Group (it being understood
that in the event of such Person acquiring from the Televisa Investors, in
one or more transactions, shares of Common Stock which represented (A)&nbsp;ten
percent (10%) or more but less than twenty percent (20%) of the
fully-diluted shares (excluding Convertible Securities held by employees
of the Company or any of its subsidiaries) of Common Stock of the Company
as of the Televisa Closing, such Person may be assigned the right to
designate one (1)&nbsp;member (or an equivalent percentage of the Televisa
Board Designees, rounded down to the nearest whole number, if the number
of Televisa Board Designees has increased) of the Board that Televisa is
entitled to designate, (B)&nbsp;twenty percent (20%) or more but less than 30%
of the</TD>
</TR>


</TABLE>
</DIV>
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<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fully-diluted shares (excluding Convertible Securities held by
employees of the Company or any of its subsidiaries) of Common Stock of the Company as of the
Televisa Closing, such Person may be assigned the right to designate up to
two (2)&nbsp;members (or an equivalent percentage of the Televisa Board
Designees, rounded down to the nearest whole number, if the number of
Televisa Board Designees has increased) of the Board that Televisa is
entitled to designate, and (C)&nbsp;thirty percent (30%) or more of the
fully-diluted shares (excluding Convertible Securities held by employees
of the Company or any of its subsidiaries) of Common Stock of the Company
as of the Televisa Closing, such Person may be assigned the right to
designate up to all the members of the Board that Televisa is entitled to
designate), in each case as adjusted for any stock splits, stock
dividends, reverse stock splits, stock combinations, recapitalizations and
other similar capitalization changes. Any Board Seat Assignee shall no
longer be entitled to designate any members to the Board if, at any given
time, such Board Seat Assignee does not own shares of Common Stock which
represented at least ten percent (10%) of the fully-diluted shares
(excluding Convertible Securities held by employees of the Company or any
of its subsidiaries) of Common Stock of the Company as of the Televisa
Closing due to Transfers of shares. If Televisa has assigned the right to
designate two members of the Board to a Board Seat Assignee, such Board
Seat Assignee shall no longer be entitled to designate one of such members
if, at any given time, such Board Seat Assignee does not own shares of
Common Stock which represented at least twenty percent (20%) of the
fully-diluted shares (excluding Convertible Securities held by employees
of the Company or any of its subsidiaries) of Common Stock of the Company
as of the Televisa Closing due to Transfers of shares. If Televisa has
assigned the right to designate three (3)&nbsp;or more members of the Board to
a Board Seat Assignee, such Board Seat Assignee shall no longer be
entitled to designate one of such members if, at any given time, such
Board Seat Assignee does not own shares of Common Stock which represented
at least thirty percent (30%) of the fully-diluted shares (excluding
Convertible Securities held by employees of the Company or any of its
subsidiaries) of Common Stock of the Company as of the Televisa Closing
due to Transfers of shares. The rights of any Board Seat Assignee with
respect to its Board designees will be the same as the rights that
Televisa has under this <U>Section&nbsp;2.5.3</U> with respect to Televisa
Board Designees.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event one or more of such three (3)&nbsp;positions on
the Board becomes vacant pursuant to <U>clause (i)</U> above as a result of
Transfers of shares of Common Stock by Televisa and its Permitted
Transferees, the number of independent designees referred in Section
2.5.1(iv) shall be increased by the number of such vacancies. In the event
of a vacancy due to any other reason, Televisa shall be entitled, in its
sole discretion,
to designate nominees to such vacant position, until such time when
Televisa is no longer entitled to designate members to the Board (subject
to <U>Section&nbsp;2.5.3(i)</U>).</TD>
</TR>


</TABLE>
</DIV>
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</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Televisa may at any time remove any Televisa Board
Designee (or committee member). No Televisa Board Designee (or committee
member) shall be removed (even in the event that the composition of the
Board is required to be changed to satisfy independence requirements under
applicable law and/or stock exchange rules in contemplation of, and at any
time following, the Initial Public Offering or otherwise) without Televisa&#146;s
prior written consent.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event that the aggregate number of members of the
Board is increased or decreased, Televisa shall be entitled to designate
that number of members to the Board so as to maintain the same proportional
representation on the Board to which Televisa was entitled immediately prior
to such increase or decrease in the number of members of the Board. If the
calculation of such proportional representational should result in a
fractional number, Televisa will be entitled to designate a number of
members to the Board that equals such fractional number rounded up to the
nearest whole number.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prior to an Initial Public Offering (and thereafter, if
permitted by applicable Law and stock exchange rules), Televisa may elect to
appoint alternate directors to stand in place of any of Televisa&#146;s designees
to the Board.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All directors (other than directors appointed by Televisa
and its Affiliates) shall be U.S. citizens, unless otherwise agreed by the
Majority PITV Investors; <U>provided</U> that Televisa shall have the right
to designate the maximum number of non-U.S. citizens allowable under Federal
Communications Laws as its representatives on the Board of Directors (up to
the maximum number of directors to which Televisa is entitled to designate
pursuant to this Agreement) before any Principal Investor may designate any
non-U.S. citizens as its representatives on the Board of Directors pursuant
to the Principal Investor Agreement and before any independent director who
is a non-U.S. citizen is designated to the Board of Directors pursuant to
the Principal Investor Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As of the date hereof, the three (3)&nbsp;designees to the
Board designated pursuant to this <U>Section&nbsp;2.5.3</U> shall be as set
forth on <U>Schedule&nbsp;2.5.3</U> attached hereto.</TD>
</TR>


</TABLE>
</DIV>
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</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.5.4 <U>Board Observers</U>. Each Non Voting Principal Investor Group shall be
permitted to designate one non-voting observer to the Board and its committees (a &#147;<U>Board</U>
<U>Observer</U>&#148;) for so long as such Non Voting Principal Investor Group retains the
right to nominate a director to the Board pursuant to <U>Section&nbsp;2.5.2(ii)</U>. If such Non
Voting Principal Investor Group does not nominate the maximum number of Board Nominees it is
entitled to nominate to the Board pursuant to <U>Section&nbsp;2.5.2(ii)</U> (or if such individuals
are not or have not been elected to, or are removed from, the Board and not replaced by another
Board Nominee of such Non Voting Principal Investor Group), such Non Voting Principal Investor
Group may designate one or more Board Observer(s) in lieu of such Board Nominee(s), but the
total number of Board Observers designated pursuant to this <U>Section&nbsp;2.5.4</U> shall not
exceed the maximum number of Board Nominees that the Non Voting Principal Investor Group is
eligible to nominate pursuant to <U>Section&nbsp;2.5.2(ii)</U>. Board Observer(s) shall not be an
officer or employee of a Competitor. In the event such Board Observer(s) is a director (or
observer to the board), equityholder (other than a holder of up to 1% of the common stock of a
publicly traded company) or an Affiliate of a Competitor, such Board Observer(s) shall recuse
himself or herself (and the Board may require such Board Observer(s) to be recused) from that
portion of any meetings of the Board or committees thereof during which matters pertaining to
any sector of the Business (including television, radio, music recording and publishing and
Internet portals) that competes with such Competitor will be discussed, as determined by the
Board or applicable committee. The Company shall, at any time, provide the Board Observer with
(a)&nbsp;notice of all meetings of the Board and its committees and (b)&nbsp;provide all information
delivered to the members of the Board and its committees prior to such meetings at the same
time such notice and information is delivered to the members of the Board and its committees;
<U>provided</U>, that such Board Observer shall enter into a confidentiality agreement
substantially in the form to be approved by the Board with respect to such information; and
<U>provided</U>, <U>further</U>, that if any such information is Confidential Information
with respect to which the Non Voting Principal Investor that appointed such Board Observer is
deemed a Conflicted PITV Investor, such information shall not be provided to the Board
Observer. Notwithstanding any provision hereof to the contrary, the Board, in its good faith
judgment, shall be entitled to require a Board Observer to be excluded from any portion of a
Board meeting or a meeting of its committees when the Board discusses any matters relating to
Confidential Information with respect to which the Non Voting Principal Investor that appointed
such Board Observer is deemed a Conflicted PITV Investor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.5.5 <U>Vacancies</U>. If at any time any director ceases to serve on the Board
(whether due to resignation, removal or otherwise), the PITV Investor Group that designated or
nominated such director pursuant to <U>Sections&nbsp;2.5.1</U>, <U>2.5.2</U> or <U>2.5.3</U>
shall designate or nominate a successor to fill the vacancy created thereby on the terms and
subject to the conditions of <U>Sections&nbsp;2.5.1</U>, <U>2.5.2</U> or <U>2.5.3</U> above, as
applicable. Each PITV Investor that is a party hereto agrees to vote, or cause to be voted,
all Shares over which such PITV Investor has the power to vote or direct the voting, and shall
take all such other actions as shall be necessary or desirable to cause the designated
successor to be elected to fill such vacancy.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.5.6 <U>Proxy</U>. If any PITV Investor fails to vote, or cause to be voted all Shares
owned by such PITV Investor or over which such PITV Investor has voting control, in compliance
with this <U>Section&nbsp;2.5</U>, within five (5)&nbsp;days of receiving a written notice regarding
such non-compliance from the Company, the Majority PITV Investors (without taking into
account any Non Voting Principal Investor Group) shall have a proxy to vote such PITV
Investor&#146;s Shares to give effect to the agreements contained in this <U>Section&nbsp;2.5</U>. The
power and authority to exercise the proxy granted hereby shall be exercised if and only to the
extent in compliance with this Agreement and only if the matter to be voted on has been
approved by the Majority PITV Investors (without taking into account any Non Voting Principal
Investor Group) and shall be exercised on terms consistent with such approval. The proxy
granted hereby is irrevocable and coupled with an interest sufficient in law to support
irrevocable power.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.5.7 <U>Information Rights</U>. Subject to the requirements of <U>Sections&nbsp;2.1.2</U>,
<U>2.5.7</U>, <U>4.1</U> and <U>4.4</U> of this Agreement and Section&nbsp;10.12 of the
Stockholders Agreement, all directors shall have the same information rights which will be
consistent with the laws of the State of Delaware.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.5.8 <U>Expenses</U>. Each member of the Board and each Board Observer shall be
entitled to reimbursement from the Company for his or her reasonable out-of-pocket expenses
(including travel) incurred in attending any meeting of the Board or any committee thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.5.9 <U>Designees</U>. No director designated by a Principal Investor or an independent
director (or alternate or observer) shall be a Restricted Person or an Affiliate of a
Restricted Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.6 <U>Committees of the Board</U>. The Company shall cause the Board to maintain the
following committees: (a)&nbsp;an executive committee (the &#147;<U>Executive Committee</U>&#148;), (b)&nbsp;an audit
committee (the &#147;<U>Audit Committee</U>&#148;), (c)&nbsp;a compensation committee (the &#147;<U>Compensation
Committee</U>&#148;), (d)&nbsp;a nominating committee (the &#147;<U>Nominating Committee</U>&#148;), (e)&nbsp;a related
party transactions committee (the &#147;<U>Related Party Transactions Committee</U>&#148;), (f)&nbsp;a management
review and succession committee (the &#147;<U>Management Review and Succession Committee</U>&#148;), (g)&nbsp;a
debt restructuring committee (the &#147;<U>Debt Committee</U>&#148;) and (h)&nbsp;any other committee as the
Board shall determine in its discretion, subject to <U>Section&nbsp;2.2.7</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.6.1 <U>Composition of Committees of the Board</U>. Each committee of the Board will be
comprised of one (1)&nbsp;director designated by each PITV Investor Group (other than Non Voting
Principal Investor Groups), except to the extent (i)&nbsp;any PITV Investor Group waives its right
to have its elected director be a member of such committee and (ii)&nbsp;that such committee is
required by Law to be comprised of only directors meeting the standard for Independence and all
directors designated by such PITV Investor Group fail to meet the standard for Independence.
In the event that any PITV Investor Group does not designate a director to a committee pursuant
to clause (ii)&nbsp;above, such PITV Investor Group shall have the right to designate an individual
to observe the meetings of such committee, which individual shall receive the same notice of
meetings and information that is received by members of such committee. The chairman of each
committee of the Board will be elected by a majority of the members of such committee. If any
PITV Investor Group does not have a representative on any of the committees listed in this
<U>Section&nbsp;2.6</U> but is entitled to Board representation at such time, such PITV Investor
Group shall have the right to designate an
observer to attend the meetings of such committee, to the extent permitted by applicable
Laws.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.6.2 <U>Executive Committee</U>. The role of the Executive Committee will be to call
Board meetings, set the agenda for such meetings, identify issues to be considered by the Board
and liaise with the Company&#146;s, and its subsidiaries&#146;, senior executive management;
<U>provided</U> that the Executive Committee shall not be delegated the power to act as the
Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.6.3 <U>Audit Committee</U>. The role of the Audit Committee will be to determine the
Company&#146;s audit policies, review audit reports and recommendations made by the Company&#146;s
internal audit staff and its independent auditors, meet with the Company&#146;s independent
auditors, oversee the independent auditors, and recommend the Company&#146;s engagement of
independent auditors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.6.4 <U>Compensation Committee</U>. The role of the Compensation Committee will be to
determine the compensation of all senior employees, directors and consultants of the Company
(including salary, bonus, equity participation and benefits) consistent with compensation of
companies similar to the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.6.5 <U>Nominating Committee</U>. The role of the Nominating Committee shall be to
search for, identify, interview and nominate directors meeting the standard for Independence to
serve as members of the Board pursuant to <U>Sections&nbsp;2.5.1(iv)</U>, <U>2.5.2(iii)(b)</U> and
<U>2.5.3(ii)</U>; <U>provided</U> that the Nominating Committee shall not be delegated the
power to act as the Board. All independent directors recommended by the Nominating Committee
must meet the standard for Independence. The PITV Investors shall each be permitted to
recommend independent director candidates to the Nominating Committee and to interview such
candidates. In addition, and subject to applicable Laws, in the event the position of the
Company&#146;s Chief Executive Officer becomes vacant for any reason, the role of a sub-committee of
the Nominating Committee, comprised of two (2)&nbsp;directors designated by the Majority Voting
Principal Investors and one (1)&nbsp;director designated by Televisa, shall be to search for,
identify, interview and recommend to the Board one or more persons (including candidates that
are employees of the Company at such time) to serve as the Company&#146;s Chief Executive Officer;
<U>provided</U> that such sub-committee of the Nominating Committee shall not be delegated the
power to act as the Board. Except for directors designated pursuant to <U>Sections
2.5.1(iv)</U>, <U>2.5.2</U> and <U>2.5.3</U> and subject to applicable Law, no nominee for
director or candidate for Chief Executive Officer shall be eligible for election to such
position unless recommended to the Board by the Nominating Committee. The Nominating Committee
will be comprised of not less than three (3)&nbsp;members, and Televisa shall be entitled to
designate one (1), but not more than one (1), director as a member of the Nominating Committee.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.6.6 <U>Related Party Transactions Committee</U>. The role of the Related Party
Transactions Committee shall be to evaluate and approve any agreement, arrangement, transaction
or series of agreements, arrangements or transactions between the Company or its subsidiaries,
on the one hand, and a Related Party, on the other hand (but not including any such agreement
or arrangement relating to (i)&nbsp;the Saban Arrangements as in effect on the date hereof (without
giving effect to any future amendments), (ii)&nbsp;employment, compensation or
other incentive arrangements with the employees of the Company or its subsidiaries (other
than any partner, principal, employee or Affiliate of a Principal Investor, which, as of the
Televisa Closing, includes the Chairman), or (iii)&nbsp;advertising sales in the ordinary course of
business of the Company or its subsidiaries) that is reasonably expected to involve the
expenditure or receipt of $500,000 or more in any twelve-month period, that is for consulting,
management or advisory services, or that relates to the licensing, acquisition or provision of
programming to the Company or its subsidiaries (collectively, a &#147;<U>Related Party
Transaction</U>&#148;); <U>provided</U>, that the approval of the Related Party Transactions
Committee shall not be required pursuant to this <U>Section&nbsp;2.6.6</U> for any agreement,
arrangement, action or transaction to the extent that such agreement, arrangement or
transaction is entered into in order to effectuate the Transfer of Shares pursuant to a
Compliant Change of Control Transaction or otherwise effectuate a Compliant Change of Control
Transaction. Each Related Party Transaction shall be subject to the approval of a majority
vote of the Related Party Transactions Committee. The Company shall not enter into a Related
Party Transaction that is not approved by the Related Party Transactions Committee, and any
transaction entered into without such approval shall be void. In the event the vote of the
Related Party Transactions Committee is required with respect to any Related Party Transaction,
the designee of the PITV Investor affiliated with the Related Party that will be a party to
such agreement, arrangement or transaction shall not participate in any portion of the meeting
of the Related Party Transactions Committee during which such agreement, arrangement or
transaction will be discussed, shall not vote on such agreement, arrangement or transaction and
shall recuse themselves, or be recused as described herein, from such portions of such
meetings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.6.7 <U>Management Review and Succession Committee</U>. The role of the Management
Review and Succession Committee shall be to undertake periodic reviews and evaluations of
senior executives of the Company and its Subsidiaries and to develop, as necessary, succession
plans with respect to such senior executive positions in the event of any vacancies in such
positions (subject to the responsibilities of the Nominating Committee with respect to the
appointment of nominees for the position of Chief Executive Officer as set forth in <U>Section
2.6.5</U>).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.6.8 <U>Debt Committee</U>. The role of the Debt Committee shall be to review and
evaluate from time to time the Company&#146;s Indebtedness and possible restructurings of
Indebtedness and to make recommendations to the Board with respect thereto.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">2.7 <U>Meetings; Notice; Quorum; Decisions</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.7.1 The Board shall hold no less than one (1)&nbsp;meeting per fiscal quarter. Regular
meetings of the Board and committees thereof shall be held at such times and places as the
Board shall from time to time by resolution determine. Each PITV Investor shall have the right
to call a special meeting of the Board. At least fifteen (15)&nbsp;Business Days&#146; notice must be
given of regular meetings of the Board even if such meetings are held at times and places fixed
by resolution of the Board and committees thereof, as applicable. A notice of the place, date
and time and the purpose or purposes of each special meeting of the Board shall be given to
each director by mailing, via regular U.S. mail, overnight delivery or facsimile, at least 48
hours before such special meeting, or by telephoning or emailing the same or by
delivering the same personally not later than 48 hours before the day of the meeting
(&#147;<U>Special Meeting Notice</U>&#148;). Within 48 hours from receipt of the applicable Special
Meeting Notice, one or more Televisa Board Designees may notify the chairman of the Board that
he or she cannot attend such scheduled meeting, and in such event such meeting will be
postponed to a subsequent date (which, unless otherwise agreed by Televisa, shall be at least
48 hours after such notification). The special meeting of the Board shall be held on such
subsequent date, whether or not any of the Televisa Board Designees can attend the special
meeting on such date. Except for the first sentence, the provisions of this <U>Section
2.7.1</U> shall apply equally to committee meetings. For the avoidance of doubt, in no event
shall the Televisa Board Designees have the right to postpone any proposed special meeting of
the Board more than once as a result of any of the Televisa Board Designees&#146; inability to
attend such special meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.7.2 At each meeting of the Board (or committee thereof) at which a quorum is present,
each director shall be entitled to one vote on each matter to be voted on at such meeting. A
majority of the Board (or committee thereof) shall constitute a quorum. Except as may be
otherwise required by Law or the Transaction Agreements, when a quorum is present at any
meeting, the vote of a majority of the directors present shall be the act of the Board (or
committee thereof). All directors may attend meetings of the Board or committee thereof
telephonically if they cannot appear in person. Prior to an Initial Public Offering (and
thereafter if permitted by applicable Law and/or stock exchange rules), each PITV Investor
shall have the right to appoint alternate directors to stand in the place of any of its
designated directors in the event such designated directors cannot attend a meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.8 <U>BMPH and Univision Directors</U>. The Company will cause the boards of directors of
BMPH and Univision to consist at all times of the same members as the Board of the Company at such
time; <U>provided</U>, that a PITV Investor Group may, by notice to the Company and the other PITV
Investor Groups, have a different person serve as a director of BMPH and/or Univision than such
PITV Investor Group elected to the Board. Each of BMPH and Univision shall, and the Company shall
cause the board of directors of each of BMPH and Univision to, maintain at all times such
committees as the Company at such time, with the same member composition; <U>provided</U>, that a
PITV Investor Group may, by notice to the Company and the other PITV Investor Groups, have a
different person serve on a committee of BMPH or Univision than serves on the corresponding
committee for the Company. Any rights of Televisa and the Majority Televisa Investors under
<U>Section&nbsp;2.4</U> of this Agreement, Section&nbsp;4.4.3 of the Company&#146;s certificate of incorporation,
or Section&nbsp;17.1 of the Program License Agreement, shall apply to actions by any subsidiary of the
Company.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.9 <U>Further Assurances</U>. The Company will not, and will cause its subsidiaries not to,
give effect to any action by any PITV Investor or any other Person which is in contravention of
this <U>Section&nbsp;2</U>. Subject to rights of Televisa and the Majority Televisa Investors under
<U>Section&nbsp;2.4</U> of this Agreement, Section&nbsp;4.4.3 of the Company&#146;s certificate of incorporation,
and Section&nbsp;17.1 of the Program License Agreement, in connection with any vote or action of the
stockholders of the Company or any subsidiary thereof relating to any matter requiring consent as
specified in <U>Sections&nbsp;2.1</U>, <U>2.2</U>, <U>2.3</U> or <U>2.4</U>, each PITV Investor
agrees, with respect to any voting securities beneficially owned by such PITV Investor with respect
to which it has the power to
vote, (a)&nbsp;to vote against (and not act in any manner, including by way of a written consent,
to approve) such matter if such matter was subject to and has failed to receive any of the required
approvals of the Majority PITV Investors, the Majority Principal Investors, the Majority Voting
Principal Investors, the Board, the PITV Investor Majority, the Principal Investors, and/or the
Televisa Investors, as applicable, in accordance with the Transaction Agreements and to take or
cause to be taken all other reasonable actions, to the extent permitted by law, to prevent the
taking of any action by the Company and any subsidiary thereof with respect to a matter unless such
matter was subject to and has received all required approvals of the Majority PITV Investors, the
Majority Principal Investors, the Majority Voting Principal Investors, the Board, the PITV Investor
Majority, the Principal Investors, and/or the Televisa Investors, as applicable, in accordance with
the Transaction Agreements and (b)&nbsp;to vote in favor of such matter if such matter was subject to
and has received all required approvals of the Majority PITV Investors, the Majority Principal
Investors, the Majority Voting Principal Investors, the Board, the PITV Investor Majority, the
Principal Investors, and/or the Televisa Investors, as applicable, in accordance with the
Transaction Agreements and to take or cause to be taken all other reasonable actions, to the extent
permitted by law, to cause the taking of all actions by the Company and any subsidiary thereof with
respect to a matter which has received all required approvals of the Majority PITV Investors, the
Majority Principal Investors, the Majority Voting Principal Investors, the Board, the PITV Investor
Majority, the Principal Investors, and/or the Televisa Investors, as applicable, in accordance with
the Transaction Agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.10 <U>Period</U>. Each of the foregoing provisions of this <U>Section&nbsp;2</U> shall survive
the Initial Public Offering and a Change of Control and with respect to any particular provision,
shall survive until the last date permitted by applicable Law or any earlier date expressly
specified in this <U>Section&nbsp;2</U>. In the event a Televisa Sell-Down occurs prior to there being
no Principal Investors remaining as parties to this Agreement, the Principal Investors hereby agree
that certain sections in this <U>Section&nbsp;2</U> shall be amended or replaced as follows:
<U>Section&nbsp;2.1</U> herein shall be replaced in its entirety by Section&nbsp;2.1 in the 2007 Principal
Investor Agreement, <U>Section&nbsp;2.2</U> herein shall be replaced in its entirety by Section&nbsp;2.2 in
the 2007 Principal Investor Agreement, and <U>Section&nbsp;2.3</U> herein shall be replaced in its
entirety by Section&nbsp;2.3 in the 2007 Principal Investor Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.11 <U>Proxies</U>. Each Principal Investor agrees that it shall not vote the Shares of any
other Principal Investor pursuant to the proxies granted under Sections&nbsp;2.1 and 2.2 of the
Stockholders Agreement in any manner inconsistent with this Agreement, the Participation,
Registration Rights and Coordination Agreement or the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.12 <U>Service, Consulting, Management and Advisory Agreements</U>. Notwithstanding
anything to the contrary contained herein, the Company shall not, and shall cause its subsidiaries
not to, without the affirmative vote or prior written approval of Televisa, enter into, modify or
amend, extend, or waive any rights under any agreement, arrangement or transaction between the
Company or any of its subsidiaries, on the one hand, and any Principal Investor and/or its
Affiliates, on the other hand, relating to consulting, management or advisory services.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>3.&nbsp;TRANSFER RESTRICTIONS</B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.1 <U>PITV Investors Permitted Transferees</U>. Any Permitted Transferee receiving Shares
from a PITV Investor in a Transfer pursuant to Section&nbsp;3.1.1, 3.1.4(b) or 3.1.5 of the Stockholders
Agreement shall be subject to the terms and conditions of, and be entitled to enforce, this
Agreement to the same extent, and in the same capacity, as the PITV Investor that Transfers the
Shares to such Permitted Transferee as if such Permitted Transferee were such PITV Investor. Prior
to the initial Transfer of any Shares to any Permitted Transferee pursuant to Section&nbsp;3.1.1,
3.1.4(b) or 3.1.5 of the Stockholders Agreement, and as a condition thereto, each holder of Shares
effecting such Transfer shall (a)&nbsp;cause such Permitted Transferee to deliver to the Company and
each of the PITV Investors (other than the transferor) its written agreement, in form and substance
reasonably satisfactory to the Company, to be bound by the terms and conditions of this Agreement
to the extent described in the preceding sentence and (b)&nbsp;remain directly liable for the
performance by the Permitted Transferee of all obligations of such Permitted Transferee under this
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.2 <U>Transfer by Principal Investors and Principal Investor Groups</U>. Subject to any
applicable provisions of the Charter, the certificate of incorporation or similar organizational
documents of subsidiaries of the Company, this Agreement and Sections&nbsp;4.7, 4.8 and 4.9 of the
Stockholders Agreement, each PITV Investor agrees and acknowledges hereby that each Principal
Investor&#146;s and each Principal Investor Group&#146;s individual and collective rights in their capacity
as such under any and all of the applicable Transaction Agreements (other than the Investment
Agreement) (including such rights pursuant to Sections&nbsp;2.1, 2.2, 2.3, 2.5 and 2.6 hereof, but
excluding the rights retained by any such transferor as an &#147;Other Holder&#148; under the Stockholders
Agreement (including under Section&nbsp;4.1 thereof) and as an &#147;Other Investor&#148; under the Participation,
Registration Rights and Coordination Agreement, in each case, by virtue of any Shares retained by
such transferor), (i)&nbsp;shall be fully transferred by such Principal Investors and Principal Investor
Groups to such Purchaser of Control in connection with a Compliant Change of Control Transaction
with the result that the Purchaser of Control will become and have all the rights of the Principal
Investors and Principal Investor Groups, and the rights so transferred shall not be retained by or
shared with the transferors, <U>provided</U> that such Purchaser of Control agrees to assume all
of the Principal Investors&#146; and Principal Investor Groups&#146; obligations hereunder and under any and
all applicable Transaction Agreements (but excluding the obligations that continue to be imposed on
any such transferor as an Other Holder under the Stockholders Agreement and/or as an Other Investor
under the Participation, Registration Rights and Coordination Agreement, by virtue of any Shares
retained by such transferor), in each case, to the same extent as the transferor was bound, and the
transferor remains bound as an Other Holder under the Stockholders Agreement and as an Other
Investor under the Participation, Registration Rights and Coordination Agreement to the extent it
owns any Shares following such Compliant Change of Control Transaction, (ii)&nbsp;such transfer of
rights to and assumption of obligations by the Purchaser of Control shall not in itself require any
Televisa Investor&#146;s approval hereunder or under any of the other Transaction Agreements or any
other agreement (without prejudice to any approvals expressly required for or in connection with,
or other rights expressly provided with respect to, the Compliant Change of Control Transaction,
the Change of
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Control Procedures and other applicable provisions of the Transaction Documents), and
(iii)&nbsp;any Purchaser of Control can thereafter transfer all such rights (other than rights that it elects
to terminate) and all such obligations to any subsequent Purchaser of Control in connection with a
Compliant Change of Control Transaction; <U>provided</U> that none of the rights so transferred
shall be retained by or shared with the transferor Purchaser of Control and such subsequent
Purchaser of Control shall assume all of the Principal Investor Groups&#146; obligations under any and
all of the applicable Transaction Agreements (but excluding the obligations that continue to be
imposed on any transferor as an Other Holder under the Stockholders Agreement and as an Other
Investor under the Participation, Registration Rights and Coordination Agreement by virtue of any
Shares retained by such transferor), in each case, to the same extent as the transferor Purchaser
of Control was bound, and the transferor Purchaser of Control remains bound as an Other Holder
under the Stockholders Agreement and as an Other Investor under the Participation, Registration
Rights and Coordination Agreement to the extent that it owns any Shares following such Compliant
Change of Control Transaction. Notwithstanding any other provision in the Transaction Agreements
to the contrary, (x)&nbsp;the rights afforded to Principal Investors and Principal Investor Groups in
their capacity as such under this Agreement shall not terminate due to the Transfer of Shares held
by Principal Investors to a Purchaser of Control and the resulting reduction in the percentage
ownership of the Shares held by any Principal Investor shall not constitute a Principal Investor
Sell-Down for purposes of this Agreement, so long as all such rights are fully transferred to such
Purchaser of Control (and not retained by or shared with the transferors) and the obligations of
Principal Investors in their capacity as such under the Transaction Agreements are fully assumed by
such Purchaser of Control to the same extent as the transferors were bound, and (y)&nbsp;none of the
rights or obligations of any of the Principal Investors under the Service Agreements may be
assigned or transferred to, and assumed by, a Purchaser of Control (except for any rights or
obligations assigned or transferred by a Principal Investor to, or assumed by, a Purchaser of
Control who is its Affiliate).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.3 <U>Transfer Between PITV Investor Groups</U>. Except for Transfers to Televisa Investors
by Principal Investors as contemplated by the other Transaction Agreements, no PITV Investor shall
Transfer Shares to another PITV Investor who is not a Permitted Transferee without the consent of
the Majority PITV Investors; <U>provided</U>, that for purposes of calculating the Majority PITV
Investors for this <U>Section&nbsp;3.3</U> only, the PITV Investors Groups of which the PITV Investors
who are the prospective transferor and transferee shall be disregarded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>4.&nbsp;COVENANTS</B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.1 <U>Annual Budget</U>. Subject to <U>Section&nbsp;4.4</U>, the Company will furnish each PITV
Investor Group with a proposed annual operating budget for the Company and its subsidiaries, as
well as any proposed material modifications to such budget or notice of any proposed action that is
or would be reasonably likely to result in material variance therefrom.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.2 <U>Directors&#146; and Officers&#146; Insurance</U>. The Company shall purchase, prior to the
Televisa Closing, and maintain for such periods as the Board shall in good faith determine
(<U>provided</U> that such period shall not be less than six (6)&nbsp;years following cessation of
service), at its expense, insurance in an amount determined in good faith by the Board to be
appropriate (<U>provided</U> that such amount shall not be lower than $25,000,000 unless otherwise
agreed by the Majority PITV Investors), on behalf of any person who after March&nbsp;29, 2007 is or was
a director
or officer of the Company, or is or was serving at the request of the Company as a director,
officer, employee or agent of another corporation, partnership, joint venture, trust or other
enterprise, including any direct or indirect subsidiary of the Company, against any expense,
liability or loss asserted against such Person and incurred by such Person in any such capacity, or
arising out of such Person&#146;s status as such, subject to customary exclusions. The provisions of
this <U>Section&nbsp;4.2</U> shall survive any termination of this Agreement.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT THE OMITTED PORTIONS OF
THIS DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO
RULE 24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED
THE OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.3 <U>Expenses</U>. All reasonable costs and expenses incurred by any current or former
PITV Investor in (a)&nbsp;exercising or, to the extent successful, enforcing any rights afforded to such
current or former PITV Investor under this Agreement or the other Transaction Agreements, or (b)
amending, modifying, revising this Agreement or the other Transaction Agreements, shall be paid or
reimbursed by the Company. Costs and expenses subject to the preceding sentence shall include all
attorneys&#146; fees and charges and all accounting fees and charges. Notwithstanding anything to the
contrary herein, each PITV Investor shall be entitled to payment or reimbursement under this
<U>Section&nbsp;4.3</U> for so long as such PITV Investor owns Shares, irrespective of whether such
PITV Investor ceases to be a PITV Investor in accordance with the definition thereof;
<U>provided</U>, that such reimbursement shall not exceed $500,000 in the aggregate following such
time as a PITV Investor ceases to be a PITV Investor hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.4 <U>Disclosure of Confidential Information</U>. At the request of the Chief Executive
Officer, the Company&#146;s Chairman shall determine whether any information of the Company or any of
its subsidiaries should be deemed to be Confidential Information and whether any PITV Investor
should be treated as a Conflicted PITV Investor with respect thereto (other than the case in which
the Chairman is an Affiliate of such potential Conflicted PITV Investor, in which case the Chief
Executive Officer shall make such determination); <U>provided</U> that, notwithstanding the
determination of the Company&#146;s Chairman and Chief Executive Officer, a PITV Investor will not be
treated as a Conflicted PITV Investor with respect to any information if either (i)&nbsp;all of the
other PITV Investors agree that such PITV Investor is not a Conflicted PITV Investor with respect
to such information, or (ii)&nbsp;a majority of the Board of Directors agree that such PITV Investor is
not a conflicted PITV Investor with respect to such information. In the event of uncertainty as to
whether any particular information should be classified as Confidential Information, the Chairman
and Chief Executive Officer should, acting reasonably, consult with the Company&#146;s outside
competition counsel to assure the Company complies with the Company&#146;s policies and applicable
competition and antitrust Laws. The Chairman and Chief Executive Officer also should, acting
reasonably, discuss with competition counsel any practical methods to limit the amount of
Confidential Information (e.g., by consolidating information on any single competitive market with
a broad group of markets that are not competitive vis-&#224;-vis such Conflicted PITV Investor), with
the objective of providing as much meaningful information to Conflicted PITV Investors as is
practical under the circumstances and does not present a risk of violating or the appearance of
violating applicable competition or antitrust Laws. The Company, its subsidiaries, and their
respective directors, officers, employees, equity holders, agents and representatives, shall not
disclose Confidential Information with respect to which any PITV Investor has been found to be a
Conflicted PITV Investor to such Conflicted PITV Investor or any Affiliate thereof (including any
Board Observers designated by such PITV Investor). Each Conflicted PITV Investor shall cause any
member of the Board or Board Observer designated by such PITV Investor to recuse himself or herself
from any portion of a meeting of the Board regarding the applicable Confidential Information. The
PITV Investors, will use good faith efforts to conduct meetings of the Board (and its committees)
in a manner that limits the amount of time representatives of Conflicted PITV Investors are
required to be recused from the meetings. For the avoidance of doubt, Televisa Investors shall not
be deemed to be a Conflicted PITV Investor for ***-related matters (other than disputes under the
***).
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.5 <U>Company Debt</U>. Each of the PITV Investors agrees that it will not, in its capacity
as a holder of any Indebtedness (other than, in the case of Televisa Investors, the TV Debentures
or successor securities thereof) of the Company or its subsidiaries, take action that would result
in an event of default or acceleration under such Indebtedness, or initiate an involuntary
bankruptcy filing with respect to the Company or any of its subsidiaries; <U>provided</U>,
<U>however</U>, that the foregoing shall not in any respect restrict any PITV Investor&#146;s ability
to exercise its rights in the event of that the Company or any of its subsidiaries commences or
becomes subject to (voluntarily or involuntarily) any case, action or proceeding before any court
or other Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation,
receivership, dissolution, winding-up or relief of debtors or any general assignment for the
benefit of creditors, composition, marshaling of assets for creditors, or other, similar
arrangement in respect of its creditors generally or any substantial portion of its creditors, in
each case undertaken under the Laws of any jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.6 <U>13D or 13G Filing</U>. Upon the Company&#146;s Initial Public Offering, the Majority PITV
Investors may require, upon the advice of counsel that such action is legally required, that each
PITV Investor participate in, provide all information necessary for the filing of, and duly
execute, a Schedule&nbsp;13D or Schedule&nbsp;13G, as applicable, &#147;group&#148; filing (without necessarily
acknowledging that the PITV Investors are a group) pursuant to the Exchange Act and Exchange Act
Rules with respect to the agreements among the PITV Investors and each such PITV Investor&#146;s
ownership of the Company; provided that, except to the extent expressly required hereunder and by
the other Transaction Agreements, no PITV Investor will be required to act together for the purpose
of acquiring, holding, voting, disposing of or otherwise with respect to, Shares and such a
Schedule&nbsp;13D or Schedule&nbsp;13G filing shall not result in any PITV Investor being deemed to
constitute a group with any other PITV Investor(s) for any other purpose under any Transaction
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.7 <U>Representations and Warranties of the Principal Investors</U>. Except as set forth in
<U>Schedule&nbsp;4.7</U>, each Principal Investor represents and warrants (for itself, and not on
behalf of or jointly with any other Principal Investor) to Televisa, as of October&nbsp;3, 2010 and as
of the date hereof only, that:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>neither it nor any of its Affiliated Funds is party to or
is bound by any agreements with the other Principal Investor Groups
regarding the Company or its subsidiaries;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it has not Transferred any of the equity securities of
the Company or any of its Affiliates acquired at the Merger Closing and,
since the Merger Closing, has not purchased, been issued, received or
otherwise acquired any equity securities of the Company or any of its
Affiliates, in each case other than (x)&nbsp;to members of the same Principal
Investor Group as itself or (y)&nbsp;in the Recapitalization;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>except as otherwise disclosed to Televisa prior to
October&nbsp;3, 2010, neither it nor any of its Affiliated Funds owns, directly
or indirectly, any Indebtedness of the Company or its subsidiaries;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is not engaged in any negotiations or discussions to
sell all or any part of the Company or its ownership of the Company to any
party other than Televisa; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it has agreed for the benefit of the Company and the PITV
Investors that it will not be paid, and it hereby irrevocably waives any
right to payment, by the Company and its subsidiaries of any rights to or
compensation (including any transaction fees) in connection with the
Televisa Investment and any other transactions relating to subsequent
investments in the Company by Televisa expressly provided for by the
Transaction Agreements (including the Televisa Option, the Preferential
Right of First Refusal and the Preferential Participation Right) (for the
avoidance of doubt, (x)&nbsp;the PITV Investors may receive compensation pursuant
to the Service Agreements in the future in respect of securities offerings,
including Public Offerings, and acquisitions, financings and a Merger Exit,
even though Televisa has a preemptive right with respect thereto (but not
with respect to the Televisa Option, the Preferential Right of First Refusal
and the Preferential Participation Right) and (y)&nbsp;the Saban Arrangements are
not impacted by this <U>clause (v)</U>).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The representations and warranties set forth in this <U>Section&nbsp;4.7</U> shall expire on the
eighteen month anniversary of the Televisa Closing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>5.&nbsp;REMEDIES</B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.1 <U>General</U>. The parties hereto acknowledge that money damages are not an adequate
remedy for violations of this Agreement and that any party, in addition to any other rights and
remedies which the parties may have hereunder or at law or in equity, may, in his or its sole
discretion, apply to a court of competent jurisdiction for specific performance or injunction or
such other relief as such court may deem just and proper in order to enforce this Agreement or
prevent any violation hereof and, to the extent permitted by applicable Law, each party waives any
objection to the imposition of such relief. All rights, powers and remedies provided under this
Agreement or otherwise available in respect hereof at law or in equity shall be cumulative and not
alternative, and the exercise or beginning of the exercise of any thereof by any party shall not
preclude the simultaneous or later exercise of any other such rights, powers or remedies by such
party.
</DIV>
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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>6.&nbsp;LEGENDS</B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.1 <U>Restrictive Legend</U>. Each certificate representing Shares issued or transferred to
a PITV Investor shall have the following legend endorsed conspicuously thereupon:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><B>&#147;THE VOTING OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE, AND THE SALE,
ENCUMBRANCE OR OTHER DISPOSITION THEREOF, ARE SUBJECT TO THE PROVISIONS OF A
PRINCIPAL INVESTOR AGREEMENT, AS MAY BE AMENDED FROM TIME TO TIME, TO WHICH THE
ISSUER AND CERTAIN OF ITS STOCKHOLDERS ARE PARTY. SUCH AGREEMENT INCLUDES
RESTRICTIONS AND LIMITATIONS ON THE TRANSFER OF THE SECURITIES REPRESENTED BY THIS
CERTIFICATE. A COPY OF SUCH AGREEMENT MAY BE INSPECTED AT THE PRINCIPAL OFFICE OF
THE ISSUER OR OBTAINED FROM THE ISSUER WITHOUT CHARGE UPON REQUEST.&#148;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Any Person who acquires Shares which are not subject to all or part of the terms of this
Agreement shall have the right to have such legend (or the applicable portion thereof) removed from
certificates representing such Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.2 <U>Stop Transfer Instruction</U>. The Company will instruct any transfer agent not to
register the Transfer of any Shares until the conditions specified in the foregoing legend, this
Agreement, the Stockholders Agreement and the Participation, Registration Rights and Coordination
Agreement are satisfied.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.3 <U>Shares Held by Co-Investment Vehicles</U>. Each Principal Investor Group agrees to
convert any shares of Class&nbsp;A Common Stock held by the Co-Investment Vehicles of such Principal
Investor Group at any time into shares of Class&nbsp;B Common Stock upon the receipt thereof by such
Co-Investment Vehicle.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.4 <U>Shares Held by Televisa</U>. In the event any stockholder of the Company converts its
voting shares of Common Stock into non-voting shares of Common Stock, the Company shall promptly
notify Televisa of such conversion and the number of voting shares of Common Stock that is or will
be held by such stockholder and all stockholders following such conversion and shall provide the
Televisa Investors with a certificate signed by an authorized Senior Officer stating that such
conversion has occurred and the number of shares of Common Stock which have been converted and, if
actually known to the Company, the reasons for effectuating such conversion. Not later than the
fifteenth (15<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>) Business Day after the Televisa Investors receive such notice and
certificate, the Televisa Investors will convert (by delivery to the Company of (i)&nbsp;written notice
of such conversion and (ii)&nbsp;the certificate(s), duly endorsed for transfer, evidencing such shares
to be converted), and each Televisa Investor hereby authorizes the Company to convert on its
behalf, and such conversion shall be deemed to automatically have occurred, in the event it fails
to deliver to the Company within such 15 Business-Day period the items set forth in paragraphs (i)
and (ii)&nbsp;above, in accordance with the provisions of the Charter with respect to such Common Stock,
an amount of the Televisa Investors&#146; voting shares of Common Stock (pro-rata amongst
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">the
Televisa Investors, based on the number of voting shares
of Common Stock held by such Televisa Investors or as otherwise determined by Televisa) into
non-voting shares of Common Stock such that the Televisa Investors&#146; aggregate Equity Percentage
(but without regard to clause (a)&nbsp;of the definition of Equity Percentage) is no greater than the
Maximum Equity Percentage (i.e., if the Televisa Investors&#146; aggregate Equity Percentage (without
regard to clause (a)&nbsp;of the definition of Equity Percentage) is increased by the conversion by a
stockholder of the Company of its voting shares of Common Stock into non-voting shares of Common
Stock but the Televisa Investors&#146; aggregate Equity Percentage (without regard to clause (a)&nbsp;of the
definition of Equity Percentage) is as a result thereof less than or equal to the Maximum Equity
Percentage, then no conversion of any shares of Common Stock of Televisa Investors will be
required). In the event any stockholder of the Company converts its non-voting shares of Common
Stock into voting shares of Common Stock, the Company shall promptly notify the Televisa Investors
of such conversion and the number of non-voting shares of Common Stock that is or will be held by
such stockholder and all stockholders of the Company following such conversion and shall provide
the Televisa Investors with a certificate signed by an authorized Senior Officer stating that such
conversion has occurred and the number of shares of Common Stock which have been converted and, if
actually known to the Company, the reasons for effectuating such conversion. The Televisa
Investors will be permitted to convert (by delivery to the Company of (x)&nbsp;written notice of such
conversion and (y)&nbsp;the certificate(s), duly endorsed for transfer, evidencing such shares to be
converted), in accordance with the provisions of the Charter with respect to such Common Stock, an
amount of the Televisa Investors&#146; non-voting shares of Common Stock (pro-rata amongst the Televisa
Investors, based on the number of non-voting shares of Common Stock held by all Televisa Investors)
into voting shares of Common Stock up to the Maximum Equity Percentage. Notwithstanding the
foregoing, nothing contained herein shall be deemed to limit or restrict in any way the right of
the Televisa Investors, at any time and from time to time, to convert their non-voting shares of
Common Stock into voting shares of Common Stock up to the Maximum Equity Percentage. In each case,
the Company shall promptly thereafter issue and send to the applicable Televisa Investors new
certificates, registered in the name of such Televisa Investors, evidencing the applicable shares
of Common Stock into which such Televisa Investors converted their respective shares of Common
Stock. Notwithstanding the foregoing, the parties hereto agree and acknowledge that Televisa and
its Permitted Transferees shall have no obligation to procure the agreement of, or compliance by,
any Televisa Investor who is not a Permitted Transferee of Televisa and Televisa&#146;s percentage of
voting shares shall not be adversely affected as a result of such non-compliance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>7.&nbsp;AMENDMENT, TERMINATION, ETC</B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.1 <U>Oral Modifications</U>. This Agreement may not be orally amended, modified, extended
or terminated, nor shall any oral waiver of any of its terms be effective.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.2 <U>Written Modifications</U>. Subject to <U>Sections&nbsp;2.3.2</U> and <U>2.4</U> of this
Agreement, this Agreement may be amended, modified, extended, terminated or waived (an
&#147;<U>Amendment</U>&#148;), and the provisions hereof may be waived, only by an agreement in writing
signed by the Company and the Majority PITV Investors; <U>provided</U>, <U>however</U>, that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">7.2.1 (a)&nbsp;the consent of each of the Principal Investor Groups shall be required for any
Amendment of (i)&nbsp;the provisions of Sections <U>2.3.2</U>, <U>2.6.1</U> and <U>2.6.5</U> (ii)
any provision requiring unanimous consent of the Principal Investor Groups, or (iii)&nbsp;this
<U>clause (a)</U> of <U>Section&nbsp;7.2</U>; (b)&nbsp;the consent of the Televisa Investors shall be
required for any Amendment to (i)&nbsp;the provisions of <U>Sections&nbsp;2.4</U>, <U>2.5</U>,
<U>2.6</U>, <U>2.7</U>, <U>2.8</U>, <U>2.10</U>, <U>3.1</U>, <U>4.1</U>, <U>4.2</U>,
<U>4.4</U>, <U>4.5</U>, and <U>7.5</U> or (ii)&nbsp;this <U>clause (a)</U> and <U>clause
(b)</U> of <U>Section&nbsp;7.2</U> or the definitions used therein; and (c)&nbsp;the consent of each
PITV Investor or PITV Investor Group, as applicable, shall be required for any Amendment that
Discriminates against the rights of such PITV Investor or PITV Investor Group, as applicable,
as such under this Agreement as compared to the other PITV Investors or PITV Investor Groups,
as applicable. Each such Amendment shall be binding upon each party hereto and each holder of
Shares subject hereto. In addition, each party hereto and each holder of Shares subject hereto
may waive any right of such holder hereunder by an instrument in writing signed by such party
or holder. To the extent the Amendment of any Section of this Agreement would require a
specific consent pursuant to this <U>Section&nbsp;7.2</U>, any Amendment to the definitions used in
such Section as applied to such Section shall also require the same specified consent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.3 <U>Withdrawal from Agreement</U>. Any holder of Shares who ceases to be a member of a
PITV Investor Group or is not a Purchaser of Control (each such holder, a &#147;<U>Withdrawing
Holder</U>&#148;) shall cease to be a party to this Agreement and shall no longer be subject to the
obligations of this Agreement or have rights under this Agreement; <U>provided</U>,
<U>however</U>, that any such Withdrawing Holder shall retain the indemnification, contribution
and reimbursement rights pursuant to <U>Section&nbsp;9.12</U> hereof with respect to any matter that
(a)&nbsp;may be an Indemnified Liability and (b)&nbsp;occurred prior to such withdrawal. This Agreement will
stay in effect with respect to Persons other than the Withdrawing Holders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">7.4 <U>Termination; Effect of Termination</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">7.4.1 This Agreement shall terminate and, except as provided herein, be of no further
effect, at such time as there are no longer any PITV Investors. For the avoidance of doubt,
this Agreement shall remain in effect after such time as there are no longer any Principal
Investors. No termination under this Agreement shall relieve any Person of liability for
breach prior to termination. In the event this Agreement is terminated, each PITV Investor
shall retain the right to payment and reimbursement of certain expenses in accordance with
<U>Section&nbsp;4.3</U> and (b)&nbsp;the indemnification, contribution and reimbursement rights pursuant
to <U>Section&nbsp;9.12</U> hereof with respect to any matter that (i)&nbsp;may be an Indemnified
Liability and (ii)&nbsp;occurred prior to such termination. In addition, the obligations of the
Company to maintain insurance pursuant to <U>Section&nbsp;4.2</U> hereof shall survive such
termination.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">7.5 <U>Federal Communications Laws and Antitrust Laws</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">7.5.1 In the event that the Voting Principal Investors, after consultation with Company
counsel and a Non Voting Principal Investor&#146;s counsel (so long as such counsel is appointed
promptly upon request by the Majority Voting Principal Investors), reasonably determine in good
faith that one or more provisions of this Agreement relating to the rights of Non Voting
Principal Investors in view of (i)&nbsp;an adverse Governmental
Authority&#146;s decision, order, written notice or ruling directed against the Company, a
subsidiary thereof or such Non Voting Principal Investor, or (ii)&nbsp;a change in, modification,
amendment or enactment of, applicable Governmental Authority&#146;s laws, regulations, rules,
decisions, orders, written notices, rulings, precedents or policies, are reasonably likely to
cause or result in a violation of one or more Federal Communications Laws, the Voting Principal
Investors, by unanimous vote, in the exercise of their reasonable good faith judgment, (A)&nbsp;in
the case of an adverse Governmental Authority&#146;s decision, order, written notice or ruling
described in clause (i)&nbsp;above shall, and (B)&nbsp;otherwise, may, amend, modify and/or supplement
the provisions of this Agreement (including by way of adding new provisions) to the extent
deemed necessary in the good faith judgment of the Voting Principal Investors (by unanimous
vote) to prevent or cure any such violations, but in any case not in a manner that adversely
affects any Televisa Investor or its rights or obligations under any Transaction Agreement.
For the avoidance of doubt, restrictions imposed on the exercise of equityholders&#146; rights under
Federal Communications Laws involving a general analysis of facts and circumstances rather than
the promulgation of rules of general applicability will not be dispositive of whether the
rights granted hereunder will or will not violate such Laws, but will be considered in
conjunction with all facts and circumstances related to the Company&#146;s compliance with such
Laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">7.5.2 In the event that the Non Conflicted Principal Investors, after consultation with
Company counsel and a Conflicted Principal Investor&#146;s counsel (so long as such counsel is
appointed promptly upon request by the Majority Non Conflicted Principal Investors), reasonably
determine in good faith that one or more provisions of this Agreement relating to the rights of
Conflicted Principal Investors in view of (i)&nbsp;an adverse Governmental Authority&#146;s decision,
order, written notice or ruling directed against the Company, a subsidiary thereof or such
Conflicted Principal Investor, or (ii)&nbsp;a change in, modification, amendment or enactment of,
applicable Governmental Authority&#146;s laws, regulations, rules, decisions, orders, written
notices, rulings, precedents or policies, are reasonably likely to cause or result in a
violation of one or more Antitrust Laws, the Non Conflicted Principal Investors, by unanimous
vote, in the exercise of their reasonable good faith judgment, (A)&nbsp;in the case of an adverse
Governmental Authority&#146;s decision, order, written notice or ruling described in clause (i)
above shall, and (B)&nbsp;otherwise, may, amend, modify and/or supplement the provisions of this
Agreement (including by way of adding new provisions) to the extent deemed necessary in the
good faith judgment of the Non Conflicted Principal Investors (by unanimous vote) to prevent or
cure any such violations, but in any case not in a manner that adversely affects any Televisa
Investor or its rights or obligations under any Transaction Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">7.5.3 In the event a Non Voting Principal Investor, after consultation with Company
counsel, determines that one or more provisions of this Agreement relating to the rights of
Voting Principal Investors can lawfully be held or exercised by Non Voting Principal Investors
due to modifications in applicable Federal Communications Laws, the parties to this Agreement
shall negotiate in good faith, and in consultation with Company counsel, to amend, modify
and/or supplement the provisions hereto as is appropriate to permit such right to be held or
exercised, but in any case not in a manner that adversely affects any Televisa
Investor or its rights or obligations under any Transaction Agreement; <U>provided</U>
that no such amendment, modification and/or supplement shall be made without the unanimous
consent of all Voting Principal Investors.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">7.5.4 In the event a Conflicted Principal Investor, after consultation with Company
counsel, determines that one or more provisions of this Agreement relating to the rights of Non
Conflicted Principal Investors can lawfully be held or exercised by Conflicted Principal
Investors due to modifications in applicable Antitrust Laws, the parties to this Agreement
shall negotiate in good faith, and in consultation with Company counsel, to amend, modify
and/or supplement the provisions hereto as is appropriate to permit such right to be held or
exercised, but in any case not in a manner that adversely affects any Televisa Investor or its
rights or obligations under any Transaction Agreement; <U>provided</U> that no such amendment,
modification and/or supplement shall be made without the unanimous consent of all Non
Conflicted Principal Investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">7.5.5 Any PITV Investor may, from time to time and at any time, waive, permanently or
temporarily, any of its rights under this Agreement upon a written notice to the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">7.5.6 The parties hereto agree to use their respective commercially reasonable efforts to
execute and deliver such documents and other information and make such filings with
Governmental Authorities as may be required to permit a Voting Principal Investor to become a
Non Voting Principal Investor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>8.&nbsp;DEFINITIONS</B>. For purposes of this Agreement:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.1 <U>Certain Matters of Construction</U>. In addition to the definitions referred to or
set forth below in this <U>Section&nbsp;8</U>:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The words &#147;hereof&#146;, &#147;herein&#148;, &#147;hereunder&#148; and words of
similar import shall refer to this Agreement as a whole and not to any
particular Section or provision of this Agreement, and reference to a
particular Section of this Agreement shall include all subsections thereof;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The word &#147;including&#148; shall mean including, without
limitation;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Definitions shall be equally applicable to both nouns
and verbs and the singular and plural forms of the terms defined;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The masculine, feminine and neuter genders shall each
include the other;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the avoidance of doubt, unless otherwise specified,
the term &#147;outstanding,&#148; as used in this Agreement in reference to capital
stock, shall not include Convertible Securities or shares issuable upon
conversion, exchange or exercise thereof, and as used in this Agreement
in reference to Convertible Securities, shall mean Convertible Securities
that are outstanding (without giving effect to the conversion, exchange or
exercise of such Convertible Securities); and</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the avoidance of doubt, &#147;fully diluted&#148; as used in
this Agreement in reference to capital stock, shall mean after giving effect
to the conversion, exchange or exercise of all outstanding Convertible
Securities.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">8.2 <U>Definitions</U>. The following terms shall have the following meanings:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>2007 Equity Incentive Plan</U>&#148; shall mean the Broadcasting Media Partners, Inc. 2007
Equity Incentive Plan, effective as of March&nbsp;27, 2007, as amended from time to time, or any
successor or additional Company management equity incentive plan approved by the Company&#146;s Board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>2007 Principal Investor Agreement</U>&#148; shall have the meaning set forth in the Recitals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>2010 Equity Incentive Plan</U>&#148; shall mean the Broadcasting Media Partners, Inc. Equity
Incentive Plan, effective as of the date hereof, as amended from time to time, or any successor or
additional Company management equity incentive plan approved by the Board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>2010 Principal Investor Agreement</U>&#148; shall have the meaning set forth in the Recitals.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Acquisition Holdco</U>&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Acquisition Sub</U>&#148; shall have the meaning set forth in the Recitals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Acquisition Target</U>&#148; shall mean any one or more assets (including any equity interests
in any Person) or businesses that the Company or any subsidiary thereof intends to purchase, rent,
lease in, license in, exchange or otherwise acquire; <U>provided</U>, that the management of the
Company or any subsidiary thereof shall have notified the Board of such intention in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Affiliate</U>&#148; shall mean, with respect to any specified Person, any other Person which
directly or indirectly through one or more intermediaries controls, or is controlled by, or is
under common control with, such specified Person; <U>provided</U>, <U>however</U>, that neither
the Company nor any of its subsidiaries shall be deemed an Affiliate of any of the Stockholders
(and vice versa), and, in addition, such specified Person&#146;s Affiliates shall also include, (a)&nbsp;if
such specified Person is a private equity investment fund, any other private equity investment fund
the primary investment advisor to which is the primary investment advisor to such specified Person
or an Affiliate thereof and (b)&nbsp;if such specified Person is a natural Person, any Family Member of
such natural Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Affiliated Fund</U>&#148; shall mean, with respect to any specified Person, a private equity
investment fund that is an Affiliate of such Person or that is advised by the same investment
adviser as such Person or by an Affiliate of such investment adviser.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Agreement</U>&#148; shall have the meaning set forth in the Preamble, as amended from time to
time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Amendment</U>&#148; shall have the meaning set forth in <U>Section&nbsp;7.2</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Antitrust Laws</U>&#148; shall mean any federal, foreign or state law now or hereafter in
effect (and any regulation thereunder), including the Sherman Act, the Clayton Act and the
Hart-Scott-Rodino Act, in each case as amended, and regulations or policies promulgated thereunder,
pertaining to antitrust, competition or fair trade matters.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Audit Committee</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.6</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Bankruptcy Code</U>&#148; shall mean Chapter&nbsp;11 of Title 11 of the United States Code, as
amended from time to time and any successor statute and all rules and regulations promulgated
thereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>BMPH</U>&#148; shall have the meaning set forth in the Preamble.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>BMPS1</U>&#148; shall mean BMPI Services, LLC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>BMPS1 LLC Agreement</U>&#148; shall mean the Amended and Restated Limited Liability Company
Agreement of BMPS1, dated as of January&nbsp;29, 2008, as amended from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>BMPS2</U>&#148; shall have the meaning set forth in the Recitals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>BMPS2 LLC Agreement</U>&#148; shall mean the Amended and Restated Limited Liability Company
Agreement of BMPS2, dated as of the date hereof, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>BOFAS</U>&#148; shall have the meaning set forth in the definition of &#147;<U>Existing Debt
Documents</U>.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Board</U>&#148; shall mean the board of directors of the Company or any authorized committee
thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Board Nominee</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.5.2(ii)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Board Observer</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.5.4</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Board Seat Assignee</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.5.3(i)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Business</U>&#148; shall mean the business of the Company and its subsidiaries conducted at
any given time or which the Board has authorized the Company to develop or pursue (by acquisition
or otherwise), which currently consist of (primarily but not necessarily exclusively)
Spanish-language media in the U.S., including Spanish-language television broadcast networks,
Spanish-language radio broadcast networks, ownership and operation of Spanish-language television
and radio stations and Spanish-language Internet portals.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Business Day</U>&#148; shall mean any day that is not a Saturday, a Sunday or other day on
which banks are required or authorized by Law to be closed in the City of New York or Mexico.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Chairman</U>&#148; shall mean the Chairman of the Board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Change of Control</U>&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Change of Control Procedures</U>&#148; shall have the meaning set forth in the Stockholders
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Charter</U>&#148; shall mean the Amended and Restated Certificate of Incorporation of the
Company, as filed with the Delaware Secretary of State, on the date hereof, as may thereafter be
amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Class&nbsp;A Common Stock</U>&#148; shall mean the voting Class&nbsp;A Common Stock, par value $.001 per
share, of the Company and shall include any shares of common stock issued in exchange for or in
consideration of (including shares of common stock of the surviving company in connection with a
merger or similar business combination) or in substitution for the Class&nbsp;A Common Stock, including
shares of common stock issued upon an Initial Public Offering in exchange for or in substitution
for such Class&nbsp;A Common Stock, or as such shares of Class&nbsp;A Common Stock may be reclassified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Class&nbsp;B Common Stock</U>&#148; shall mean the nonvoting Class&nbsp;B Common Stock, par value $.001
per share, of the Company and shall include any shares of common stock issued in exchange for or in
consideration of (including shares of common stock of the surviving company in connection with a
merger or similar business combination) or in substitution for the Class&nbsp;B Common Stock, including
shares of common stock issued upon an Initial Public Offering in exchange for or in substitution
for such Class&nbsp;B Common Stock, or as such shares of Class&nbsp;B Common Stock may be reclassified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Class&nbsp;C Common Stock</U>&#148; shall mean the voting Class&nbsp;C Common Stock, par value $.001 per
share, of the Company and shall include any shares of common stock issued in exchange for or in
consideration of (including shares of common stock of the surviving company in connection with a
merger or similar business combination) or in substitution for the Class&nbsp;C Common Stock, or as such
shares of Class&nbsp;C Common Stock may be reclassified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Class&nbsp;D Common Stock</U>&#148; shall mean the nonvoting Class&nbsp;D Common Stock, par value $.001
per share, of the Company and shall include any shares of common stock issued in exchange for or in
consideration of (including shares of common stock of the surviving company in connection with a
merger or similar business combination) or in substitution for the Class&nbsp;D Common Stock, or as such
shares of Class&nbsp;D Common Stock may be reclassified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Co-Investment Vehicle</U>&#148; shall mean any one of (a)&nbsp;the MDP Co-Investment Vehicles,
collectively, (b)&nbsp;the PEP Co-Investment Vehicles, collectively, (c)&nbsp;the THL Co-Investment Vehicles,
collectively, and (d)&nbsp;the TPG Co-Investment Vehicles, collectively.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT THE OMITTED PORTIONS OF THIS
DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Commercial Agreements</U>&#148; shall mean the Program License Agreement (and all agreements
ancillary thereto for programming rights granted to the Company), the Second Program License
Agreement, the IPRA Amendment, the Sales Agency Agreement and the Mexico License Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Common Stock</U>&#148; shall mean the common stock of the Company, including the Class&nbsp;A
Common Stock, the Class&nbsp;B Common Stock, the Class&nbsp;C Common Stock and the Class&nbsp;D Common Stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Company</U>&#148; shall have the meaning set forth in the Preamble.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Compensation Committee</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.6</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Competitor</U>&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Compliant Change of Control Transaction</U>&#148; shall have the meaning set forth in the
Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Confidential Information</U>&#148; shall mean, without limitation to any provision of the
Stockholders Agreement, any confidential or proprietary information or other competitively
sensitive information, including information regarding strategic plans, sales, marketing, talent
contracts, acquisition targets, and current or future pricing obtained from the Company or any
subsidiary thereof, unless such confidential information (a)&nbsp;is known or becomes known to the
public in general (other than as a result of a breach of this Agreement or the divulging Persons&#146;
contractual or fiduciary obligations to the Company), (b)&nbsp;is or has been independently developed or
conceived by the party holding such information without use of the Company&#146;s or its subsidiaries&#146;
Confidential Information, or (c)&nbsp;is or has been made known or disclosed to the party holding such
information by a third party without a breach of any obligation of confidentiality such third party
may have to the Company or any of its subsidiaries that is known to such party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Conflicted PITV Investor</U>&#148; shall mean as of any applicable time, with respect to any
Confidential Information of the Company or its subsidiaries relating to, or that would be
reasonably likely to affect, any portion of the Business (including an Acquisition Target or its
acquisition by the Company or any subsidiary thereof), any PITV Investor or an Affiliate thereof,
which has a material conflict of interest to which such Confidential Information is reasonably
directly related. For the purpose of this definition, the ownership by a PITV Investor alone or
together with its Affiliates of less than *** of each class of the voting securities of a
Competitor *** shall not alone result in the PITV Investor being deemed to be a Conflicted PITV
Investor pursuant to the preceding sentence. If any member of a PITV Investor Group or any of its
Affiliates is a Conflicted PITV Investor, the Principal Investor Group of which it is a member
shall also be a &#147;<U>Conflicted PITV Investor</U>.&#148; For the avoidance of doubt, the Televisa
Investors shall not be deemed to be a Conflicted PITV Investor solely as a result of discussions by
the Board or a committee thereof or information related to (i)&nbsp;the *** (other than disputes under
any such agreement) or (ii)&nbsp;compliance with Federal Communications Laws.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Conflicted Principal Investor</U>&#148; shall mean any Principal Investor who is a Conflicted
PITV Investor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Contract</U>&#148; shall mean any note, bond, mortgage, indenture, loan or credit agreement,
or any other contract, agreement, lease, license, deed of trust, permit, franchise or other
instrument or obligation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>control</U>&#148; (including, with correlative meanings, the terms &#147;controlling,&#148; &#147;controlled
by&#148; and &#147;under common control with&#148;), as used with respect to any Person, shall mean the
possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of such Person, whether through the ownership of voting securities, by agreement or
otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Convertible Securities</U>&#148; shall mean any evidence of indebtedness (including the TV
Debentures), shares of stock, options, warrants (including the TV Warrants) or other securities
which are directly or indirectly convertible into or exchangeable or exercisable for shares of
Common Stock, including any options and warrants; provided that the Preferential Rights shall not
be deemed to be Convertible Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Covered Matters</U>&#148; shall have the meaning set forth in <U>Section&nbsp;10.1</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>DBSI</U>&#148; shall have the meaning set forth in the definition of &#147;<U>Existing Debt
Documents</U>.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Debt Committee</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.6</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>DMA</U>&#148; shall mean designated market areas as defined from time to time by Nielsen Media
Research Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Discriminate(s)</U>&#148; and &#147;<U>Discrimination</U>&#148; shall mean, with respect to a specified
Person, to discriminate against such specified Person as compared to other applicable parties in a
manner that is, or is reasonably expected to be, (a)&nbsp;with respect to all Persons other than the
Televisa Investors, materially and disproportionately adverse to such specified Person and, (b)
with respect to any Televisa Investor, disproportionately adverse to such Televisa Investor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Equity Incentive Plans</U>&#148; shall mean the 2007 Equity Incentive Plan and the 2010 Equity
Incentive Plan, collectively.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Equity Percentage</U>&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Exchange Act</U>&#148; shall mean the Securities Exchange Act of 1934 and the rules and
regulations promulgated thereunder, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Exchange Act Rules</U>&#148; shall mean the rules adopted by the Securities and Exchange
Commission under the Exchange Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Executive Committee</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.6</U>.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Existing Debt Documents</U>&#148; shall mean (i)&nbsp;that certain Credit Agreement dated as of
March&nbsp;29, 2007 by and among Univision, Univision of Puerto Rico Inc., the lenders party thereto,
and Deutsche Bank AG New York Branch, as Administrative Agent and First-Lien Collateral Agent for
the First-Lien Lenders and as Administrative Agent and Second-Lien Collateral Agent for the
Second-Lien Lenders, Deutsche Bank Securities Inc. (&#147;<U>DBSI</U>&#148;) and Banc Of America Securities
LLC (&#147;<U>BOFAS</U>&#148;), as Joint Lead Arrangers for the First-Lien Facilities, DBSI and Credit
Suisse, as Joint Lead Arrangers for the Second-Lien Facility, BOFAS, as documentation agent, and
Credit Suisse, Cayman Islands Branch, Wachovia Bank, National Association, The Royal Bank Of
Scotland, PLC and Lehman Brothers Inc., as joint syndication agents, as amended on June&nbsp;19, 2009
and October&nbsp;26, 2010, and as further amended from time to time, the outstanding 7.85% Univision
Senior Notes due on July&nbsp;15, 2011, (iii)&nbsp;the outstanding 9.75%/10.50% Univision Senior Notes due on
March&nbsp;15, 2015, (iv)&nbsp;the outstanding 12.00% Univision Senior Secured Notes due July&nbsp;1, 2014, (v)
the outstanding 7.875% Univision Senior Secured Notes due on November&nbsp;1, 2020 and (vi)&nbsp;the
outstanding 8.5% Univision Senior Unsecured Notes due on May&nbsp;15, 2021.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Family Member</U>&#148; shall mean, with respect to any natural Person, (a)&nbsp;any lineal
descendant or ancestor or sibling (by birth or adoption) of such natural Person, (b)&nbsp;any spouse or
former spouse of any of the foregoing, (c)&nbsp;any legal representative or estate of any of the
foregoing, or the ultimate beneficiaries of the estate of any of the foregoing, if deceased and (d)
any trust or other bona fide estate-planning vehicle the only beneficiaries of which are any of the
foregoing Persons described in clauses (a)&nbsp;through (c)&nbsp;above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>FCC</U>&#148; shall mean the United States Federal Communications Commission or any successor
entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Federal Communications Laws</U>&#148; shall mean the Communications Act of 1934, as amended,
and any successor statute thereto, and the rules, regulations and policies promulgated by the FCC
thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>GAAP</U>&#148; shall mean United States generally accepted accounting principles as in effect
on the date of the Televisa Closing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Governmental Authority</U>&#148; shall mean any United States (federal, state or local) or
foreign government, or governmental, regulatory, judicial or administrative authority, agency,
commission or court (including the FCC and applicable stock exchange(s)).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Group</U>&#148; shall mean &#147;group&#148; (within the meaning of Section&nbsp;13(d)(3) of the Exchange
Act); <U>provided</U>, that a &#147;group&#148; must be formed knowingly in order to constitute a Group, and
the existence of any Group may not be established by mere parallel action.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Indebtedness</U>&#148; shall mean, as of any date of determination, any indebtedness
(including principal and any premium) of the Company and its consolidated subsidiaries on a
consolidated basis which both (a)&nbsp;customarily bears interest on the outstanding principal amount
thereof and (b)&nbsp;appears as a liability upon a balance sheet (excluding the footnotes thereto) of
such Person prepared in accordance with GAAP (including any guaranty by the Company and its
consolidated subsidiaries of the foregoing types of Indebtedness of any third party and any
such Indebtedness of any third party which is secured by a Lien on the assets of the Company or its
consolidated subsidiaries) plus, without duplication, the aggregate outstanding principal amount of
the TV Debentures. Notwithstanding the foregoing, in no event shall &#147;<U>Indebtedness</U>&#148; be
deemed to include (i)&nbsp;non-interest bearing contingent obligations incurred in the ordinary course
of business, (ii)&nbsp;inter-company indebtedness, (iii)&nbsp;trade payables or similar obligations to trade
creditors in the ordinary course of business, (iv)&nbsp;non-interest bearing liabilities accrued in the
ordinary course of business, (v)&nbsp;any amounts attributable to a lease which, if in effect at the
time of the Televisa Closing would have been characterized as an &#147;operating lease&#148; under GAAP, (vi)
any derivative instrument in the ordinary course of business intended to provide an accounting or
economic hedge of the indebtedness of the Company and its subsidiaries, (vii)&nbsp;the Letter of Credit
issued to Televisa upon the Televisa Closing and any related reimbursement obligations, including
fees or margin pertaining thereto in favor of Televisa, as further described in the Letter of
Credit or (viii)&nbsp;payments under the Program License Agreement, the Mexico License Agreement, the
IPRA Amendment or the Sales Agency Agreement. For the avoidance of doubt, Indebtedness shall be
calculated consistent with the illustrative example set forth in Schedule&nbsp;8.2 to this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Indemnified Liabilities</U>&#148; shall have the meaning set forth in <U>Section&nbsp;9.12.1</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Indemnitees</U>&#148; shall have the meaning set forth in <U>Section&nbsp;9.12.1</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Independence</U>&#148; shall mean meeting the test for independent director status as set
forth in the New York Stock Exchange Listing Standards &#167;303A.02.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Initial Public Offering</U>&#148; shall mean the initial underwritten Public Offering
registered on Form S-1 (or any successor form under the Securities Act).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Interim Charter</U>&#148; shall have the meaning set forth in the Recitals.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Investment Agreement</U>&#148; shall have the meaning set forth in the Recitals.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>IPRA Amendment</U>&#148; shall have the meaning set forth in the Investment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Law</U>&#148; shall mean any statute, law, ordinance, regulation, rule, code, injunction,
judgment, decree, order or any other judicially enforceable legal requirement (including common
law) of any Governmental Authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Lien</U>&#148; shall mean with respect to any asset, any mortgage, lien (statutory or
otherwise), pledge, hypothecation, charge, security interest, preference, priority or encumbrance
of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under
applicable law, including any conditional sale or other title retention agreement, any lease in the
nature thereof, any option or other agreement to sell or give a security interest in and any filing
of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent
statutes) of any jurisdiction; <U>provided</U> that in no event shall an operating lease or the
restrictions
on transfer under applicable state and federal securities and Federal Communications Laws and
the Transaction Agreements be deemed to constitute a Lien.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Majority in Interest</U>&#148; shall mean with respect to Shares of one or more class(es), a
majority in number of such Shares of all such class or classes taken in the aggregate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Majority MDP Investors</U>&#148; shall mean, as of any date, the holders of a Majority in
Interest of the Shares held by the MDP Investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Majority Non Conflicted Principal Investors</U>&#148; shall mean as of any applicable time,
with respect to any Confidential Information, (a)&nbsp;Principal Investor Groups (excluding, in each
case, Co-Investment Vehicles that constitute part of such Principal Investor Group) that do not
include Conflicted PITV Investors with respect to such Confidential Information and that, in the
aggregate, hold at least sixty percent 60% of the outstanding Common Stock then held by all
Principal Investor Groups that do not include Conflicted PITV Investors with respect to such
Confidential Information (without taking into account Shares held by Co-Investment Vehicles that
are part of such Group) and (b)&nbsp;a majority of the Principal Investor Groups that do not include
Conflicted PITV Investors with respect to such Confidential Information (without taking into
account Shares held by Co-Investment Vehicles that are part of such Group); <U>provided</U>, that
if the aggregate number of Principal Investor Groups that do not include Conflicted PITV Investors
with respect to such Confidential Information is an even number and a majority of the Principal
Investor Groups that do not include Conflicted PITV Investors with respect to such Confidential
Information has not reached agreement or consented with respect to a matter, the term &#147;Majority Non
Conflicted Principal Investors&#148; shall be determined by reference to paragraph (a)&nbsp;of this
definition only.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Majority PEP Investors</U>&#148; shall mean, as of any date, the holders of a Majority in
Interest of the Shares held by the PEP Investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Majority PITV Investors</U>&#148; shall mean, as of any applicable time, (a)&nbsp;PITV Investor
Groups that, in the aggregate, hold greater than fifty percent (50%) of the outstanding Common
Stock then held by all PITV Investor Groups (<U>provided</U>, in the case of the Televisa
Investors, including only such shares of Common Stock held directly by Televisa) and (b)&nbsp;a majority
of the PITV Investor Groups; <U>provided</U>, that if the aggregate number of PITV Investor Groups
is two and both of the PITV Investor Groups have not reached agreement or consented with respect to
a matter, the term &#147;Majority PITV Investors&#148; shall have the meaning set forth in <U>clause (a)</U>
of this definition only; <U>provided</U>, <U>further</U>, that no Principal Investor Group shall
be deemed to be a Principal Investor Group for purposes of this definition from and after such time
that it has voluntarily sold sixty six and two thirds percent (66 2/3%) or more, in the aggregate,
of the Shares held by such Principal Investor Group immediately following the Televisa Closing to
Persons other than their respective Permitted Transferees; and <U>provided</U>, <U>further</U>,
that, following a Transfer of control to an initial or subsequent Purchaser of Control, such
Purchaser of Control shall have the right to exercise the rights of the transferor Principal
Investor Groups and the transferor PITV Investor Groups in accordance with Section&nbsp;3.8 of the
Stockholders Agreement.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Majority Principal Investors</U>&#148; shall mean, as of any applicable time, (a)&nbsp;Principal
Investor Groups (excluding, in each case, Co-Investment Vehicles that constitute part of such
Principal Investor Group) that, in the aggregate, hold at least 60% of the outstanding Common Stock
then held by all Principal Investor Groups (without taking into account shares of Common Stock held
by Co-Investment Vehicles that are part of such Principal Investor Group) and (b)&nbsp;a majority of the
Principal Investor Groups; <U>provided</U>, that if the aggregate number of Principal Investor
Groups is an even number and a majority of the Principal Investor Groups has not reached agreement
or consented with respect to a matter, the term &#147;Majority Principal Investors&#148; shall have the
meaning set forth in <U>clause (a)</U> of this definition only; <U>provided</U>, <U>further</U>,
that no Principal Investor Group shall be deemed to be a Principal Investor Group for purposes of
this definition from and after such time that it has voluntarily sold sixty six and two thirds
percent (66 2/3%) or more, in the aggregate, of the Shares held by such Principal Investor Group
immediately following the Televisa Closing to Persons other than their respective Permitted
Transferees; <U>provided</U>, <U>further</U>, that, following a Transfer of control to an initial
or subsequent Purchaser of Control, such Purchaser of Control shall have the right to exercise the
rights of the Principal Investors and the Majority Principal Investors in accordance with Section
3.8 of the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Majority SCG Investors</U>&#148; shall mean, as of any date, the holders of a Majority in
Interest of the Shares held by the SCG Investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Majority Televisa Investors</U>&#148; shall mean, as of any date, the holders of a Majority in
Interest of the Shares held by the Televisa Investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Majority THL Investors</U>&#148; shall mean, as of any date, the holders of a Majority in
Interest of the Shares held by the THL Investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Majority TPG Investors</U>&#148; shall mean, as of any date, the holders of a Majority in
Interest of the Shares held by the TPG Investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Majority Voting Principal Investors</U>&#148; shall mean, as of any applicable time, (a)
Principal Investor Groups (excluding, in each case, Co-Investment Vehicles that constitute part of
such Principal Investor Group) that, in the aggregate, hold at least 60% of the outstanding Class&nbsp;A
Common Stock then held by all Voting Principal Investor Groups (without taking into account Shares
held by Co-Investment Vehicles that are part of such Group) and (b)&nbsp;a majority of the Voting
Principal Investor Groups; <U>provided</U>, that if the aggregate number of Voting Principal
Investor Groups is an even number and a majority of the Voting Principal Investor Groups has not
reached agreement or consented with respect to a matter, the term &#147;Majority Voting Principal
Investors&#148; shall have the meaning set in <U>clause (a)</U> of this definition only;
<U>provided</U>, <U>further</U>, that no Principal Investor Group shall be deemed to be a
Principal Investor Group for purposes of this definition from and after such time that it has
voluntarily sold sixty six and two thirds percent (66 2/3%) or more, in the aggregate, of the
Shares held by such Principal Investor Group immediately following the Televisa Closing to Persons
that are not Permitted Transferees of such Principal Investor Group; <U>provided</U>,
<U>further</U>, that, following a Transfer of control to an initial or subsequent Purchaser of
Control, such Purchaser of Control shall have the right to exercise the
rights of the Principal Investor Groups and the Majority Voting Principal Investors in
accordance with Section&nbsp;3.8 of the Stockholders Agreement.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Management Review and Succession Committee</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;2.6</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Maximum Equity Percentage</U>&#148; shall have the meaning set forth in the Stockholders
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>MDP</U>&#148; shall mean, as of any date, Madison Dearborn Capital Partners IV, L.P., MDCPIV
Intermediate (Umbrella), L.P., Madison Dearborn Capital Partners V-A, L.P., MDCPV Intermediate
(Umbrella), L.P. and their respective Permitted Transferees, in each case only if such Person is
then a Stockholder and holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>MDP Co-Investment Vehicles</U>&#148; shall mean, as of any date, MDCP Foreign Co-Investors
(Umbrella), L.P., MDCP US Co-Investors (Umbrella), L.P. and their respective successor entities,
and any Affiliated Fund thereof if, in each case, (i)&nbsp;substantially all of the equity thereof
(including amounts paid for the acquisition of any Convertible Securities to subscribe for,
purchase or otherwise acquire such equity) has not been contributed by the same investors, partners
and members as contributed to the equity of MDP, (ii)&nbsp;such entity has been formed for the main
purpose of investing in the Company or any Affiliate thereof, and (iii)&nbsp;such entity is a
Stockholder and owns Shares. For the avoidance of doubt, neither MDCPIV Intermediate (Umbrella),
L.P., MDCPV Intermediate (Umbrella), L.P., nor any successor thereof shall be deemed to be a
Co-Investment Vehicle for the purposes of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>MDP Investors</U>&#148; shall mean, as of any date, MDP, the MDP Co-Investment Vehicles, and
their respective Permitted Transferees, in each case only if such Person is then a Stockholder and
holds any Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Merger</U>&#148; shall have the meaning set forth in the Recitals.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Merger Agreement</U>&#148; shall have the meaning set forth in the Recitals.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Merger Closing</U>&#148; shall have the meaning set forth in the Recitals.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Merger Exit</U>&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Mexico License Agreement</U>&#148; shall have the meaning set forth in the Investment
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Minimum Total Combined Investment</U>&#148; shall mean, with respect to any one Principal
Investor, shares of Common Stock with an aggregate initial cost of $150,000,000. For purposes
hereof, the agreed initial cost of a share of Common Stock shall be $398.52 (subject to appropriate
adjustment for stock splits, dividends and similar events).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Nominating Committee</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.6</U>.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Non Conflicted Principal Investor</U>&#148; and &#147;<U>Non Conflicted Principal Investor
Group</U>&#148; shall mean a Principal Investor or a Principal Investor Group, as applicable, which is
not a Conflicted Principal Investor or a Conflicted Principal Investor Group, as applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Non-Related PITV Groups</U>&#148; shall have the definition set forth in the definition of
&#147;<U>PITV Investor Majority</U>&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Non Voting Principal Investor</U>&#148; shall mean a Principal Investor which is not a Voting
Principal Investor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Non Voting Principal Investor Group</U>&#148; shall mean a Principal Investor Group which is
not a Voting Principal Investor Group.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Open Market Purchase Rights</U>&#148; shall have the meaning set forth in the Investment
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Options</U>&#148; shall mean any options to subscribe for, purchase or otherwise directly
acquire Common Stock, other than (i)&nbsp;any such option held by the Company or any direct or indirect
subsidiary thereof or (ii)&nbsp;any right to purchase shares of Common Stock pursuant to the
Stockholders Agreement or the Participation, Registration Rights and Coordination Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Participation, Registration Rights and Coordination Agreement</U>&#148; shall mean the Amended
and Restated Participation, Registration Rights and Coordination Agreement of the Company, dated as
of the date hereof, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>PEP</U>&#148; shall mean, as of any date, Providence Equity Partners V (Umbrella US) L.P.,
Providence Equity Partners VI (Umbrella US) L.P., Providence Investors V (Univision) L.P.,
Providence Investors VI (Univision) L.P. and their respective Permitted Transferees, in each case
only if such Person is then a Stockholder and holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>PEP Co-Investment Vehicles</U>&#148; shall mean, as of any date, Providence Co-Investors
(Univision) L.P., Providence Co-Investors (Univision US) L.P. and their respective successor
entities, and any Affiliated Fund thereof if, in each case, (i)&nbsp;substantially all of the equity
thereof (including amounts paid for the acquisition of any Convertible Securities to subscribe for,
purchase or otherwise acquire such equity) has not been contributed by the same investors, partners
and members as contributed to the equity of PEP, (ii)&nbsp;such entity has been formed for the main
purpose of investing in the Company or any Affiliate thereof, and (iii)&nbsp;such entity is a
Stockholder and owns Shares. For the avoidance of doubt, neither Providence Investors V
(Univision) L.P., Providence Investors VI (Univision) L.P., nor any successor thereof shall be
deemed to be a Co-Investment Vehicle for the purposes of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>PEP Investors</U>&#148; shall mean, as of any date, PEP, the PEP Co-Investment Vehicles, and
their respective Permitted Transferees, in each case only if such Person is then a Stockholder and
holds any Shares.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Permitted Transferee</U>&#148; shall mean, in respect of (a)&nbsp;any PITV Investor, (i)&nbsp;any
Affiliate of such PITV Investor (other than a portfolio company of such PITV Investor) or (ii)&nbsp;any
successor entity, (b)&nbsp;any SCG Investor, (i)&nbsp;any Person which is controlled by or for the benefit of
Haim Saban or Cheryl Saban (or in the event of their divorce, their subsequent respective spouses)
(collectively &#147;<U>Saban</U>&#148;) or their Family Members (other than a portfolio company of any SCG
Investor), (ii)&nbsp;then-current or former officers and/or employees of Saban or entities controlled by
Saban who were issued such interests as a result of or in connection with their employment by
Saban, or such officers&#146; and/or employees&#146; Family Members to the extent they receive such
Transferred interests initially issued to such officer or employee as a result of or in connection
with his or her employment by Persons controlled by Saban, and (iii)&nbsp;any trust, custodianship or
other entity created for estate or tax planning purposes all of the beneficiaries of which are any
of the persons listed in <U>subclause (i)&nbsp;to (iii)</U> of this <U>clause (b)</U>, and (c)&nbsp;any
holder of Shares who is a natural person, (i)&nbsp;upon the death of such natural person, such person&#146;s
estate, executors, administrators, personal representatives, heirs, legatees or distributees in
each case acquiring the Shares in question pursuant to the will or other instrument taking effect
at death of such holder or by applicable Laws of descent and distribution and (ii)&nbsp;any Person
acquiring such Shares pursuant to a qualified domestic relations order; in each case described in
<U>clauses (a)</U> through <U>(c)</U>, only if such transferee agrees to be bound by the terms of
the Transaction Agreements in accordance with their respective terms to the same extent its
transferor is bound thereby (it being understood that any Transfer not meeting the foregoing
conditions but purporting to rely on Section&nbsp;3.1.1 of the Stockholders Agreement shall be null and
void). In addition, any Stockholder shall be a Permitted Transferee of the Permitted Transferees
of itself and any member of a Principal Investor Group shall be a Permitted Transferee of any other
member of such Principal Investor Group. No Restricted Person may be a &#147;Permitted Transferee.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Person</U>&#148; shall mean any individual, partnership, corporation, company, association,
trust, joint venture, limited liability company, unincorporated organization, entity or division,
or any government, governmental department or agency or political subdivision thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>PITV Investor Group</U>&#148; shall mean (a)&nbsp;each of the Principal Investor Groups; and (b)
the Televisa Investors; <U>provided</U>, <U>however</U>, that the Televisa Investors shall cease
to be a PITV Investor Group after a Televisa Sell-Down. Where this Agreement provides for the
vote, consent or approval of any PITV Investor Group, such vote, consent or approval shall be
determined by (i)&nbsp;the Majority MDP Investors, the Majority PEP Investors, the Majority SCG
Investors, the Majority Televisa Investors, the Majority THL Investors or the Majority TPG
Investors, as the case may be, or (ii)&nbsp;a Purchaser of Control, as applicable, except as otherwise
specifically set forth herein.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>PITV Investor Majority</U>&#148; shall mean, with respect to a transaction between the Company
or one of its subsidiaries on the one hand and a PITV Investor Group (or any member thereof) or one
of its, or their, Affiliates on the other (a &#147;<U>Related PITV Group</U>&#148;), (a) (i)&nbsp;PITV Investor
Groups that are not and whose Affiliates are not Related PITV Groups with respect to such
transaction (&#147;<U>Non-Related PITV Groups</U>&#148;) and who, in the aggregate, hold a Majority in
Interest of the outstanding Common Stock then held by all Non-Related PITV Groups and (ii)&nbsp;a
majority
of the Non-Related PITV Groups, (b)&nbsp;if the aggregate number of Non-Related PITV Groups is two
and both of the Non-Related PITV Groups have not reached agreement or consented with respect to the
transaction, &#147;PITV Investor Majority&#148; shall have the meaning set in clause (a) (i)&nbsp;of this
definition only, or (c)&nbsp;if each PITV Investor Group and/or an Affiliate of each PITV Investor Group
is a Related PITV Group with respect to such transaction, the Majority PITV Investors;
<U>provided</U>, that in the case of clause (c), no PITV Investor Group may be treated in a
disproportionately adverse manner with respect to other PITV Investor Groups in such transaction;
<U>provided</U>, <U>further</U>, that no Principal Investor Group shall be deemed to be a PITV
Investor Group for purposes of this definition from and after such time that it has voluntarily
sold sixty six and two thirds percent (66 2/3%) or more, in the aggregate, of the Shares held by
such Principal Investor Group immediately following the Televisa Closing to Persons that are not
Permitted Transferees of such Principal Investor Group; <U>provided</U>, <U>further</U>, that,
following a Transfer of control to an initial or subsequent Purchaser of Control, such Purchaser of
Control shall have the right to exercise the rights of the transferor Principal Investor Groups and
the transferor PITV Investor Groups in accordance with <U>Section&nbsp;3.8 </U>of the Stockholders
Agreement. For the avoidance of doubt, the approval of the PITV Investor Majority shall not be
required to effectuate a Change of Control transaction pursuant to Section&nbsp;4.2 of the Stockholders
Agreement, a Recapitalization Transaction pursuant to Section&nbsp;4.3 of the Stockholders Agreement, a
Sponsor Sale pursuant to Section&nbsp;4.7 of the Stockholders Agreement or a Merger Exit pursuant to
Section&nbsp;4.8 of the Stockholders Agreement on the terms set forth therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>PITV Investors</U>&#148; shall mean the Televisa Investors and the Principal Investors,
collectively; <U>provided</U> that a Principal Investor and/or a Televisa Investor shall cease to
be a PITV Investor if it ceases to be a member of a PITV Investor Group; <U>provided</U>,
<U>further</U>, that, following a Transfer of control to an initial or subsequent Purchaser of
Control, such Purchaser of Control shall have the right to exercise the rights of the transferor
Principal Investors in accordance with Section&nbsp;3.8 of the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Preferential Participation Right</U>&#148; shall have the meaning set forth in the
Participation, Registration Rights and Coordination Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Preferential Rights</U>&#148; shall mean the Open Market Purchase Rights, the Televisa Option,
the Preferential Participation Right and the Preferential Right of First Refusal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Preferential Right of First Refusal</U>&#148; shall have the meaning set forth in the
Stockholders Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Principal Investor</U>&#148; shall have the meaning set forth in the Preamble.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Principal Investor Group</U>&#148; shall mean any one of (a)&nbsp;the MDP Investors, collectively,
(b)&nbsp;the PEP Investors, collectively, (c)&nbsp;the SCG Investors, collectively, (d)&nbsp;the THL Investors,
collectively, and (e)&nbsp;the TPG Investors, collectively; <U>provided</U>, <U>however</U>, that any
such Principal Investor Group shall cease to be a Principal Investor Group at such time after the
Televisa Closing, and at all times thereafter, as such Principal Investor Group ceases to hold
Shares representing a Total Combined Investment of at least the Minimum Total Combined Investment;
<U>provided</U>, <U>further</U>, that, following a Transfer of control to an initial or
subsequent Purchaser of
Control, such Purchaser of Control shall have the right to exercise the rights of the
Principal Investor Groups in accordance with Section&nbsp;3.8<U> </U>of the Stockholders Agreement;
<U>provided</U>, <U>further</U>, that no adjustment or modification to the term &#147;Minimum Total
Combined Investment&#148; shall cause any former Principal Investor Group to again become a Principal
Investor Group. Where this Agreement provides for the vote, consent or approval of any Principal
Investor Group, such vote, consent or approval shall be determined by (i)&nbsp;the Majority MDP
Investors, the Majority PEP Investors, the Majority THL Investors, the Majority TPG Investors, or
the Majority SCG Investors, as the case may be, or (ii)&nbsp;any Purchaser of Control, as applicable,
except as otherwise specifically set forth herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Principal Investor Sell-Down</U>&#148; shall have the meaning set forth in the Stockholders
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Program License Agreement</U>&#148; shall have the meaning given to &#147;Amended and Restated
Program License Agreement&#148; in the Investment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Public Offering</U>&#148; shall mean a public offering and sale of Common Stock for cash
pursuant to an effective registration statement under the Securities Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Purchaser of Control</U>&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Qualified Public Offering</U>&#148; shall have the meaning set forth in the Stockholders
Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Recapitalization</U>&#148; shall have the meaning set forth in the Recitals.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Recapitalization Agreement</U>&#148; shall have the meaning set forth in the Recitals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Related Party</U>&#148; shall mean, with respect to the Company and/or its subsidiaries, (i)
any of their Affiliates, (ii)&nbsp;any Principal Investor, Principal Investor Group or any of their
respective Affiliates, or their respective Affiliated Funds, and (iii)&nbsp;any current officer or
director of the Company or any of its subsidiaries.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Related Party Transaction</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.6.6</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Related Party Transactions Committee</U>&#148; shall have the meaning set forth in <U>Section
2.6</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Related PITV Group</U>&#148; shall have the meaning set forth in the definition of PITV
Investor Majority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Revolving Credit Facility</U>&#148; shall mean the Revolving Loans (as defined in the
Revolving Credit Facility) drawn under the Existing Debt Documents, or any successor agreements
thereto as approved by the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Saban</U>&#148; shall have the meaning set forth in the definition of &#147;<U>Permitted
Transferee</U>.&#148;
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Saban Arrangements</U>&#148; shall mean the arrangements reflected in the Saban Services
Agreement, the BMPS1 LLC Agreement or the BMPS2 LLC Agreement, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Saban Services Agreement</U>&#148; shall mean the Amended and Restated Services Agreement, by
and between the Company, SCG Investments IIB LLC, BMPI Services LLC and BMPI Services II, LLC,
dated as of the date hereof, as amended from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Sales Agency Agreement</U>&#148; shall have the meaning set forth in the Investment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>SCG Investors</U>&#148; shall mean, as of any date, SCG Investments II, LLC and its Permitted
Transferees, in each case only if such Person is then a Stockholder and holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Second Program License Agreement</U>&#148; shall have the meaning set forth in the Investment
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Securities Act</U>&#148; shall mean the Securities Act of 1933 and the rules and regulations
promulgated thereunder, as amended from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Senior Officer</U>&#148; shall have the meaning set forth in the Investment Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Service Agreements</U>&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Shares</U>&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Side Letter Agreements</U>&#148; shall mean the side letter agreements entered into by and
among the Principal Investors and Televisa, dated as of October&nbsp;3, 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Special Meeting Notice</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.7.1</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Stockholders</U>&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Stockholders Agreement</U>&#148; shall mean the Amended and Restated Stockholders Agreement of
the Company, dated as of the date hereof, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>subsidiary</U>&#148; of any Person, shall mean any corporation, partnership, joint venture or
other legal entity of which such Person (either alone or through or together with any other
subsidiary), owns, directly or indirectly, more than 50% of the stock or other equity interests,
the holders of which are generally entitled to vote for the election of the board of directors or
other governing body of such corporation or other legal entity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Televisa</U>&#148; shall have the meaning set forth in the Preamble.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Board Designee</U>&#148; shall have the meaning set forth in <U>Section
2.5.3(i)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Closing</U>&#148; shall have the meaning set forth in the Recitals.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Televisa Investment</U>&#148; shall have the meaning set forth in the Recitals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Investors</U>&#148; shall mean, as of any date, collectively, (i)&nbsp;Televisa and any
Permitted Transferee of Televisa; (ii)&nbsp;any Person that is not a Permitted Transferee of Televisa
but that is, as of such date, a member of a Group of which Televisa and/or any of its Affiliates is
a member with respect to securities of the Company (excluding any Principal Investor); and (iii)&nbsp;a
Permitted Transferee of a Person described in <U>clause (ii)</U> above, <U>provided</U> that such
Permitted Transferee is, as of such date, a member of a Group of which Televisa and/or any of its
Affiliates is a member with respect to securities of the Company (excluding any Principal
Investor); in each case under <U>clauses (i)</U>, <U>(ii)</U> and <U>(iii)</U>, only if and to
the extent such Person is then a Stockholder and holds any Shares; <U>provided</U>,
<U>further</U>, that BMPS2 shall not constitute a Televisa Investor and Televisa shall not be
responsible for any actions or failures to act of BMPS2, but Televisa shall be deemed to hold the
Shares held by BMPS2, including regardless of any Transfer of Shares by BMPS2 under the Saban
Arrangements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Televisa Option</U>&#148; shall have the meaning set forth in the Investment Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Televisa Sell-Down</U>&#148; shall have the meaning set forth in the Stockholders Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Third Party Claim</U>&#148; shall have the meaning set forth in <U>Section&nbsp;9.12.2</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>THL</U>&#148; shall mean, as of any date, Thomas H. Lee Equity Fund VI, L.P., THL Equity Fund
VI Investors (Univision), L.P., and their respective Permitted Transferees, in each case only if
such Person is then a Stockholder and holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>THL Co-Investment Vehicles</U>&#148; shall mean, as of any date, THL Equity Fund VI
Intermediate Investors (Univision), L.P., THL Equity Fund VI Intermediate Investors (Univision US),
L.P., THL Equity Fund VI Investors (GS), LLC and their respective successor entities, and any
Affiliated Fund thereof if, in each case, (i)&nbsp;substantially all of the equity thereof (including
amounts paid for the acquisition of any Convertible Securities to subscribe for, purchase or
otherwise acquire such equity) has not been contributed by the same investors, partners and members
as contributed to the equity of THL, (ii)&nbsp;such entity has been formed for the main purpose of
investing in the Company or any Affiliate thereof, and (iii)&nbsp;such entity is a Stockholder and owns
Shares. For the avoidance of doubt, neither THL Equity Fund VI Investors (Univision), L.P. nor any
successor thereof shall be deemed to be a Co-Investment Vehicle for the purposes of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>THL Investors</U>&#148; shall mean, as of any date, THL, the THL Co-Investment Vehicles, and
their respective Permitted Transferees, in each case only if such Person is then a Stockholder and
holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Total Combined Investment</U>&#148; shall mean with respect to a Person or group of Persons at
any time, the aggregate number of shares of Common Stock (including shares of Common Stock
underlying the outstanding TV Debentures and the outstanding TV Warrants) then held by such Person
or group of Persons.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>TPG</U>&#148; shall mean, as of any date, TPG Umbrella IV, L.P., TPG Media V-AIV 1, L.P., TPG
Umbrella International IV, L.P., TPG Media V-AIV 2, L.P. and their respective Permitted
Transferees, in each case only if such Person is then a Stockholder and holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>TPG Co-Investment Vehicles</U>&#148; shall mean, as of any date, TPG Umbrella Co-Investment,
L.P., TPG Umbrella International Co-Investment, L.P. and their respective successor entities, and
any Affiliated Fund thereof if, in each case, (i)&nbsp;substantially all of the equity thereof
(including amounts paid for the acquisition of any Convertible Securities to subscribe for,
purchase or otherwise acquire such equity) has not been contributed by the same investors, partners
and members as contributed to the equity of TPG, (ii)&nbsp;such entity has been formed for the main
purpose of investing in the Company or any Affiliate thereof, and (iii)&nbsp;such entity is a
Stockholder and owns Shares. For the avoidance of doubt, neither TPG Umbrella International IV,
L.P., TPG Umbrella International V, L.P. nor any successor thereof shall be deemed to be a
Co-Investment Vehicle for the purposes of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>TPG Investors</U>&#148; shall mean, as of any date, TPG, the TPG Co-Investment Vehicles, and
their respective Permitted Transferees, in each case only if such Person is then a Stockholder and
holds any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Transaction Agreements</U>&#148; shall mean this Agreement, the Investment Agreement, the
Stockholders Agreement, the Participation, Registration Rights and Coordination Agreement, the TV
Debentures, the TV Warrants, the Service Agreements and the Charter and the bylaws of the Company,
the organizational documents of BMPH and Univision and the Letter of Credit (as defined in the
Investment Agreement).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Transfer</U>&#148; shall mean any sale, pledge, assignment, encumbrance or other transfer or
disposition of any Shares (or any voting or economic interest therein) to any other Person, whether
directly, indirectly, voluntarily, involuntarily, by operation of law, pursuant to judicial process
or otherwise. For the avoidance of doubt, it shall constitute a &#147;Transfer&#148; subject to the
restrictions on Transfer contained or referenced in Section&nbsp;3 of the Stockholders Agreement (a)&nbsp;if
a transferee is not an individual, a trust or an estate, and the transferor or an Affiliate thereof
ceases to control such transferee, (b)&nbsp;with respect to an Acquisition Holdco, or a holder of Shares
which was formed for the purpose of holding Shares, there is a Transfer of the equity interests of
such Acquisition Holdco or holder other than to a Permitted Transferee of such Acquisition Holdco
or holder or of the party transferring the equity of such holder, or (c)&nbsp;with respect to an
Affiliate of Televisa of which the Shares held by such Affiliate constitute a majority of the value
of such Affiliate, there is a direct Transfer of the equity interests of such Affiliate other than
to a Permitted Transferee of such Affiliate or of the party transferring the equity of such
Affiliate or to the shareholders of any publicly traded parent entity of such Affiliate. For the
avoidance of doubt, a conversion of Class&nbsp;A Common Stock, Class&nbsp;B Common Stock, Class&nbsp;C Common
Stock or Class&nbsp;D Common Stock into Common Stock of any such other classes pursuant to the Charter
shall not be deemed as a Transfer. For the avoidance of doubt, any Transfer of Units shall be
treated as a Transfer of a proportional number of Shares held by BMPS1 or BMPS2, as applicable
(based on the total number of Units outstanding and the total number of Shares held by BMPS1 or
BMPS2, as the case may be), in each case, as of immediately prior to such Transfer. No securities
transferred to or held by BMPS1 or BMPS2 will be deemed to have been
Transferred until they are sold by BMPS1 or BMPS2, as applicable. Notwithstanding the
foregoing, with respect to securities acquired by BMPS2 from any Televisa Investor, such securities
will continue to be deemed to be securities held by Televisa regardless of any Transfer by BMPS2
under the Saban Arrangements.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>TuTV Interest</U>&#148; shall have the meaning set forth in the Investment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>TV Debentures</U>&#148; shall mean the 1.5% convertible debenture due 2025 initially issued to
Televisa pursuant to the Investment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>TV Warrants</U>&#148; shall mean the Company warrants exercisable for shares of Class&nbsp;A Common
Stock, Class&nbsp;C Common Stock and/or Class&nbsp;D Common Stock, as applicable, issuable under certain
circumstances pursuant to the TV Debentures and the Transaction Agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Units</U>&#148; shall have the meaning set forth in the BMPS1 LLC Agreement and the BMPS2 LLC
Agreement, as applicable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Univision</U>&#148; shall have the meaning set forth in the Preamble.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Venevision</U>&#148; shall mean Venevision International, Inc. and any Affiliate thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Voting Principal Investor</U>&#148; and &#147;<U>Voting Principal Investor Group</U>&#148; shall mean,
as of any time, Principal Investors then holding, alone or together with their Affiliates, directly
or indirectly, 5% or more of the voting equity of the Company or BMPH.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Withdrawing Holder</U>&#148; shall have the meaning set forth in <U>Section&nbsp;7.3</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>9.&nbsp;MISCELLANEOUS</B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.1 <U>Authority; Effect</U>. Each party hereto, severally and not jointly, represents and
warrants to and agrees with each other party that (a)&nbsp;the execution and delivery of this Agreement
and the consummation of the transactions contemplated hereby have been duly authorized on behalf of
such party and do not violate any agreement or other instrument applicable to such party or by
which its assets are bound and (b)&nbsp;this Agreement constitutes a legal, valid and binding obligation
of such party, enforceable against such party in accordance with its terms, except to the extent
that the enforcement of the rights and remedies created hereby is subject to (i)&nbsp;bankruptcy,
insolvency, reorganization, moratorium and other Laws of general application affecting the rights
and remedies of creditors generally, and (ii)&nbsp;general principles of equity. This Agreement does
not, and shall not be construed to, give rise to the creation of a partnership among any of the
parties hereto, or to constitute any of such parties members of a joint venture or other
association. The Company and BMPH shall be jointly and severally liable for all obligations of each
such party pursuant to this Agreement.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.2 <U>Notices</U>. Any notices and other communications required or permitted in this
Agreement shall be effective if in writing and (a)&nbsp;delivered personally, (b)&nbsp;sent by facsimile, or
(c)&nbsp;sent by overnight courier, in each case, addressed as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">If to the Company, BMPH or Univision, to it:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">c/o Univision Communications Inc.<br>
5999 Center Drive<br>
Los Angeles, California 90045<br>
Facsimile No.: (310)&nbsp;556-1526<br>
Attention: General Counsel
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">with a copy (which shall not constitute notice) to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">Weil, Gotshal &#038; Manges LLP<br>
50 Kennedy Plaza, 11<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor<br>
Providence, Rhode Island 02903<br>
Facsimile No.: (401)&nbsp;278-4701<br>
Attention: David K. Duffell, Esq.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">if to a MDP Investor or to the MDP Principal Investor Group, to it:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">c/o Madison Dearborn Partners<br>
Three First National Plaza, suite 3800<br>
Chicago, Illinois, 60602<br>
Facsimile No.: (312)&nbsp;895-1221<br>
Attention: Michael P. Cole
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">with a copy (which shall not constitute notice) to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">Three First National Plaza, suite 3800<br>
Chicago, Illinois, 60602<br>
Facsimile No.: (312)&nbsp;895-1041<br>
Attention: Mark Tresnowski, Esq.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">if to a PEP Investor or to the PEP Principal Investor Group, to it:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">c/o Providence Equity Partners Inc.<br>
50 Kennedy Plaza, 18<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor<br>
Providence, Rhode Island 02903<br>
Facsimile No.: (401)&nbsp;751-1790<br>
Attention: Jonathan M. Nelson
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">with a copy (which shall not constitute notice) to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">Weil, Gotshal &#038; Manges LLP<br>
50 Kennedy Plaza, 11<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor<br>
Providence, Rhode Island 02903<br>
Facsimile No.: (401)&nbsp;278-4701<br>
Attention: David K. Duffell, Esq.
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">If to a SCG Investor or to the SCG Principal Investor Group, to it:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">c/o Saban Capital Group<br>
10100 Santa Monica Boulevard<br>
Los Angeles, California 90067<br>
Facsimile No.: (310)&nbsp;557-5100<br>
Attention: Adam Chesnoff
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">with a copy (which shall not constitute notice) to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">10100 Santa Monica Boulevard<br>
Suite&nbsp;2600<br>
Los Angeles, California 90067<br>
Facsimile No.: (310)&nbsp;557-5103<br>
Attention: Niveen Tadros, Esq.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">If to a Televisa Investor, to it:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">c/o Grupo Televisa, S.A.B.<br>
Building A, 4th Floor<br>
No.&nbsp;2000 Colonia Santa Fe<br>
Mexico, DF /01210 / Mexico<br>
Facsimile No.: &#043;52 55 5261 2494<br>
Attention: General Counsel
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">with a copy (which shall not constitute notice) to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">Wachtell, Lipton, Rosen &#038; Katz<br>
51 West 52nd Street<br>
New York, New York 10019<br>
Facsimile No.: (212)&nbsp;403-2000<br>
Attention: Joshua R. Cammaker
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">If to a THL Investor or to the THL Principal Investor Group, to it:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">c/o Thomas H. Lee Partners, L.P.<br>
100 Federal Street, 35<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor<br>
Boston, Massachusetts 02110<br>
Facsimile No.: (617)&nbsp;227-3514<br>
Attention: Scott Sperling
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">with a copy (which shall not constitute notice) to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">Weil, Gotshal &#038; Manges LLP<br>
100 Federal Street, 34<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor<br>
Boston, Massachusetts 02110<br>
Facsimile No.: (617)&nbsp;772-8333<br>
Attention: David P. Kreisler, Esq.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">If to a TPG Investor or to the TPG Principal Investor Group, to it:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">c/o Texas Pacific Group<br>
301 Commerce Street, Suite&nbsp;3300<br>
Fort Worth, Texas 76102<br>
Facsimile No.: (817)&nbsp;871-4010<br>
Attention: Ronald Cami
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">with a copy (which shall not constitute notice) to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">Cleary Gottlieb Steen &#038; Hamilton LLP<br>
One Liberty Plaza<br>
New York, New York 10006<br>
Facsimile No.: (212)&nbsp;225-3999<br>
Attention: Paul J. Shim, Esq. and Glenn P. McGrory, Esq.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Notice to the holder of record of any shares of capital stock shall be deemed to be notice to
the holder of such shares for all purposes hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Unless otherwise specified herein, such notices or other communications shall be deemed
effective (x)&nbsp;on the date received, if personally delivered, (y)&nbsp;on the date received if delivered
by facsimile on a Business Day, or if not delivered on a Business Day, on the, first Business Day
thereafter, and (z)&nbsp;seven (7)&nbsp;Business Days after being sent by overnight courier. Each of the
parties hereto shall be entitled to specify a different address by giving notice as aforesaid to
each of the other parties hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.3 <U>Entire Agreement; No Assignment</U>. This Agreement, the Transaction Agreements, any
exhibits or schedules hereto or thereto and any other agreement, document or instrument referred to
herein or therein set forth the entire understanding and agreement of the parties, and supersede
all prior agreements, arrangements and communications, whether oral or written, with respect to the
subject matter hereof (including the Memorandum of Understanding, dated October&nbsp;4, 2010, by and
among certain of the parties hereto and the Side Letter
Agreements). Except as otherwise expressly provided herein or therein, no PITV Investor or
other party hereto may assign any of its respective rights or delegate any of its respective
obligations under this Agreement without the prior written consent of the other parties hereto, and
any attempted assignment or delegation in violation of the foregoing shall be null and void.
</DIV>
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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.4 <U>No Third Party Beneficiaries</U>. Nothing expressed or referred to in this Agreement
will be construed to give any Person, other than the parties to this Agreement and their permitted
transferees, any legal or equitable right, remedy or claim under or with respect to this Agreement
or any provision of this Agreement; <U>provided,</U> that the provisions of <U>Sections&nbsp;4.2</U>
and <U>9.12</U> are intended to benefit the persons named therein and that such persons shall have
the right to enforce such provisions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.5 <U>No Partnership, Agency, or Joint Venture</U>. This Agreement is intended to create,
and creates, a contractual relationship and is not intended to create, and does not create, any
agency, partnership, joint venture or any like relationship between the parties hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.6 <U>No Waiver</U>. The failure of any party hereto to exercise any right, power or remedy
provided under this Agreement or otherwise available in respect hereof at law or in equity, or to
insist upon compliance by any other party hereto with his or its obligations hereunder, and any
custom or practice of the parties at variance with the terms hereof, shall not constitute a waiver
by such party of his or its right to exercise any such or other right, power or remedy or to demand
such compliance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.7 <U>Descriptive Heading</U>. The descriptive headings of this Agreement are for
convenience of reference only, are not to be considered a part hereof and shall not be construed to
define or limit any of the terms or provisions hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.8 <U>Counterparts</U>. This Agreement may be executed in multiple counterparts, each of
which shall be deemed an original, but all of which taken together shall constitute one instrument.
A facsimile signature shall be considered due execution and shall be binding upon the signatory
thereto with the same force and effect as if the signature were an original.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.9 <U>Severability</U>. In the event that any provision hereof would, under applicable Law
(other than Federal Communications Laws, in which case any modification or limitation must be
agreed by each of Televisa, on the one hand, and the Majority Principal Investors, on the other
hand (or if there are no Principal Investors, the agreement of Televisa and the Board of the
Company shall be required)), be invalid or unenforceable in any respect, such provision shall be
construed by modifying or limiting it so as to be valid and enforceable to the maximum extent
compatible with, and possible under, applicable Law. The provisions hereof are severable, and in
the event any provision hereof should be held invalid or unenforceable in any respect pursuant to
the preceding sentence, it shall not invalidate, render unenforceable or otherwise affect any other
provision hereof.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.10 <U>No Recourse</U>. Notwithstanding anything that may be expressed or implied in this
Agreement, and notwithstanding the fact that certain of the Principal Investors may be partnerships
or limited liability companies, each party to this Agreement covenants, agrees and
acknowledges that no recourse under this Agreement or any documents or instruments delivered
in connection with this Agreement shall be had against any current or future director, officer,
employee, general or limited partner, member or manager of any PITV Investor or of any partner,
member, manager, Affiliate or assignee thereof, in its capacity as such (and <U>provided</U> that,
for the avoidance of doubt, such recourse may be had against any such person in its capacity as a
party signatory hereto, if applicable), whether by the enforcement of any assessment or by any
legal or equitable proceeding, or by virtue of any statute, regulation or other applicable Law, it
being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be
imposed on or otherwise be incurred by any current or future officer, agent or employee of any PITV
Investor or any current or future member of any PITV Investor or any current or future director,
officer, employee, partner, member or manager of any PITV Investor or of any Affiliate or assignee
thereof, in its capacity as such (and <U>provided</U> that, for the avoidance of doubt, such
recourse may be had against such Person in its capacity as a party hereto, if applicable), for any
obligation of any PITV Investor under this Agreement or any documents or instruments delivered in
connection with this Agreement for any claim based on, in respect of or by reason of such
obligations or their creation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.11 <U>Obligations of Company, BMPH and Univision</U>. Each of the Company, BMPH and
Univision shall be jointly and severally liable for any payment obligation of any of the Company,
BMPH or Univision pursuant to this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">9.12 <U>Indemnity and Liability, Reimbursement</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">9.12.1 <U>Indemnification by the Company, BMPH and Univision</U>. Each of the Company,
BMPH and Univision, jointly and severally, will indemnify, exonerate and hold each of the PITV
Investors, and each of their respective partners, shareholders, members, Affiliates, directors,
officers, fiduciaries, managers, controlling Persons, employees and agents and each of the
partners, shareholders, members, Affiliates, directors, officers, fiduciaries, managers,
controlling Persons, employees and agents of each of the foregoing (collectively, the
&#147;<U>Indemnitees</U>&#148;) free and harmless from and against any and all actions, causes of
action, suits, claims, liabilities, losses, damages and costs and out-of-pocket expenses in
connection therewith (including reasonable attorneys&#146; and accountants&#146; fees and expenses)
incurred by the Indemnitees or any of them before or after the date of this Agreement
(collectively, the &#147;<U>Indemnified Liabilities</U>&#148;) solely in respect of or in connection
with, any Third Party Claims arising as a result of, arising out of, or in any way relating to:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(i)&nbsp;this Agreement, (ii)&nbsp;the Merger Agreement, the Merger, the other
Transaction Agreements or any other transactions contemplated by the Merger Agreement
and the other Transaction Agreements and the Principal Investors&#146; investment in the
Company and its subsidiaries, (iii)&nbsp;the Investment Agreement and the Televisa
Investment or (iv)&nbsp;any transaction to which any of the Company, BMPH or Univision is a
party or any other circumstances with respect to any of the Company, BMPH or Univision
(other than any such Indemnified Liabilities to the extent such Indemnified Liabilities
arise out of any breach of the Transaction Agreements by such Indemnitee or its
affiliated or associated Indemnitees or other related Persons); or</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>operations of, or services provided by any of the Indemnitees to, any of the
Company, BMPH or Univision, or any of their Affiliates pursuant to the Service
Agreements;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>provided</U> that the foregoing indemnification rights shall not be available in the event
that any such Indemnified Liabilities arose on account of such Indemnitee&#146;s gross negligence or
willful misconduct; <U>provided</U> <U>further</U> that, if and to the extent that the
foregoing undertaking may be unavailable or unenforceable for any reason, the Company, BMPH or
Univision will make the maximum contribution to the payment and satisfaction of each of the
Indemnified Liabilities which is permissible under applicable Law. For purposes of this
<U>Section&nbsp;9.12.1</U>, none of the circumstances described in the limitations contained in the
two provisos in the immediately preceding sentence shall be deemed to apply absent a final
non-appealable judgment of a court of competent jurisdiction to such effect, in which case to
the extent any such limitation is so determined to apply to any Indemnitee as to any previously
advanced indemnity payments made by any of the Company, BMPH or Univision, then such payments
shall be promptly repaid by such Indemnitee to the Company, BMPH and Univision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">9.12.2 The rights of any Indemnitee to indemnification hereunder will be in addition to
any other rights any such Person may have under any other agreement or instrument referenced
above or any other agreement or instrument to which such Indemnitee is or becomes a party or is
or otherwise becomes a beneficiary or under law or regulation. None of the Indemnitees shall
in any event be liable to any of the Company, BMPH or Univision or any of their Affiliates, for
any act or omission suffered or taken by such Indemnitee that does not constitute gross
negligence or willful misconduct (for purposes of this <U>Section&nbsp;9.12.2</U>, gross negligence
or willful misconduct shall not be deemed to apply absent a final, non-appealable judgment of a
court of competent jurisdiction to such effect). A &#147;<U>Third-Party Claim</U>&#148; means any (i)
claim brought by a Person other than the Company, BMPH, Univision or any of their subsidiaries
or, with respect to a PITV Investor, other than such PITV Investor or, with respect to an
Indemnitee, other than such Indemnitee and (ii)&nbsp;any derivative claim brought in the name of the
Company, BMPH, Univision or any of their respective subsidiaries that is initiated by a Person,
with respect to a PITV Investor, other than such PITV Investor or, with respect to any
Indemnitee, other than such Indemnitee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">9.12.3 Notwithstanding any provision of this <U>Section&nbsp;9.12</U>, the indemnification
rights set forth in <U>Section&nbsp;9.12.1</U> shall not be available to any Indemnitees to the
extent such Indemnified Liabilities arise out of or relate to commercial agreements between the
Company and such Indemnitee and their respective Affiliates, including as an example, with
respect to Televisa, the Program License Agreement or the Mexico License Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.13 Notwithstanding anything to the contrary contained in this Agreement, no Party
shall be liable to the other parties under this Agreement for any special, consequential,
punitive, indirect or exemplary damages (including lost or anticipated revenues or profits
relating to the same) arising from any claim relating to this Agreement, whether such claim is
based on warranty, contract, tort (including negligence or strict liability) or otherwise.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->63<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>10.&nbsp;GOVERNING LAW</B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.1 <U>Governing Law</U>. This Agreement and the negotiation, execution, performance or
nonperformance, interpretation, termination, construction and all matters based upon, arising out
of or related to this Agreement, whether arising in law or in equity (collectively, the
&#147;<U>Covered Matters</U>&#148;), and all claims or causes of action (whether in contract or tort) that
may be based upon, arise out of or relate to the Covered Matters, except for documents, agreements
and instruments that specify otherwise, shall be governed by the laws of the State of Delaware
without giving effect to its principles or rules of conflict of laws to the extent that such
principles or rules would require or permit the application of laws of another jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.2 <U>Consent to Jurisdiction</U>. Each party to this Agreement, by its execution hereof,
(a)&nbsp;hereby irrevocably submits to the exclusive jurisdiction of the Chancery Court of the State of
Delaware (and if the Chancery Court does not accept jurisdiction, the federal court located in
Delaware if the federal court in Delaware does not accept jurisdiction, any state court in
Delaware) for the purpose of any action, claim, cause of action or suit (in contract, tort or
otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or
relating to the subject matter hereof, (b)&nbsp;hereby waives to the extent not prohibited by applicable
Law, and agrees not to assert, and agrees not to allow any of its subsidiaries to assert, by way of
motion, as a defense or otherwise, in any such action, any claim that it is not subject personally
to the jurisdiction of the above-named courts, that its property is exempt or immune from
attachment or execution, that any such proceeding brought in one of the above named courts is
improper, or that this Agreement or the subject matter hereof or thereof may not be enforced in or
by such court and (c)&nbsp;hereby agrees not to commence or maintain any action, claim, cause of action
or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or
based upon this Agreement or relating to the subject matter hereof or thereof other than before one
of the above-named courts nor to make any motion or take any other action seeking or intending to
cause the transfer or removal of any such action, claim, cause of action or suit (in contract, tort
or otherwise), inquiry, proceeding or investigation to any court other than one of the above-named
courts whether on the grounds of inconvenient forum or otherwise. Notwithstanding the foregoing,
to the extent that any party hereto is or becomes a party in any litigation in connection with
which it may assert indemnification rights set forth in this agreement, the court in which such
litigation is being heard shall be deemed to be included in <U>clause (a)</U> above.
Notwithstanding the foregoing, any party to this Agreement may commence and maintain an action to
enforce a judgment of any of the above-named courts in any court of competent jurisdiction. Each
party hereto hereby consents to service of process in any such proceeding in any manner permitted
by Delaware law, and agrees that service of process by registered or certified mail, return receipt
requested, at its address specified pursuant to <U>Section&nbsp;9.2</U> hereof is reasonably calculated
to give actual notice.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->64<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.3 <U>WAIVER OF JURY TRIAL</U>. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH
CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS
PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE
OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR
INVESTIGATION
ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY
CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE
WHETHER NOW EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED
BY THE OTHER PARTIES HERETO THAT THIS <U>SECTION 10.3</U> CONSTITUTES A MATERIAL INDUCEMENT UPON
WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT AND THE TRANSACTIONS
CONTEMPLATED HEREBY. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS
<U>SECTION 10.3</U> WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE
WAIVER OF ITS RIGHT TO TRIAL BY JURY.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.4 <U>Exercise of Rights and Remedies</U>. No delay of or omission in the exercise of any
right, power or remedy accruing to any party as a result of any breach or default by any other
party under this Agreement shall impair any such right, power or remedy, nor shall it be construed
as a waiver of or acquiescence in any such breach or default, or of any similar breach or default
occurring later; nor shall any such delay, omission nor waiver of any single breach or default be
deemed a waiver of any other breach or default occurring before or after that waiver.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.5 <U>No Derogation of Other Rights</U>. Notwithstanding anything to the contrary herein,
nothing in this Agreement derogates from any party&#146;s rights and obligations under the Commercial
Agreements.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;<I>Signature pages follow</I>&#093;
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->65<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized)
under seal as of the date first above written.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><I>THE COMPANY</I>:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>BROADCASTING MEDIA PARTNERS, INC.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Andrew Hobson</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Senior Executive Vice
President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><I>BMPH</I>:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" nowrap><B>BROADCAST MEDIA PARTNERS HOLDINGS, INC.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Andrew Hobson</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:  Senior Executive Vice
President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><I>UNIVISION</I>:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>UNIVISION COMMUNICATIONS INC.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:  Andrew Hobson</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:  Senior Executive Vice
President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>The signature appearing immediately below shall serve as a signature at each place indicated
with an &#147;*&#148; on this page:</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 10pt">
    <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"> /s/ Andrew Hobson<DIV style="border-top: 1px solid #000000"></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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:  Andrew Hobson
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:  Senior Executive Vice
President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED PRINCIPAL INVESTOR AGREEMENT
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>THE PRINCIPAL INVESTORS</I>:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 42%"><U><B>MDP INVESTORS</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="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" nowrap><B>MADISON DEARBORN CAPITAL PARTNERS IV, L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Madison Dearborn Partners IV, L.P., its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Madison Dearborn Partners, LLC, its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Michael Cole</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>MDCPIV INTERMEDIATE (UMBRELLA), L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Madison Dearborn Partners IV, L.P. its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Madison Dearborn Partners, LLC, its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Michael Cole</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" NOWRAP><B>MADISON DEARBORN CAPITAL PARTNERS V-A, L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Madison Dearborn Partners V-A&#038;C, L.P., its General
Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Madison Dearborn Partners, LLC, its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Michael Cole</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED PRINCIPAL INVESTOR AGREEMENT
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>MDCPV INTERMEDIATE (UMBRELLA), L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Madison Dearborn Partners V-A&#038;C, L.P., its General
Partner
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Madison Dearborn Partners, LLC, its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Michael Cole</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>MDCP FOREIGN CO-INVESTORS (UMBRELLA), L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Madison Dearborn Partners V-A&#038;C, L.P., its General
Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Madison Dearborn Partners, LLC, its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Michael Cole</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>MDCP US CO-INVESTORS (UMBRELLA), L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Madison Dearborn Partners V-A&#038;C, L.P., its General
Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Madison Dearborn Partners, LLC, its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Michael Cole</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>The signature appearing immediately below shall serve as a signature at each place indicated with
an &#147;*&#148;under the heading of MDP INVESTORS:</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Michael Cole<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Michael Cole
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED PRINCIPAL INVESTOR AGREEMENT
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 42%"><U><B>PEP INVESTORS</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="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>PROVIDENCE INVESTORS V (UNIVISION)&nbsp;L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Providence Umbrella GP L.L.C., its General Partner
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Mark Masiello</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" nowrap><B>PROVIDENCE EQUITY PARTNERS V (UMBRELLA US) L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Providence Equity GP V L.P., its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Providence Equity Partners V L.L.C., its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Mark Masiello</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>PROVIDENCE INVESTORS VI (UNIVISION)&nbsp;L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Providence VI Umbrella GP L.L.C., its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Mark Masiello</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" nowrap><B>PROVIDENCE EQUITY PARTNERS VI (UMBRELLA US) L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Providence Equity GP VI L.P., its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Providence Equity Partners VI L.L.C., its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Mark Masiello</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED PRINCIPAL INVESTOR AGREEMENT
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>PROVIDENCE CO-INVESTORS (UNIVISION)&nbsp;L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Providence Umbrella GP L.L.C., its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Mark Masiello</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>PROVIDENCE CO-INVESTORS (UNIVISION US) L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Providence Umbrella GP L.L.C., its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Mark Masiello</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>The signature appearing immediately below shall serve as a signature at each place indicated with
an &#147;*&#148; under the heading of PEP INVESTORS:</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 10pt">
    <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">/s/ Mark Masiello<DIV style="border-top: 1px solid #000000"></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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Mark Masiello
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED PRINCIPAL INVESTOR AGREEMENT
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<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>SCG INVESTMENTS II, LLC, a Delaware LLC</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/ Adam Chesnoff</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Adam Chesnoff&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">Manager&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED PRINCIPAL INVESTOR AGREEMENT
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 42%"><U><B>TPG INVESTORS</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="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>TPG UMBRELLA IV, L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TPG Advisors IV, Inc., its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Ronald Cami</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>TPG MEDIA V-AIV 1, L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TPG Advisors V, Inc., its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Ronald Cami</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>TPG UMBRELLA INTERNATIONAL IV, L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TPG Advisors IV, Inc., its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Ronald Cami</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED PRINCIPAL INVESTOR AGREEMENT
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>TPG MEDIA V-AIV 2, L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TPG Advisors V, Inc., its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Ronald Cami</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>TPG UMBRELLA CO-INVESTMENT, L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TPG Advisors V, Inc., its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Ronald Cami</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>TPG UMBRELLA INTERNATIONAL CO-INVESTMENT, L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TPG Advisors V, Inc., its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Ronald Cami</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>The signature appearing immediately below shall serve as a signature
at each place indicated with an &#147;*&#148; under the heading of TPG INVESTORS:</TD>
</TR>

</TABLE>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="55%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="8%">&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/ Ronald Cami</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Ronald Cami&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&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED PRINCIPAL INVESTOR AGREEMENT
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 42%"><U><B>THL INVESTORS</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="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>THOMAS H. LEE EQUITY FUND VI, L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">THL Equity Advisors VI, LLC, its General Partner
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thomas H. Lee Partners, L.P., its Sole Member</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thomas H. Lee Advisors, LLC, its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Scott Sperling</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" nowrap><B>THL EQUITY FUND VI INVESTORS (UNIVISION), L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">THL Equity Advisors VI, LLC, its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thomas H. Lee Partners, L.P., its Sole Member</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thomas H. Lee Advisors, LLC, its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Scott Sperling</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>THL EQUITY FUND VI INTERMEDIATE INVESTORS (UNIVISION), L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">THL Equity Advisors VI, LLC, its general partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thomas H. Lee Partners, L.P., its sole member</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thomas H. Lee Advisors, LLC, its general partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Scott Sperling</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED PRINCIPAL INVESTOR AGREEMENT
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>THL EQUITY FUND VI INTERMEDIATE INVESTORS (UNIVISION US), L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">THL Equity Advisors VI, LLC, its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thomas H. Lee Partners, L.P., its Sole Member</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thomas H. Lee Advisors, LLC, its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Charles P. Holden</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>THL EQUITY FUND VI INVESTORS (GS), LLC</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">THL Equity Advisors VI, LLC, its Manager</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Charles P. Holden</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>The signature appearing immediately below
shall serve as a signature at each place
indicated with an &#147;*&#148; under the heading of THL
INVESTORS:</TD>
</TR>

</TABLE>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="55%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="8%">&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; </TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Charles P. Holden
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;</TD>
    <TD align="left">Charles P. Holden&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Its:  Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED PRINCIPAL INVESTOR AGREEMENT
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>TELEVISA</I>:
</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</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</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" align="left">Its:&nbsp;</TD>
    <TD colspan="2">Attorney-in-Fact</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</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" align="left">Its:&nbsp;</TD>
    <TD colspan="2">Attorney-in-Fact</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE PAGE TO AMENDED AND RESTATED PRINCIPAL INVESTOR AGREEMENT
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SCHEDULE I</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;Please see attached.&#093;
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>Schedule&nbsp;2.5.2</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>Initial Principal Investor Board Designees</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">1. Zaid Asilkafi<BR>
2. David Bonderman<BR>
3. Adam Chesnoff<BR>
4. Michael Cole<BR>
5. Kelvin Davis<BR>
6. Albert Dobron<BR>
7. Mark Masiello<BR>
8. Jonathan Nelson<BR>
9. James Perry, Jr.<BR>
10. David Trujillo<BR>
11. Haim Saban<BR>
12. Vacant<BR>
13. Vacant<BR>
14. Vacant

</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>Schedule&nbsp;2.5.3</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>Initial Televisa Board Designees</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">1. Alfonso de Angoitia<BR>
2. Emilio Azcarraga Jean<BR>
3. Enrique Senior

</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>Schedule&nbsp;4.7</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>Representations and Warranties of the Principal Investors</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">(i)
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt">VCOC Rights Agreement, by and among the Company, BMPH and each venture capital operating company
listed on a schedule thereto, dated as of March&nbsp;27, 2007, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Indemnification Agreements, dated as of June&nbsp;2, 2010, by and among the Company, BMPH, Univision and
each of (i)&nbsp;Zaid Aliskafi, (ii)&nbsp;David Bonderman, (iii)&nbsp;Adam Chesnoff, (iv)&nbsp;Michael Cole, (v)
Kelvin Davis, (vi)&nbsp;Albert Dobron, (vii)&nbsp;Mark Masiello, (viii)&nbsp;Jonathan Nelson, (ix)&nbsp;James Perry,
Jr., (x)&nbsp;Haim Saban, and (xi)&nbsp;David Trujillo.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Services Agreement, by and between the Company, SCG Investments IIB LLC and BMPI Services LLC,
dated as of March&nbsp;29, 2007, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">BMPS1 LLC Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">BMPS2 LLC Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Recapitalization Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Management Agreement, dated as of March&nbsp;29, 2007 by and among Univision, the Company, BMPH, Madison
Dearborn Partners IV, L.P., Madison Dearborn Partners V-B, L.P., Providence Equity Partners V Inc.,
Providence Equity Partners L.L.C., KSF Corp., THL Managers VI, LLC, and TPG Capital, L.P.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">2010 Principal Investor Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Amended and Restated Participation, Registration Rights and Coordination Agreement, dated as of
November&nbsp;23, 2010, by and among the Company, BMPH, Univision and certain stockholders of the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Amended and Restated Stockholders Agreement, dated as of November&nbsp;23, 2010, by and among the
Company, BMPH, Univision and certain stockholders of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">As of October&nbsp;2, 2010, the following agreements were in effect, but were amended and restated in
their entirety in connection with the Recapitalization, and, accordingly, are not in effect as of
the date hereof.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>2007 Principal Investor Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Stockholders Agreement, dated as of March&nbsp;29, 2007, by and among the Company, BMPH,
Umbrella Acquisition, Inc. and certain stockholders of the Company.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Participation, Registration Rights and Coordination Agreement, dated as of March&nbsp;29,
2007, by and among the Company, BMPH, Umbrella Acquisition, Inc. and certain
stockholders of the Company.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>Schedule&nbsp;8.2</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>Illustration of Indebtedness Calculation</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;Please see attached.&#093;
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


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    <TD width="1%">&nbsp;</TD>
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<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">TABLE OF CONTENTS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">PAGE</TD>
    <TD>&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">RECITALS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">AGREEMENT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">1. EFFECTIVENESS; DEFINITIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.1 Effective Date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.2 Definitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2. CONSENT RIGHTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.1 Actions that Require PITV Investor Approval</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.2 Actions that Require Board Approval</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.3 Other Restricted Actions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.4 Actions that Require the Majority Televisa Investors&#146; Approval</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.5 Board of Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.6 Committees of the Board</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.7 Meetings; Notice; Quorum; Decisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.8 BMPH and Univision Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.9 Further Assurances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.10 Period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.11 Proxies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.12 Service, Consulting, Management and Advisory Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3. TRANSFER RESTRICTIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.1 PITV Investors Permitted Transferees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.2 Transfer by Principal Investor Groups</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.3 Transfer Between PITV Investor Groups</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">4. COVENANTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.1 Annual Budget</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.2 Directors&#146; and Officers&#146; Insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.3 Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.4 Disclosure of Confidential Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.5 Company Debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.6 13D or 13G Filing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.7 Representations and Warranties of the Principal Investors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
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<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD nowrap align="left" style="border-bottom: 1px solid #000000">TABLE OF CONTENTS</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">5. REMEDIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.1 General</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6. LEGENDS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.1 Restrictive Legend</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.2 Stop Transfer Instruction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.3 Shares Held by Co-Investment Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.4 Shares Held by Televisa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7. AMENDMENT, TERMINATION, ETC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.1 Oral Modifications</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.2 Written Modifications</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.3 Withdrawal from Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.4 Termination; Effect of Termination</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.5 Federal Communications Laws and Antitrust Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8. DEFINITIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.1 Certain Matters of Construction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.2 Definitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">9. MISCELLANEOUS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.1 Authority; Effect</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.2 Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.3 Entire Agreement; No Assignment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.4 No Third Party Beneficiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.5 No Partnership, Agency, or Joint Venture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.6 No Waiver</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.7 Descriptive Heading</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.8 Counterparts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.9 Severability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.10 No Recourse</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.11 Obligations of Company, BMPH and Univision</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.12 Indemnity and Liability, Reimbursement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
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<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="86%">&nbsp;</TD>
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    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
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<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">TABLE OF CONTENTS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">PAGE</TD>
    <TD>&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">10. GOVERNING LAW</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.1 Governing Law</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.2 Consent to Jurisdiction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.3 WAIVER OF JURY TRIAL</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.4 Exercise of Rights and Remedies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.5 No Derogation of Other Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
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<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DOCUMENT>
<TYPE>EX-4.27
<SEQUENCE>10
<FILENAME>c19172exv4w27.htm
<DESCRIPTION>EXHIBIT 4.27
<TEXT>
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<TITLE>Exhibit 4.27</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;4.27</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt">EXECUTION COPY
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>AMENDED AND RESTATED</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>2011 PROGRAM LICENSE AGREEMENT</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>by and between</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>TELEVISA, S.A. DE C.V.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>and</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UNIVISION COMMUNICATIONS INC.</B>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><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="92%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">1. License of Programming</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.1 Grant of Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.2 Certain Specific Rights Included in Licensed Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.3 Rights of Licensee and Licensor with Respect to Excluded Content</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.4 Televisa Spoiler Content</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.5 Sports Clips</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.6 Clip Exchange Arrangements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2. Novelas, Co-Productions and Acquired Programs, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.1 Novelas</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.2 Acquired Completed Novelas</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.3 Co-Produced Content (Non Novelas)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.4 Acquired Other Content (Non-Novelas)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.5 Acquired Completed Content</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.6 Scripts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.7 Local Novelas</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.8 Reporting, Informational Meetings and Compliance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.9 Audiovisual Content Acquired Pursuant to the Mexico License Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3. General Terms and Conditions Relating to Audiovisual Content</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.1 Good Faith Efforts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.2 Spanish Language Platforms</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.3 Sale of Broadcast Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.4 Telemundo Content</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.5 Pantelion Movies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.6 Live Event Streaming</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.7 Territorial Integrity; Anti-Piracy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.8 Offensive or Politically Insensitive Platforms</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">4. Sublicensing; Third Party Arrangements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.1 Licensee Right to Sublicense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.2 Licensor Approval</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.3 Licensor Approval Procedures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.4 Exceptions to Licensor Approval</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.5 Interactive Functionality; Technological Enhancements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5. Downloads</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.1 Download to Own (DTO)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.2 Download to Rent (DTR)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6. Additional Spanish Language Platforms; Grupo Televisa First Negotiation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.1 Additional Spanish Language Platforms</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.2 Grupo Televisa Rights of First Negotiation for Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.3 No Impact on Licensee Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="92%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7. Notification and Acceptance of Programming; Scheduling Cooperation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.1 Timing of Availability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.2 Availability Notices; Requests for Delivery</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.3 Cooperation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8. Delivery, Expenses and Use of Licensed Content</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.1 Delivery Procedure; Clean Versions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.2 Inspection of Delivered Programs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.3 Destruction or Erasure of Delivered Programs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.4 Ownership; Risk of Loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.5 Restrictions on Duplication</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.6 Name and Likeness Rights; Promotions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.7 Credits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.8 Editing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.9 Product Placement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.10 Licensor Withdrawal of Programs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.11 Digitization; Technological Enhancements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.12 Ancillary Content</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.13 Digital Distribution Clearances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">9. Royalty</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.1 Calculation of the Royalty and Royalty Base</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.2 Payment Schedule</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.3 Royalty Calculation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.4 Audit Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.5 Additional Certificates and Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.6 Packaged Sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.7 Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.8 Withholding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.9 Venevision PLA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.10 Late Payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.11 Payments for Prior Periods</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">10. Mexican Soccer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.1 Owned Teams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.2 Non-Owned Teams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.3 General Terms and Conditions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">11. Unsold Advertising Time</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.1 Grupo Televisa Rights to Unsold Advertising Time</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.2 Guaranteed Advertising</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.3 Timing For Use of Unsold Advertising</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.4 Location of Unsold Advertising</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.5 Pricing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.6 Coordination</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="92%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.7 Non-Preemptable Advertising</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.8 Purchase of Additional Advertising</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.9 Quality Standards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.10 Use of Unsold Advertising for Televisa Third Party Promotion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.11 Unsold Advertising Limited to Networks and Stations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">12. Representations and Warranties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.1 Licensor Representations and Warranties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.2 Licensee Representations and Warranties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.3 Insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">13. Indemnification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">13.1 Licensor Indemnification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">13.2 Licensee Indemnification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">13.3 Indemnification Procedures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">14. Term</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">15. Dispute Resolution; Remedies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">15.1 Expedited Arbitration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">15.2 Dispute Resolution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">15.3 Cure Rights; Determination of Material Breaches Leading to Right to Terminate; No Right of Appeal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">15.4 Satisfaction of Indemnification Obligations Cures Inaccuracy of Licensor Representations and Warranties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">15.5 Governing Law</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">15.6 Jurisdiction; Venue; Service of Process</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">15.7 Specific Performance; Injunctive Relief</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">15.8 Certain Limitations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">16. First Opportunity Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">16.1 Proposed New Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">16.2 Stand Alone Business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">16.3 Carve Out Business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">17. Sale of Licensee Assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">17.1 Sale of Networks / Stations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">17.2 Sale of BMPI</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">17.3 Transfer of Program Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">18. Committees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">18.1 Programming, Sales and Production Committee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">18.2 Platforms Committee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">18.3 Proposed New Business Committee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">18.4 Grupo Televisa Representation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="92%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">19. Monetization of Territory Audiences</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">20. Miscellaneous</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">20.1 Effect of Prior Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">20.2 Force Majeure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">20.3 Modification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">20.4 Waiver of Breach</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">20.5 Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">20.6 Assignments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">20.7 Further Assurances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">20.8 Information Sharing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">20.9 Counterparts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">20.10 Severability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">20.11 Language Rules of Construction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">20.12 Headings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">20.13 Entire Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Annex A</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">A-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SCHEDULE 1 TELEVISA CHANNEL TRADEMARK LICENSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SCHEDULE 2 NOVELAS PRIOR TO OCTOBER 4, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SCHEDULE 3 SPECIAL PANTELION MOVIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SCHEDULE 4 APPROVED THIRD PARTY ARRANGEMENTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SCHEDULE 5 UIN BRANDED EXPERIENCE NOTICE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SCHEDULE 6 ROYALTY BASE EXAMPLE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SCHEDULE 7 FORM OF ACCOUNTING FIRM CERTIFICATE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SCHEDULE 8 FORM OF CHIEF FINANCIAL OFFICER CERTIFICATE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SCHEDULE 9 FORM OF SALES OFFICER CERTIFICATE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SCHEDULE 10 NOTICES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SCHEDULE 11 NOVELA EXAMPLES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SCHEDULE 12 CORPORATE OPPORTUNITY EXAMPLE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SCHEDULE 13 RESTRICTED MOVIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-15</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>AMENDED AND RESTATED 2011 PROGRAM LICENSE AGREEMENT</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">This AMENDED AND RESTATED 2011 PROGRAM LICENSE AGREEMENT (this &#147;<U>Agreement</U>&#148;) is entered into
as of February&nbsp;28, 2011 by and between Televisa, S.A. de C.V., a Mexican corporation (hereinafter
&#147;<U>Licensor</U>&#148;) and Univision Communications Inc., a Delaware corporation (&#147;<U>Licensee</U>&#148;),
shall be effective as of January&nbsp;1, 2011 (the &#147;<U>Effective Date</U>&#148;), and as of the Effective
Date, (i)&nbsp;amends and restates that certain 2011 Program License Agreement made as of the 20th day
of December, 2010 by and between Licensor and Licensee; and (ii)&nbsp;replaces and supersedes that
certain Third Amended and Restated Program License Agreement made as of the 22nd day of January,
2009 by and between Licensor and Licensee (the &#147;<U>Third Amended and Restated Program License
Agreement</U>&#148;). Capitalized terms used but not defined herein shall have the meanings set forth
on <U>Annex A</U> attached hereto. Unless the context otherwise clearly requires, the phrases
&#147;concurrently herewith&#148;, &#147;as of the date hereof&#148; and other phrases of similar import refer to
December&nbsp;20, 2010 and not February&nbsp;28, 2011.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS</B>, Licensor has or will have rights in the United States of America, including all
territories and possessions thereof including Puerto Rico (the &#147;<U>Territory</U>&#148;), to license
certain Audiovisual Content originally produced in the Spanish language or with Spanish subtitles
produced by Licensor and other entities controlled by Grupo Televisa, S.A.B. (&#147;<U>GT</U>&#148;) (GT and
all of the companies it controls, including Licensor, being hereinafter referred to collectively as
&#147;<U>Grupo Televisa</U>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS</B>, Licensor has or will have rights in the Territory to license certain Audiovisual
Content originally produced in the Spanish language or with Spanish subtitles acquired by Grupo
Televisa.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS</B>, Licensee operates the Networks, the Stations and other Spanish Language Platforms,
and may operate additional Spanish Language Platforms in the future.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS</B>, Licensee desires to acquire certain rights to Broadcast in the Territory certain
Audiovisual Content originally produced in the Spanish language or with Spanish subtitles, and
Licensor is willing to grant such a license to such rights upon the terms, provisions and
conditions herein set forth.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS</B>, Venevision International Corporation (&#147;<U>Venevision</U>&#148;) previously entered into a
Second Amended and Restated Program License Agreement, dated as of December&nbsp;19, 2001 (as the same
may have been, and may hereafter be, amended, the &#147;<U>Venevision PLA</U>&#148;), with the Licensee to
license certain television programming for television broadcast in the Territory, and previously
entered into that certain agreement between Licensee and Venevision regarding U.S.-Based
Productions, Mutual General Releases and Other Matters (each as defined therein), dated as of May
18, 2010 (together with the Venevision PLA, the &#147;<U>Venevision Agreements</U>&#148;), and nothing
herein is intended to, or does, alter or limit any rights or obligations of Venevision or Licensee
(as between Venevision and Licensee only) under either the Venevision Agreements or that certain
Participation Agreement, dated October&nbsp;2, 1996, by and among Licensee, A. Jerrold Perenchio, GT,
Gustavo A. Cisneros, Ricardo J. Cisneros and Corporacion Venezolana de Television (Venevision) C.A.
(to the extent still in effect) (the &#147;<U>Participation Agreement</U>&#148;).
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS</B>, Grupo Televisa acknowledges that Licensee agreed to provide certain benefits in the
Third Amended and Restated Program License Agreement in consideration for the releases provided in
the Mutual Release and Settlement Agreement, dated as of January&nbsp;22, 2009, by and among Licensee,
Licensor, GT and Telefutura Network, which benefits are preserved hereunder.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS</B>, Broadcasting Media Partners, Inc. (&#147;<U>BMPI</U>&#148;), Licensee, GT and Licensor entered
into that certain Memorandum of Understanding, dated as of October&nbsp;4, 2010 (the &#147;<U>MOU</U>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS</B>, each of the parties, on December&nbsp;20, 2010, delivered to the other party a duly
executed release and stipulation of discontinuance with prejudice of any and all of such party&#146;s
actions, suits and proceedings pending or threatened, claims, damages and causes of action against
the other party relating to certain agreements specified in such release and stipulation
(collectively, the &#147;<U>Mutual Release</U>&#148;), on the terms and conditions set forth therein.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS</B>, Licensee and GT, on December&nbsp;20, 2010, entered into that certain Amendment to the
International Program Rights Agreement, pursuant to which Licensee and GT grant certain rights and
eliminate certain obligations as between Licensee and GT only (the &#147;<U>IPRA Amendment</U>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS</B>, Licensee and Licensor, on December&nbsp;20, 2010, entered into that certain 2011
International Sales Agency Agreement, pursuant to which Licensee engages Licensor as its exclusive
sales agent for the sale or license to third parties of certain rights in and to certain
Audiovisual Content originally produced in the Spanish language or with Spanish subtitles (the
&#147;<U>Sales Agency Agreement</U>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS</B>, Videoserpel LTD (an Affiliate of Licensor) and Licensee, on December&nbsp;20, 2010,
entered into that certain 2011 Mexico License Agreement, and are entering into that certain Amended
and Restated 2011 Mexico License Agreement, dated February&nbsp;28, 2011, pursuant to which Licensee
grants to Grupo Televisa certain rights to Broadcast in Mexico certain Audiovisual Content
originally produced in the Spanish language or with Spanish subtitles produced or acquired by
Licensee, on terms, provisions and conditions similar to those set forth herein (the &#147;<U>Amended
and Restated 2011 Mexico License Agreement</U>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS</B>, BMPI, BMP Services II, LLC, Licensee, GT, and Televisa Pay-TV Venture, Inc., on
December&nbsp;20, 2010, entered into that certain Investment Agreement, and are entering into an
amendment thereto, dated February&nbsp;28, 2011, pursuant to which, among other things, GT made,
directly or indirectly, an investment in BMPI and BMP Services II, LLC and acquired certain rights
with respect thereto (such agreement, together with all other related agreements and instruments as
may be required in connection therewith, the &#147;<U>Investment Agreement</U>&#148;).
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>NOW, THEREFORE</B>, in consideration of the mutual promises and covenants herein contained, the
parties hereto agree as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">1.&nbsp;<U><B>License of Programming</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.1 <U><B>Grant of Rights</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Licensed Rights</U>. Pursuant to the terms and conditions and subject to the
exceptions and exclusions contained herein, Licensor hereby licenses to Licensee, on an exclusive
basis, throughout the Territory during the Term, to the full extent of rights owned or controlled
by Grupo Televisa now or in the future, with respect to Licensed Content originally produced in the
Spanish language or with Spanish subtitles, the following rights (collectively, the &#147;<U>Licensed
Rights</U>&#148;):
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">(i) <I>Programs</I>. The right to Broadcast Programs by means of all Licensed Media;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Movies</I>. The right to Broadcast Movies (other than Restricted Movies) by means of all
Licensed Media;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;<I>Pantelion Movies</I>. The right to Broadcast Pantelion Movies by means of Free Television.
For the avoidance of doubt, the parties&#146; respective rights and obligations with respect to
Pantelion Movies are subject to the terms, conditions, exceptions and exclusions of <U>Section
3.5</U>;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iv)&nbsp;<I>Licensed Soccer Rights</I>. The Licensed Soccer Rights, in accordance with and pursuant to
the terms and conditions and subject to the exceptions and exclusions of <U>Section&nbsp;10</U>;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(v)&nbsp;<I>Televisa Publications Content</I>. The right to Broadcast Televisa Publications Content by
means of Linear Television Channels. Licensee shall only Broadcast Televisa Publications Content
on the Specified Channels and, once Broadcast on the Specified Channels (or concurrent with such
Broadcast), through MVPDs pursuant to MVPD Arrangements then in effect or entered into by Licensee
with respect to the Specified Channels. The parties&#146; respective rights and obligations with
respect to Excluded Content (including Televisa Publications Content) shall be subject to the
terms, conditions, exceptions and exclusions of <U>Section&nbsp;1.3</U>;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(vi)&nbsp;<I>Ancillary Content. </I>The right to Broadcast Ancillary Content by means of all Licensed
Media. Ancillary Content shall be provided or produced by Grupo Televisa and delivered by Licensor
pursuant to <U>Section&nbsp;8.12</U>;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(vii)&nbsp;<I>Clips. </I>The right to Broadcast, by means of all Licensed Media, (A)&nbsp;Televisa Produced
Clips, subject to the rights of Grupo Televisa set forth in <U>Section&nbsp;1.3(a)(i)</U>, and the
terms, conditions, exceptions and exclusions thereon set forth in <U>Section&nbsp;1.3</U>; and (B)
Licensee Produced Clips, in each of cases (A)&nbsp;and (B), subject to <U>Section&nbsp;1.6</U>. Televisa
Produced Clips shall be delivered to Licensee as and when produced by Grupo Televisa. Licensee
Produced Clips shall be produced by Licensee pursuant to <U>Section&nbsp;8.8(e)(ix)</U> or <U>Section
10.3(e)</U>; and
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(viii)&nbsp;<I>Other Rights</I>. Any other Broadcast rights not granted in clauses (i)&nbsp;through (vii)&nbsp;with
respect to Audiovisual Content originally produced in the Spanish language or with Spanish
subtitles in the Licensed Media on Spanish Language Platforms, in all cases subject to the
exceptions, exclusions and limitations herein, including with respect to Excluded Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Reserved Rights</U>. Notwithstanding any other provisions of this Agreement, without
limiting the generality of any other exclusion from or limitation of the rights licensed hereunder,
the following rights in the Territory during the Term do not constitute Licensed Rights and are
expressly reserved by Licensor (on behalf of Grupo Televisa):
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Theatrical Exhibition of Movies</I>. The right to, and to permit others to, Broadcast all
Movies by means of Theatrical Exhibition, whether on a &#147;first-run&#148; or &#147;re-release&#148; basis; it being
understood and agreed that Grupo Televisa shall not, and shall not permit others to, Broadcast
Licensed Content other than Movies by means of Theatrical Exhibition in the Territory during the
Term;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Pantelion Movies</I>. The right to permit Pantelion to Broadcast Pantelion Movies in all
Licensed Media (other than Free Television) and by means of Theatrical Exhibition, pursuant to the
terms and conditions and subject to the exceptions and exclusions of <U>Section&nbsp;3.5</U>;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;<I>Videogames</I>. The right to, and to permit others to, Broadcast Videogames;
<U>provided</U>, that such Videogames (other than the &#147;Lucha Libre Heroes of the Ring&#148; Videogame
existing as of the date hereof) shall not incorporate any clip, segment, or portion of Licensed
Content, other than (x)&nbsp;in any sports-themed and branded Videogame, up to ninety (90)&nbsp;seconds
individually and five (5)&nbsp;minutes (in the aggregate) of non-interactive Ancillary Content or clips,
vignettes, video recaps, highlight reels or other similar short-form Audiovisual Content composed
of excerpts from sports Programs or Licensed Mexican Soccer Games (<U>provided</U>, that no such
clips, vignettes, video recaps, highlight reels or other similar short-form Audiovisual Content
shall be included in any Videogame until six (6)&nbsp;months after the applicable or underlying Licensed
Content has been made available to Licensee hereunder), and (y)&nbsp;in any other Videogame, up to
ninety (90)&nbsp;seconds individually and five (5)&nbsp;minutes (in the aggregate) of non-interactive
Ancillary Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iv)&nbsp;<I>Hard Good Home Videograms</I>. The right to, and to permit others to, distribute or sell or
otherwise exploit Hard Good Home Videograms, including those embodying Licensed Content;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(v)&nbsp;<I>Radio</I>. The right to, and to permit others to, transmit, re-transmit, distribute or
otherwise disseminate or exploit any audio-only content, including audio-only tracks of the
Licensed Content (other than Novelas) by means of Radio;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(vi)&nbsp;<I>Televisa Publications Content</I>. Pursuant to the terms and conditions and subject to the
exceptions and exclusions set forth herein (including in <U>Section&nbsp;1.3</U>) and without limiting
Licensee&#146;s rights with respect to Televisa Publications Content, the right to, and to permit others
to, Broadcast Televisa Publications Content only on Grupo Televisa&#146;s proprietary sites and
platforms and third party sites and platforms (other than on any Linear
Television Channel in the Territory, which shall not be permitted in any instance);
<U>provided</U>, that if Grupo Televisa elects to Broadcast any Televisa Publications Content on a
third party site or platform in any Licensed Media during the Term in the Territory on an exclusive
basis, Licensor shall provide to Licensee an exclusive Right of First Negotiation / First Refusal
to license such Televisa Publications Content on an exclusive basis for Broadcast by means of such
Licensed Media;
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(vii)&nbsp;<I>Short Form&nbsp;Commercial Advertising</I>. The right to, and to permit others to, Broadcast
Short Form&nbsp;Commercial Advertising (A)&nbsp;for third party goods and services; <U>provided</U>, that
such advertising content shall not incorporate any clip, segment, or portion of Licensed Content
and/or (B)&nbsp;promoting any Grupo Televisa business, including its magazines, Theatrical Exhibition of
its movies, its consumer products, its Videogames and its Hard Good Home Videograms;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(viii)&nbsp;<I>Televisa Training Content</I>. The right to, and to permit others to, Broadcast Televisa
Training Content to its employees or consultants or for general corporate purposes;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ix)&nbsp;<I>Televisa New Business Content</I>. Pursuant to the terms and conditions and subject to the
exceptions and exclusions set forth herein (including in <U>Section&nbsp;1.3</U>), the right to, and to
permit others to, Broadcast Televisa New Business Content only on Grupo Televisa&#146;s proprietary
sites and platforms and third party sites and platforms;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(x)&nbsp;<I>Non-Spanish Language Audiovisual Content</I>. All rights, including rights to, and to permit
others to, Broadcast, any Audiovisual Content that is (A)&nbsp;originally produced in a language other
than the Spanish language, and (B)&nbsp;without Spanish subtitles; <U>provided</U>, that Grupo Televisa
shall not, and shall not permit others to, Broadcast any Licensed Content dubbed, subtitled or
otherwise converted into a language other than Spanish in the Territory during the Term; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(xi)&nbsp;<I>Non-Audiovisual Content</I>. All rights that are not rights to Broadcast Audiovisual
Content, except to the extent expressly provided herein or necessary for the Broadcast of Licensed
Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Availability</U>. Licensed Content shall become available for Broadcast by Licensee
in accordance with <U>Section&nbsp;7.1</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Spanish Closed Captions</U>. Notwithstanding any reference herein to Spanish
subtitles, if Spanish-language closed captions (or a similar text feature) are added to any
Audiovisual Content that is originally produced in a language other than Spanish and such closed
captions are added (i)&nbsp;by a third party distributor that primarily Broadcasts or distributes
Audiovisual Content in a language other than Spanish and was not involved in the production of such
Audiovisual Content; and (ii)&nbsp;by means of a generally available closed captioning or similar system
applicable to Audiovisual Content Broadcast on the platform in question, then such Audiovisual
Content shall not be deemed to be subtitled in Spanish solely by reason of such closed captions (or
similar text feature). By way of example, if DirecTV makes a Spanish language closed captioning
feature available with respect to channels and platforms on its
service, such Spanish language closed captioning services shall not, in and of itself, cause
programming produced in a language other than Spanish and Broadcast on DirecTV to be deemed
&#147;subtitled in Spanish&#148; for purposes of this Agreement.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;<U>Non-Licensed Content</U>. For the avoidance of doubt, this Agreement relates solely
to the Broadcast and exploitation of the Licensed Rights in and to the Licensed Content in the
Territory and during the Term, and is not intended to, and shall not, limit or impair any of
Licensee&#146;s or its Affiliates&#146; rights with respect to any other Audiovisual Content, audio-only
content or other content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(f)&nbsp;<U>Rights Restrictions</U>. Licensee acknowledges and agrees that there may exist Rights
Restrictions with respect to items of Licensed Content. Licensee and its controlled Affiliates,
and other persons to whom Licensee sublicenses or otherwise transfers rights to the Licensed
Content shall, in connection with the exercise of the Licensed Rights, comply with any Rights
Restrictions with respect to each item of Licensed Content, in each case, as notified by Licensor
to Licensee in an Availability Notice in accordance with <U>Section&nbsp;7.2(a)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.2 <U><B>Certain Specific Rights Included in Licensed Rights</B></U>. Without limiting the
generality of <U>Section&nbsp;1.1(a)</U>:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(a) <U>Affiliates</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Controlled Affiliates</I>. The Licensed Rights include the right to permit controlled
Affiliates of Licensee to exercise the Licensed Rights (and all other rights and entitlements
hereunder attendant and appurtenant thereto) to the same extent, and subject to the same terms,
conditions, exceptions, exclusions and obligations as Licensee (and such permitted use shall not be
deemed a sublicense for purposes of this Agreement); <U>provided</U>, that if a person ceases to
be a controlled Affiliate of Licensee during the Term, the right of such person to exercise the
Licensed Rights under this <U>Section&nbsp;1.2(a)(i)</U> shall automatically cease and such person
shall thereafter be deemed a sublicensee, subject to <U>Section&nbsp;4</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Network Affiliates</I>. The Licensed Rights include the right to permit Network Affiliates
to exercise the Licensed Rights (and all other rights and entitlements hereunder attendant and
appurtenant thereto) as part of the Broadcast by means of Free Television, pursuant to and in
accordance with Network Affiliation Agreements entered into by and among Licensee and its
controlled Affiliates, and the Network Affiliates (and such permitted use shall not be deemed a
sublicense for purposes of this Agreement); <U>provided</U>, that if a person ceases to be a
Network Affiliate of Licensee during the Term, the right of such person to exercise the Licensed
Rights under this <U>Section&nbsp;1.2(a)(ii)</U> shall automatically cease and such person shall
thereafter be deemed a sublicensee, subject to <U>Section&nbsp;4</U> (including Licensor&#146;s approval
rights set forth thereunder, if applicable).
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Closed-Captioning; SAP</U>. The Licensed Rights include, to the full extent of rights
owned or controlled by Grupo Televisa now or in the future (i)&nbsp;the right to subtitle Licensed
Content into English or Spanish for closed-caption (or similar text feature) versions for Broadcast
in Licensed Media on Spanish Language Platforms, and to dub Licensed Content into
English for SAP (secondary audio programming) or into Spanish for audio description for the
visually impaired, in each case of Spanish Language Platforms, in each case, subject to the
approval of the Televisa Editing and Dubbing Appointee (such approval not to be unreasonably
withheld, conditioned or delayed); and (ii)&nbsp;the exclusive right to Broadcast such English or
Spanish closed-caption (or similar text feature), English SAP or Spanish audio description of
Licensed Content in Licensed Media on Spanish Language Platforms, in each case, in the Territory
during the Term. For the avoidance of doubt, Licensee shall also have the right to offer closed
captions or SAP (or similar functionality) to the extent required by applicable Law. The dubbed
and/or subtitled version of each item of Licensed Content will be delivered to, and be the property
of, Licensor promptly after such dubbed or subtitled version has been produced, subject, during the
Term, to the exclusive license hereunder in accordance with the terms hereof. Upon Licensee&#146;s
request, and as promptly as practicable following the delivery of the applicable Licensed Content
pursuant to <U>Section&nbsp;8.1</U>, Licensor will deliver to Licensee any available scripts,
transcripts or other documents (whether in Spanish and/or English) that would assist Licensee in
preparing such English subtitled or English dubbed versions of Licensed Content. Licensee shall
not, and shall not permit others to, dub or subtitle any Licensed Content, or Broadcast any version
of Licensed Content dubbed or subtitled, in a language other than Spanish or English.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Sublicensees</U>. Licensee&#146;s rights to sublicense the Licensed Rights are set forth
in <U>Section&nbsp;4</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(d) <U>Grupo Televisa Channels</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Rights to Televisa Channels</I>. The Licensed Rights include the exclusive right to
Broadcast, by means of all Licensed Media in the Territory during the Term, on the terms,
conditions, exceptions and exclusions contained herein, the Televisa Channels, to the extent that
such Televisa Channels are comprised of Licensed Content. Licensee shall also have the right to
(A)&nbsp;complement or replace Audiovisual Content on the Televisa Channels with other Audiovisual
Content owned or controlled by Licensee (e.g., by inserting local or licensed programming
(including other Licensed Content)), including to replace Audiovisual Content to which Licensor
does not own or control the relevant Broadcast rights in the Territory; (B)&nbsp;commercialize and sell
its own advertising on the Televisa Channels as Broadcast by Licensee; and (C)&nbsp;customize /
reconfigure existing programming offerings on such Televisa Channels (e.g., by changing the order
of programming (including Licensed Content)). Any edits, additions or deletions to any Licensed
Content contained on any Televisa Channel or any Licensed Content used to replace any Audiovisual
Content on any Televisa Channel shall be subject (to the extent applicable) to the editing terms
and conditions set forth in <U>Section&nbsp;8.8</U> (it being understood and agreed that any such
complements, replacements, customizations or reconfigurations by Licensee with respect to the
sequence, composition, presentation and/or delivery of the Audiovisual Content Broadcast that do
not change the internal content of any Licensed Content on any such Televisa Channel (including the
replacement of such Audiovisual Content with alternative Audiovisual Content) shall not be
considered an edit, addition, deletion, change or modification by Licensee and no such actions
shall be subject to <U>Section&nbsp;8.8</U>). Upon Licensee&#146;s request, Licensor shall, subject to the
parties&#146; mutually agreeing on a budget, carry out such complements, replacements, customizations or
reconfigurations and other similar modifications to the Televisa Channels pursuant to this
<U>Section&nbsp;1.2(d)(i)</U>; it being understood that such budget (I)&nbsp;shall be no greater than the
sum of the actual, out-of-pocket costs paid by Grupo Televisa in
order to complete such complements, replacements, customizations, reconfigurations and other
similar modifications, plus a reasonable internal overhead cost allocation (consistent with Grupo
Televisa&#146;s standard practices for pricing such services for use among its internal departments and
divisions); and (II)&nbsp;shall be no greater than the market price (i.e., on an arms length basis) for
the services in question.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Rights to Televisa Packaged Programming Offerings</I>. Licensee shall have rights, on the
terms, conditions, exceptions and exclusions contained herein, to Grupo Televisa&#146;s existing and
future linear and, to the extent the delivery and exercise of such rights is commercially feasible,
non-linear packaged and branded programming offerings (e.g., a specially branded Grupo Televisa
video-on-demand classic Novela &#147;channel&#148; containing Novelas selected and packaged by Grupo
Televisa) that Grupo Televisa Broadcasts outside the Territory, to the extent such packaged
programming offerings are comprised of Licensed Content, to the same extent of, <I>mutatis mutandis</I>,
Licensee&#146;s rights with respect to Televisa Channels contained in <U>Section&nbsp;1.2(d)(i)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;<I>Televisa Channel Marks</I>. In accordance with its exercise of the rights to Televisa
Channels and other packaged and branded programming offerings, Licensee shall have the right, but
not the obligation to use the Televisa Channel Marks in accordance with the trademark license set
forth on <U>Schedule&nbsp;1</U> attached hereto; <U>provided</U>, that Licensee shall have the
obligation to use such Televisa Channel Marks with respect to any Televisa Channel or other
packaged and branded programming offering that Licensee uses without modification (other than
insertion, deletion or substitution of advertising as permitted hereunder); <U>provided</U>,
<U>further</U>, that in the event that Licensee&#146;s customizations or reconfigurations of a Televisa
Channel or packaged programming offering change the genre or integrity of such Televisa Channel or
packaged programming offering, then Licensee shall, upon Licensor&#146;s reasonable request, cease, as
soon as reasonably practicable, the use of the Televisa Channel Marks relating to such customized
or reconfigured Televisa Channel or packaged programming offering.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iv)&nbsp;<I>No Impact on Other Licensee Rights</I>. Nothing contained in this <U>Section&nbsp;1.2(d)</U>
shall impair or restrict Licensee&#146;s right to Broadcast in any Licensed Media during the Term, in
the Territory (whether on channels, networks, programming services or on a stand-alone basis) any
individual item of Licensed Content (whether or not Broadcast by Grupo Televisa on any Televisa
Channel or other packaged programming offering outside the Territory).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(e) <U>Charitable/Religious Content</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Licensee Rights to Charitable/Religious Content. </I>The Licensed Content includes all
Charitable/Religious Content and the Licensed Rights include (i)&nbsp;the exclusive right to Broadcast
Charitable/Religious Content in all Licensed Media other than by means of the Internet; and (b)&nbsp;the
non-exclusive right (subject only to Licensor&#146;s rights set forth in <U>Section&nbsp;1.2(e)(ii)</U>) to
Broadcast Charitable/Religious Content by means of the Internet, in each case, in the Territory
during the Term.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT
THE OMITTED PORTIONS OF THIS DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION </B></div>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Grupo Televisa Non-Exclusive Right to Charitable/Religious Content. </I>Grupo Televisa shall
have the non-exclusive right to Broadcast Charitable/Religious Content in the Territory during the
Term only by means of the Internet. Notwithstanding the foregoing, Grupo Televisa shall not be
permitted to Broadcast, license or otherwise make available for Broadcast any Charitable/Religious
Content during the Term in the Territory on a Linear Television Channel, or on a continuous
streamed basis as to constitute, or take on the characteristics of, a Linear Television Channel.
Grupo Televisa shall not license or otherwise make available any Charitable/Religious Content to
any third party in the Territory during the Term.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.3 <U><B>Rights of Licensee and Licensor with Respect to Certain Excluded Content</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Terms and Conditions Regarding Grupo Televisa&#146;s Rights to Broadcast Excluded
Content</U>. Notwithstanding any other provisions of this Agreement, Grupo Televisa&#146;s rights to
Broadcast Excluded Content in the Territory during the Term shall be subject to the following
terms, conditions, exceptions and exclusions:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Limitations on Televisa Produced Clips</I>. Grupo Televisa&#146;s Broadcast of the Televisa
Produced Clips shall be only by means of Internet. In addition, with respect to any Televisa
Produced Clips of sports events, (A)&nbsp;Grupo Televisa shall Broadcast such Televisa Produced Clips
only with at least a five (5)&nbsp;minute delay from the applicable live sports event; and (B)&nbsp;subject
to any Clip Exchange Arrangements, Grupo Televisa shall not sublicense or otherwise make available
any such Televisa Produced Clips to ***.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>No Linear Channels</I>. Grupo Televisa will not be permitted to Broadcast, sublicense or
otherwise make available for Broadcast any Televisa Publications Content, Televisa Training
Content, Televisa Produced Clips or Televisa New Business Content during the Term in the Territory
on a Linear Television Channel, or on a continuous streamed basis as to constitute, or take on the
characteristics of, a Linear Television Channel (other than the Broadcast of Televisa Carve Out
Business Content on the Linear Television Channel acquired by Televisa as a Carve Out Business in
accordance with the terms and conditions of <U>Section&nbsp;16.3</U>).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;<I>Limitation on Sports Related Televisa Publications Content</I>. During the Term, Televisa
Publications Content relating to a specific live sports event (or the participants therein) shall
not be Broadcast within the thirty (30)&nbsp;minutes before or after the live Broadcast of the relevant
sports event (or during such an event) by Licensee; <U>provided</U>, that such restriction shall
not apply if such sports event is not Broadcast live by Licensee, its controlled Affiliates or its
permitted sublicensees (or, in the case of permitted sublicensees, if Licensor is not notified of
such Broadcast at least three days prior to such Broadcast).
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Terms and Conditions Regarding Licensee&#146;s Rights to Broadcast Excluded Content</U>.
Notwithstanding any other provisions of this Agreement, Licensee&#146;s rights to Broadcast Excluded
Content in the Territory shall be subject to the following terms, conditions, exceptions and
exclusions:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">(i) <I>Televisa Publications Content.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(A)&nbsp;All Broadcasts by Licensee of any Televisa Publications Content on the Specified Channels
(and pursuant to MVPD Arrangements with respect to the Specified Channels) shall retain all
promotional materials that Grupo Televisa embeds in such Televisa Publications Content;
<U>provided</U>, that such promotional materials shall only be required to be retained to the
extent that they promote the applicable Televisa Publication and/or its website (and shall not
promote any other website or platform owned or controlled by Grupo Televisa, including Esmas.com)
and are limited to one or more of (1)&nbsp;a fixed brand bug of a size consistent with customary
industry practice; (2)&nbsp;up to a lower third graphical brand or URL (uniform resource locator)
presence for up to twenty percent (20%) of the duration of the applicable Televisa Publications
Content; and (3)&nbsp;a brand or URL presence on the starts and finishes of the applicable Televisa
Publications Content. Licensee shall have the right to remove any promotional materials to the
extent they are not required to be retained by Licensee pursuant to this <U>Section
1.3(b)(i)(A)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(B)&nbsp;Licensee shall not be permitted to sublicense the Televisa Publications Content to any
third party. For the avoidance of doubt, the foregoing shall not prohibit the Broadcast of such
Televisa Publications Content by any MVPD in accordance with <U>Section&nbsp;1.1(a)(v)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>No Right to Other Excluded Content</I>. Subject to Licensee&#146;s Right of First Negotiation /
First Refusal under <U>Section&nbsp;1.1(b)(vi)</U>, Licensee shall have no right to Broadcast,
sublicense, exploit or otherwise make available any Excluded Content other than the Televisa
Publications Content and Televisa Produced Clips (pursuant to the terms and conditions and subject
to the exceptions and exclusions herein).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.4 <U><B>Televisa Spoiler Content</B></U>. Licensor shall use commercially reasonable efforts to
ensure that Grupo Televisa does not Broadcast, publish, include or otherwise make available to the
general public in the Territory, any Televisa Spoiler Content in any Territory-specific versions or
editions of any of Grupo Televisa&#146;s Publications or by means of any Broadcast of Excluded Content;
<U>provided</U>, that such obligation shall not be applicable before six (6)&nbsp;months prior to
Licensee&#146;s Broadcast of the relevant Program and Licensee will give Licensor reasonable notice to
enable Licensor to comply with this obligation. In the event that Licensee notifies Licensor in
writing that any Televisa Spoiler Content is being so Broadcast, published, included or otherwise
made available by Grupo Televisa (or any licensee in the Territory) to the general public in the
Territory, Licensor will ensure that Grupo Televisa (and will use commercially reasonable efforts
to cause such licensee in the Territory to) promptly (but in the case of Grupo Televisa, in no
event later than forty-eight (48)&nbsp;hours following receipt by Licensor of such notice from
Licensee), removes or takes down such Televisa Spoiler Content. The obligations of Licensor under
this <U>Section&nbsp;1.4</U>
shall not apply to Televisa Spoiler Content contained in Licensed Content made available for
Broadcast by Licensee in the Territory, to which the provisions of <U>Section&nbsp;8.8(e)(i)</U> shall
apply.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT
THE OMITTED PORTIONS OF THIS DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION </B></div>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.5 <U><B>Sports Clips</B></U>. Subject to Clip Exchange Arrangements, Licensee shall not
sublicense or otherwise make available any Televisa Produced Clips or Licensee Produced Clips of
sports events to ***. For
the avoidance of doubt, the foregoing restriction shall not apply, and shall in no way restrict
Licensee&#146;s Broadcast, sublicense or other exploitation of clips of sporting events not licensed by
Licensor to Licensee hereunder (e.g., clips of Licensee&#146;s Broadcast of the World Cup).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.6 <U><B>Clip Exchange Arrangements</B></U>. Notwithstanding anything contained herein, each party
acknowledges and agrees that the other party may continue to participate in customary Clip Exchange
Arrangements and that neither party shall be in breach of this Agreement merely on the basis of
participation therein. For the avoidance of doubt, such Clip Exchange Agreements (and the license
of any Audiovisual Content thereunder) shall not be subject to approval under <U>Section&nbsp;4.2</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.&nbsp;<U><B>Novelas, Co-Productions and Acquired Programs, Etc</B></U>. The following additional terms, conditions, exceptions and exclusions shall apply with respect
to the following respective categories of Audiovisual Content or Scripts:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.1 <U><B>Novelas</B></U>. Licensor will cause any and all Novelas (whether produced, co-produced
or acquired by Licensor) that are (or are intended for) Broadcast by Grupo Televisa (or a licensee
of Grupo Televisa of such Novela) in any media in Mexico to be Licensed Content, and the Broadcast
rights in all Licensed Media in the Territory in and to such Novelas shall be exclusively licensed
to Licensee hereunder in the Territory during the Term, <U>except</U> (a)&nbsp;Acquired Completed
Novelas to which Grupo Televisa has not acquired any Broadcast rights in any Licensed Media in any
part of the Territory; and (b)&nbsp;those Novelas acquired prior to October&nbsp;4, 2010 to the extent to
which Grupo Televisa does not have Broadcast rights in any Licensed Media in part or all of the
Territory. <U>Schedule&nbsp;2</U> hereto contains, to the best of Licensor&#146;s knowledge, a full and
complete list of all Novelas (other than Acquired Completed Novelas) that were acquired by Grupo
Televisa between December&nbsp;31, 2001 and the date hereof and with respect to which Licensor has not
obtained and has not licensed to Licensee the Broadcast rights in any Licensed Media in the
Territory.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.2 <U><B>Acquired Completed Novelas</B></U>. Notwithstanding anything contained in <U>Section
2.1</U>:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Information; Facilitation of Negotiation</U>. If Grupo Televisa intends to acquire
Broadcast rights outside the Territory to any Novela that Licensor believes would be an Acquired
Completed Novela, Licensor shall promptly notify Licensee in writing (including a detailed
description of such Acquired Completed Novela and the identity and contact
information of the seller or third party licensor). Licensor shall also provide other
information reasonably requested by Licensee (to the extent Grupo Televisa has such information and
is not legally or contractually restricted from sharing it). Upon Licensee&#146;s request, Licensor
shall put Licensee in contact with such seller or third party licensor and use commercially
reasonable efforts to facilitate a negotiation between Licensee and such seller or third party
licensor so that Licensee may attempt to acquire or license the Broadcast rights in the Territory
to such Acquired Completed Novela.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Seller or Third Party Licensor Inability or Refusal to Negotiate</U>. In the event
that the applicable seller or third party licensor of a potential Acquired Completed Novela (i)&nbsp;is
unable to negotiate with Licensee in connection with the acquisition or license of Broadcast rights
in the Territory because such rights are subject to a bona fide, contractual commitment to a third
party existing prior to Grupo Televisa having any discussions with such seller or third party
licensor in respect of such Acquired Completed Novela; or (ii)&nbsp;refuses to negotiate with Licensee,
then Grupo Televisa may, at any time after notice has been delivered to Licensee pursuant to
<U>Section&nbsp;2.2(a)</U>, obtain any Broadcast rights in and to such Acquired Completed Novela (other
than rights to Broadcast in the Licensed Media during the Term in the Territory) and such Acquired
Completed Novela will not be Licensed Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Ownership</U>. Licensee shall own any rights in the Territory to an Acquired
Completed Novela that it directly acquires or licenses from the seller or third party licensor, and
for the avoidance of doubt, such rights in and to an Acquired Completed Novela shall not be
included in the Licensed Rights hereunder or be subject to any of the terms, conditions, exceptions
and exclusions contained in this Agreement (<U>provided</U>, that this sentence shall not be
deemed to affect the calculation of the Royalty Base or the operation of <U>Section&nbsp;9</U>).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Grupo Televisa Ability to Acquire Rights</U>. Notwithstanding the foregoing, the
provisions of this <U>Section&nbsp;2.2</U> shall not restrict or impede the ability of Grupo Televisa
to acquire rights (other than rights to Broadcast in Licensed Media during the Term in the
Territory) in and to an Acquired Completed Novela at any time after notice to Licensee has been
delivered pursuant to <U>Section&nbsp;2.2(a)</U>. If Grupo Televisa so acquires or licenses Broadcast
rights outside the Territory to such an Acquired Completed Novela, then such Acquired Completed
Novela shall not be Licensed Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.3 <U><B>Co-Produced Content (Non Novelas)</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Information; Facilitation of Negotiation</U>. With respect to any third party
arrangement or agreement involving the production of Audiovisual Content that is not a Novela that
Licensor believes would be Co-Produced Content, Licensor will promptly notify Licensee in writing
(including a detailed description of such Co-Produced Content, the identity and contact information
of the third party co-producer(s)), and Licensor shall also provide other information reasonably
requested by Licensee (to the extent Grupo Televisa has such information and is not legally or
contractually restricted from sharing it) after it determines to enter into negotiations for any
such third party arrangement or agreement. Upon Licensee&#146;s request, Licensor shall put Licensee in
contact with the third party co-producer(s) and use commercially reasonable efforts
to facilitate a negotiation among Licensee, Grupo Televisa and the third-party co-producer(s)
so that Licensee, at its sole option, may elect to either:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Licensee Option to Co-Produce</I>. Co-produce such Audiovisual Content along with Grupo
Televisa and the third party co-producer(s), whereby (A)&nbsp;Licensee would acquire Broadcast rights,
as determined by the parties, in at least the Territory and Grupo Televisa would acquire Broadcast
rights, as determined by the parties, in at least Mexico to such Audiovisual Content; (B)&nbsp;Licensee
and Grupo Televisa would negotiate in good faith any other rights to such Audiovisual Content to be
obtained or retained by Grupo Televisa and/or Licensee; and (C)&nbsp;Licensee and Grupo Televisa would
each bear a percentage of the combined cost of all rights to such Audiovisual Content obtained or
retained by Licensee or Grupo Televisa, which percentages shall be negotiated by the applicable
parties in good faith based on the specific rights acquired by each party; or
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Licensee Option to License</I>. License the exclusive Broadcast rights in all Licensed Media
throughout the Territory during the Term to such Co-Produced Content (or such lesser rights as
Licensee may agree) for a separate license fee to be negotiated in good faith among Licensee, Grupo
Televisa and the third party co-producer(s) (or other holder of such rights); <U>provided</U>,
that if Licensee, Grupo Televisa and such third party co-producer(s) (or other holder of such
rights) cannot agree on such license fee after good faith efforts to do so, Grupo Televisa and the
third party co-producer (or other holder of such rights) may thereafter only license such Broadcast
rights to one or more third parties and only for a license fee that is greater than the highest
license fee that Licensee previously offered to pay in such negotiations. For the avoidance of
doubt, neither Grupo Televisa nor such third-party co-producer (or other holder of such rights) may
offer any third party a different or less expansive Broadcast rights package as compared to a
package offered to Licensee, without, in each case, first offering Licensee the right to negotiate
for the license of such rights package pursuant to this <U>Section&nbsp;2.3(a)(ii)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Licensor Cost Sharing</U>. Notwithstanding anything contained in <U>Section
2.3(a)(ii)</U>, in the event that Licensee acquires or licenses any Broadcast rights in the
Territory during the Term to any Co-Produced Content from the third party co-producer or Grupo
Televisa in accordance with <U>Section&nbsp;2.3(a)(ii)</U>, Licensor will pay to Licensee, upon
provision by Licensee of appropriate documentation evidencing such costs, an amount equal to fifty
percent (50%) of all fees, costs and/or other amounts paid or payable, whether in cash or in kind
(including any in-kind contributions of the type described in <U>Section&nbsp;2.3(e)</U>), by Licensee
to such third party co-producer and/or Grupo Televisa to acquire or license such rights.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Seller or Third Party Licensor Inability or Refusal to Negotiate</U>. In the event
that the third party co-producer (i)&nbsp;is unable to negotiate with Licensee in connection with the
co-production, acquisition or license of Broadcast rights in the Territory because such rights are
subject to a bona fide contractual commitment to a third party existing prior to Grupo Televisa
having any discussions with such third party co-producer in respect of such Co-Produced Content; or
(ii)&nbsp;refuses to negotiate with Licensee, then Grupo Televisa may, at any time after notice has been
delivered to Licensee pursuant to <U>Section&nbsp;2.3(a)</U>, obtain any Broadcast rights in and to
such Co-Produced Content (other than rights to Broadcast in Licensed Media during the Term in the
Territory) and such Co-Produced Content shall not be Licensed Content;
<U>provided</U>, <U>however</U>, that Grupo Televisa shall not be permitted to enter into an
arrangement for any Co-Produced Content with a third party co-producer if Grupo Televisa has
obtained Broadcast rights in Mexico from such third party (or any of its Affiliates) for any
Co-Produced Content under this <U>Section&nbsp;2.3</U> (excluding only Musical Concerts initially
Broadcast live) or any Acquired Other Content from such party (or any of its Affiliates) under
<U>Section&nbsp;2.4</U> (excluding only Musical Concerts initially Broadcast live) within the
immediately preceding twelve (12)&nbsp;months (as measured from the date on which Licensor delivered the
notice to Licensee under <U>Section&nbsp;2.3(a)</U> or <U>2.4(a)</U>, as applicable).
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Ownership</U>. Licensee shall own any rights in the Territory to any Co-Produced
Content acquired or directly licensed by Licensee from the third party co-producer and/or Grupo
Televisa, and for the avoidance of doubt, such rights in and to such Co-Produced Content shall not
be included in the Licensed Rights hereunder or be subject to any of the terms and conditions of
this Agreement (<U>provided</U>, that this sentence shall not be deemed to affect the calculation
of the Royalty, the Royalty Base or the operation of <U>Section&nbsp;9</U>).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;<U>Costs; Budget</U>. If there are any contributions in kind by Licensee or Grupo
Televisa to the Co-Produced Content, any determination of &#147;price&#148; or of Grupo Televisa&#146;s or
Licensee&#146;s payments for their share of the combined Broadcast rights for Mexico and the Territory,
as the case may be, shall include the actual cost (and not the fair market value) of such
non-monetary contributions. These amounts shall be included and agreed upon, by all parties
involved in the co-production of the Co-Produced Content, in a detailed budget for the actual costs
of production of each episode of the Co-Produced Content. The budget shall include all
above-the-line and below-the-line items customarily included in budgets concerning similar types of
programming, as well as the separate fees for the services of key personnel (such as the writer(s),
producer(s), director(s), and host(s)) and the aggregate fees of all others rendering services of
any kind in connection with such Co-Produced Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(f)&nbsp;<U>Grupo Televisa Ability to Acquire Rights</U>. Notwithstanding any of the foregoing,
if at any time Licensee is not engaged in good faith negotiations or elects not to negotiate,
license or participate or to withdraw therefrom, or an agreement cannot be reached between Licensee
and the third party co-producer and/or Grupo Televisa within a reasonable period of time so as not
to jeopardize Grupo Televisa&#146;s ability to acquire rights outside the Territory, Grupo Televisa may
obtain any Broadcast rights (other than rights to Broadcast in Licensed Media during the Term in
the Territory) to the Co-Produced Content in question and such Co-Produced Content will not be
Licensed Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.4 <U><B>Acquired Other Content (Non-Novelas)</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Information; Facilitation of Negotiation</U>. If Grupo Televisa intends to acquire
Broadcast rights outside the Territory to any Audiovisual Content that Licensor believes would be
Acquired Other Content, Licensor shall promptly notify Licensee in writing (including a detailed
description of such Acquired Other Content, the identity and contact information of the seller or
third party licensor). Licensor shall also provide other information reasonably requested by
Licensee (to the extent Grupo Televisa has such information and is not legally or contractually
restricted from sharing it). Upon Licensee&#146;s request, Licensor shall put Licensee in
contact with such seller or third party licensor and use commercially reasonable efforts to
facilitate a negotiation between Licensee and the seller or third party licensor so that Licensee
may attempt to acquire or license the Broadcast rights in the Territory to such Acquired Other
Content.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Seller or Third Party Licensor Inability or Refusal to Negotiate</U>. In the event
that the seller or third party licensor of potential Acquired Other Content (i)&nbsp;is unable to
negotiate with Licensee in connection with the acquisition or license of Broadcast rights in the
Territory because such rights are subject to a bona fide, contractual commitment to a third party
existing prior to Grupo Televisa having any discussions with such seller or third party licensor in
respect of such Acquired Other Content; or (ii)&nbsp;refuses to negotiate with Licensee, then Grupo
Televisa may, at any time after notice has been delivered pursuant to <U>Section&nbsp;2.4(a)</U>,
obtain any Broadcast rights in and to such Acquired Other Content (other than rights to Broadcast
in the Licensed Media during the Term in the Territory) and such Acquired Other Content will not be
Licensed Content; <U>provided</U>, <U>however</U>, that Grupo Televisa will not be permitted to
enter into an arrangement for any Acquired Other Content with such third party if Grupo Televisa
has obtained Broadcast rights in Mexico from such third party (or any of its Affiliates) for any
Acquired Other Content under this <U>Section&nbsp;2.4</U> (excluding only Musical Concerts initially
Broadcast live) or any Co-Produced Content from such party (or any of its Affiliates) under
<U>Section&nbsp;2.3</U> (excluding only Musical Concerts initially Broadcast live) within the
immediately preceding twelve (12)&nbsp;months (as measured from the date on which Licensor delivered the
notice to Licensee under <U>Section&nbsp;2.3(a)</U> or <U>2.4(a)</U>, as applicable).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Ownership</U>. Licensee shall own any rights in the Territory to any Acquired Other
Content that it directly acquires or licenses from the seller or third party licensor, and for the
avoidance of doubt, such Acquired Other Content shall not be included in the Licensed Rights
hereunder or be subject to any of the terms and conditions of this Agreement (<U>provided</U>,
that this sentence shall not be deemed to affect the calculation of the Royalty, the Royalty Base
or the operation of <U>Section&nbsp;9</U>).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Grupo Televisa Ability to Acquire Rights</U>. The provisions of this <U>Section
2.4</U> will not restrict or impede the ability of Grupo Televisa to acquire rights (other than
rights to Broadcast in Licensed Media during the Term in the Territory) in and to Acquired Other
Content at any time after notice has been delivered to Licensee pursuant to <U>Section&nbsp;2.4(a)</U>.
If Grupo Televisa so acquires or licenses Broadcast rights outside the Territory to such Acquired
Other Content, then such Acquired Other Content shall not be Licensed Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.5 <U><B>Acquired Completed Content</B></U>. Nothing contained in this Agreement shall prevent
Grupo Televisa from acquiring Broadcast rights outside the Territory to any Acquired Completed
Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.6 <U><B>Scripts</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Sale of Scripts</U>. Grupo Televisa will be permitted to sell rights in any Script to
a third party so long as, in connection with such sale, Grupo Televisa divests (subject to
<U>Section&nbsp;2.6(c)</U>) itself of all right, title and interest in and to such Script, including
any Broadcast rights outside the Territory and any other interest (whether monetary or otherwise)
in such Script
(e.g., profit participations, revenue shares, options, reversion rights, credits (except to
the extent such credits are required to be retained under applicable Law), etc.). Any Audiovisual
Content produced from such sold Script will not be Licensed Content, Co-Produced Content, an
Acquired Completed Novela or Acquired Other Content solely by reason of Grupo Televisa&#146;s former
ownership of rights in such sold Script.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Exchange of Scripts</U>. Grupo Televisa will be permitted to trade or exchange any
Script (the &#147;<U>Divested Script</U>&#148;) with a third party for one or more other Scripts (the
&#147;<U>Acquired Scripts</U>&#148;) so long as, in connection with such trade or exchange, (i)&nbsp;Grupo
Televisa divests (subject to <U>Section&nbsp;2.6(c)</U>) itself of all right, title and interest in and
to such Divested Script, including any Broadcast rights outside the Territory and any other
interest (whether monetary or otherwise) in such Divested Script (e.g., profit participations,
revenue shares, options, reversion rights, credits (except to the extent such credits are required
to be retained under applicable Law), etc.); and (ii)&nbsp;Licensor licenses to Licensee hereunder the
exclusive rights to Broadcast in the Licensed Media as part of, and to the full extent of, the
Licensed Rights in the Territory during the Term, Audiovisual Content originally produced in the
Spanish language or with Spanish subtitles produced based on such Acquired Scripts (and such
Audiovisual Content originally produced in the Spanish language or with Spanish subtitles, once
produced, will automatically and immediately be deemed Licensed Content hereunder to the extent it
would otherwise constitute Licensed Content and the rights to Broadcast such Licensed Content in
the Licensed Media will be exclusively licensed to Licensee as part of, and to the full extent of,
the Licensed Rights in the Territory during the Term). Any Audiovisual Content produced from such
Divested Script will not be Licensed Content, Co-Produced Content, an Acquired Completed Novela or
Acquired Other Content solely by reason of Grupo Televisa&#146;s former ownership of rights in such
Divested Script.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Grupo Televisa Retention of Mexican Broadcast Rights</U>. If, during the Term, in any
sale, trade or exchange of a Script addressed in <U>Section&nbsp;2.6(a)</U> or <U>(b)</U>, Grupo
Televisa retains any rights to Broadcast in Mexico in any Licensed Media any Audiovisual Content
originally produced in the Spanish language or with Spanish subtitles produced from any such sold
Script or Divested Script, Grupo Televisa will also retain the same rights to Broadcast such
Audiovisual Content in such Licensed Media in the Territory for the same period, to the extent
within the Term (and such Audiovisual Content originally produced in the Spanish language or with
Spanish subtitles, to the extent of such rights, once produced, will automatically and immediately
be deemed Licensed Content hereunder to the extent it would otherwise constitute Licensed Content
and the rights to Broadcast such Licensed Content in the Licensed Media will be exclusively
licensed to Licensee as part of, and to the full extent of, the Licensed Rights in the Territory
during the Term).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Scripts for Non-Spanish Language Productions</U>. For the avoidance of doubt, Grupo
Televisa will be permitted to sell or exchange in any manner (<I>i.e.</I>, the restrictions of paragraphs
(a), (b)&nbsp;and (c)&nbsp;of this <U>Section&nbsp;2.6</U> do not apply) any Script that is not intended to be
originally produced in the Spanish language or with Spanish subtitles; <U>provided</U>, that Grupo
Televisa prohibits, in a binding agreement with the purchaser or transferee of any such Script, the
production of any Audiovisual Content based on such Script that is originally produced in the
Spanish language or with Spanish subtitles. For the avoidance of doubt, the aforementioned
contractual prohibition shall apply to any successors, transferees, licensees or assigns of
such purchaser or transferee.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.7 <U><B>Local Novelas</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Co-Produced Local Novelas</U>. With respect to any Co-Produced Local Novela where
Grupo Televisa participates in the co-production of the Co-Produced Local Novela in whole or in
part in exchange for the right of Grupo Televisa to produce a Novela that is based on the Script
underlying the Co-Produced Local Novela (for the avoidance of doubt, which Novela shall be a new
production of such Script), Grupo Televisa shall have the right either (i)&nbsp;to contractually agree
with the third-party co-producer not to undertake (and actually not undertake) any sale, transfer,
license or Broadcast of such Co-Produced Local Novela in the Territory or in Mexico (in which case
such Co-Produced Local Novela shall not be deemed to be Licensed Content or an Acquired Completed
Novela hereunder unless and until Grupo Televisa Broadcasts such Co-Produced Local Novela in
Mexico, and at such time, the Co-Produced Local Novela will automatically and immediately be deemed
Licensed Content hereunder to the extent it would otherwise constitute Licensed Content and the
rights to Broadcast such Co-Produced Local Novela in the Licensed Media will be exclusively
licensed to Licensee as part of, and to the full extent of, the Licensed Rights in the Territory
during the Term); or (ii)&nbsp;to acquire Broadcast rights to such Co-Produced Local Novela for Mexico
and the Territory (such that the rights to Broadcast such Co-Produced Local Novela, in the Licensed
Media during the Term (or such shorter period equivalent to the term of rights acquired by Grupo
Televisa in Mexico) in the Territory, would be and are licensed exclusively to Licensee hereunder
as part of, and to the full extent of, the Licensed Rights in the Territory during the Term). For
the avoidance of doubt, any new Novela produced by Grupo Televisa based on a Script underlying a
Co-Produced Local Novela acquired by Grupo Televisa as contemplated by this <U>Section&nbsp;2.7(a)</U>
shall be subject to <U>Section&nbsp;2.1</U> and shall constitute Licensed Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Televisa Local Novelas</U>. Notwithstanding anything to the contrary contained
herein, with respect to any Televisa Local Novela, Grupo Televisa shall have the right either (i)
to contractually agree with the third party producer not to undertake (and actually not undertake)
any sale, transfer, license or Broadcast of such Televisa Local Novela in the Territory or in
Mexico (in which case such Televisa Local Novela shall not be deemed to be Licensed Content or an
Acquired Completed Novela hereunder unless and until Grupo Televisa Broadcasts such Televisa Local
Novela in Mexico, and at such time, the Televisa Local Novela will automatically and immediately be
deemed Licensed Content hereunder to the extent it would otherwise constitute Licensed Content and
the rights to Broadcast such Televisa Local Novela in the Licensed Media will be exclusively
licensed to Licensee as part of, and to the full extent of, the Licensed Rights in the Territory
during the Term); or (ii)&nbsp;to acquire the Broadcast rights to such Televisa Local Novela for Mexico
and the Territory (such that the rights to Broadcast, in Licensed Media during the Term (or such
shorter period equivalent to the term of rights acquired by Grupo Televisa in Mexico) in the
Territory, such Televisa Local Novela, would be and are licensed exclusively to Licensee hereunder
as part of, and to the full extent of, the Licensed Rights in the Territory during the Term).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Notice</U>. Licensor shall inform Licensee at each Informational Meeting of any
arrangements that Grupo Televisa has entered into for a Co-Produced Local Novela or
Televisa Local Novela since the immediately preceding Informational Meeting (or if
Informational Meetings have not yet taken place during the Term, since the Effective Date).
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.8 <U><B>Reporting, Informational Meetings and Compliance</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Informational Meetings</U>. A coordinator designated by Licensor shall meet with a
coordinator designated by Licensee once each quarter (the &#147;<U>Informational Meetings</U>&#148;) to
discuss any planned Co-Produced Content, Acquired Other Content, Acquired Completed Novelas,
Co-Produced Local Novelas and Televisa Local Novelas and any Script exchanges or divestitures, in
each case, if any, of which notice has not been previously given at prior Informational Meetings.
At such meeting Licensor, subject to legal or third party contractual confidentiality restrictions,
will provide information reasonably available to Grupo Televisa regarding such planned Co-Produced
Content, Acquired Other Content, Acquired Completed Novelas, Co-Produced Local Novelas and Televisa
Local Novelas or Script exchanges or divestitures, including: (i)&nbsp;a reasonably detailed description
of such Audiovisual Content or Script; (ii)&nbsp;the identity of the third party producer, co-producer
or owner (as applicable) with respect to such Audiovisual Content or Script; and (iii)&nbsp;any other
information required to be provided with respect to any such Audiovisual Content or Script under
this <U>Section&nbsp;2</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Grupo Televisa Certification</U>. Within sixty (60)&nbsp;days of the end of each fiscal
year, the highest-ranking production officer of Grupo Televisa will deliver to Licensee a
certificate attesting that, with respect to each item of Co-Produced Content, item of Acquired
Other Content, Acquired Completed Novela, Co-Produced Local Novela, Televisa Local Novela and any
Script exchanges or divestitures, in each case, if any, entered into by Grupo Televisa in the prior
year, (i)&nbsp;Grupo Televisa used good faith efforts not to structure any such arrangements or
agreements in a manner intended to cause the applicable Audiovisual Content not to be deemed to be
Licensed Content hereunder; and (ii)&nbsp;such arrangement or agreement was negotiated and entered into
by Grupo Televisa and the applicable third party on an arms-length basis.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Confidentiality</U>. Licensee acknowledges that any and all information provided by
Licensor in accordance with this <U>Section&nbsp;2</U> is intended solely for the purpose of permitting
Licensee to determine whether to exercise its rights under this <U>Section&nbsp;2</U> and to monitor
compliance by Grupo Televisa with the provisions contained in this <U>Section&nbsp;2</U> relating to
Co-Produced Content, Acquired Other Content, Acquired Completed Novelas, Co-Produced Local Novelas,
Televisa Local Novelas and Scripts; it being agreed that Licensee shall keep confidential such
information (to the extent such information is not otherwise publicly available), shall not use
such information for their own account and shall not contact or engage in discussions with any
person (excluding its representatives and advisors) other than Grupo Televisa or the relevant
seller, third party licensor or co-producer with respect to such agreement or arrangement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Acquired Completed Content</U>. For the avoidance of doubt, Licensor will not be
required to provide any information for or regarding Acquired Completed Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.9 <U><B>Audiovisual Content Acquired Pursuant to the Mexico License Agreement</B></U>. For the
avoidance of doubt, no Audiovisual Content acquired by Grupo Televisa from Licensee, its Affiliates
or third parties pursuant to the provisions of Sections&nbsp;1 and 2 of the Amended and Restated 2011
Mexico License Agreement shall be deemed to be Licensed Content, licensed hereunder, or subject to
the provisions of this <U>Section&nbsp;2</U>.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.&nbsp;<U><B>General Terms and Conditions Relating to Audiovisual Content</B></U>. Notwithstanding any other
provisions of this Agreement, the grant of rights hereunder, and the parties&#146; respective rights and
obligations with respect thereto, shall be subject to the following general terms, conditions,
exceptions and exclusions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.1 <U><B>Good Faith Efforts</B></U>. Licensor agrees that it will use good faith efforts not to
structure arrangements or agreements with respect to Audiovisual Content in a manner intended to
cause such Audiovisual Content not to be Licensed Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.2 <U><B>Spanish Language Platforms</B></U>. Licensee shall not Broadcast any Licensed Content or
any portion thereof other than on a Spanish Language Platform; it being understood and agreed that
the foregoing restriction shall not preclude the Broadcast of Licensed Content in the Licensed
Media in the Territory during the Term (a)&nbsp;pursuant to (i)&nbsp;MVPD Arrangements, (ii)&nbsp;Sublicensing
Arrangements approved by Licensor pursuant to <U>Section&nbsp;4</U> or (iii)&nbsp;UIN Branded Experiences,
in each case, involving the Broadcast of Licensed Content through a distributor or aggregator of
multi-lingual Audiovisual Content (e.g., Comcast, YouTube, Apple / iTunes); or (b)&nbsp;pursuant to Clip
Exchange Arrangements. For the avoidance of doubt, the restriction in this <U>Section&nbsp;3.2</U>
shall not preclude bona fide Short Form&nbsp;Commercial Advertising on any and all platforms (including
non-Spanish language platforms) intended to market, advertise or promote the availability of
Licensed Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.3 <U><B>Sale of Broadcast Rights</B></U>. Pursuant to the terms and conditions and subject to the exceptions and exclusions of
<U>Section&nbsp;1</U> and <U>Section&nbsp;2</U>, Licensor shall not, and shall cause Grupo Televisa not to,
sell, license or otherwise alienate any Broadcast rights in any Licensed Media in the Territory to
any Audiovisual Content to the extent such Broadcast rights would be reasonably expected (absent
such sale, license or other alienation) to become Licensed Rights, and to vest with Licensee during
the Term.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.4 <U><B>Telemundo Content</B></U>. Audiovisual Content (a)&nbsp;produced or co-produced by or for
Telemundo Communications Group Inc. (&#147;<U>Telemundo</U>&#148;), NBC Universal, Inc., or their respective
subsidiaries or controlled Affiliates and licensed to Grupo Televisa for Broadcast outside the
Territory pursuant to the license and relationship agreements entered into by Grupo Televisa,
Telemundo and certain of their respective Affiliates as of March&nbsp;14, 2008 and October&nbsp;3, 2008, as
amended; <U>provided</U>, that Grupo Televisa shall not agree to any amendment of such agreements
that would adversely affect Licensee&#146;s rights hereunder (it being understood that a mere renewal or
extension of the term of
such agreement shall not be deemed to adversely affect Licensee&#146;s rights hereunder); and (b)
that meets (or with respect to future content, will meet) the definition of Acquired Completed
Content or Acquired Completed Novela (as applicable), shall not be included in the Licensed Content
or Licensed Rights hereunder or subject to any of the terms and conditions of this Agreement. For
the avoidance of doubt, nothing contained in this <U>Section&nbsp;3.4</U> shall in any way limit the
parties respective rights and obligations under <U>Section&nbsp;2</U> (other than with respect to
Acquired Completed Novelas and Acquired Completed Content).
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.5 <U><B>Pantelion Movies</B></U>. The following additional terms, conditions, exceptions and exclusions shall apply to
Pantelion Movies:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Pantelion Venture</U>. Notwithstanding the provisions of that certain Limited
Liability Company Agreement dated as of July&nbsp;26, 2010 by and among Artisan Entertainment Inc.
(together with any successors thereof, &#147;<U>Lionsgate</U>&#148;), Videocine, S.A. de C.V. (together with
any successors thereof, &#147;<U>Videocine</U>&#148;), and Pantelion, LLC (the &#147;<U>Pantelion LLC
Agreement</U>&#148;), the primary business purpose of Pantelion is distributing Pantelion Movies in the
Territory. Licensor represents and warrants that Grupo Televisa has, and will have, no obligation
to produce all, or any minimum number of, motion pictures through Pantelion (or with Lionsgate or
its Affiliates) during the Term, and Grupo Televisa is not and will not be restricted by any
agreement with Pantelion, Lionsgate or otherwise in connection with the Pantelion arrangement, from
producing or acquiring motion pictures outside Pantelion (or with parties other than Lionsgate or
its Affiliates) at any time during the Term. In connection with the foregoing, the parties
acknowledge and agree that, subject to Licensee&#146;s Rights of First Negotiation / First Refusal set
forth in <U>Section&nbsp;3.5(d)</U>, and so long as Pantelion&#146;s business activities remain generally
consistent with the foregoing (and for the avoidance of doubt, Pantelion&#146;s production and
distribution activities do not expand to any Audiovisual Content originally produced in the Spanish
language or with Spanish subtitles other than Pantelion Movies), the Broadcast, license or
distribution by Pantelion of the Pantelion Movies in the Territory by means of any Licensed Media
(other than Free Television) shall not constitute a breach of this Agreement by Licensor.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(b) <U>Transactions between Grupo Televisa and Pantelion</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<U>Sale of Movies</U>. Grupo Televisa (including Videocine) shall not sell or license
any Broadcast rights to any movie in any Licensed Media in the Territory to Pantelion and/or
Lionsgate or any of their respective Affiliates (collectively, the &#147;<U>Pantelion Parties</U>&#148;),
without the express written consent of Licensee; <U>provided</U>, that the Movies set forth on
<U>Schedule&nbsp;3</U> shall be deemed to have been consented to by Licensee and shall be deemed to be
Pantelion Movies hereunder, and Licensee shall be licensed the Free Television Broadcast rights
with respect to each such Pantelion Movie, as set forth in <U>Section&nbsp;3.5(c)</U>, and shall have a
Right of First Negotiation / First Refusal to acquire Broadcast rights in all other Licensed Media
to each such Pantelion Movie, as set forth in <U>Section&nbsp;3.5(d)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<U>Acquisition of Movies</U>. Grupo Televisa shall not acquire any Broadcast rights to
any movie or Pantelion Movie in any Licensed Media in the Territory from any Pantelion Party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;<U>Production of Movies</U>. Any movies produced solely by Grupo Televisa (including
Videocine) shall constitute Movies or Programs (as applicable) hereunder, and the Broadcast rights
in the Licensed Media in the Territory in and to any such movies shall be licensed as a Movie or
Program (as applicable) exclusively to Licensee hereunder as part of the Licensed Rights.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iv)&nbsp;<U>Co-Productions</U>. No Grupo Televisa party (except only Videocine) shall co-produce
any movie with a Pantelion Party. Videocine may co-produce movies anticipated to be Pantelion
Movies with Pantelion Parties, or for the benefit of Pantelion, in each case, only pursuant to, and
in accordance with, the following:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(A)&nbsp;any co-production must include Videocine and one or more Co-Production Partners (i.e.,
unaffiliated with all of Grupo Televisa, Lionsgate and the Pantelion Parties), which shall not
preclude the participation of other co-producers affiliated with Lionsgate and/or Pantelion
Parties;
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(B)&nbsp;one or more of such Co-Production Partners must (1)&nbsp;provide a specific and significant
contribution underlying such movie (examples of such specific and significant contributions include
Scripts, the provision of multiple essential creative elements (e.g., several of key cast members,
key artistic director, executive director and/or executive producer) having no affiliation with any
of Grupo Televisa, Lionsgate or any Pantelion Parties, but shall not include financing or other
contributions of a fungible nature; <U>provided</U>, that financing or other fungible
contributions may be contributed in addition to such specific and significant contributions); and
(2)&nbsp;meaningfully participate in, or exercise meaningful controls or approvals over, the development
and production of such movie; <U>provided</U>, <U>however</U>, that in the case of a movie
co-produced by and among Videocine, Lionsgate (or its Affiliates) and one or more other
Co-Production Partners, the specific or significant contribution of the other Co-Production
Partner(s) may consist of financing; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(C)&nbsp;Videocine, the applicable Pantelion Party(ies) and the applicable Co-Production Partner(s)
shall provide to Licensee information and facilitate with Licensee a negotiation for Licensee to
co-produce the applicable movie, on terms to be negotiated by the parties in good faith. If
Licensee elects, in its sole discretion, not to co-produce the applicable movie, the applicable
movie shall be deemed to be a Pantelion Movie hereunder and Licensee shall be licensed the Free
Television Broadcast rights with respect to such Movie, as set forth in <U>Section&nbsp;3.5(c)</U>, and
shall have a Right of First Opportunity / First Refusal to acquire Broadcast rights in other
Licensed Media to such Pantelion Movie, as set forth in <U>Section&nbsp;3.5(d)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Free Television Rights to Pantelion Movies</U>. If necessary (or if reasonably
requested by Licensee at any time), Licensor shall cause Pantelion to license all Free Television
rights in and to Pantelion Movies directly to Licensee. Licensee shall not be obligated to make
any payments or incur any costs (other than the Royalty) for such Free Television rights.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Right of First Negotiation / First Refusal</U>. Licensor shall provide, or shall
cause Videocine or Pantelion to provide, to Licensee a Right of First Negotiation / First Refusal
to acquire and/or license the exclusive right to Broadcast, on a Pantelion Movie-by-Pantelion
Movie basis, each Pantelion Movie by means of each Licensed Media in the Territory (other than
by means of Free Television, which is exclusively licensed to Licensee hereunder). Licensor shall
cause Pantelion to enter into a direct agreement with Licensee (or its applicable Affiliate)
evidencing such Rights of First Negotiation / First Refusal. Notwithstanding the foregoing, if
Pantelion intends to exploit a package of Pantelion Movies, then Licensee&#146;s Right of First
Negotiation / First Refusal with respect to such Pantelion Movies will be on a packaged basis
(i.e., to license all of the Pantelion Movies in the package); <U>provided</U>, that none of
Licensor, Videocine or Pantelion may offer any such packaged Pantelion Movies on an individual
basis (or in any package that is different from the package offered to Licensee), without, in each
case, first offering Licensee the right to negotiate for the license of applicable rights to such
individual Pantelion Movie (or different package) pursuant to this <U>Section&nbsp;3.5(d)</U>. For the
avoidance of doubt, the Right of First Negotiation / First Refusal granted to Licensee under this
<U>Section&nbsp;3.5(d)</U> shall not apply to the Broadcast of Pantelion Movies by means of Theatrical
Exhibition or Hard Good Home Videograms (neither of which constitute Licensed Media).
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;<U>Classification of Pantelion Movies</U>. For the avoidance of doubt, Pantelion Movies
shall constitute Licensed Content only to the extent of the license of Free Television Broadcast
rights to Licensee under <U>Section&nbsp;1.1(a)(iii)</U>. Further, it is understood and agreed that
any rights licensed to, or acquired by, Licensee in connection with the exercise of its Right of
First Negotiation / First Refusal set forth in <U>Section&nbsp;3.5(d)</U> shall not constitute part of
the Licensed Rights and will not be subject to the terms and conditions of this Agreement
applicable to Licensed Content (<U>provided</U>, that this <U>Section&nbsp;3.5(e)</U> shall not be
deemed to affect the calculation of the Royalty, the Royalty Base or the operation of <U>Section
9</U>).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(f)&nbsp;<U>Information Regarding Pantelion</U>. Licensor has provided Licensee, under cover
dated December&nbsp;1, 2010, with a redacted form of the Pantelion LLC Agreement (the &#147;<U>Current
Pantelion LLC Agreement</U>&#148;). If Licensor or Videocine amends the Current Pantelion LLC
Agreement in a manner which directly or indirectly impacts adversely the rights granted to Licensee
hereunder, or enters into any new, extended or renewed agreement with respect to Pantelion which
directly or indirectly impacts adversely the rights granted to Licensee hereunder during the Term,
Licensor shall, within fifteen (15)&nbsp;Business Days of execution thereof, provide a true and correct
copy of such agreement to Licensee; <U>provided</U>, that Licensor may redact such agreement
solely so as not to disclose economic terms and other terms not directly or indirectly affecting
Licensee&#146;s rights hereunder adversely. Notwithstanding anything to the contrary contained herein,
in no event shall any new, extended or renewed agreement between or among any of Grupo Televisa,
Lionsgate and/or Pantelion (and/or any of their respective Affiliates) during the Term limit,
impair or otherwise affect any of the agreements, representations, warranties or covenants made by
Licensor under this <U>Section&nbsp;3.5</U> and <U>Section&nbsp;12</U> below, including by expanding the
&#147;primary business purpose&#148; of Pantelion beyond the scope described above in <U>Section&nbsp;3.5(a)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(g)&nbsp;<U>Information Regarding Pantelion Movies and Availability</U>. Upon Licensee&#146;s request,
Licensor shall provide Licensee with information regarding Pantelion Movies including the
distribution rights to which are contemplated to be acquired by Pantelion or Pantelion Movies that
have been greenlit for production or co-production by Pantelion (including scheduled completion and
delivery dates, anticipated production budgets and any other information reasonably requested by
Licensee and available to Grupo Televisa) in order to help
enable Licensee to fully and meaningfully exercise the Licensed Rights in and to the Pantelion
Movies and Licensee&#146;s Right of First Negotiation / First Refusal. Promptly upon completion of each
Pantelion Movie or acquisition of distribution rights to each Pantelion Movie, Licensor shall
notify Licensee as to the anticipated availability date for Licensee&#146;s Free Television rights (and
any other Licensed Media licensed to Licensee in accordance with <U>Section&nbsp;3.5(d)</U>), and any
applicable Rights Restrictions thereon.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(h)&nbsp;<U>No Grupo Televisa Broadcast</U>. In no event shall Pantelion Broadcast, or permit the
Broadcast of, any Pantelion Movies on any Spanish Language Platform in the Territory owned or
controlled by Grupo Televisa (other than directly through Pantelion).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(i)&nbsp;<U>No Limitation on Licensee&#146;s Rights to Movies</U>. For the avoidance of doubt, nothing
set forth in this <U>Section&nbsp;3.5</U> shall affect in any way any of Licensee&#146;s rights hereunder to
movies produced by, or distribution rights to which are acquired by, Licensor other than through
Pantelion that constitute Licensed Content, regardless of whether such movies were produced or
acquired before or after the establishment of Pantelion.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.6 <U><B>Live Event Streaming</B></U>. To the extent the live Internet streaming Broadcast rights
in the Territory to a specific non-sporting live event (e.g., a live musical concert) that
constitutes Licensed Content (for which Licensed Rights would be granted to Licensee hereunder) are
promoted or controlled by the Grupo Televisa live events business, the exercise of such live
Internet streaming Broadcast rights by Licensee will be subject to the following additional terms,
conditions, exceptions and exclusions:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Licensor Notice</U>. Licensor will inform Licensee in writing of the availability of
the live Internet streaming Broadcast rights to each such live event to which Grupo Televisa owns
or controls such rights in the Territory. If such streaming rights are subject to Promotional
Obligations, then Licensor shall also inform Licensee of such Promotional Obligations and any other
terms and conditions applicable to such live event (which shall not include the payment of
additional consideration by Licensee). Licensor shall provide such notice to Licensee as soon as
reasonably practicable following Grupo Televisa&#146;s acquisition of such rights, but in no event later
than forty five (45)&nbsp;days before the applicable live event (or if Grupo Televisa acquires such
rights within forty five (45)&nbsp;days of the applicable live event, within forty eight (48)&nbsp;hours of
such acquisition (or if Grupo Televisa acquires such live event within forty eight (48)&nbsp;hours of
such live event, as promptly as practicable following such acquisition)).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Licensee Election</U>. If Licensee wishes to stream such a live event to which Grupo
Televisa owns or controls the live Internet streaming Broadcast rights in the Territory, it shall
have the exclusive rights to do so in the Licensed Media during the Term to the full extent of
rights owned or controlled by Grupo Televisa now or in the future, provided it agrees to comply
with the Promotional Obligations (and such other terms and conditions) contained in the above
notice. If Licensee does not wish to stream such live event, or does not agree to satisfy the
Promotional Obligations or other terms and conditions, Grupo Televisa may Broadcast the live event
by way of Internet streaming in the Territory, so long as Grupo Televisa satisfies the Promotional
Obligations, and the other terms and conditions applicable to such live event (subject to de
minimis differences) as provided in the above notice.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>No Impact on Live Sports Rights or Non-Streaming Rights</U>. For the avoidance of
doubt, nothing contained in this <U>Section&nbsp;3.6</U> shall in any way apply to, or otherwise affect
Licensee&#146;s rights to exercise, (i)&nbsp;its rights hereunder to live sports events (including the
Licensed Mexican Soccer Games), whether by means of live Internet streaming or any other Licensed
Media; or (ii)&nbsp;any of its other rights hereunder with respect to live events (other than the live
Internet streaming Broadcast rights described in this <U>Section&nbsp;3.6</U>), in each case, under,
and in accordance with, this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.7 <U><B>Territorial Integrity; Anti-Piracy</B></U>. The license herein granted to Licensee is an
exclusive license to Broadcast the Licensed Content in the Licensed Media in the Territory during
the Term in accordance with the terms, conditions, exceptions and exclusions contained in this
Agreement. In connection therewith, and in furtherance of the foregoing, Licensee and Licensor
each agree to use commercially reasonable efforts to employ copy protection and other security
measures reasonably designed to effectively prevent piracy and limit, in accordance with and
subject to the then prevailing commercial practices and standards of broadcasters or digital
platform operators, access to the Licensed Content (or content licensed by Licensor) to persons
located inside the Territory or outside the Territory, as applicable.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(a) <U>Territorial Integrity</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">(i) <I>Free Television Spillover</I>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(A)&nbsp;Licensor acknowledges and agrees that Licensee&#146;s, its Affiliates&#146; and its Network
Affiliates&#146; Broadcasts of Licensed Content by means of Free Television from within the Territory
which are intended for reception in the Territory may be received outside of the Territory (such
reception, the &#147;<U>Licensee Spillover</U>&#148;). Licensor agrees that the occurrence of Licensee
Spillover shall not be considered a breach of this Agreement so long as (1)&nbsp;Licensee, its
Affiliates and its Network Affiliates use their commercially reasonable efforts not to increase the
predicted noise limited coverage contour of each of their respective stations outside the Territory
beyond that authorized by the FCC as of November&nbsp;1, 2010 (the &#147;<U>Licensee Permitted Spillover
Contour</U>&#148;), <U>provided</U>, <U>however</U>, that with respect to any station acquired after
November&nbsp;1, 2010, the Licensee Permitted Spillover Contour shall be determined as of the closing
date of the acquisition of such station; (2)&nbsp;such Licensee Spillover is incidental to their
respective stations&#146; operations as authorized by the FCC; and (3)&nbsp;Licensee, its Affiliates and its
Network Affiliates do not market advertising based on the availability of such Licensee Spillover
to persons located outside the Territory. Notwithstanding the immediately preceding sentence,
Licensor and Licensee acknowledge and agree that Licensee, its Affiliates and its Network
Affiliates shall have the right and ability to (without being in breach of this Agreement) (x)
consent to the re-transmission of a Free Television channel by any Cable Television System in
Mexico more than half of the subscribers of which reside within thirty-five (35)&nbsp;miles from the
geographic reference coordinates of the center of the community of license of the transmission
facility of such Free Television channel (&#147;<U>Licensee Facility Location</U>&#148;); and (y)&nbsp;base the
price of any local advertising time or space sold on such Free Television channels in the Territory
on the ability of viewers outside the Territory to view such Free Television channels.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(B)&nbsp;Licensee acknowledges and agrees that Grupo Televisa&#146;s Broadcasts of Licensed Content by
means of Free Television from within Mexico which is intended for reception in Mexico may be
received inside of the Territory (such reception, the &#147;<U>Televisa Spillover</U>&#148;). Licensee
agrees that the occurrence of Televisa Spillover shall not be considered a breach of this Agreement
so long as (1)&nbsp;Grupo Televisa uses its commercially reasonable efforts not to increase the
predicted noise limited coverage contour of each of their respective licensed stations into the
Territory beyond that authorized by the Comisi&#243;n Federal de Telecomunicaciones and the Secretaria
de Comunicaciones y Transportes as of November&nbsp;1, 2010 (the &#147;<U>Licensor Permitted Spillover
Contour</U>&#148;), <U>provided</U>, <U>however</U>, that with respect to any station acquired after
November&nbsp;1, 2010, the Licensor Permitted Spillover Contour shall be determined as of the closing
date of the acquisition of such station; (2)&nbsp;such Televisa Spillover is incidental to Grupo
Televisa&#146;s stations&#146; operations as authorized by the Comisi&#243;n Federal de Telecomunicaciones and the
Secretaria de Comunicaciones y Transportes; and (3)&nbsp;Grupo Televisa does not market advertising
based on the availability of such Televisa Spillover to persons located inside the Territory.
Notwithstanding the immediately preceding sentence, Licensor and Licensee acknowledge and agree
that Grupo Televisa shall have the right and ability to (without being in breach of this Agreement)
(x)&nbsp;consent to re-transmission of a Free Television channel by any Cable Television System in the
Territory more than half of the subscribers of which reside within thirty-five (35)&nbsp;miles from the
geographic reference coordinates of the center of the community of license of the transmission
facility of such Free Television channel (&#147;<U>Licensor Facility Location</U>&#148;); and (y)&nbsp;base the
price of any local advertising time or space on such Free Television channels in Mexico on the
ability of viewers in the Territory to view such Free Television channels.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Satellite Encryption</I>. In accordance with then prevailing commercial practices of
broadcasters of Audiovisual Content in the United States, Licensee (and its Affiliates) and Grupo
Televisa shall encrypt their respective satellite Broadcasts of Licensed Content in the Territory
and outside the Territory respectively, on a conditional access basis (i.e., access to the
Broadcast is dependent on the use of receiving equipment which decrypts the Broadcast if, and only
if, the user of the equipment is individually and specifically authorized to access the Broadcast
by the party permitted to Broadcast such Audiovisual Content). The reception of such an encrypted
satellite Broadcast or the unauthorized decryption of such a satellite Broadcast shall not be
considered a breach of this Agreement by Licensee (or its Affiliates) or Grupo Televisa,
respectively, so long as (A)&nbsp;such parties&#146; Broadcast is intended for reception only by authorized
viewers inside the Territory or outside the Territory, respectively; (B)&nbsp;such unauthorized
reception or decryption is unintentional and incidental; and (C)&nbsp;Licensee (and its Affiliates) or
Grupo Televisa, as applicable, does not market the availability of such reception or decryption to
persons located outside of its authorized territory.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;<I>Internet / Mobile Geo-Filtering</I>. In accordance with the then prevailing commercial
practices of Internet and mobile distributors of Audiovisual Content in the United States, as
determined on a platform-by-platform basis, (A)&nbsp;Licensee shall use commercially reasonable efforts
to use geo-filtering technology intended to prevent, and reasonably designed to effectively
prevent, a person outside the Territory (including any Internet user, mobile device user, or
authenticated video customer of an MVPD (e.g., via so-called &#147;TV Everywhere&#148;)) from accessing
Internet/mobile Broadcasts of Licensed Content from within the Territory; and (B)&nbsp;Grupo Televisa
shall use commercially reasonable efforts to use geo-filtering
technology intended to prevent, and reasonably designed to effectively prevent, a person in
the Territory (including any Internet user, mobile device user, or authenticated video customer of
an MVPD (e.g., via so-called &#147;TV Everywhere&#148;)) from accessing Internet/mobile Broadcasts of
Licensed Content from Mexico. For the avoidance of doubt, it shall be insufficient for Licensee or
Licensor to use geo-filtering technology that permits Broadcasts of Licensed Content to be accessed
by a person located outside or inside the Territory, respectively, who merely furnishes an address
located, or the number of a credit card issued, outside or inside the Territory, respectively.
From time to time, Licensor or Licensee may, if it uses a specific form of geo-filtering
technology, request that the other party adopt such technology, and upon such request, such other
party shall use its commercially reasonable efforts to adopt and implement such technology. In
furtherance of the foregoing, Licensor and Licensee and their controlled Affiliates, shall use
commercially reasonable efforts to cause each of its sublicensees to use such geo-filtering
technology in accordance with this paragraph, as applicable.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iv)&nbsp;<I>Intent</I>. Grupo Televisa and Licensee acknowledge and agree that this <U>Section
3.7(a)</U> is intended solely for purposes of ensuring the territorial integrity appurtenant to
Licensor&#146;s and Licensee&#146;s rights in and to Licensed Content, and ensuring that neither Licensee nor
Licensor will be in violation of this Agreement merely because transmissions or retransmissions
from stations located inside or outside the Territory, respectively, or transmissions or
retransmissions from satellite signals intended for television stations, cable systems or
direct-to-home subscribers inside or outside the Territory, respectively, or over the Internet or
mobile platforms (or by any other Licensed Media), may be unintentionally and incidentally viewed
outside or inside the Territory, respectively, and is not intended to give Licensee or Licensor any
right to Broadcast, or license others to Broadcast, Licensed Content intended for viewing, or which
may be viewed, outside or inside the Territory, respectively, in each case except as provided in
<U>Section&nbsp;3.7(a)(i)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Copy Protection; Physical Security</U>. Each of Licensor and Licensee and their
controlled Affiliates agree to use commercially reasonable efforts to mutually agree within a
reasonable timeframe (<I>i.e., </I>at most twelve (12)&nbsp;months after execution of this Agreement) on a plan
and schedule to implement (and thereafter to implement in accordance with such plan and schedule)
appropriate copy protection technology or solutions, generally consistent with the then prevailing
commercial practices of similarly situated broadcasters in the respective territory, as determined
on a platform by platform basis. For the avoidance of doubt, such measures are intended to (i)
protect the intellectual property rights in each of the parties&#146; (and its controlled Affiliates&#146;)
Broadcasts; and (ii)&nbsp;prevent and/or deter theft, unauthorized copying or unauthorized Broadcast,
destruction of, or unauthorized access or injury to, the materials and intellectual property rights
underlying such Broadcasts.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(c) <U>Protective Action</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Take-Down Notices</I>. Licensee and Licensor shall each have the right, but not the
obligation, either itself or through a third party reasonably acceptable to the other party (e.g.,
BayTSP), to issue &#147;take-down&#148; notices with respect to any unauthorized third party Broadcasts of
Licensed Content in the Territory (and shall copy the other party on any such issuances).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Legal Action</I>. In the event that any unauthorized third party Broadcast of Licensed
Content continues for a period of seventy-two (72)&nbsp;hours following the issuance of a &#147;take-down&#148;
notice by either party (or its third party designee), the party issuing the notice shall promptly
notify the other party, and the parties shall reasonably cooperate to address such unauthorized
third party Broadcast of Licensed Content; <U>provided</U>, that only Grupo Televisa shall have
the right, if appropriate, to initiate and prosecute litigation against the applicable third party;
<U>provided</U>, <U>however</U>, that Licensee may commence and prosecute such litigation (and
shall in such case inform Licensor of its actions as promptly as practicable) in the event that (A)
failure to do so immediately would result in irreparable harm to Licensee; or (B)&nbsp;Grupo Televisa
unreasonably fails to commence or prosecute litigation after request by Licensee.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;<I>Costs and Recoveries</I>. If the party initiating such litigation requests cooperation or
assistance from the other party (in connection with <U>Section&nbsp;3.7(c)(ii)</U>), the initiating
party will be responsible for the reasonable costs (including attorneys fees) of such cooperation
or assistance incurred by such other party. In the event of litigation (or similar action or
threatened action) against the applicable third party, any monetary remedy, award, statutory
damages, settlement or other recovery resulting from such litigation, action or threatened action
shall be allocated as follows: (A) <U>first</U>, to the initiating party, to recoup any costs
(including attorneys fees) incurred by the initiating party in pursuing such litigation (including
such costs incurred by the other party and reimbursed by the initiating party); and (B)
<U>second</U>, any remaining amounts to Licensee; <U>provided</U>, that Licensee shall include in
the Royalty Base an amount equal to the sum of all such remaining amounts in the applicable Royalty
period immediately following such allocation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.8 <U><B>Offensive or Politically Insensitive Platforms</B></U>. If at any time Licensor
reasonably determines that the Broadcast of Licensed Content on (a)&nbsp;the Univision Interactive
Network or other Spanish Language Platform owned or controlled by Licensee (other than Linear
Television Channels, for which Licensor&#146;s withdrawal rights shall be limited to those set forth in
<U>Section&nbsp;8.10</U>); or (b)&nbsp;pursuant to any Sublicensing Arrangements, would result in Licensed
Content being available on a website or other platform that contains offensive or politically
insensitive content that Licensor reasonably believes is likely to substantially and adversely
affect Grupo Televisa, then (i)&nbsp;Licensor may promptly provide to Licensee written notice of such
determination (including the basis therefor); and (ii)&nbsp;upon receipt of such notice, Licensee shall
address, as soon as reasonably practicable, or in the case of clause (b)&nbsp;shall use commercially
reasonable efforts to cause the owner / operator of the applicable website or other platform to
address, Licensor&#146;s concern (including through the removal of Licensed Content from such offensive
website or platform). In no event will Licensee cause Licensed Content to be Broadcast on an adult
entertainment (as such term is commonly understood in the entertainment industry in the Territory)
site or adult entertainment platform that is owned or controlled by Licensee.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.&nbsp;<U><B>Sublicensing; Third Party Arrangements</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.1 <U><B>Licensee Right to Sublicense; General Requirements</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Licensee Right to Sublicense</U>. Pursuant to the terms and conditions and subject to
the exceptions and exclusions contained in this Agreement, the Licensed Rights include the right to
sublicense to third parties the right to exercise the Licensed Rights (and all other rights and
entitlements hereunder attendant and appurtenant thereto), subject, if applicable, to the approval
of Licensor pursuant to <U>Section&nbsp;4.2</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>General Requirements</U>. Notwithstanding anything to the contrary herein, any
Sublicensing Arrangement or third party arrangement for a UIN Branded Experience on which any
Licensed Content is Broadcast shall comply with the following requirements (the &#147;<U>General
Requirements</U>&#148;) unless expressly waived in writing by Licensor in its sole discretion on a
case-by-case basis:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Term and Use Restrictions</I>. Licensee shall not enter into any Sublicensing Arrangement or
third party arrangement for a UIN Branded Experience: (i)&nbsp;with a term that is longer than the
remaining Term; (ii)&nbsp;that provides for Broadcast of Licensed Content outside the Territory; (iii)
that does not require geo-filtering outside the Territory (substantially consistent with
<U>Section&nbsp;3.7(a)(iii)</U>); and (iv)&nbsp;that would cause Licensed Content to be distributed on an
adult entertainment site or platform.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT
THE OMITTED PORTIONS OF THIS DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION </B></div>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Linear Television Channel</I>. Licensee shall not enter into any Sublicensing Arrangement
that involves the Broadcast of Licensed Content on any third party Linear Television Channel.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;<I>Core Controls</I>. Any Sublicensing Arrangement must provide Licensee with the following
core controls over the Licensed Content (&#147;<U>Core Controls</U>&#148;) vis-&#224;-vis the sublicensee, which
Licensee shall exercise as may be necessary or appropriate to comply with the provisions hereof:
(a)&nbsp;Licensee (and not the sublicensee) shall have editorial control of the Licensed Content and
will not permit the sublicensee to edit or manipulate such Licensed Content (e.g., mashups) without
the prior written consent of Licensee, subject at all times to the editing restrictions contained
in <U>Section&nbsp;8.8</U>; (b)&nbsp;Licensee (and not the sublicensee) shall have the right to select,
refresh and withdraw Licensed Content; (c)&nbsp;the sublicensee shall not be permitted to sublicense the
Licensed Content; (d)&nbsp;the sublicensee shall not be permitted to authorize any third party to
Broadcast the Licensed Content (except that the sublicensee can place its branded applications,
embed its branded media player or employ similar branded and controlled functionality in a third
party&#146;s sites, in each case, consistent with the then prevailing industry practices); and (e)
Licensee will have remedies that are substantially no less favorable to Licensee, <I>mutatis mutandis</I>,
than Grupo Televisa&#146;s remedies set forth in <U>Section&nbsp;15</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iv)&nbsp;<I>Content Ratio Tests</I>. Licensee shall not enter into any Sublicensing Arrangement or third
party arrangement for a UIN Branded Experience that makes available to the applicable third party a
number of hours of Licensed Content which constitute more than *** of the total
number of hours of Audiovisual Content made available under such Sublicensing Arrangement or third
party arrangement for a UIN Branded Experience or a number of hours of Audiovisual Content produced
or owned by Licensee which constitute less than *** of the total number of hours
of Audiovisual Content made available under such Sublicensing Arrangement or third party
arrangement for a UIN Branded Experience; <U>provided</U>, that the content ratio requirement set
forth in this <U>Section </U>
<U>4.2(b)(i)</U> shall not apply to Sublicensing Arrangements or third party arrangements for
UIN Branded Experiences with bona fide nationally recognized non-MVPD distributors in the Territory
(e.g., Netflix) relating to (i)&nbsp;the Broadcast of all, or substantially all, of the feed of one or
more of the Networks, the TuTv Networks and/or the Televisa Channels or (ii)&nbsp;the Broadcast of
individual items of Audiovisual Content that were Broadcast on the applicable Network, TuTv Network
or Televisa Channels within the immediately preceding thirty (30)&nbsp;days. For the avoidance of
doubt, any such Sublicensing Arrangements with bona fide nationally recognized non-MVPD
distributors in the Territory shall be subject to Licensor&#146;s reasonable approval under this
<U>Section&nbsp;4.2</U>, and shall be subject to the other General Requirements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(v)&nbsp;<I>Long-Term Arrangements</I>. Licensee shall not enter into any Sublicensing Arrangement or
third party arrangement for a UIN Branded Experience that has a term (including any extensions or
renewals) that is longer than ***.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.2 <U><B>Licensor Approval</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Licensor Approval Required</U>. Other than as provided in <U>Section&nbsp;4.4</U>, all
Sublicensing Arrangements will require the prior approval of Licensor (which approval shall not be
unreasonably withheld, conditioned or delayed). Licensor may not condition its approval of any
proposed Sublicensing Arrangement on the payment to Grupo Televisa of any monetary or other
consideration or on any changes to the then-existing arrangements between Licensee and Grupo
Televisa (including under this Agreement). However, in determining whether to provide such
approval, the Licensor may take into account the terms and circumstances of the proposed
Sublicensing Arrangement, including the financial terms and conditions of the proposed Sublicensing
Arrangement, commercial terms of the proposed Sublicensing Arrangement as compared to industry
standards at such time, the scope and extent of the rights to be granted under the proposed
Sublicensing Arrangement, and the identity of the proposed counterparty (together with the overall
economic benefit of the Sublicensing Arrangement to Licensee). It shall be deemed to be
unreasonable for Licensor to withhold any approval required under this <U>Section&nbsp;4.2(a)</U> of
any proposed Sublicensing Arrangement on the basis of the identity of the proposed counterparty or
the proposed terms if Grupo Televisa has previously entered into a contractual arrangement (which
is then in effect) with such proposed counterparty for the Broadcast of Excluded Content in the
Territory or the Broadcast of Audiovisual Content in Mexico (unless such arrangement is required by
applicable Law), in each case, on terms consistent therewith.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Approval in Licensor&#146;s Sole Discretion</U>. Notwithstanding <U>Section&nbsp;4.2(a)</U>,
Licensor may withhold its approval in its sole discretion of any Sublicensing Arrangement on a
case-by-case basis that:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Non-Spanish Language Arrangements</I>. Permits the Broadcast of Licensed Content in any
language other than Spanish (including via closed caption, SAP, or other subtitling or dubbing).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Previously Owned Platforms</I>. Permits the Broadcast of Audiovisual Content directly or
indirectly on any platform that was owned or controlled by Licensee or its controlled Affiliates
within the immediately preceding twenty-four (24)&nbsp;months.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Approval of Existing Sublicensing Arrangements</U>. The parties acknowledge and agree
that the Sublicensing Arrangements set forth on <U>Schedule&nbsp;4</U> hereto have been approved by
Licensor as of the date hereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.3 <U><B>Licensor Approval Procedures</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>General Procedures</U>. Licensor will appoint one or more contact persons to review
proposed Sublicensing Arrangements and one of such contact persons to have the authority to provide
approvals of Sublicensing Arrangements on behalf of Licensor. Licensee will appoint one or more
contact persons who will provide all information necessary to make an informed decision about
proposed Sublicensing Arrangements, whom Licensor is to contact with any questions and to whom
Licensor is to give its determination as to whether it will approve any applicable Sublicensing
Arrangement.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Digital Distribution Approval Process</U>. Without limiting anything contained in
<U>Section&nbsp;4.3(a)</U>, the following additional procedures will apply to any Licensee request for
approval of, and any Licensor determination as to whether it will approve, any Sublicensing
Arrangement relating to digital distribution of the Licensed Content:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Proposed Transaction Notice</I>. If Licensee desires to enter into any Sublicensing
Arrangement for digital distribution, Licensee shall provide a notice of the proposed Sublicensing
Arrangement to the general counsel, chief financial officer and head of digital distribution of
Licensor, which notice shall contain the identity of the counterparty and a summary of all other
material relationships regarding Audiovisual Content with the sublicensee under such proposed
Sublicensing Arrangement. Licensee shall also provide only to the general counsel an unredacted
copy of the draft agreement or term sheet governing such Sublicensing Arrangement and a copy of the
draft agreement or term sheet redacted only so as not to disclose economic and other sensitive
terms and conditions (such agreements and description together, the &#147;<U>Proposed Transaction
Notice</U>&#148;). The general counsel may make available the unredacted copy of the draft agreement or
term sheet only to the deputy general counsel and head counsel for the television department of
Licensor and may make available the redacted copy of the draft agreement or term sheet only to such
persons as necessary to permit Licensor to decide whether to approve or reject the proposed
Sublicensing Arrangement. The general counsel of Licensor shall ensure that no employee or
consultant of Licensor involved in digital distribution operations obtains any unredacted copy of
the draft agreement or term sheet or any of the redacted information. If Licensee is prohibited
from providing Licensor with a copy of the draft agreement or term sheet, then the parties will
cooperate in good faith to determine an alternative means of providing Licensor with the requisite
information necessary for Licensor to properly evaluate the proposed transaction, without violating
any applicable contractual or other restrictions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Evaluation Period</I>. Licensor shall respond in writing to the Proposed Transaction Notice
(either approving or rejecting the proposed arrangement, and setting forth the basis for any
rejection) to Licensee within ten (10)&nbsp;Business Days of Licensee&#146;s provision of any Proposed
Transaction Notice (the &#147;<U>Evaluation Period</U>&#148;); <U>provided</U>, that if the Sublicensing
Arrangement has a term (including any extensions or renewals) longer than three
(3)&nbsp;years but shorter than five (5)&nbsp;years, then the time period for such approval shall be
thirty (30)&nbsp;Business Days (instead of ten (10)&nbsp;Business Days). If Licensor does not reject a
proposed Sublicensing Arrangement in accordance with the immediately preceding sentence during the
Evaluation Period, such proposed transaction will be deemed to have been approved by Licensor on
the terms contained in the applicable Proposed Transaction Notice.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Renewals; Amendments</U>. Any renewal of a Sublicensing Arrangement will require
Licensor approval in accordance with this <U>Section&nbsp;4</U>. For the avoidance of doubt, this
<U>Section&nbsp;4.3(c)</U> shall not apply to any third party arrangement for a UIN Branded Experience
(as Licensor approval is not otherwise required for such arrangements). Amendments, modifications,
extensions and/or waivers to any existing Sublicensing Arrangement that would cause such
Sublicensing Arrangement to deviate in any material respect from the existing Sublicensing
Arrangement, or affect the economics or scope of rights under such Sublicensing Arrangements, or
violate any of the General Requirements, including the Core Controls will require Licensor&#146;s
approval in accordance with the provisions of this <U>Section&nbsp;4</U> applicable to such
Sublicensing Arrangement, as amended. Any other amendment, modification, extension and/or waivers
to an approved Sublicensing Arrangement shall not require Licensor&#146;s approval.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.4 <U><B>Exceptions to Licensor Approval</B></U>. Notwithstanding anything contained in this
Agreement:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>UIN Arrangements</U>. UIN Arrangements will be permitted without Licensor approval,
do not constitute Sublicensing Arrangements, and any existing or future UIN Arrangements shall not
be subject to any of the terms and conditions of <U>Section&nbsp;4</U>; <U>provided</U>, that in the
case of third party arrangements for UIN Branded Experiences only, such arrangements shall comply
with the General Requirements. Licensee shall provide Licensor with written notice (that contains
the identity of the counterparty and a summary of all material terms) substantially in the form of
<U>Schedule&nbsp;5</U> attached hereto as soon as reasonably practicable following its entering into
any arrangements for a UIN Branded Experience that Licensee concludes with third parties for
Broadcast of Licensed Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>MVPD Arrangements</U>. Licensor and Licensee hereby acknowledge and agree that (i)
Licensee is currently a party to MVPD Arrangements and will, from time to time, enter into
additional MVPD Arrangements consistent with industry practice; (ii)&nbsp;existing and future MVPD
Arrangements shall not require Licensor&#146;s approval; and (iii)&nbsp;MVPD Arrangements are not
Sublicensing Arrangements and the terms and conditions set forth in this <U>Section&nbsp;4</U> do not
apply to any existing or future MVPD Arrangements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Network Affiliation Arrangements</U>. Network Affiliation Agreements will be
permitted without Licensor approval, subject to the terms and conditions of <U>Section
1.2(a)(ii)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Clip Exchange Arrangements</U>. Clip Exchange Arrangements will be permitted without
Licensor approval, subject to the terms and conditions of <U>Section&nbsp;1.6</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.5 <U><B>Interactive Functionality; Technological Enhancements</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Rights for Interactive Functionality; Technological Enhancements</U>. Licensee&#146;s
permitted third party sublicensees (including any third parties permitted to Broadcast the Licensed
Content in the Territory in accordance with this <U>Section&nbsp;4</U>), MVPDs and Network Affiliates
will be permitted to add enhanced interactivity (e.g., on-screen programming guides, menus,
interactive voting systems, etc.), sharing capability, links to other community features, overlays,
squeezebacks, automated translation technology and other similar interactive functionality to
Licensed Content, and to undertake Technological Enhancements with respect to Licensed Content, in
each case, consistent with the then prevailing industry custom and practice in the Territory.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Notice of Technological Enhancements</U>. Licensee shall, at the Informational
Meetings, inform Licensor of any Technological Enhancements authorized or approved by Licensee to
be undertaken by its permitted third party sublicensees which has not been previously notified to
Licensor at prior Informational Meetings.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">5.&nbsp;<U><B>Downloads</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.1 <U><B>Download to Own (DTO)</B></U>. Licensee&#146;s Licensed Rights exercised by means of DTO (but not any other commercial
offering) during the Term in the Territory shall be subject to the following additional terms and
conditions:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(a) <U>Content Minimums</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Novelas</I>. Licensor shall provide a minimum of two (2)&nbsp;complete Novelas (including all
chapters) to which the rights in the Territory are owned or controlled by Grupo Televisa and
selected by Licensor to be available for Broadcast by Licensee in the Territory by means of DTO at
all times during the Term. Without limiting the generality of the foregoing, Licensor shall make
available a minimum of four (4)&nbsp;different complete Novelas (including all chapters) to which rights
in the Territory are owned or controlled by Grupo Televisa reasonably provided over the course of
each twelve (12)&nbsp;month period during the Term. Licensor may provide Novelas to which the rights in
the Territory are owned or controlled by Grupo Televisa in excess of the minimum amounts in its
sole discretion. For purposes of satisfying the aforementioned minimum, Licensor shall provide to
Licensee Novelas to which the rights in the Territory are owned or controlled by Grupo Televisa,
subject to any reduction in the minimum Novela production requirements under that certain Amended
and Restated 2011 PLA Guaranty dated February&nbsp;28, 2011 and effective as of January&nbsp;1, 2011 by GT
in favor of Licensee, that have been initially Broadcast (on a Linear Television Channel or, as
notified by Licensee, an alternative digital distribution platform) by Licensee within the
immediately preceding eighteen (18)&nbsp;month period. Notwithstanding the foregoing, if Licensee has
not so Broadcast at least four (4)&nbsp;Novelas to which the rights in the Territory are owned or
controlled by Grupo Televisa during such period, Licensor shall provide to Licensee one (1)&nbsp;or more
Novelas (as applicable) selected by Licensor from Grupo Televisa&#146;s library in order to satisfy the
annual Novela minimum (it being understood that Licensor shall provide no fewer than the number of
Novelas necessary to satisfy such minimum).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Other Content</I>. Licensor shall provide a minimum of seventy (70)&nbsp;hours of non-Novela
Licensed Content selected by Licensor to be available for Broadcast by Licensee in the Territory by
means of DTO at all times during the Term; <U>provided</U>, that Licensor shall replace (or add)
then available non-Novela Licensed Content with a minimum of fourteen (14)&nbsp;hours of alternative
non-Novela Licensed Content upon Licensee&#146;s request (which may be made no more frequently than once
every two (2)&nbsp;months). Licensor may provide non-Novela Licensed Content in excess of the minimum
amounts (and replace/refresh such content more frequently) in its sole discretion. For purposes of
satisfying the aforementioned minimum, Licensor shall provide to Licensee non-Novela Licensed
Content that has been initially Broadcast (on a Linear Television Channel or, as notified by
Licensee, an alternative digital distribution platform) by Licensee within the immediately
preceding eighteen (18)&nbsp;month period. Notwithstanding the foregoing, if Licensee has not so
Broadcast at least seventy (70)&nbsp;hours of non-Novela Licensed Content during such prior eighteen
(18)&nbsp;month period, Licensor shall provide to Licensee non-Novela Licensed Content selected by
Licensor from Grupo Televisa&#146;s library in order to satisfy the annual non-Novela Licensed Content
minimum.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Limitation to Univision Interactive Network</U>. Licensee shall have the exclusive
right to Broadcast Licensed Content by means of DTO through the Univision Interactive Network
(pursuant to the terms and conditions and subject to the exceptions and exclusions applicable to
such Licensed Content hereunder) without Licensor&#146;s approval, pursuant to the terms and conditions
and subject to the exceptions and exclusions of this <U>Section&nbsp;5.1</U>. Any DTO arrangements
with third parties outside of the Univision Interactive Network are subject to Licensor&#146;s approval
as set forth in <U>Section&nbsp;4</U>. All DTO arrangements shall comply with the geo-filtering
provisions set forth in <U>Section&nbsp;3.7(a)(iii)</U>.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Delivery Format</U>. All Licensed Content provided by Licensor for Licensee&#146;s DTO
Broadcast shall be delivered in a format then suitable for such DTO Broadcast in the Territory, as
agreed by the parties from time to time.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Selection and Removal of Licensed Content for DTO</U>. Licensor shall have the full
rights to select and remove Licensed Content for DTO in its discretion, subject to the selection
limitations and minimum content requirements set forth in <U>Section&nbsp;5.1(a)</U>. Licensor shall
provide to Licensee at least thirty (30)&nbsp;days&#146; notice prior to any removal of Licensed Content
being Broadcast by means of DTO. Notwithstanding the foregoing, Licensee may, from time to time,
request that specific Licensed Content be made available for DTO Broadcast, and Licensor shall
consider in good faith any such requests; <U>provided</U>, that Licensor&#146;s decision with respect
thereto shall be in its sole discretion and shall be final and binding.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;<U>Information; Audit</U>. For rights and administrative control purposes with respect
to the Broadcast of Licensed Content by means of DTO, Licensee shall provide to Licensor monthly
online reports (detailing downloads, payments and pricing) regarding such Broadcast, and any other
information which Licensor reasonably requests, in each case, to the extent such information is
reasonably available to Licensee. Licensee shall deliver any such information to Licensor
concurrently with its delivery of royalty calculation information for the month immediately
following the month in which such information was received in accordance with <U>Section&nbsp;9.3</U>.
Licensor shall have the right to audit Licensee in connection with Licensee&#146;s
Broadcast by means of DTO, as part of Licensor&#146;s audit rights hereunder as more fully
described in <U>Section&nbsp;9.5</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(f)&nbsp;<U>Price</U>. The retail price per item of Licensed Content for consumers to purchase
Licensed Content by means of DTO shall be mutually agreed by the parties in writing in accordance
with industry standards (such agreement not to be unreasonably withheld, conditioned or delayed).
No free Licensed Content may be offered by means of DTO, other than in connection with bona fide
promotions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(g)&nbsp;<U>Limitation to DTO</U>. For the avoidance of doubt, this <U>Section&nbsp;5.1</U> shall
only apply to Broadcast of Licensed Content by means of DTO, and shall not apply to any forms of
rental, lease, on demand access (including any form of DTR or other download to rent) or other
distribution of Licensed Content on a linear, streamed, temporal or otherwise non-permanent basis.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(h)&nbsp;<U>Editing</U>. Licensee&#146;s rights to edit the Licensed Content in connection with
Broadcast by means of DTO shall be as set forth in <U>Section&nbsp;8.8</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(i)&nbsp;<U>Clearances</U>. Without limiting Licensor&#146;s obligations under <U>Section&nbsp;8.13</U>,
Licensor shall obtain all Clearances necessary for Licensee&#146;s Broadcast by means of DTO of all
Licensed Content (including, for the avoidance of doubt, Novelas) provided by Licensor to Licensee
under this <U>Section&nbsp;5.1</U>.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(j)&nbsp;<U>Clean Versions</U>. Without limiting Licensor&#146;s obligations under <U>Section
8.1(b)</U>, Licensor shall deliver to Licensee &#147;clean&#148; versions (e.g., removing graphic insertions
of, voice-overs promoting and URLs of esmas.com and any other Grupo Televisa owned or operated
businesses, but not removing any product placement, promotions or mentions in the content of the
Licensed Content) of all Licensed Content provided by Licensor to Licensee for DTO Broadcast under
this <U>Section&nbsp;5.1</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.2 <U><B>Download to Rent (DTR)</B></U>. Licensee&#146;s Licensed Rights exercised by means of DTR (but
not any other commercial offering) during the Term in the Territory shall be subject to the
following additional terms and conditions:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Information</U>. Licensee shall provide monthly online reports (including downloads,
payments and pricing) regarding such Broadcasts solely for purposes of Grupo Televisa&#146;s obligations
to account and provide information to applicable third parties with respect to the Broadcast of
Licensed Content by means of DTR, and any other information which Licensor reasonably requests, in
each case, to the extent such information is reasonably available to Licensee. Licensee shall
deliver any such available information to Licensor concurrently with its delivery of royalty
calculation information for the month immediately following the month in which such information was
received in accordance with <U>Section&nbsp;9.3.</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>No Free Content</U>. No free Licensed Content may be offered by means of DTR, other
than in connection with bona fide promotions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">6. <U><B>Additional Spanish Language Platforms; Grupo Televisa First Negotiation</B></U> .
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.1 <U><B>Additional Spanish Language Platforms</B></U>. For the avoidance of doubt, Licensee shall
have the right to create or acquire additional Spanish Language Platforms (including additional
Spanish language Linear Television Channels) and to Broadcast Licensed Content thereon, pursuant to
the terms and conditions and subject to the exceptions and exclusions contained in this Agreement,
which Spanish Language Platforms will then be included for purposes of calculating the Royalty
Base.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.2 <U><B>Grupo Televisa Rights of First Negotiation for Services</B></U>. In the event that
Licensee elects (in its sole discretion) to create additional Spanish language Linear Television
Channels during the Term, Grupo Televisa shall be entitled to a Right of First Negotiation to
provide general channel programming, advisory, production and/or technical services (which
services, for the avoidance of doubt, shall not include the production of any individual
Audiovisual Content), as negotiated between the parties; <U>provided</U>, that the aforementioned
Right of First Negotiation shall not apply in the event that Licensee creates a new Spanish
Language Linear Television Channel with a third party that provides a specific and significant
contribution to the creation and programming arrangement or scheduling of such channel other than
merely contributing financing thereto, and such third party provides the aforementioned services to
such Linear Television Channel.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.3 <U><B>No Impact on Licensee Rights</B></U>. The Right of First Negotiation set forth in
<U>Section&nbsp;6.2</U> shall not permit Licensor to seek to enjoin or obtain an injunction prohibiting
or delaying Licensee&#146;s creation of an additional Spanish Language Platform (including any
additional Spanish language Linear Television Channels) and to Broadcast Licensed Content thereon.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">7.&nbsp;<U><B>Notification and Acceptance of Programming; Scheduling Cooperation</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.1 <U><B>Timing of Availability</B></U>. Each item of Licensed Content shall be made available by Licensor to Licensee for Broadcast
pursuant to the terms of this Agreement (and the Licensed Rights with respect thereto shall vest):
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;with respect to each item of Licensed Content not addressed in the following provisions of
this <U>Section&nbsp;7.1,</U> upon the first to occur of (i)&nbsp;the date when such Licensed Content is
initially Broadcast by Grupo Televisa in any Licensed Media; or (ii)&nbsp;the date when such Licensed
Content is first made available for Broadcast by any third party in any Licensed Media;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;with respect to each Movie, upon the conclusion of the then applicable &#147;first-run&#148;
theatrical availability window (as is then commonly understood in the motion picture industry in
the Territory); <U>provided</U>, that for the avoidance of doubt, (i)&nbsp;any theatrical &#147;re-release&#148;
of a Movie shall not have any effect on the availability of the applicable Movie to Licensee; and
(ii)&nbsp;with respect to any Movie not initially theatrically released (e.g., a &#147;direct-to-video&#148;
Movie) the availability shall be in accordance, <I>mutatis mutandis</I>, with <U>Section&nbsp;7.1(a)</U>;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;with respect to each Pantelion Movie, upon the commencement of the then applicable Free
Television availability window (as is then commonly understood in the motion picture industry in
the Territory); <U>provided</U>, that for the avoidance of doubt, any theatrical &#147;re-release&#148; of a
Pantelion Movie shall not have any effect on the availability of the applicable Pantelion Movie to
Licensee; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;with respect to each item of Ancillary Content, upon the first to occur of (i)&nbsp;the date
when such Ancillary Content is initially Broadcast by Grupo Televisa; (ii)&nbsp;the date when such
Ancillary Content is first made available for Broadcast by any third party in Licensed Media; or
(iii)&nbsp;the date when the applicable Licensed Content to which the Ancillary Content is related is
actually first Broadcast by Licensee in the Territory.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For the avoidance of doubt, rights to Televisa Produced Clips or Licensee Produced Clips shall be
available (and the Licensed Rights with respect thereto shall vest) upon the availability and
vesting (in accordance with this <U>Section&nbsp;7.1</U>) of the applicable item of Licensed Content
from which such clips are excerpted.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.2 <U><B>Availability Notices; Requests for Delivery</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>New Programs and Movies</U>. At least as often as the first Business Day of each
calendar quarter, Licensor will deliver a written notice (an &#147;<U>Availability Notice</U>&#148;) to
Licensee specifying the Programs and Movies that (i)&nbsp;have become available to Licensee hereunder
since the delivery of the preceding Availability Notice; or (ii)&nbsp;may no longer be available to
Licensee hereunder (detailing the reason for such unavailability) (it being understood that the
first Availability Notice, which Licensor shall deliver to Licensee no later than April&nbsp;1, 2011,
shall only be required to include those Programs and Movies that have become available to Licensee
since the Effective Date). Each Availability Notice shall specify, for each such Program or Movie,
(A)&nbsp;the name, length, number of episodes (if readily available), genre and content type; (B)&nbsp;Rights
Restrictions (if any); and (C)&nbsp;Clearances (if any) that have not been obtained that would prohibit,
restrict or impair Licensee&#146;s Licensed Rights to such Programs or Movies. For purposes of this
<U>Section&nbsp;7.2(a)</U> only, the term &#147;Program&#148; shall refer to Programs initially Broadcast, or
intended for initial Broadcast, on a Linear Television Channel.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Library Programs and Movies</U>. No later than forty-five (45)&nbsp;days following the
Effective Date, Licensor shall deliver to Licensee a list that contains, to the best of Licensor&#146;s
knowledge, all Programs and Movies available to Licensee hereunder as of the Effective Date (a
&#147;<U>Library Availability Notice</U>&#148;). The Library Availability Notice shall specify, for each
such Program or Movie, the name, length, number of episodes (if readily available), genre and
content type of such Program or Movie. For purposes of this <U>Section&nbsp;7.2(b)</U> only, the term
&#147;Program&#148; shall refer to Programs initially Broadcast, or intended for initial Broadcast, on a
Linear Television Channel.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Other Licensed Content</U>. Promptly following the Effective Date, each of Licensor
and Licensee shall designate a contact person to, over the first twelve (12)&nbsp;months following the
Effective Date, collaborate in good faith to determine a reasonable process, format and timetable
for Licensor to provide Licensee (and, following such determination, Licensor shall so provide
Licensee) with adequate information regarding other Licensed Content available to Licensee
hereunder. If no such process, format and timetable has been agreed by the end of such twelve (12)
month period, then thereafter, the Availability Notice delivered under <U>Section&nbsp;7.2(a)</U> shall
include all Licensed Content as opposed to only Programs and Movies and provide the information
specified under <U>Section&nbsp;7.2(a)</U> with respect to such Licensed Content. Notwithstanding the
foregoing, it is understood and agreed that this <U>Section&nbsp;7.2(c)</U> shall not apply to (w)
those Programs and Movies that are governed by <U>Sections&nbsp;7.2(a)</U> and <U>(b)</U>; (x)
Pantelion Movies (which are governed by <U>Section&nbsp;3.5</U>); (y)&nbsp;Licensed Soccer Games (which are
governed by <U>Section&nbsp;10</U>); and (z)&nbsp;Ancillary Content (which is governed by <U>Section
8.12</U>).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Requests for Delivery</U>. Upon the request of Licensee, Licensor shall deliver to
Licensee whatever materials are reasonably available with respect to any available Licensed
Content, at Licensee&#146;s expense to the extent Licensee requests more than a pilot or representative
episode or clip with respect to an available item of Licensed Content. If Licensee desires
delivery of any available Licensed Content, it shall notify Licensor of its request for delivery,
at any time, in a writing specifying the name of the desired available Licensed Content and such
other information as may reasonably be requested by Licensor to complete delivery of the requested
Licensed Content.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.3 <U><B>Cooperation</B></U>. Until the Information Tail Date and subject to applicable Law,
Licensor shall cooperate in good faith with Licensee, to the extent that such cooperation does not
interfere with its businesses, in Licensee&#146;s efforts to schedule, market and promote Licensee&#146;s
programming services and offerings, by attending the Informational Meetings (which may include
separate meetings for television, motion picture and digital programming) and providing Licensee
with brief descriptions of Programs, Movies, Pantelion Movies, and other material items of Televisa
Publications Content anticipated to be licensed hereunder that are in production or have been
&#147;greenlit&#148; or otherwise set for production, anticipated availability dates for such items of
Licensed Content, and other information reasonably requested by Licensee when such information
becomes available to Grupo Televisa; it being understood that any programming or production
schedules so provided would be subject to modification and that no representation or warranty is
being or would be made with respect thereto. Notwithstanding the foregoing, Licensor shall have no
obligation to provide to Licensee any information under this <U>Section&nbsp;7.3</U> (a)&nbsp;regarding any
such items of Licensed Content that are in production or have been &#147;greenlit&#148; or otherwise set for
production that Licensor believes in good faith will not become available for Broadcast in the
Territory until after the Term, (b)&nbsp;during the final year prior to the Information Tail Date, to
the extent that Licensor believes in good faith that the disclosure of such information to Licensee
would competitively disadvantage Grupo Televisa, or (c)&nbsp;that is subject to legal or third party
contractual confidentiality restrictions. For the avoidance of doubt, the obligations of the
parties under this section shall not in any way limit, restrain, expand or otherwise modify any of
the independent obligations of the parties contained elsewhere in this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">8.&nbsp;<U><B>Delivery, Expenses and Use of Licensed Content</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.1 <U><B>Delivery Procedure; Clean Versions</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Delivery of Licensed Content</U>. Following Licensee&#146;s sending a request for delivery
of an item of Licensed Content pursuant to <U>Section&nbsp;7.2(d)</U> of this Agreement, Licensor shall
deliver to Licensee, at Licensee&#146;s expense, a visual and aural reproduction of each such item of
Licensed Content either (at Licensee&#146;s election and subject to Licensor&#146;s reasonable ability to
comply with such election) via satellite (at Licensee&#146;s risk of loss if delivery via satellite is
requested less than forty-eight (48)&nbsp;hours in advance of scheduled Broadcast), electronic delivery
of files or any other intangible means of delivery, or on such form of videotape, disc or other
device as reasonably requested by Licensee, formatted and suitable for Broadcast in the Territory
in a digital or other format for each applicable Licensed Media, as reasonably requested by
Licensee and as soon as reasonably available. Without limiting the generality of the foregoing,
until further notice by Licensee to Licensor, Licensee requests access to a high definition feed
(if available) for any live events. Licensed Content will be deemed delivered by Licensor when
transmitted to the satellite or when delivered or made available digitally, or if shipped by
courier, when actually received.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Delivery of &#147;Clean&#148; Versions</U>. Licensor shall deliver to Licensee &#147;clean&#148; versions
(e.g., removing graphic insertions of, voice-overs promoting and URLs of esmas.com and any other
Grupo Televisa owned or operated businesses) of all items of Licensed Content delivered to Licensee
pursuant to this Agreement; <U>provided</U>, that Licensee shall not be required to remove any
product placement, promotions or mentions in the content of any item of Licensed Content;
<U>provided</U>, <U>further</U>, that this <U>Section&nbsp;8.1(b)</U> shall not apply to (i)&nbsp;any
Library Programs for which Grupo Televisa does not have, at the time of the delivery, such a
&#147;clean&#148; version (&#147;<U>Special Library Programs</U>&#148;); and (ii)&nbsp;live Programs and other Programs
Broadcast simultaneously by Grupo Televisa and Licensee (in the case of (ii), to the extent that
production and delivery of such a &#147;clean&#148; version to Licensee would not be reasonably practicable,
or would require Grupo Televisa to incur incremental costs). Licensor shall inform Licensee, prior
to delivery of any item of Licensed Content requested by Licensee, if such item of Licensed Content
falls under clause (i)&nbsp;or (ii)&nbsp;of this <U>Section&nbsp;8.1(b)</U> such
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">that Licensor will not deliver to Licensee a &#147;clean&#148; version of such Licensed Content. Licensee shall be permitted to produce, at
its own expense and subject to the consent of the Televisa Editing and Dubbing Appointee in
accordance with <U>Section&nbsp;8.8(e)</U>, &#147;clean&#148; versions of any such Licensed Content. For the
avoidance of doubt, if for any reason Licensor fails to deliver a &#147;clean&#148; version of any Licensed
Content other than Special Library Programs or live Programs described above, Licensee shall have
the right to produce such a &#147;clean&#148; version pursuant to <U>Section&nbsp;8.8(b)(v)</U>, and Licensor
shall reimburse Licensee for the costs associated therewith as set forth in <U>Section&nbsp;8.8(f)</U>.
Licensor&#146;s obligation to deliver &#147;clean&#148; versions under this <U>Section&nbsp;8.1(b)</U> will not apply
to Televisa Publications Content, to which the provisions of <U>Section&nbsp;1.3(b)(i)(A)</U> will
apply.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.2 <U><B>Inspection of Delivered Programs</B></U>. Licensee agrees that as soon as practicable
following receipt of delivery of any Licensed Content through any medium, it will examine such
delivery to determine
whether it is physically suitable for Broadcast on all applicable Licensed Media and, if
applicable, will notify Licensor immediately upon detecting any defect rendering such delivery
unsuitable for such Broadcast. In such cases, Licensor shall promptly re-deliver such Licensed
Content at its own expense through any medium (at Licensee&#146;s reasonable election).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.3 <U><B>Destruction or Erasure of Delivered Programs</B></U>. Licensee agrees to destroy any
video tape, disc or other physical device and/or erase any electronic files embodying Licensed
Content (and deliver to Licensor a certificate of destruction and/or erasure in connection
therewith), in each case, as soon as practicable following the end of the Term (or as reasonably
requested by Licensor in writing in connection with a withdrawal pursuant to <U>Section&nbsp;8.10</U>).
Licensee shall pay all costs of destroying such videotapes, discs or other physical devices or
erasing such electronic files.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.4 <U><B>Ownership; Risk of Loss</B></U>. Any videotapes, discs or other physical devices or
intangible media (including electronic files) embodying Licensed Content shall at all times remain
the property of Grupo Televisa, subject to Licensee&#146;s rights as herein provided. The risk of loss,
damage, destruction or disappearance of any physical device, if any, shall be borne by Licensee
from the time of delivery to Licensee. As to any video tape, disc or other physical device or part
thereof lost, stolen, destroyed or damaged after delivery to Licensee, Licensee shall pay Licensor
the cost of replacement thereof, which payment shall be limited to the cost of replacing the raw
video tape, disc or other physical device.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.5 <U><B>Restrictions on Duplication</B></U><B>. </B>Except as provided herein, Licensee will not, and
will not authorize others to copy or duplicate any Licensed Content unless necessary for the
Broadcast by Licensee and any permitted third parties contemplated hereby (or the promotion of such
Broadcasts). Licensee shall cause any permitted third party in possession of any duplicate or copy
(whether in tangible form (e.g., discs, tapes) or intangible form (e.g., digital media files)) of
any part of the Licensed Content (including trailers) to return such duplicate or copy at, or at a
reasonable time prior to, the end of the Term (or as reasonably requested by Licensor in writing in
connection with a withdrawal pursuant to <U>Section&nbsp;8.10</U>), and Licensee shall destroy or erase
(or cause to be destroyed or erased) such duplicate or copy (whether in tangible form (e.g., discs,
tapes) or intangible form (e.g., digital media files)) of any part of the Licensed Content
(including trailers), in accordance with <U>Section&nbsp;8.3</U>. Upon receipt of written request from
Licensor, an officer of Licensee shall certify in writing the destruction or erasure of all such
copies.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.6 <U><B>Name and Likeness Rights; Promotions</B></U>. Licensor will furnish to Licensee glossy
prints and digital copies of still photos, synopses, cast lists and all other promotional material
for the promotion of the Licensed Content, if available. Licensor grants to Licensee, without
additional payment beyond the Royalty, the right and license to use and license others to use (a)
Grupo Televisa&#146;s name and logos and the Televisa Channel Marks; and (b)&nbsp;unless Licensee is advised
by Licensor that rights of Licensor and its Affiliates are limited (in which case, to the extent
not limited), to use and license others to use the name and likeness of, and biographical material
concerning, each star, featured performer, writer, director and producer in the Licensed Content
and the titles and trademarks of each item of Licensed Content and fictitious persons and locales
therein, for
advertising and publicity of the Licensed Content, and any broadcaster or sponsor thereof, but
not for direct endorsement of any product or service; provided, that any such use by the
broadcaster or sponsor thereof will protect the copyrights of Grupo Televisa and shall not include
any fee or royalty payable to Licensee or its Affiliates expressly and/or primarily for such use.
To the extent available to Licensor (or any applicable Affiliate) after reasonable efforts,
Licensor will furnish Licensee with music cue sheets for the Licensed Content and the information
necessary for administration of rights payments and compliance with FCA Section&nbsp;507. Subject to
the foregoing, and subject to Licensor&#146;s approval (not to be unreasonably withheld, conditioned or
delayed), which consent may be provided by the Televisa Editing and Dubbing Appointee, Licensee
shall have the right to produce its own promotional material for or from the Licensed Content
(including audio promotions for or from audio tracks of the Licensed Content). Grupo Televisa
shall permit its proprietary artists to appear on behalf of or for Licensee for promotional or
programming purposes at mutually agreeable times (which agreement shall not be unreasonably
withheld), at Licensee&#146;s expense, it being agreed that Licensor may not be able to require an
artist to appear, all requests to and contacts with Grupo Televisa&#146;s proprietary artists shall be
made through a representative designated by Licensor (provided that if the designated
representative of Licensee for these purposes has requested in writing to the designated
representative of Licensor for these purposes to be informed as to whether an artist is under
contract with Grupo Televisa and such designated representative of Licensor has not responded to
such designated representative of Licensee within seven days of receipt of such request, Licensee
may try to contact such artist without going through Licensor or its designated representative),
and such designated representative of Licensor shall not be required to approve any appearance
which would interfere in any material respect with Licensor&#146;s operations or productions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.7 <U><B>Credits</B></U>. Except as provided in <U>Section&nbsp;8.8</U>, Licensee agrees to include in
its Broadcasts of Licensed Content all copyright notices and all credits made part of Licensed
Content (including credits for stars, directors, producers and writers).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.8 <U><B>Editing</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Editing Restricted</U>. Licensee shall have no rights to edit or make changes or
deletions to Licensed Content (other than Licensed Mexican Soccer Games, to which Section&nbsp;10.3(e)
shall apply) except as expressly set forth in this <U>Section&nbsp;8.8</U>. Licensee may from time to
time request by notice to the Televisa Editing and Dubbing Appointee that Licensor make any other
edits (other than those set forth in <U>Sections&nbsp;8.8(b)</U>, <U>8.8(c)</U> and <U>8.8(d)</U>,
which shall not require the approval of Licensor), and Licensor may elect to make such requested
edits or refuse the request in its sole discretion. The Televisa Editing and Dubbing Appointee
shall be Licensee&#146;s primary contact with Licensor for the delivery of any editing request by
Licensee, and for Licensor to deliver its decision and, if applicable, the edited Licensed Content
to Licensee.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Editing by Licensee</U>. Licensee shall have the right to edit and make changes and
deletions (and, with respect to only clause (ii)&nbsp;of this <U>Section&nbsp;8.8(b)</U>, additions of
recaps) to Licensed Content, without any requirement of consent by or consultation with Licensor or
the Televisa Editing and Dubbing Appointee, only in order to:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Internal Credits</I>. Eliminate identical internal credits when episodes of any Licensed
Content air back-to-back on any Linear Television Channel;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Program Length</I>. Adjust Licensed Content length to applicable standard U.S. format
lengths (e.g., 30-60-90-120 minute lengths for Linear Television Channels, and such other standards
(if any), now or in the future, that are applicable to other Licensed Media for Audiovisual Content
produced for initial or primary Broadcast by means of such Licensed Media), by cutting or adding
recaps to starts or finishes;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;<I>Commercials</I>. Insert commercials (during natural breaks to the extent applicable) in
Licensed Content;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iv)&nbsp;<I>Irrelevant Material</I>. Eliminate any of the following specific material from Licensed
Content only to the extent not relevant to U.S. Hispanic audiences: (A)&nbsp;phone numbers and addresses
outside the Territory, (B)&nbsp;information regarding contests, sweepstakes and lotteries that are not
available in the Territory, (C)&nbsp;advertisements for or promotions of goods and services that are
illegal in the Territory, (D)&nbsp;promotional offers, discounts and other offers related to goods or
services for advertising purposes that have expired or are illegal in the Territory, and (E)
information on dates and locations of specific events (e.g., concerts or live sports events)
outside of the Territory that have already occurred; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(v)&nbsp;<I>Clean Versions of Programs</I>. Correct any failure by Licensor to deliver a &#147;clean&#148; version
of any Licensed Content (other than any Special Library Program) in accordance with <U>Section
8.1(b)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(vi)&nbsp;<I>Non-Conforming Promotional Content</I>. Eliminate promotional materials in Televisa
Publications Content to the extent permitted under <U>Section&nbsp;1.3(b)(i)(A)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Edits for Timing</U>. Licensee may, after reasonable consultation of the Televisa
Editing and Dubbing Appointee, (i)&nbsp;edit episodes of Novelas Broadcast by means of a Linear
Television Channel in order to end such Novela by creating recaps on a limited basis to cause the
final episode to be Broadcast at strategically competitive times (e.g., Thursday and Friday) and
(ii)&nbsp;reduce the length of credits of Licensed Content so that the opening credits are no longer
than ninety (90)&nbsp;seconds in length and closing credits are no longer than thirty (30)&nbsp;seconds in
length (or, for Licensed Content not being Broadcast by means of a Linear Television Channel, such
credit lengths as are then appropriate).
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Edits for Regulations and Broadcast Standards</U>. Licensee shall have the right to
edit and make changes, additions (e.g. disclaimers and blurrings) and deletions to Licensed
Content, after reasonable consultation with the Televisa Editing and Dubbing Appointee but without
any requirement of consent by Licensor or the Televisa Editing and Dubbing Appointee (it being
agreed that Licensee in any event will have the right to make such edit following a period of
twenty-four (24)&nbsp;hours after giving notice to the Televisa Editing and Dubbing Appointee), only in
order to:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Government Regulations</I>. Comply with applicable government rules and regulations,
including FCC regulations; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Broadcast Standards and Practices</I>. Comply with Licensee&#146;s (or its applicable controlled
Affiliates&#146;) generally applicable broadcast standards and practices from time to time in effect.
Licensee shall provide Licensor with its broadcast standards and practices (and any modifications
thereto) for any Licensed Media that is then regulated by the FCC or other governmental
organization in the Territory. Licensee shall meaningfully consult with Licensor in connection
with the establishment of its broadcast standards and practices for any Licensed Media that is then
unregulated by the FCC or other governmental organization in the Territory (including by providing
Licensor and the Televisa Editing and Dubbing Appointee with a copy of such proposed broadcast
standards and practices at least thirty (30)&nbsp;days prior to Licensee&#146;s adoption thereof (and shall
provide any proposed updates to such broadcast standards and practices at least two (2)&nbsp;weeks prior
to the effectiveness thereof). Licensee shall consider in good faith any comments provided by
Licensor to Licensee in connection with such consultation on any non-regulated Licensed Media, and
shall act reasonably in determining whether to accept any such comments. Licensee shall not use
any broadcast standards and practices in a manner intended to circumvent the editing restrictions
set forth in this <U>Section&nbsp;8.8</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;<U>Editing Authorized by Televisa Editing and Dubbing Appointee</U>. Except as provided
in <U>Section&nbsp;8.8(b),</U> <U>8.8(c)</U> and <U>8.8(d)</U>, Licensee shall have the right to edit
and make changes and deletions to Licensed Content only with the prior written consent of the
Televisa Editing and Dubbing Appointee (which consent may be withheld if the Televisa Editing and
Dubbing Appointee&#146;s determines in its good faith discretion that the applicable edit would
adversely impact the integrity or artistic quality of the applicable Licensed Content) in order to:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">(i) <I>Televisa Spoiler Content</I>. Eliminate any Televisa Spoiler Content;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Goods and Services</I>. Eliminate material regarding advertisements for or promotions of
goods and services that are not available in the Territory (other than for the reason specified in
<U>Section&nbsp;8.8(b)(iv)(C)</U>);
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;<I>Promotional Offers, Discounts and Other Offers</I>. Eliminate material regarding
promotional offers, discounts and other offers that are not available in the Territory (other than
for the reason specified in <U>Section&nbsp;8.8(b)(iv)(D)</U>;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iv)&nbsp;<I>Eliminate / Consolidate Episodes</I>. Eliminate or consolidate episodes that contain more
than fifteen (15)&nbsp;minutes of recap material;
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(v)&nbsp;<I>Irrelevant Material</I>. Eliminate any material (other than the specific material set forth
in <U>Section&nbsp;8.8(b)(iv)</U>) to the extent not relevant to U.S. Hispanic audiences;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(vi)&nbsp;<I>Wind-Up of Licensed Content</I>. Facilitate wind-up of Licensed Content cancelled in
accordance with this Agreement;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(vii)&nbsp;<I>Interactivity</I>. Add enhanced interactivity (e.g., on-screen programming guides, menus,
interactive voting systems, etc.), sharing capability, links to other community features, overlays,
and squeeze-backs to Licensed Content consistent with then-prevailing industry custom and practice
(it being understood that this clause (vii)&nbsp;shall apply only
to edits made by Licensee, and that such edits made by MVPDs and other third parties shall be
governed by <U>Section&nbsp;4.5</U>);
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(viii)&nbsp;<I>Clean Versions of Special Library Programs</I>. Create a &#147;clean&#148; version of any Special
Library Program, to the extent a &#147;clean&#148; version of such Special Library Program was not delivered
by Licensor to Licensee in accordance with <U>Section&nbsp;8.1(b)</U>; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ix)&nbsp;<I>Licensee Produced Clips</I>. Create Licensee Produced Clips from Programs and Movies, but
not from Licensed Mexican Soccer Games (to which this <U>Section&nbsp;8.8(e)(ix)</U> shall not apply,
and which shall be governed instead by <U>Section&nbsp;10.3(e)</U>).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(f)&nbsp;<U>Miscellaneous</U>. The editing rights hereunder shall be subject to applicable Law
and applicable contractual rights of unaffiliated third parties of which Licensor informs Licensee
in writing at or prior to the time of delivery to Licensee of such Licensed Content (provided that
Licensor agrees to use good faith efforts not to permit to exist any such contractual
restrictions). Licensee will pay for editing requested by Licensee and performed by Licensor at
Licensor&#146;s incremental cost; <U>provided</U>, that Licensor will pay (and promptly reimburse
Licensee) for any editing costs related to Licensor&#146;s obligation to deliver a &#147;clean&#148; version of
any Licensed Content to the extent required under <U>Section&nbsp;8.1(b)</U> upon provision by Licensee
of appropriate documentation evidencing such costs.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(g)&nbsp;<U>Televisa Editing and Dubbing Appointee</U>. The Televisa Editing and Dubbing
Appointee will be primarily located at Licensee&#146;s principal facility, which is currently located in
Miami, Florida (or such other location mutually agreed by the parties). Licensee shall provide the
Televisa Editing and Dubbing Appointee with sufficient access to its personnel and facilities and
sufficient notice of proposed edits in order to monitor the editing proposed to be undertaken by
Licensee pursuant to this <U>Section&nbsp;8.8</U> and Licensee&#146;s compliance with the provisions of this
<U>Section&nbsp;8.8</U> and to make determinations hereunder. The Televisa Editing and Dubbing
Appointee will also have the right to recommend policies to prevent unauthorized editing. If such
policies are acceptable to Licensee, acting reasonably, Licensee will implement and enforce such
policies and the Televisa Editing and Dubbing Appointee will be provided with sufficient access to
monitor compliance with such policies. All compensation and benefits provided to the Televisa
Editing and Dubbing Appointee shall be paid by Licensor. All determinations by the Televisa
Editing and Dubbing Appointee shall be documented in writing.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(h)&nbsp;<U>Derivative Works</U>. For the avoidance of doubt, to the extent that, as a result of
Licensee&#146;s exercising any of its editing rights hereunder with respect to any Licensed Content,
such edited Licensed Content constitutes a &#147;derivative work&#148; under the United States Copyright Act,
such derivative work shall nevertheless remain the sole property of Licensor (subject to the rights
granted to Licensee hereunder).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(i)&nbsp;<U>Other Changes to the Programs</U>. For the avoidance of doubt, and notwithstanding
anything to the contrary contained in this <U>Section&nbsp;8.8</U>, none of Licensee&#146;s actions with
respect to the Licensed Content pursuant to, and in accordance with, <U>Sections&nbsp;1.2(b)</U>,
<U>4.5</U>, <U>8.9(c)</U>, or <U>8.11(c)</U> or <U>(d)</U> shall be subject to the terms and
conditions of this <U>Section&nbsp;8.8</U> (other than <U>Section&nbsp;8.8(h)</U>).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(j)&nbsp;<U>Not Applicable to Licensed Mexican Soccer Games</U>. Notwithstanding anything
contained in this <U>Section&nbsp;8.8</U>, none of the restrictions on Licensee&#146;s rights to edit or
make changes, deletions or additions under this <U>Section&nbsp;8.8</U> will apply to Licensed Mexican
Soccer Games, to which the provisions of <U>Section&nbsp;10.3</U> will apply.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.9 <U><B>Product Placement</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Cooperation</U>. Licensor and Licensee intend to cooperate effectively in order to
exploit reasonable opportunities for product placement and integration in Licensed Content to be
Broadcast in the Territory.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Points of Contact</U>. Each of Licensor and Licensee shall appoint a single person to
act as point of contact for such efforts. Such contact persons shall cooperate to make each party
aware of commercial opportunities for product placement or integration in Licensed Content to be
Broadcast in the Territory and, in any event, each such contact person will present such
opportunities (not previously disclosed to the other) at the first Informational Meeting following
such contact person&#146;s learning of such opportunities.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Exchange of Products</U>. The parties will work together so that, to the extent
technologically feasible, Licensee, with prior approval of Licensor (on a good faith basis), may
substitute products of advertisers to whom Licensee has sold product placement in exchange for
products placed by Grupo Televisa in recorded Licensed Content, so long as such substituted
placement does not adversely affect in any way, as determined by Licensor in good faith, the
artistic quality and/or integrity of the Licensed Content. By way of example and not in
limitation, Licensor may determine not to approve such substitutions in the relevant recorded
Licensed Content if any person or entity, including any director, producer or actor in or of such
recorded Licensed Content, in his, her or its sole and absolute discretion does not want the
substitution, or if Licensor believes that proposing such substitution would harm its relationship
with such director, producer or actor. For the avoidance of doubt, Licensee shall not substitute
products in Licensed Content initially Broadcast simultaneously, by Grupo Televisa and Licensee;
<U>provided</U>, that the contact persons will cooperate in order to pre-record segments that may
be inserted by Licensee in the time segments designated by Licensee in such Licensed Content
Broadcast simultaneously. An Affiliate of GT which is capable of effecting such substitution will
have the Right of First Negotiation / First Refusal to perform such substitution. For the
avoidance of doubt, revenues with respect to substitution as provided in this paragraph shall be
included in the Royalty Base.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Licensee Requests</U>. Licensor will consider in good faith requests of Licensee,
made from time to time, to effectuate product placement and/or integration by Licensee&#146;s
advertisers in Licensed Content during their production and/or post-production stage and will use
commercially reasonable efforts to keep Licensee informed of commercial opportunities during such
stage. While Licensor shall have no obligation to effectuate such product placement and/or
integration, Licensor shall make the determination as to whether to comply with such requests in
good faith. By way of example and not in limitation, Licensor may determine not to comply with
such requests if any person or entity participating during the production and/or post-production of
the Licensed Content in question, including any director, producer or actor in or of such Licensed
Content, in his, her, or its sole and absolute discretion
does not want the product placement and/or integration, or if Licensor believes that proposing
the product placement and/or integration would harm its relationship with such director, producer
or actor. For the avoidance of doubt, revenues with respect to placement and/or integration as
provided in this paragraph shall be included in the Royalty Base.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;<U>Costs</U>. In the event that Licensor or its Affiliates effectuate product placement
and/or integration during production or post-production of any Licensed Content by Licensee&#146;s
advertisers or otherwise at Licensee&#146;s written request, Licensee will pay the costs for such
placement and/or integration (which such costs will need to be agreed between Licensee and Licensor
prior to effectuation of the product placement and/or integration) upon provision by Licensor of
appropriate documentation evidencing such costs.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(f)&nbsp;<U>Notification of Refusal</U>. Within five (5)&nbsp;Business Days of any determination by
Licensor that it will not include product placement requested by Licensee, Licensor will inform
Licensee of such determination and the reasons therefor.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(g)&nbsp;<U>Licensor Policies</U>. All product placement and integration requests shall be
subject to the policies and rules of Grupo Televisa&#146;s sales department from time to time in effect
that Licensor has prior to such time provided to Licensee; <U>provided</U>, that such policies and
rules shall not limit, expand or otherwise modify Licensor&#146;s obligations with respect to such
requests as set forth under this <U>Section&nbsp;8.9</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(h)&nbsp;<U>Not Applicable to Licensed Mexican Soccer Games</U>. Notwithstanding the foregoing
and for the avoidance of doubt, the terms and conditions relating to product placement in this
<U>Section&nbsp;8.9</U> shall not apply to Licensed Mexican Soccer Games, to which the provisions of
<U>Section&nbsp;10</U> shall apply.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.10 <U><B>Licensor Withdrawal of Programs</B></U>. Subject to <U>Section&nbsp;12.1</U> and Licensee&#146;s
remedies for a breach thereof, Licensor may, in its sole and absolute discretion, withdraw any
Licensed Content and terminate any license with respect to such Licensed Content if Licensor
reasonably determines that the Broadcast thereof is likely to: (a)&nbsp;infringe the rights of third
parties; (b)&nbsp;violate any Law; or (c)&nbsp;otherwise subject Licensor to any material liability. In the
event of any such withdrawal or termination, Licensor shall give Licensee as much notice as
reasonably practicable, and the parties shall have no obligations to each other with regard to
Licensed Content not produced, subject to <U>Section&nbsp;12.1</U> and Licensee&#146;s remedies for a breach
thereof.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.11 <U><B>Digitization; Technological Enhancements</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Requests</U>. With respect to any particular item of Licensed Content (and without
limiting Licensee&#146;s rights and obligations under <U>Section&nbsp;8.11(d)</U> with respect to HD
up-conversion and/or down-conversion), Licensee may request from Licensor reasonable information
regarding whether such item of Licensed Content has been subject to digital conversion or
Technological Enhancements, and Licensor shall promptly respond to such requests (including by
providing Licensee with a brief description of such digital conversion or Technological
Enhancements and any applicable technical specifications therefor); <U>provided</U>, that
no inadvertent failure by Licensor to comply with the foregoing shall constitute a breach of
this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Televisa Digitization and Technological Enhancements</U>. If Licensee has requested
delivery of Licensed Content in a digital or other format in accordance with <U>Section&nbsp;8.1(a)</U>
but Grupo Televisa does not then have such digital or other format of such Licensed Content,
Licensee may request, by delivery of a Technology Services Request to Licensor, the conversion or
Technological Enhancement of such Licensed Content to such digital or other format. If Licensor
reasonably determines that such conversion or Technological Enhancement would not interfere with
its digitization efforts or other businesses, then Licensor shall, at the sole cost and expense of
Licensee, undertake such process in accordance with Licensee&#146;s requested Technical Specifications
and a schedule mutually agreed between Licensor and Licensee (which schedule shall include a
reasonable &#147;cushion&#148; period for unforeseen delays and contingencies); <U>provided</U>,
<U>however</U>, that Licensor shall not have any obligation to undertake any such process until
Licensor has prepared and delivered to Licensee a Technology Services Budget for such process, and
Licensee has agreed to such budget. In the event that Licensor or an Affiliate thereof does
undertake any such conversion or Technological Enhancement, Licensee will pay the costs and
expenses for such conversion or Technological Enhancement (in accordance with the agreed Technology
Services Budget) upon provision by Licensor or an Affiliate thereof of appropriate documentation
evidencing such costs and expenses.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Licensee Digitization and Technological Enhancements</U>. If, following Licensee&#146;s
delivery of a Technology Services Request with respect to any requested Technological Enhancement,
Licensor is unwilling or unable to undertake the requested process for any reason, then, so long as
such Licensed Content has already been converted into, or was created in, a digital format, and
subject to Licensor&#146;s approval over the Technical Specifications, Licensee shall be permitted to
undertake or procure such Technological Enhancement at its own cost and expense.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>High Definition (HD)&nbsp;Conversion</U>. Notwithstanding anything contained in this
<U>Section&nbsp;8.11</U>, the following terms and conditions shall apply to HD conversion: Licensee
shall inform Licensor when it intends to undertake up-conversion of Licensed Content to HD or
down-conversion of Licensed Content from HD, and will specify the HD format and up-conversion
and/or down-conversion methods and standards that it intends to use. In the event Licensee uses as
a basis for converting programs to HD format the standards determined, from time to time, by the
National Television System Committee or Advanced Television System Committee (or one of their
successors), Licensee shall not require approval from Licensor for the up-conversion or
down-conversion described in this paragraph; otherwise, Licensee shall require approval from
Licensor, which shall not be unreasonably withheld or delayed. Once format(s) and conversion
method(s) have been established by the procedure set forth in the immediately preceding sentence,
Licensee may continue to use such format(s) and conversion method(s) to up-convert or down-convert
Licensed Content without Licensor&#146;s consent.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.12 <U><B>Ancillary Content</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Ancillary Content Requests</U>. With respect to any particular item of Licensed
Content, Licensee may request from Licensor reasonable information regarding what
Ancillary Content is currently (or anticipated by Licensor to be) available for Broadcast by
Licensee in the Territory in connection with such Licensed Content, and Licensor shall promptly
respond to such requests (including by providing Licensee with a brief description of any such
Ancillary Content and any applicable content specifications (e.g., duration, resolution, etc.) with
respect thereto); <U>provided</U>, that no inadvertent failure by Licensor to comply with the
foregoing shall constitute a breach of this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Delivery of Ancillary Content</U>. In connection with the delivery of Licensed
Content to Licensee, Licensor shall deliver to Licensee any available, existing Ancillary Content
with respect to such Licensed Content to the extent requested by Licensee.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Ancillary Content Production Requests</U>. From time to time, Licensee may deliver a
notice to Licensor requesting the production of Spanish language Ancillary Content relating to an
item of Licensed Content for use by Licensee, so long as Grupo Televisa has not already created
such material or similar material. Any such notice shall specify the desired type and content of
the material (including the applicable content specifications (e.g., duration, resolution, etc.)
with respect thereto) and the desired schedule for production thereof in detail reasonably specific
and sufficient to permit Licensor to evaluate the request. Licensor shall consider in good faith
each such request; <U>provided</U>, that Licensor shall have no obligation to consider requests
submitted by Licensee after the Information Tail Date. In the event that Licensor in its sole
discretion elects to undertake any such production, it shall do so in accordance with the
specifications requested by Licensee and a schedule mutually agreed between Licensor and Licensee
(which schedule shall include a reasonable &#147;cushion&#148; period for unforeseen delays and
contingencies); <U>provided</U>, that Licensor shall not undertake such production until Licensor
has prepared and delivered to Licensee an Ancillary Content Budget for such production, and
Licensee has agreed to such budget. Licensee will pay the costs and expenses for such production
(in accordance with the agreed Ancillary Content Budget) upon provision by Licensor of appropriate
documentation evidencing such costs.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Inclusion in License</U>. For the avoidance of doubt, any Ancillary Content produced
by Licensor with respect to any Licensed Content (including any audiovisual material produced
pursuant to this <U>Section&nbsp;8.12</U>) shall be included in the Licensed Content (and shall be
licensed to Licensee hereunder).
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.13 <U><B>Digital Distribution Clearances</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Responsibility for Obtaining and Paying for Digital Distribution Clearances</U>. As
between Licensee and Licensor, Licensor (or an Affiliate thereof) shall pay all costs associated
with obtaining Clearances in connection with Licensee&#146;s Broadcast of Licensed Content in Licensed
Media by means of digital distribution throughout the Territory during the Term (subject only to
the deduction from DTO revenue of incremental clearance fees necessary for Broadcast by means of
DTO, as more fully described in the definition of &#147;Net DTO Margin&#148;), and shall obtain such digital
distribution Clearances to the extent set forth in <U>clauses (b)</U> and <U>(c)</U> below. For
the avoidance of doubt, this <U>Section&nbsp;8.13(a)</U> shall not apply to payments for music public
performance rights, which shall be governed by <U>Section&nbsp;12.1(e)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Clearances for Digital Distribution of New Content</U>. Licensor shall use
commercially reasonable efforts (which may include paying industry standard fees and other costs
that are customarily required for the Broadcast of similar content by similar means in the
Territory) to obtain (by the availability date for each item of Licensed Content under <U>Section
7.1</U>), all Clearances necessary for the exercise of the Licensed Rights by means of digital
distribution by Licensee in the Licensed Media during the Term in the Territory of each such item
of Licensed Content. As more fully described in <U>Section&nbsp;7.2(a)</U>, each Availability Notice
shall specify any applicable Clearances that have not been obtained with respect to the Licensed
Content set forth therein, notwithstanding such efforts.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Clearances for Digital Distribution of Library Programs</U>. It is understood and
agreed, subject to (and without limiting) Licensor&#146;s representations and warranties set forth in
<U>Section&nbsp;12.1</U>, that Licensor may not presently have obtained all necessary Clearances for
the digital distribution of all Library Programs in the Territory. Notwithstanding the foregoing,
Licensor represents and warrants that Licensor has obtained all Clearances necessary for the
exercise of the Licensed Rights by means of digital distribution by Licensee of Library Programs in
the Licensed Media during the Term in the Territory (other than live programs, talk shows and / or
live entertainment magazine shows) that were solely produced by Grupo Televisa following January&nbsp;1,
2002; it being understood and agreed that there may be a de minimis amount (e.g., less than
approximately ten percent (10%)) of the total number of hours of such Library Programs with respect
to which Grupo Televisa does not have all Clearances required for such digital distribution.
Without limiting the foregoing, Licensee may from time to time request from Licensor, and Licensor
shall provide within a reasonable time, information about whether any particular Library Programs
are not fully cleared for Licensee&#146;s Broadcast by means of digital distribution in the Licensed
Media throughout the Territory during the Term. Licensee may from time to time (but no more
frequently than monthly) request in writing that Licensor or an Affiliate thereof obtain any
Clearances necessary for the exercise of the Licensed Rights by means of digital distribution in
the Licensed Media by Licensee during the Term in the Territory of one or more of such Library
Programs, which request shall include Licensee&#146;s reasonably desired Broadcast schedule and the
applicable Licensed Media for which Clearances are required with respect to such Library Programs.
Upon receipt of such request, Licensor or an Affiliate thereof shall use commercially reasonable
efforts (which may include paying industry standard fees and other costs that are customarily
required for the Broadcast of similar content by similar means in the Territory) to obtain the
requested Clearances in a timely fashion so as to permit Licensee to Broadcast such Library
Programs in the applicable Licensed Media in accordance with the desired Broadcast schedule.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT
THE OMITTED PORTIONS OF THIS DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION </B></div>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.&nbsp;<U><B>Royalty</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.1 <U><B>Calculation of the Royalty and Royalty Base</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Royalty</U>. For the period beginning upon the Effective Date and continuing until
the expiration of the Term, Licensee shall pay Licensor a royalty (the &#147;<U>Royalty</U>&#148;) in cash
in an aggregate amount equal to the sum of:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;11.91% of the Royalty Base, increasing to 16.22% of the Royalty Base after December&nbsp;31,
2017 (such increase not to be applied retroactively to periods prior to and including December&nbsp;31,
2017), <U>plus</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;2.0% of the excess, if any, of the Royalty Base over $1,648,900,000 per calendar year (it
being understood and agreed that for purposes of any Royalty calculation covering only a portion of
a calendar year, such amount shall be prorated based on the number of days in such portion divided
by 365), <U>plus</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">(iii)&nbsp;50% of Net DTO Margin.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(b) ***.
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Adjusted Royalty Upon Sale or Demotion of Soccer Teams</U>. Notwithstanding anything
contained in <U>Section&nbsp;9.1(a)</U> and <U>(b)</U>, the Royalty percentages set forth in
<U>Sections&nbsp;9.1(a)</U> and <U>(b)</U> may be reduced pursuant to and in accordance with the
express provisions of <U>Section&nbsp;10</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Royalty Base</U>. The following terms and conditions shall apply for purposes of
defining and calculating the Royalty Base:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Definition of Royalty Base</I>. &#147;<U>Royalty Base</U>&#148; means all revenues (whether or not the
sources of such revenue are now or hereafter in existence), billed or billable by Licensee or its
controlled Affiliates to any third party (for this purpose, including Affiliates that are not
controlled), derived or generated (A)&nbsp;from the exploitation or operation of those Spanish Language
Platforms in the Territory during the Term on which (1)&nbsp;Licensee has been licensed by Licensor the
right to Broadcast Licensed Content hereunder (and Licensor has provided any necessary consents or
approvals requested by Licensee and required under this Agreement to permit the Broadcast of
Licensed Content on such Spanish Language Platform(s)), whether or not Licensed Content is actually
Broadcast on such Spanish Language Platform, or such revenues are or are not derived or generated
from the Broadcast of Licensed Content on such Spanish Language Platforms; and (2)&nbsp;Audiovisual
Content of any kind is then being, or has at any time after the date hereof been, Broadcast by
Licensee or its controlled Affiliates (&#147;<U>Royalty Base Platforms</U>&#148;) or (B)&nbsp;from (1)&nbsp;any
Sublicensing Arrangements (it being understood that all Sublicensing Arrangements are subject to
approval by Licensor pursuant to <U>Section&nbsp;4</U>), (2)&nbsp;any Network Affiliation Agreements through
which Licensee is permitted hereunder to license to a Network Affiliate the right to Broadcast any
Licensed Content; (3)&nbsp;any MVPD Arrangements through which Licensee is permitted hereunder to
license to an MVPD the right to Broadcast any Licensed Content; and (4)&nbsp;any UIN Branded Experiences
through which Licensee is permitted hereunder to license the right to Broadcast any Licensed
Content, including in each of cases (A)&nbsp;and (B)&nbsp;to the extent applicable, (I)&nbsp;net advertising
revenue (including revenue from time sales, product placements or integration, or sponsorships);
(II)&nbsp;net subscriber fee revenue (whether such fee revenue is advertising-based, subscription-based
or otherwise and by whatever name, categorization or characterization thereof); (III)&nbsp;net
distribution revenues (including subscriber fees, retransmission consent payments, or license or
use fees or royalties); (IV)&nbsp;net interactive media revenues (including from advertising,
subscription or transactional); and (V)&nbsp;net transactional revenue (including per-use, lease or
rental fees, purchase prices, or site-specific monetary accounts, but excluding any revenue from
the sale of Audiovisual Content by means of DTO), subject, in each case, to the terms and
conditions of this <U>Section&nbsp;9</U> (including the deductions and exclusions set forth in this
<U>Section&nbsp;9.1</U>).
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For the avoidance of doubt, &#147;Royalty Base&#148; shall also include any National Representation
Commissions and JSA Income and any other revenues (and reflect any exclusions and deductions), if
any, expressly designated as part of the Royalty Base in this Agreement. The provisions of clause
(B)&nbsp;above in this <U>Section&nbsp;9.1(d)(i)</U> shall not expand the grant of rights hereunder to allow
Licensee, its controlled Affiliates, Network Affiliates, MVPDs or permitted
sublicensees to Broadcast Licensed Content or any portion thereof other than on a Spanish Language
Platform (except to the extent provided in <U>Section&nbsp;3.2</U>). The provisions of clause (B)
above shall also not result in the &#147;Royalty Base&#148; including revenues (by whatever name,
categorization or characterization thereof) billed or billable by Licensee or its controlled
Affiliates derived or generated from any agreement with a distributor or aggregator of
multi-lingual Audiovisual Content (e.g., Comcast, YouTube, Apple / iTunes) for the distribution of
a Licensee owned or controlled platform or program offering (e.g., an English language television
network or other English language distribution platform, including channels, sites or applications)
on which platform Licensee, its controlled Affiliates, Network Affiliates, MVPDs or permitted
sublicensees are then not permitted to Broadcast Licensed Content hereunder.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Deductions from Royalty Base</I>. For purposes of calculating the Royalty Base, and in order
to ensure that, with respect to the matters described in clauses (A)&nbsp;through (E)&nbsp;below, Licensor is
paid a Royalty only on the amounts Licensee and its controlled Affiliates actually receive and
retain, the following deductions (by whatever name, categorization or characterization) shall apply
(to the extent that the billed or billable amounts relating to such deductions were included in the
Royalty Base):
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(A)&nbsp;Advertising agency commissions, volume discounts and prompt pay discounts actually paid to
or retained by third parties or incurred and deducted by third parties;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(B)&nbsp;Obligatory holdbacks and costs imposed by third parties (e.g., for third party reselling
of online or mobile remnant inventory) and actually paid to or retained by third parties or
incurred and deducted by third parties (i.e., the Royalty will only be payable on amounts billed or
billable by Licensee and its controlled Affiliates, less amounts to which such third parties are
entitled);
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(C)&nbsp;Revenue shares and participations paid or payable to third parties (i.e., the Royalty will
only be payable on amounts billed or billable by Licensee and its controlled Affiliates, less
amounts to which such third parties are entitled) solely in connection with the exploitation of
Licensed Content or content owned or controlled by Licensee or its controlled Affiliates through
(i)&nbsp;Sublicensing Arrangements for which the revenue share or participation arrangement has been
disclosed to Licensor in a Proposed Transaction Notice and Licensor has subsequently approved such
Sublicensing Arrangement pursuant to <U>Section&nbsp;4</U>; and (ii)&nbsp;MVPD Arrangements if the terms and
conditions of the revenue share or participation of the MVPD Arrangements are consistent with then
applicable industry standards (or more favorable to Licensee and its controlled Affiliates);
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(D)&nbsp;Revenue shares or participations paid or payable to third party counterparties to UIN
Arrangements for UIN Branded Experiences (i.e., the Royalty will only be payable on amounts billed
or billable by Licensee and its controlled Affiliates, less amounts to which such third parties are
entitled) with respect to an UIN Branded Experience, or on whose platform the UIN Branded
Experience resides, if such revenue share or participation arrangement has previously been
disclosed to Licensor in the notice provided to Licensor under <U>Section&nbsp;4</U>, such revenue
share or participation is solely with respect to the exploitation of Licensed Content or content
owned or controlled by Licensee or its controlled Affiliates, and if
the terms and conditions of such revenue share arrangement are consistent with then applicable
industry standards (or more favorable to Licensee and its controlled Affiliates); and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(E)&nbsp;Advertising revenue derived or generated from any Licensee (or its controlled Affiliate&#146;s)
media outlets other than the Royalty Base Platforms, up to an amount equal to US$5,000,000 per
calendar year.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;<I>Exclusions from Royalty Base</I>. For the avoidance of doubt, the Royalty Base shall not
include any revenues from any third party (whether or not the sources of such revenue are now or
hereafter in existence) from any of the following: (A)&nbsp;direct marketing by tangible mail,
electronic mail (that does not include Audiovisual Content) or inserts, phone or in person; trade
shows; physical point of sale promotions; hard coupons; premiums; event sponsorships and ticketing;
sale or lease of Broadcast spectrum; reimbursement for hard costs incurred in connection with the
production and delivery of advertisements for third parties; and activation fees paid by
advertisers for the provision of non-audiovisual advertising including sponsorship mentions, logos
and signage at live events (e.g., the Latin Grammy Awards) except to the extent that such mentions,
logos and signage are intentionally Broadcast by Licensee or any controlled Affiliates on any
Linear Television Channel; (B)&nbsp;services provided to third parties (including talent) such as
website construction services, hosting services, translation services (e.g., CNET), production
services, content management services, infrastructure integration management services, third party
subscription management services, advertising sales representation services for third parties that
are not Network Affiliates (e.g., Univision Partner Group), research services, traditional public
relations services, loyalty program services and general advisory services; (C)&nbsp;merchandising, sale
and/or distribution of goods (e.g., sale of t-shirts, Blu-Rays, ringtones, promotional goods)
which, for the avoidance of doubt, may not incorporate any Licensed Content, by any and all means,
whether now known or hereafter devised (including by means of the Internet); (D)&nbsp;any licensing of
trademarks (other than Grupo Televisa trademarks); (E)&nbsp;radio and any other exploitation of audio
only content (e.g., audio streaming, audio downloads, satellite/digital radio); and (F)&nbsp;DTO
exploitation of Audiovisual Content.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iv)&nbsp;<I>Valuing Barter</I>. For purposes of the Royalty Base, (A)&nbsp;media for media barter shall be
valued at one hundred percent (100%) of fair value determined by reference to the average unit
price for advertising sold for cash to third parties in the Audiovisual Content in which the barter
is Broadcast; and (B)&nbsp;all other barter transactions where Licensee and its controlled Affiliates
are provided goods and/or services in lieu of cash, such barter transactions will be valued at one
hundred percent (100%) of fair value of the non-cash goods or services received by any of Licensee
and its controlled Affiliates in consideration of the advertising time or space. Notwithstanding
the foregoing, and subject to the first sentence of <U>Section&nbsp;9.1(d)(v)</U>, if Licensee or its
controlled Affiliate sells a business or assets to, or acquires a business or assets from, a third
party (that is not a controlled Affiliate of Licensee) in which Royalty Base Platform advertising
time or space is committed to such third party (in the case of a sale) or all or a portion of the
consideration is Royalty Base Platform advertising time or space (in the case of an acquisition),
Licensee will provide Licensor with its reasonable determination of the relative fair value (as
such concept is described in Emerging Issues Task Force Issue 00-21 or any successor issue or
standard) of such advertising time or space and the basis of such determination. If Licensor
disagrees with Licensee&#146;s determination, Licensor may require
Licensee to engage a nationally recognized appraisal firm to determine the relative fair value
of such advertising time or space; <U>provided</U>, that Licensee will not be required to engage
such an appraisal firm if its determination in the immediately preceding sentence had been based on
an appraisal of such a nationally recognized appraisal firm. The value of such advertising time or
space as calculated pursuant to the two preceding sentences shall be included in the calculation of
the Royalty Base.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(v)&nbsp;<I>Unsold Inventory</I>. The use of unsold inventory by (a)&nbsp;Licensee or its controlled
Affiliates or by Grupo Televisa, pursuant to and in accordance with <U>Section&nbsp;11</U>; or (b)
Venevision, in each case, shall not be considered advertising revenue for the purposes of, or be
included in calculating, the Royalty Base (it being understood that such unsold inventory shall be
valued at $0 for purposes of calculating the Royalty Base). Notwithstanding the immediately
preceding sentence, (A)&nbsp;audiovisual commercial advertising co-branded by Licensee or its controlled
Affiliates and a third party with respect to which more than twenty percent (20%) of the duration
of such commercial advertising content directly promotes the third party or third party brands
shall not be considered unsold inventory for purposes of the immediately preceding sentence and
shall be included in the Royalty Base; and (B)&nbsp;for banners or other advertising co-branded by
Licensee or its controlled Affiliates and a third party, only revenues from those banners or other
advertising that predominantly promote the third party or third party brands will be considered
advertising revenue (and any other banners or other advertising shall be considered unsold
advertising for purposes of the immediately preceding sentence), the amount of which advertising
revenue will be determined on an arm&#146;s-length basis for the purposes of, and included in
calculating, the Royalty Base.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(vi)&nbsp;<I>Joint Ventures</I>. It is understood and agreed that if Licensee or any of its Affiliates
enters into a joint venture, partnership or similar arrangement with a third party (which such
joint venture, partnership or similar arrangement itself is not a controlled Affiliate of Licensee)
with respect to a Spanish Language Platform on which, as a result of a consent by Licensor under
<U>Section&nbsp;4</U>, Licensee has rights to Broadcast Licensed Content, and revenues from such
Spanish Language Platform would otherwise be included in the Royalty Base, only Licensee&#146;s and/or
its Affiliates&#146; share of revenues (and costs) from such arrangement will be included in the
calculation of Royalty Base (and any deductions therefrom).
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">(vii) <I>Certain Third Party Arrangements</I>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(A)&nbsp;Network Affiliates. For the avoidance of doubt, the Royalty Base shall not include (I)
amounts billed or billable by Licensee or its controlled Affiliates, or paid to Licensee or its
controlled Affiliates, that are actually paid to or retained by Network Affiliates and that would
otherwise constitute revenue of the Network Affiliates; or (II)&nbsp;revenues billed or billable by any
Network Affiliates that are not billed, billable or received by Licensee or its Affiliates.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(B)&nbsp;Other Counterparties. For the avoidance of doubt, the Royalty Base shall not include (I)
amounts billed or billable by Licensee or its controlled Affiliates, or paid to Licensee or its
controlled Affiliates, that are actually paid to or retained by counterparties to Sublicensing
Arrangements, MVPD Arrangements and/or UIN Branded Experiences and, in each case, that would
otherwise constitute revenue of the applicable
counterparty; or (II)&nbsp;revenues billed or billable by counterparties to Sublicensing
Arrangements, MVPD Arrangements and/or UIN Branded Experiences, in each case, that are not billed,
billable or received by Licensee or its Affiliates.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(viii)&nbsp;<I>Sale of Assets</I>. For the avoidance of doubt, in the event that Licensee or any of its
Affiliates enters into an outright sale or other transfer of any business or assets (e.g.,
Broadcast rights to one or more World Cup games, a station or other Spanish Language Platform),
then, subject to <U>Section&nbsp;9.1(d)(iv)</U> (if applicable), the revenues from such sale or other
transfer shall not be included in the Royalty Base.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ix)&nbsp;<I>No Double Counting</I>. For the avoidance of doubt, (A)&nbsp;in the event that any items of
revenue or deduction are covered by more than one component of the Royalty Base, for the purposes
of calculating the Royalty Base, any such items will be included or deducted, respectively, only
once (i.e., there shall be no double counting of revenues or deductions), and (B)&nbsp;with respect to
any items of revenue included in the Royalty Base (or deductions therefrom), arising out of
transactions by and between Licensee or any controlled Affiliate, on the one hand, and a third
party (for these purposes including any Affiliates that are not controlled), on the other hand,
there will be no double counting of revenues (or deductions therefrom) billed or paid solely among
Licensee and its controlled Affiliates with respect to such revenues (or deductions) (i.e., there
will be no double counting of revenues received from the third party (or deductions therefrom), and
revenues internally billed by and among Licensee and its controlled Affiliates (and deductions
therefrom).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(x)&nbsp;<I>Example Calculations</I>. <U>Schedule&nbsp;6</U> sets forth example calculations of the Royalty
Base for 2009. The parties acknowledge and agree that their understanding of the application of
the provisions of this <U>Section&nbsp;9.1</U> to the 2009 results is as set forth on <U>Schedule
6</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(xi)&nbsp;<I>No Modification of License</I>. For the avoidance of doubt, nothing contained in this
<U>Section&nbsp;9.1(d)</U> is intended to or shall be deemed to modify <U>Section&nbsp;1.1</U> hereof or
the license granted pursuant thereto.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(xii)&nbsp;<I>Anti-Avoidance</I>. Licensee agrees that it will, and will cause its Affiliates to, (i)&nbsp;use
good faith efforts not to structure arrangements or agreements in a manner intended to cause
revenues (by whatever name, categorization or characterization thereof) of transactions or series
of related transactions that would otherwise be included in the Royalty Base not to be included in
the Royalty Base (for illustrative purposes only, including by entering into a sublicensing
arrangement that does not include Licensed Content within six (6)&nbsp;months of entering into a
Sublicensing Arrangement with the same sublicensee that includes Licensed Content in order to avoid
revenue from the former being included in the Royalty Base); (ii)&nbsp;ensure that each of the Packaged
Sales Transaction Process and Allocations are made on an arm&#146;s-length basis and in good faith; and
(iii)&nbsp;not enter into, effect or undertake any transaction, or structure any arrangement or
agreement with an Affiliate that is not a controlled Affiliate, that would cause any revenues (by
whatever name, categorization or characterization thereof) that would otherwise be included in the
Royalty Base to be billed or billable by such non-controlled Affiliates, and thus excluded from the
Royalty Base.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.2 <U><B>Payment Schedule</B></U>. The Royalty shall be paid by Licensee to Licensor currently on
a monthly basis on the twelfth (12<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>) Business Day after the end of each month in a
single payment, based upon Licensee&#146;s good faith best estimate at such time of the amounts accrued.
Appropriate adjustments (the &#147;<U>Adjustments</U>&#148;) will be made to the Royalty on a quarterly
basis within forty-five (45)&nbsp;days after the end of each quarter, the full amount of which shall be
paid by Licensee or credited in Licensee&#146;s favor against future payments by Licensee, as the case
may be, with the next monthly payment of the Royalty for any difference between the amounts so paid
and those finally determined to have accrued. In all cases, the calculation of the Adjustments
will be made by Licensee as promptly as practicable, but in any case in time to be delivered to
Licensor with such payment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.3 <U><B>Royalty Calculation</B></U>. All payments made pursuant to this section shall be in cash
in U.S. currency and shall be accompanied by a royalty calculation, calculated regardless of the
amount of Licensed Content licensed hereunder or whether such Licensed Content are Broadcast,
detailing by segment (as Licensee and its auditors believe in good faith would be required to be
reported under the rules of the U.S. Securities and Exchange Commission (assuming it was a
reporting party under such rules), or, if not so determined to be so required under such rules or
such rules cease to exist, in its general reports to its primary corporate level senior lenders, or
such other segments as may be agreed by the parties acting reasonably) each of the components of
the Royalty Base and any deductions or exclusions therefrom, and setting forth the amount of
royalty payable based on the monthly financial information prepared for Licensee&#146;s internal
reporting purposes which are estimates and subject to the more formal closing procedures performed
quarterly and annually, as well as any DTO or DTR information required to be delivered to Licensor
in accordance with <U>Sections&nbsp;5.1(e)</U> or <U>5.2(a)</U>, respectively. Within forty-five (45)
days after each quarter end, Licensee will provide a royalty calculation including the same
categories of information as the monthly royalty statements, showing the calculation of the Royalty
Base as reported in its quarterly financial statements, and truing up the monthly financial
information to the quarterly financial information. Prior to delivery to Licensor, all royalty
calculations (whether monthly, quarterly, annual or otherwise) shall be reviewed and approved by
the highest-ranking accounting officer of Licensee or the executive officer to whom such senior
accounting officer reports. Each of Licensee and Licensor will appoint a contact person who is
knowledgeable of the calculation of the Royalty Base to coordinate with each other, and Licensee&#146;s
contact person will provide to Licensor further information and documentation as reasonably
requested, which may include worksheets and workpapers used for or underlying such calculation.
Starting with its 2011 financial statements, Licensee will include in the segment footnote to its
audited financial statements (including those filed with the SEC, if any) a line item, which will
be defined in such footnote, to include only the Royalty Base, except for a reconciling item to
adjust barter revenues to fair value to the extent needed.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.4 <U><B>Audit Rights</B></U>. The computation of the annual Royalty Base will be reviewed within
ninety (90)&nbsp;days of the end of each fiscal year (commencing with fiscal year 2011) by Licensee&#146;s
independent certified public accounting firm in connection with the audit of Licensee&#146;s
consolidated financial statements. By the one hundred and eightieth (180<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>) day of each
fiscal year, such accounting firm will deliver a certificate to Licensor in the form of
<U>Schedule&nbsp;7</U> hereto (with such changes as may be required due to a change in accounting firm
or due to a change in rules governing the issuance of such reports by
independent certified public accounting firms) attesting to the accuracy of the Royalty Base
computation, including any Allocations contained therein, and the amount of the royalty payable to
Licensor, in all respects material to such Royalty Base; <U>provided</U>, <U>however</U>, that
Licensee shall not be in breach of this obligation if a change in the rules governing such
accounting firm&#146;s profession results in the issuance of the certificate being prohibited for
reasons outside Licensee&#146;s control, in which case Licensee shall, to the extent practicable and as
promptly as practicable, obtain such certificate from an alternate accounting firm of national
standing (it being understood that if as a result of the rule change, no accounting firm of
national standing is able to provide such certificate, then for so long as such rule change remains
in effect, Licensee shall have no further obligations regarding such certificate). Within the same
time period, the chief financial officer of Licensee will deliver a certificate to Licensor in the
form of <U>Schedule&nbsp;8</U> hereto attesting to the accuracy of the Royalty Base computation and the
amount of the royalty payable to Grupo Televisa, in each case in all respects material to such
Royalty Base, and the highest-ranking sales officer of Licensee will deliver a certificate to
Licensor in the form of <U>Schedule&nbsp;9</U> hereto attesting that the Advertising Packaged Sales
Transaction Process has been made at arm&#146;s-length and in good faith in all respects material to the
Royalty Base. Licensee shall pay for the preparation of such certificates and their delivery to
Licensor.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.5 <U><B>Additional Certificates and Services</B></U>. In connection with the audit rights
contained herein, including with respect to the Royalty Base, DTO information and DTR information,
Licensor may request additional certificates and services either from Licensee&#146;s accounting firm or
from a firm of certified public accountants chosen by Licensor. The fees and expenses of the
certified public accountants providing such additional certificates and performing such additional
services pursuant to this <U>Section&nbsp;9</U> shall be paid by Licensor, unless such verification
results in an adjustment in Licensor&#146;s favor equal to or greater than five percent (5%) of the
annual amount originally computed by Licensee, in which case such fees and expenses shall be paid
by Licensee. Following delivery of any of the certificates described in <U>Section&nbsp;9.4</U>,
Licensor may, at its election, initiate an audit by an independent auditor (which shall be a firm
of certified public accountants) designated by Licensor of the computation of the Royalty Base, the
Packaged Sales Transaction Process and/or Allocations having been made on an arm&#146;s-length basis and
in good faith; <U>provided</U>, that with respect to any year, if any certificate is not provided
within the time frame set forth in <U>Section&nbsp;9.4</U>, or if Licensee fails to file its annual
report by the time required under the rules of the SEC (assuming for these purposes that it is a
publicly reporting company), Licensor may
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">initiate an audit with respect to any time period at any time and from time to time thereafter, until all certificates set forth in <U>Section&nbsp;9.4</U> are
timely provided and (if required) Licensee&#146;s annual report is timely filed for a subsequent year;
<U>provided</U>, that such provision and filing shall not terminate any audit then in progress.
Licensee agrees to provide any such certified public accountants with access to all business,
financial and accounting records of Licensee and its Affiliates that are relevant to determine
whether the Royalty Base has been properly computed and/or whether Allocations and/or Packaged
Sales Transaction Process have been made on an arm&#146;s-length basis and in good faith, and to provide
reasonable access to relevant personnel of Licensee or any of its Affiliates. If Licensor&#146;s
accountants notify Licensor of a finding that Licensor believes is likely to constitute a breach of
this Agreement, Licensor will notify Licensee within fifteen (15)&nbsp;days of such notification and
will thereafter permit Licensee to meet at a reasonable time and place with such accountants to
discuss such finding.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.6 <U><B>Packaged Sales</B></U>. With respect to Packaged Sales, Licensee shall, from time to time
upon the written request of Licensor (but in any event no more frequently than two (2)&nbsp;times in any
calendar year during the Term), meet with Licensor to discuss detailed information, which will be
provided reasonably in advance of such meeting, as to the Packaged Sales made since the immediately
preceding meeting by the top fifty (50)&nbsp;revenue sources (by dollar amount). Such information will
include a schedule of such top fifty (50)&nbsp;revenue sources&#146; involvement in Packaged Sales,
including, for each such revenue source, the dollar amount sold and/or allocated by Licensee or its
controlled Affiliates to each media platform or other revenue category or, if applicable, each
portion of a media platform or other revenue category to the extent revenues of a media platform or
revenue category (or portion of a media platform) may include revenue described in both clauses (a)
and (b)&nbsp;of the definition of &#147;Packaged Sales,&#148; and rates, discounts (if applicable), and terms of
sales. For Packaged Sales involving Allocations, the information shall include the dollar amount
allocated to each media platform and the allocation methodology used. For Packaged Sales not
involving Allocations, the information shall include final price information for the amount sold in
each media platform. Following each such meeting, Licensor will be entitled to reasonably request
additional information of the same type with respect to up to five (5)&nbsp;additional revenue sources
and their respective sales which are not among such top fifty revenue sources, and Licensee agrees
to provide such information within forty-five (45)&nbsp;days after such request. Licensor will provide
its requests no later than fifteen (15)&nbsp;Business Days after the conclusion of each such meeting.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.7 <U><B>Taxes</B></U>. Licensee shall pay and shall be responsible for any and all sums payable
on account of sales, use or other similar taxes arising out of or relating to the licensing or
Broadcast by Licensee of the Licensed Content, or any other exploitation of the Licensed Rights by
Licensee, and any personal property or other tax assessed or levied by any governmental unit
arising out of or relating to the storage or possession of the Licensed Rights or Licensed Content
by Licensee.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.8 <U><B>Withholding</B></U>. Licensee may deduct and withhold from any payment to or for the
account of Licensor pursuant to this Agreement, such amounts as it in good faith determines it is
required to withhold with respect to such payment under applicable Territory federal and state tax
laws, and shall promptly remit such amounts to the appropriate taxing authority. Within thirty
(30)&nbsp;days of any such remittance, Licensee shall furnish to Licensor the original or certified copy
of a receipt evidencing payment, or other evidence of payment reasonably requested by Licensor.
Licensor shall deliver to Licensee a duly completed IRS Form W-8BEN (or successor form thereto)
claiming complete exemption from, or a reduced rate of, United States withholding tax on payments
made by or on behalf of Licensee pursuant to this Agreement, and shall update such form as required
by Law or reasonably requested by Licensee. For so long as Licensor has complied with its
obligation pursuant to the preceding sentence, any Territory withholding tax required to be made
by Licensee with respect to payments made pursuant to this Agreement shall be made at a rate not
exceeding the rate required by Law giving effect to the IRS Form W-8BEN (or successor form)
delivered by Licensor to Licensee. Licensee shall cooperate in any reasonable manner requested by
Licensor to minimize Licensor&#146;s withholding tax liability.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.9 <U><B>Venevision PLA</B></U>. Grupo Televisa agrees not to provide any notice pursuant to
<U>Section&nbsp;4.2</U> of the Venevision PLA in such a manner that will result in an increase of the
&#147;Program Royalty&#148; (as defined in the Venevision PLA) payable to Venevision under the Venevision
PLA.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.10 <U><B>Late Payments</B></U>. If Licensee is more than thirty (30)&nbsp;days late in paying any
amount due to Licensor under this <U>Section&nbsp;9</U>, such late amounts shall thereafter bear
interest at a rate equal to twenty-five percent (25%) per annum plus any applicable withholding.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.11 <U><B>Payments for Prior Periods</B></U>. Licensee shall remain obligated to pay (to the
extent it has not already done so) any amounts payable in respect of November&nbsp;2010 and December
2010, in accordance with, and subject to the terms and conditions of, the Third Amended and
Restated Program License Agreement as though such agreement remained in effect, and shall not make
any adjustment reducing amounts payable under the Third Amended and Restated Program License
Agreement with respect to any period prior to November&nbsp;1, 2010. Licensor shall have audit rights,
and Licensee shall have obligations relating thereto (including the provision of certificates),
with respect to such amounts payable in respect of November&nbsp;2010 and December&nbsp;2010, in accordance
with, and subject to the terms and conditions of, the Third Amended and Restated Program License
Agreement as though such agreement remained in effect with respect to such months. Except as set
forth in this <U>Section&nbsp;9.11</U>, Licensee shall have no obligation to make any payments to
Licensor under this Agreement with respect to any revenue billed or billable by Licensee or its
Affiliates prior to the Effective Date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">10.&nbsp;<U><B>Mexican Soccer</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.1 <U><B>Owned Teams</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Grant of Rights</U>. Licensor hereby licenses to Licensee, on an exclusive basis, (i)
the Soccer Rights to Owned Teams and Additional Owned Teams; and (ii)&nbsp;other Broadcast-related
rights (e.g., including with respect to use of marks, Broadcast advertising rights, and venue
access rights, but excluding non-Broadcast related rights such as merchandising or in-venue
advertising rights) then being licensed to Grupo Televisa under Mexican Soccer League License
Agreements for comparable Non-Owned Teams (the &#147;<U>Owned Team Soccer Rights</U>&#148;).
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Soccer Rights</U>. The &#147;<U>Soccer Rights</U>&#148; will include, with respect to Home
Games of any Mexican Soccer League team, the following rights, on an exclusive basis, throughout
the Territory during the Term, to the full extent of the rights owned or controlled by Grupo
Televisa now or in the future:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;the right to Broadcast in all Licensed Media in all languages all such games (and excerpts
and clips thereto);
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;the right to sublicense (in accordance with <U>Section&nbsp;4</U>) the rights herein granted
to such games; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;the right to use marks, names and likenesses of persons and entities involved in such
games in the Broadcasts of such games and promotions of such Broadcasts.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(c) <U>Royalty; No Mexican Soccer Fee</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Royalty</I>. For purposes of calculating the Royalty payable by Licensee to Licensor under
<U>Section&nbsp;9.1</U> (and subject to any applicable reductions pursuant to this <U>Section&nbsp;10</U>),
revenues with respect to the Owned Team Soccer Rights shall be included in the Royalty Base to the
extent they would be included subject to, and in accordance with, the terms and conditions of,
<U>Section&nbsp;9.1</U> (including any applicable deductions and exclusions).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>No Mexican Soccer Fees</I>. There shall be no Mexican Soccer Fees, payments or other amounts
payable to Licensor with respect to the Owned Team Soccer Rights (other than the inclusion of
revenues in the Royalty Base as described in <U>Section&nbsp;10.1(c)(i)</U>).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(d) <U>Sale of Owned Teams</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Am&#233;rica</I>. If Grupo Televisa sells <I>Am&#233;rica </I>during the Term, Licensor shall cause such sale
to be conditioned on Licensee continuing to be licensed the Owned Team Soccer Rights for <I>Am&#233;rica</I>
until the earlier of (A)&nbsp;seven (7)&nbsp;years following such sale; or (B)&nbsp;the expiration of the Term.
If Licensor does not continue to license to Licensee the Owned Team Soccer Rights for <I>Am&#233;rica</I>
following such seven (7)&nbsp;year period after any such sale (but prior to the expiration of the Term),
then the Royalty percentages set forth in <U>Sections&nbsp;9.1(a)(i)</U> and <U>9.1(b)(i)(A)</U> shall
be reduced by 0.616% and 0.628%, respectively, on a prospective basis for the remainder of the Term
(or for such period of time as Licensee is not licensed the Owned Team Soccer Rights for <I>Am&#233;rica</I>).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Other Owned Teams</I>. If Grupo Televisa sells an Owned Team (other than <I>Am&#233;rica</I>) during the
Term (and does not continue to license to Licensee the Owned Team Soccer Rights to such Owned Team
for the remainder of the Term under the terms of <U>Section&nbsp;10.1(a)</U> and <U>(c)</U>), Licensor
shall, at its election, either:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(A)&nbsp;reduce the Royalty percentages set forth in <U>Sections&nbsp;9.1(a)(i)</U> and
<U>9.1(b)(i)(A)</U> by 0.154% and 0.157%, respectively, on a prospective basis for the remainder
of the Term; <U>provided</U>, that if Grupo Televisa acquires an Additional Owned Team subsequent
to any such Royalty reduction and licenses to Licensee the Owned Team Soccer Rights for such
Additional Owned Team, the Royalty percentages will be re-adjusted to their pre-reduction levels
starting in the month in which Home Games of such Additional Owned Team are first Broadcast by
Licensee and the Additional Owned Team will thereafter be treated as an Owned Team; or
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(B)&nbsp;license to Licensee the Soccer Rights for (1)&nbsp;a Non-Owned Team that is generally
comparable or superior to such sold Owned Team; <U>provided</U>, that selecting a Non-Owned Team
for purposes of this clause (B)&nbsp;that is then being licensed to Licensee pursuant to <U>Section
10.2</U> shall require the prior written approval of Licensee in its sole discretion; or (2)&nbsp;an
Additional Owned Team. No Mexican Soccer Fee under <U>Section&nbsp;10.2(b)(ii)</U> or other
consideration for the Soccer Rights to any such Non-Owned Team other than the Royalty as
contemplated by <U>Section&nbsp;10.1(c)</U> shall be paid by Licensee. For purposes of
demotion, such Non-Owned Team shall be governed by <U>Section&nbsp;10.1(e)</U>. Any such
Additional Owned Team so licensed to Licensee will thereafter be treated as an Owned Team.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;<I>Continuation of Rights</I>. Licensor agrees to cause any sale under <U>Section
10.1(d)(ii)</U> to be conditioned on Licensee continuing to be licensed the Owned Team Soccer
Rights for the applicable sold Owned Team (excluding Am&#233;rica) at least until the June&nbsp;30
immediately following such sale (and in no event shall such license terminate earlier than six (6)
months following such sale or during any season in progress).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iv)&nbsp;<I>Status of Sold Team</I>. Any sold Owned Team for which Licensor does not continue to license
to Licensee the Owned Team Soccer Rights for the remainder of the Term shall cease to be an Owned
Team for purposes of this <U>Section&nbsp;10</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(e) <U>Demotion of Owned Teams</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Am&#233;rica</I>. In the event that <I>Am&#233;rica </I>is demoted from the First Division for any season (or
part of a season) during the Term (the period of a demotion being a &#147;<U>Non First Division
Period</U>&#148;), Licensor shall either, at its option:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(A)&nbsp;reduce the Royalty percentages set forth in <U>Sections&nbsp;9.1(a)(i)</U> and
<U>9.1(b)(i)(A)</U> by 0.616%% or 0.628%, respectively, during such Non First Division Period; or
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(B)&nbsp;negotiate in good faith with Licensee regarding the continued license of Owned Team Soccer
Rights for <I>Am&#233;rica </I>during such Non First Division Period and an appropriate reduction to the
Royalty percentages set forth in <U>Sections&nbsp;9.1(a)(i)</U> and <U>9.1(b)(i)(A)</U> during such
Non First Division Period; or
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(C)&nbsp;license Soccer Rights consistent with the Owned Team Soccer Rights for another team from
the First Division that is generally comparable or superior to <I>Am&#233;rica</I>.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If Licensor elects to proceed under either clause (A)&nbsp;or clause (C)&nbsp;above, all Owned Team Soccer
Rights to <I>Am&#233;rica </I>licensed to Licensee hereunder with respect to <I>Am&#233;rica </I>shall immediately be
suspended for the duration of the Non First Division Period. If <I>Am&#233;rica </I>rises back to the First
Division during the Term, all Owned Team Soccer Rights for <I>Am&#233;rica </I>shall again be effective and
shall automatically and immediately be licensed to Licensee, and any reduction in the Royalty under
clauses (A)&nbsp;or (B)&nbsp;or license to replacement games under clause (C)&nbsp;of this <U>Section
10.1(e)(i)</U>, as applicable, shall automatically and concurrently be terminated. Notwithstanding
Licensor&#146;s rights to make an election under this <U>Section&nbsp;10.1(e)(i)</U>, Licensee shall have
the right to require Licensor to choose to proceed under clause (B); <U>provided</U>, that if
Licensor and Licensee shall fail to agree on an appropriate Royalty reduction within a reasonable
period of time (notwithstanding their attempts to negotiate in good faith with respect thereto),
then Licensor shall be free to select an option under clauses (A)&nbsp;or (C)&nbsp;in its discretion.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Other Owned Teams</I>. In the event that an Owned Team (other than <I>Am&#233;rica</I>) or a replacement
thereof under a previous exercise of <U>Section&nbsp;10.1(e)(ii)(A)</U> is demoted from the First
Division for any Non First Division Period, Licensor shall either, at its option:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(A)&nbsp;license to Licensee the Soccer Rights for a Non-Owned Team or Additional Owned Team that
is generally comparable or superior to such demoted team (which team may be a team for which
Licensor is then licensing Soccer Rights to Licensee pursuant to <U>Section&nbsp;10.2</U>, in which
case such team shall continue to be a Non-Owned Team or Additional Owned Team but Licensee shall
pay only the Royalty rather than the Mexican Soccer Fee under <U>Section&nbsp;10.2(b)(ii)</U>, and this
<U>Section&nbsp;10.1(e)</U> shall thereafter apply to such replacement team); or
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(B)&nbsp;reduce the Royalty percentages set forth in <U>Sections&nbsp;9.1(a)(i)</U> and
<U>9.1(b)(i)(A)</U> by 0.154%<SUP style="font-size: 85%; vertical-align: text-top"> </SUP>and 0.157%, respectively, for the duration of the Non
First Division Period.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In either case, all rights to Home Games played by the demoted team licensed to Licensee hereunder
shall immediately be suspended for the duration of the Non First Division Period. If the demoted
team rises back to the First Division during the Term, all Owned Team Soccer Rights for the demoted
team shall again be effective and shall automatically and immediately be licensed to Licensee, and
any reduction in royalty under clause (B)&nbsp;or license to replacement games under clause (A)&nbsp;of this
<U>Section&nbsp;10.1(e)(ii)</U> shall automatically and concurrently be terminated (and if the
replacement team was a team for which Licensor was licensing Soccer Rights to Licensee pursuant to
<U>Section&nbsp;10.2</U> prior to such demotion, Licensor shall again license to Licensee the Soccer
Rights to such team pursuant to <U>Section&nbsp;10.2</U>).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(f) <I>Quer&#233;taro</I>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Replacement Through June&nbsp;30, 2011</I>. It is understood and agreed by the parties that, for
the period beginning on the Effective Date and ending on June&nbsp;30, 2011, Licensor shall license to
Licensee the Soccer Rights to <I>Quer&#233;taro </I>as a replacement for <I>Necaxa </I>during such period. For this
period, notwithstanding that <I>Quer&#233;taro </I>is a Non-Owned Team, for purposes of determining applicable
consideration, <I>Quer&#233;taro </I>shall be governed by <U>Section&nbsp;10.1(c)</U> rather than by <U>Section
10.2(b)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Replacement After June&nbsp;30, 2011</I>. Following June&nbsp;30, 2011, Licensor shall license to
Licensee Owned Team Soccer Rights to <I>Necaxa</I>; <U>provided</U>, that if Licensor is unable to
license to Licensee such rights to <I>Necaxa</I>, Licensor shall license to Licensee the Soccer Rights to
another First Division team (which may be <I>Quer&#233;taro</I>) as a replacement therefor, until such time as
the Owned Team Soccer Rights to <I>Necaxa </I>are licensed to Licensee hereunder. If such replacement
team, if any, is a Non-Owned Team, for purposes of determining applicable consideration, such team
shall be governed by <U>Section&nbsp;10.1(c)</U> rather than by <U>Section&nbsp;10.2(b)</U>; and (B)&nbsp;for
purposes of demotion, it shall be governed by <U>Section&nbsp;10.1(e)</U>. If such replacement team,
if any, is an Additional Owned Team, such team shall thereafter be treated as an Owned Team.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.2 <U><B>Non-Owned Teams</B></U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(a) <U>Grant of Rights</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Soccer Rights</I>. Licensor hereby licenses to Licensee, on an exclusive basis, the Soccer
Rights, to the full extent of the rights owned or controlled by Grupo
Televisa now or in the future, in each case, with respect to all Home Games of any Non-Owned
Teams with respect to which Grupo Televisa is a party to a Mexican Soccer License Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Additional Rights</I>. In addition to the Soccer Rights licensed under <U>Section
10.2(a)(i)</U>, Licensor hereby licenses to Licensee any other Broadcast-related rights in Licensed
Media in the Territory during the Term with respect to Non-Owned Teams that Grupo Televisa owns or
controls pursuant to the applicable Mexican Soccer License Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;<I>Limitation on Teams</I>. For the 2011 season only, the Non-Owned Teams shall be limited to
the <I>Atlas </I>and <I>Atlante </I>soccer teams and, to the extent provided in <U>Section&nbsp;10.1(f)</U>, the
<I>Quer&#233;taro </I>soccer team.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Soccer Rights and additional rights licensed under this <U>Section&nbsp;10.2(a)</U> with respect to
each Non-Owned Team are referred to herein as the &#147;<U>Non-Owned Team Soccer Rights</U>&#148;.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(b) <U>Royalty; Mexican Soccer Fee</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Royalty</I>. For purposes of calculating the Royalty payable by Licensee to Licensor under
<U>Section&nbsp;9.1</U> (and subject to any applicable reductions pursuant to this <U>Section&nbsp;10</U>),
revenues with respect to the Non-Owned Team Soccer Rights shall be included in the Royalty Base to
the extent they would be included subject to, and in accordance with, the terms and conditions of
<U>Section&nbsp;9.1</U> (including any applicable deductions and exclusions).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Mexican Soccer Fee</I>. Subject to <U>Section&nbsp;10.2(d)(iii)</U>, Licensee shall pay Licensor
a fee equal to (A)&nbsp;until June&nbsp;30, 2015, forty-five percent (45%) of the license fees required to be
paid by Licensor to license all Non-Owned Team Soccer Rights and corresponding Mexican rights as
specified in the applicable Mexican Soccer License Agreement, and (B)&nbsp;from and after July&nbsp;1, 2015,
fifty percent (50%) of the license fees required to be paid by Licensor to license all Non-Owned
Team Soccer Rights and corresponding Mexican rights as specified in the applicable Mexican Soccer
License Agreement (the fees payable by Licensee under clauses (A)&nbsp;and (B), as applicable, the
&#147;<U>Mexican Soccer Fee</U>&#148;). For the avoidance of doubt, for purpose of the immediately
preceding sentence, license fees shall not include any amounts payable with respect to any rights
not licensed to Licensee hereunder (e.g., Radio, merchandising, etc.). Licensee shall pay to
Licensor the Mexican Soccer Fee with respect to each applicable Mexican Soccer League team no later
than five (5)&nbsp;Business Days prior to the time that Licensor is obligated to pay to the applicable
third party the underlying license fees for such team pursuant to the applicable Mexican Soccer
License Agreement.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;<I>Demotion</I>. The parties acknowledge and agree that in the event that a Non-Owned Team is
demoted from the First Division, the provisions of the underlying Mexican Soccer License Agreement
shall control any rights and remedies with respect to the demoted Non-Owned Team, and Licensee
shall share, in proportion to its percentage share of the license fees under the applicable Mexican
Soccer License Agreement pursuant to <U>Section&nbsp;10.2(b)(ii)</U>, in any benefit, payment
suspension or payment reduction obtained by Licensor pursuant to such rights and remedies.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(c) <U>Acquisition of Teams</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Acquired Team Mexican Soccer Fee</I>. In the event that Grupo Televisa acquires a Mexican
Soccer League team in the First Division (or an Affiliate acquires a Mexican Soccer League team in
the First Division such that Grupo Televisa owns or controls the Soccer Rights to games played by
such team) (an &#147;<U>Additional Owned Team</U>&#148;) and such Additional Owned Team does not become
treated as an Owned Team pursuant to <U>Section&nbsp;10.1(d)(ii)</U>, then (A)&nbsp;if Licensee was being
licensed Non-Owned Soccer Rights for such Additional Owned Team in the Territory immediately prior
to any such acquisition, then (1)&nbsp;Licensor shall continue to license to Licensee the Non-Owned Team
Soccer Rights for such Additional Owned Team and Licensee shall continue to pay to Licensor the
Mexican Soccer Fee (in addition to the Royalty) in effect based on the applicable Mexican Soccer
License Agreement immediately prior to such acquisition until the expiration of the license term
under such Mexican Soccer License Agreement; and (2)&nbsp;following expiration of such license term,
Licensor shall license to Licensee the Owned Team Soccer Rights to such team and Licensee shall pay
to Licensor a fee (in addition to the Royalty) for such Additional Owned Team based on amounts
payable under licenses for Mexican Soccer League teams that are generally comparable to such
acquired team at such time (which fee shall be treated as a Mexican Soccer Fee); and (B)&nbsp;otherwise,
Licensor shall license to Licensee the Owned Team Soccer Rights for such newly acquired team and
Licensee shall pay to Licensor a fee (in addition to the Royalty) for such Additional Owned Team
based on amounts payable under licenses for Mexican Soccer League teams that are generally
comparable to such acquired team at such time (which fee shall be treated as a Mexican Soccer Fee).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Rising Team License Fee</I>. The provisions of this <U>Section&nbsp;10.2(c)</U> shall equally
apply, <I>mutatis mutandis</I>, to any Mexican Soccer League team owned by Grupo Televisa (other than an
Owned Team) that rises into the First Division during the Term, and any such team shall be treated
as an Additional Owned Team (unless such team becomes treated as an Owned Team pursuant to
<U>Section&nbsp;10.1(d)(ii)</U>). In the event that any Mexican Soccer League team owned by Grupo
Televisa (other than an Owned Team) rises into the First Division during the Term, then Licensor
shall license to Licensee the Owned Team Soccer Rights for such Additional Owned Team and Licensee
shall pay to Licensor, in addition to the Royalty, a Mexican Soccer Fee for such Additional Owned
Team based on amounts payable under licenses for Mexican Soccer League teams that are generally
comparable to such Additional Owned Team at such time.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(d) <U>Licensing of Teams</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Facilitation Obligations</I>. As each Mexican Soccer License Agreement with respect to any
Non-Owned Team expires, and whenever Grupo Televisa seeks to obtain Mexican Broadcast rights to
such games, Licensor will use commercially reasonable efforts to cause Grupo Televisa to obtain
rights consistent with the Soccer Rights (and in the case of a renewal of an existing Mexican
Soccer License Agreement, any other rights owned or controlled by Grupo Televisa in the Territory
relating to the applicable team); <U>provided</U>, that such obligation will not impede or
restrict Grupo Televisa&#146;s ability to obtain Mexican Broadcast rights to such games. Licensor shall
keep Licensee apprised at all times of progress and major developments in regards to Grupo
Televisa&#146;s efforts to obtain rights to any such games.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Provision of License Agreements</I>. If Grupo Televisa enters into any new, extended or
renewed license agreement including Licensed Soccer Rights during the Term, Licensor shall, within
fifteen (15)&nbsp;Business Days of execution thereof, provide a true and correct copy of such license to
Licensee; <U>provided</U>, that Licensor may redact such copy solely to the extent necessary to
avoid a violation of any agreement to which Licensor or its Affiliates is a party or a loss of
privilege or trade secret protection to Licensor or its Affiliates or as required by Law.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;<I>Arbitration of Allocation of License Fees</I>. If, following January&nbsp;1, 2013, either
Licensor or Licensee determines that (A)&nbsp;its share of the license fees under any applicable Mexican
Soccer License Agreement is disproportionately high or low compared to the relative value of rights
inside and outside of the Territory or (B)&nbsp;the Non-Owned Team Soccer Rights are more or less
restrictive than the corresponding Mexican rights under any specific Mexican Soccer License
Agreement and the parties are unable to negotiate in good faith an alternative allocation of
license fees thereunder within thirty (30)&nbsp;days of such determination, Licensor or Licensee, as
applicable, may obtain an independent and binding allocation of fees from the Umpire in accordance
with <U>Section&nbsp;15.1</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;<I>Atlante</I>. Licensor represents and warrants, as of the date hereof, that Caribevision&#146;s
Linear Television Channel Broadcast rights to <I>Atlante </I>in the Territory for the 2011 and 2012 Torneo
Clausura and Torneo Apertura seasons are non-transferable (other than to Affiliates of
Caribevision), non-exclusive and limited to the cities of New York and Miami and the territory of
Puerto Rico, and Licensee is being granted the right to exercise the Soccer Rights in such areas
concurrently therewith. For the avoidance of doubt, Licensee&#146;s payment of the Mexican Soccer Fee
for <I>Atlante </I>with no reduction for the 2011 and 2012 Torneo Clausura and Torneo Apertura seasons
shall in no way affect the parties&#146; respective rights under <U>Section&nbsp;10.2(d)(iii)</U> with
respect to future payments of Mexican Soccer Fees (with respect to <I>Atlante </I>or otherwise).
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.3 <U><B>General Terms and Conditions</B></U><B>.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Access to / Transmission of Feeds</U>. Licensor will deliver to Licensee in respect
of all Mexican Soccer League games (including for both Owned Teams and Non-Owned Teams) (i)&nbsp;access
to a clean feed with video, natural stadium sound and, to the extent consistent with past practice
(which, for the avoidance of doubt, is understood to mean during replays only), the Televisa or
Televisa Deportes logo, in standard definition and, if produced by Grupo Televisa, in high
definition (it being understood that Grupo Televisa shall have no obligation to produce any high
definition feed); (ii)&nbsp;a commentary audio track; and (iii)&nbsp;a dirty feed as Broadcast by means of
Free Television by Grupo Televisa in Mexico. Licensee may Broadcast any of the clean feed, the
clean feed combined with the commentary track or the dirty feed. Licensee will pay the cost and
expense of transmission of such feeds from either the stadium in which the relevant Mexican Soccer
League game is played or from Grupo Televisa&#146;s Mexico City Broadcast center. At the reasonable
request of Licensee and to the extent Grupo Televisa has authorization therefor, Licensor will
allow Licensee to have personnel and supplemental Broadcast equipment present at the site of
Mexican Soccer League games in order to augment Licensee&#146;s Broadcasts (if any) of the clean feeds.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Scheduling of Soccer Games</U>. Licensor will use its best efforts to assist Licensee
in its efforts to (i)&nbsp;schedule a First Division match in both the Sunday 12:00 Mexican local time
(1:00pm EST) and 16:00 Mexican local time (5:00pm EST) kickoff windows; and (ii)&nbsp;arrange for the
actual kickoffs for an agreed upon number of Mexican Soccer League games, as requested by Licensee,
to occur at two minutes past the scheduled hour&#146;s start time (provided that such &#147;best efforts&#148; do
not require Grupo Televisa to pay any additional consideration as a result).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Commercial Insertions</U>. Licensee shall be permitted to insert into its Broadcast
of Mexican Soccer League games (except in the case of Non-Owned Teams, to the extent prohibited or
restricted under the applicable Mexican Soccer License Agreement) the following items (and, for the
avoidance of doubt, any revenues received with respect thereto will be included in the Royalty Base
to the extent they otherwise meet the definition thereof in accordance with <U>Section&nbsp;9.1</U>):
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Squeeze-backs, Wipes and Crawls. </I>Squeeze-backs with sponsored frames, sponsored replay
wipes, and lower-third &#147;crawls&#148; with advertiser messages or promotional material;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Commercials and Graphics</I>. 30-second commercial units, opening, middle and closing program
billboards, corporate logos of sponsors adjacent to the clock/scoreboard graphic during play,
sponsored in-frame graphics such as starting line-ups, statistical summaries, scores of other
games, game MVPs (i.e., most valuable players), and sponsored in-game phone polls and trivia
questions;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;<I>Virtual Advertising</I>. Virtual advertising that does not cover in-stadium advertising
and, if technologically feasible, virtual advertising that covers in-stadium advertising in
stadiums owned by Grupo Televisa (so long as the relevant advertiser is not a direct competitor of
the replaced advertiser, the major advertiser on the uniform of either team or the named sponsor of
the stadium); and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iv)&nbsp;<I>Other Enhancements. </I>Any other form of commercial or technological enhancement that is
both (A)&nbsp;permitted under the applicable license by and between Grupo Televisa and the applicable
rights holder; and (B)&nbsp;utilized or implemented by Grupo Televisa in connection with its Broadcast
of the applicable games in Mexico.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Right of First Negotiation / First Refusal for Virtual Technical Advertising
Services</U>. Licensee will provide Licensor with a Right of First Negotiation / First Refusal to
provide virtual technical advertising services for any virtual advertising if and to the extent
that Licensee engages a third party for such services.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;<U>Clip Rights</U>. Pursuant to the Licensed Soccer Rights, Licensee shall have the
right to create clips, vignettes, highlight reels or other similar short-form Audiovisual Content
from the Licensed Mexican Soccer Games, which shall be in addition to any clips produced by
Licensor as Televisa Produced Clips. Any clips so created hereunder shall be deemed Licensee
Produced Clips. Licensee&#146;s creation of clips from any Mexican Soccer Games shall not be subject to
<U>Section&nbsp;8.8</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(f)&nbsp;<U>Comparable Teams</U>. For purposes of determining whether a Mexican Soccer League
team is comparable or superior to another Mexican Soccer League team under this <U>Section&nbsp;10</U>,
a team that rises from the Liga de Ascenso to the First Division will be deemed comparable to the
lowest-ranked First Division team (i.e., the team that concurrently descends from the First
Division to the Liga de Ascenso); otherwise, any disputes regarding the comparability of teams
shall be subject to <U>Section&nbsp;15.1</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(g)&nbsp;<U>Controlling Terms and Conditions</U>. In the event of any inconsistency between the
terms, conditions, exceptions and exclusions of this <U>Section&nbsp;10</U> (with respect to the
subject matter hereof) and any of the other terms, conditions, exceptions and exclusions of this
Agreement, the terms, conditions, exceptions and exclusions of this <U>Section&nbsp;10</U> shall
control.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">11.&nbsp;<U><B>Unsold Advertising Time</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.1 <U><B>Grupo Televisa Rights to Unsold Advertising Time</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Licensee Sale or Use of Advertising Time</U>. Advertising time on the Networks and
Stations shall first be sold (including by any type of barter, including as part of a transfer of
assets or otherwise) to third party advertisers or used to make good on audience deficiency units.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Licensee Right to Unsold Advertising</U>. Subject to <U>Section&nbsp;11.2</U>,
advertising time that remains unsold may be utilized by Licensee at no cost for its own use
(including for public service announcements or for obtaining carriage of the Networks and/or
Stations), and for use (i)&nbsp;by its divisions and controlled Affiliates no matter the nature of their
business; and (ii)&nbsp;as part of the consideration to acquire or make an investment in an unaffiliated
third party in a strategic transaction in which Licensee or a controlled Affiliate acquires an
equity interest of twenty percent (20%) or more of such third party, if such transaction (including
the consideration) is approved by the board of directors of BMPI and the unsold advertising time
does not exceed a reasonable amount as determined by the board of directors of BMPI on a
transaction by transaction basis; <U>provided</U>, that if any such advertising time is used by
Licensee for use by or promotion of any television network and/or television station the revenues
related to which are not encompassed in the Royalty Base, then Licensor shall be entitled to twice
the number of spots on such network and/or station in the same daypart.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Licensor Right to Unsold Advertising Time</U>. Subject to <U>Section&nbsp;11.8</U>, after
giving effect to <U>Sections&nbsp;11.1(a)</U>, <U>11.1(b)</U> and <U>11.2</U>, half of any remaining
unsold inventory shall be provided to Licensor for use by Licensor or its Affiliates at no cost for
promotion of any of their businesses; <U>provided</U>, that Licensor and its Affiliates may not
use such unsold inventory for promotion of (i)&nbsp;any Linear Television Channel in the Territory; or
(ii)&nbsp;the availability of Pantelion Movies on any Linear Television Channel or video-on-demand
service that competes with any Linear Television Channel or video-on-demand service owned or
controlled by Licensee (it being understood and agreed that use of such inventory by Licensor for
any purposes other than those restricted by this proviso shall be permitted, including promotion of
any other businesses that may be competitive with businesses of Licensee).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.2 <U><B>Guaranteed Advertising</B></U>. Notwithstanding <U>Section&nbsp;11.1</U>, and subject to
<U>Section&nbsp;11.3</U>, Licensee guarantees that it will provide to Licensor an amount of advertising
on the Networks and Stations for each calendar year commencing with 2011 (the &#147;<U>Televisa
Advertising</U>&#148;) with a gross value of not less than $62,112,200, subject to adjustment as set
forth below (with respect to each calendar year, the &#147;<U>Guaranteed Base Advertising Amount</U>&#148;),
and an additional amount of Televisa Advertising on the Networks and Stations with a gross value of
not less than $7,500,000 (with respect to each calendar year, the &#147;<U>Guaranteed Additional
Advertising Amount</U>&#148; and, together with the Guaranteed Base Advertising Amount, the
&#147;<U>Guaranteed Advertising Amount</U>&#148;), for use by Licensor or its Affiliates at no cost for
promotion of any of their businesses; provided, that Licensor and its Affiliates may not use such
unsold inventory for promotion of (a)&nbsp;any Linear Television Channel in the Territory; or (b)&nbsp;the
availability of Pantelion Movies on any Linear Television Channel or video-on-demand service that
competes with any Linear Television Channel or video-on-demand service owned or controlled by
Licensee (it being understood and agreed that use of such inventory by Licensor or its Affiliates
for any purposes other than those restricted by this proviso shall be permitted, including
promotion of any other businesses that may be competitive with businesses of Licensee). Starting
on January&nbsp;1, 2012, the Guaranteed Base Advertising Amount will be adjusted on the first day of
each fiscal year in the Term based on the percentage increase from the prior fiscal year in the
consumer price index published by the U.S. Bureau of Labor Statistics. For example, if such index
increases by three percent (3%) during fiscal year 2011 and by another three percent (3%) during
fiscal year 2012, then the Guaranteed Base Advertising Amount shall be $63,975,566 for 2012 and
$65,894,833 for 2013. Licensee may be required to satisfy this Guaranteed Advertising Amount by
allowing Licensor to use commercial time that Licensee or its controlled Affiliates would otherwise
be entitled to use for its own purposes or to sell to third parties under <U>Sections&nbsp;11.1(a)</U>
and <U>(b)</U>. The parties acknowledge and agree that the portion of the Televisa Advertising
that Licensee agreed to provide to Licensor pursuant to the Third Amended and Restated Program
License Agreement took into account the settlement provided for in the Mutual Release and
Settlement Agreement, dated as of January&nbsp;22, 2009, by and among Licensor, GT, Licensee, and
Telefutura Network.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.3 <U><B>Timing For Use of Unsold Advertising</B></U>. No later than ten (10)&nbsp;Business Days
before the beginning of a quarter, Licensor will inform Licensee of the advertising campaigns that
it wants to run during the following quarter. In any quarter, Licensee shall air no less than
twenty percent (20%) of the Guaranteed Advertising Amount nor more than thirty percent (30%) of the
Guaranteed Advertising Amount. In any annual period (including fiscal year 2011 but excluding the
last annual period of the Term), Licensee shall air no less than ninety-five percent (95%) of the
Guaranteed Advertising Amount (excluding any make-up amount) and, in the event that it airs less
than one hundred percent (100%) of the Guaranteed Advertising Amount, shall make up for any such
shortfall in the first (1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP>) calendar quarter of the next annual period. In the last
annual period of the Term, Licensee shall air no less than one hundred percent (100%) of the
Guaranteed Advertising Amount (excluding any make-up amount) and all make-up amounts.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.4 <U><B>Location of Unsold Advertising</B></U>. Of the Guaranteed Advertising Amount, no less
than sixty percent (60%) will be made available on the Networks and, subject to availability, the
TuTv Networks, and the remainder on the Stations; <U>provided</U>, that, subject to Licensee&#146;s
written consent (which may be withheld in its
sole discretion), the Guaranteed Advertising Amount may also be made available on any other
Linear Television Channel. Licensor may request, and Licensee will use best efforts to honor (and
to cause the Stations and its controlled Affiliates to honor) such requests, a diverse Station mix;
provided, that Licensee shall have no obligation to honor any specific request for any Station that
is in excess of three percent (3%) of the value of the local gross advertising revenue for such
Station during the prior calendar year. Licensee shall provide Licensor with an annual report
within ninety (90)&nbsp;days of the end of each fiscal year setting forth all gross advertising revenue
from local advertising; <U>provided</U>, that in the event of any shortfall under <U>Section
11.3</U>, Licensee shall also provide Licensor with an estimated amount of such shortfall, as
adjusted pursuant to the last sentence of <U>Section&nbsp;11.3</U>, as soon as reasonably practicable
(and in any event, within thirty (30)&nbsp;days following the end of the annual period in which the
shortfall occurred).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.5 <U><B>Pricing</B></U><B>. </B>Each year during the upfront season, Licensee will provide Licensor
with the annual commercial ratings upfront rate card in effect for the four (4)&nbsp;calendar quarters
of the following Broadcast year which is used to negotiate with third parties, gross of any
advertising agency or similar commissions. For the purpose of calculating the amount of Televisa
Advertising to be furnished to Licensor at no cost in order to satisfy the Guaranteed Advertising
Amount, all advertising on the Networks will be priced at eighty percent (80%) of the amount set
forth on such upfront rate card for such time slot, and all advertising on the Stations will be
priced based on the monthly average rate for all advertising for such Station for the month of
airing on a station by station and daypart by daypart basis, not including direct response and zero
dollar spots.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.6 <U><B>Coordination</B></U>. Airing of the Televisa Advertising will be closely coordinated
between Licensee and Licensor with the intention that Televisa&#146;s advertising will be provided a
reasonable advertising schedule, but recognizing that third party paid advertising will take
precedence, subject to the penultimate sentence of <U>Section&nbsp;11.2</U>. Licensee&#146;s obligation to
provide Licensor with the advertising hereunder is based on availability on the terms described in
this <U>Section&nbsp;11</U>, but in any event any Televisa Advertising would not air before 6:00 a.m.
or after 1:00 a.m. within the applicable market. Four (4)&nbsp;days before the beginning of each week,
Licensee will confirm to Licensor which network advertising will air during the following week, and
to the extent Licensee is unable to confirm such week, it would attempt to confirm another week
within the same quarter. Licensee shall provide Licensor with pre-logs showing the planned
advertising schedule at least one (1)&nbsp;day in advance of the airing of any Televisa Advertising, and
shall not permit any tampering with the tracking codes of any Televisa Advertising. Within ninety
(90)&nbsp;days of the end of each calendar year, an officer of Licensee will provide to Licensor a
report setting forth in reasonable detail the schedule and value of the Televisa Advertising
provided during such year. Licensee and Licensor shall each appoint a single contact person for
the coordination, orders and confirmations described in this <U>Section&nbsp;11</U>, which person (or
his or her duly named substitute) shall be knowledgeable of these requirements and, in the case of
Licensee, the availability of time on the Networks and Stations, and is able to provide further
information if needed.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.7 <U><B>Non-Preemptable Advertising</B></U>. Notwithstanding anything to the contrary contained
herein and in addition to any other obligations of Licensee contained herein, at least two-thirds
of the Guaranteed Additional
Advertising Amount shall be on a non-preemptable basis as would apply to a non-preemptable
upfront advertiser.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.8 <U><B>Purchase of Additional Advertising</B></U>. Licensor and its Affiliates shall be
permitted to purchase additional advertising time on the Networks and, subject to availability, the
TuTv Networks, which cannot be preempted by Licensee or its Affiliates, which time shall be sold
for the lowest spot rate then being offered for a non-preemptable spot in the program during which
such time is sold.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.9 <U><B>Quality Standards</B></U>. All material provided for Broadcast by Licensor and its
Affiliates shall comply with the quality standards for unaffiliated advertisers established by
Licensee from time to time. A copy of such standards will be provided to Licensor at least one
week prior to Licensor&#146;s material becoming subject thereto. The then-current standards may not be
changed in such a way as to intentionally and adversely impact the use by Licensor and its
Affiliates of advertising time under this <U>Section&nbsp;11</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.10 <U><B>Use of Unsold Advertising for Televisa Third Party Promotion</B></U>. Licensor may not
directly or indirectly make the advertising made available under this <U>Section&nbsp;11</U> available
to persons other than its Affiliates. Notwithstanding the preceding sentence, in connection with
Licensor and its Affiliates&#146; use of unsold advertising inventory under this <U>Section&nbsp;11</U> and
the purchase of additional advertising under this <U>Section&nbsp;11.8</U>, Licensor and its Affiliates
may include in any of their commercial advertisements incidental references to, or images of, a
third party that relate to the primary subject matter of such Licensor (or its Affiliate&#146;s)
advertisement (e.g., a Grupo Televisa hard good &#147;available at Wal-Mart&#148; or a Grupo Televisa payment
card affiliated with Mastercard) (&#147;<U>Tie-Ins</U>&#148;) (a)&nbsp;with a duration not in excess of the
customary industry practice (it being understood that the customary industry practice as of the
date hereof is approximately five (5)&nbsp;seconds in any commercial); (b)&nbsp;if the reference is
graphical, of a size substantially consistent with customary industry practice; and (c)&nbsp;with
respect to which Licensor and its Affiliates do not receive any revenues, directly or indirectly,
from the third party in exchange for the Tie-In.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.11 <U><B>Unsold Advertising Limited to Networks and Stations</B></U>. For the avoidance of
doubt, Licensor and its Affiliates&#146; rights to unsold advertising under this <U>Section&nbsp;11</U>
shall only apply to unsold advertising on the Networks and Stations (subject to <U>Section
11.4</U>).
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">12.&nbsp;<U><B>Representations and Warranties</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">12.1 <U><B>Licensor Representations and Warranties</B></U>. Licensor hereby agrees, represents and
warrants for the duration of the Term as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Capacity</U>. Licensor is free to enter into and fully perform this Agreement;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Licensed Rights</U>. Licensor has or will have the right to grant to Licensee the
Licensed Rights to the Licensed Content in the Territory set forth in this Agreement, including the
necessary literary, artistic, technological and intellectual property rights;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Clearances</U>. Subject only to <U>Section&nbsp;8.13</U> with respect to the digital
distribution of the Licensed Content, Licensor has secured or will secure all necessary Clearances
(subject to the provisos in <U>Section&nbsp;12.1(e)</U>), for the exercise of the Licensed Rights to
the Licensed Content in the Territory set forth in this Agreement;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>No Encumbrances</U>. There are no and will not be any pending liens, charges,
restrictions or encumbrances on the Licensed Content that conflict with the Licensed Rights;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;<U>Residuals</U>. Licensor has paid or will pay all compensation, residuals, reuse fees,
synchronization royalties, and other payments which must be made in connection with the
exploitation of the Licensed Rights herein granted to Licensee to any third parties including
musicians, directors, writers, producers, announcers, publishers, composers, on-camera and
off-camera performers and other persons who participated in production of such Licensed Content,
and to any applicable unions, guilds or other labor organizations; <U>provided</U>,
<U>however</U>, that Licensor has not acquired performing rights for performance in the Territory
of the music contained in such Licensed Content, which rights shall be obtained by Licensee;
<U>provided</U>, <U>further</U>, <U>however</U>, that Licensor warrants and represents that all
music is available for licensing through ASCAP, BMI or SESAC (or any successor or similar entity in
the United States) or is in the public domain or is owned or controlled by Licensor or its
Affiliates to the extent necessary to permit Broadcasts hereunder in the Territory and no
additional clearance or payment is required for such Broadcast;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(f)&nbsp;<U>Credit Obligations</U>. The main and end titles of the Licensed Content and all
publicity, promotion, advertising and packaging information and materials supplied by Licensor will
contain all necessary and proper credits for the actors, directors, writers and all other persons
appearing in or connected with the production of such Licensed Content who are entitled to receive
credit and comply with all applicable contractual, guild, union and statutory requirements and
agreements;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(g)&nbsp;<U>Intellectual Property</U>. Subject only to any Clearance limitations relating to the
digital distribution of the Licensed Content of which Licensor has notified Licensee in writing as
required pursuant to <U>Section&nbsp;8.13</U>, the exercise of the Licensed Rights to the Licensed
Content in the Territory will not infringe on any rights of any third party, including copyright,
patent, trademark, unfair competition, contract, property, defamation, privacy, publicity or &#147;moral
rights&#148; (to the extent such moral rights are recognized by U.S. Law);
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(h)&nbsp;<U>Exclusivity</U>. Except to the extent expressly permitted by this Agreement, Grupo
Televisa has not and will not grant or license to others, and will not itself exercise, any rights
to Broadcast any Licensed Content in any Licensed Media during the Term in the Territory, including
by way of any Broadcast over the Radio of any audio portion of any Novela in the Territory (other
than spill-over from Grupo Televisa&#146;s border Radio stations in Mexico).
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(i)&nbsp;<U>FCA Section&nbsp;507</U>. To the extent FCA Section&nbsp;507 is applicable, no Licensed Content
includes or will include any matter for which any money, service or other valuable consideration is
directly or indirectly paid or promised to Licensor or its Affiliates by a third party, or accepted
from or charged to a third party by Licensor or its Affiliates, unless such is disclosed in
accordance with FCA Section&nbsp;507. Licensor and its Affiliates shall exercise reasonable diligence
to inform its employees, and other persons with whom it deals directly in connection with such
programs, of the requirements of FCA Section&nbsp;507; <U>provided</U>, <U>however</U>, that no act of
any such employee or of any independent contractor connected with any of the Licensed Content, in
contravention of the provisions of FCA Section&nbsp;507, shall constitute a breach of the provisions of
this paragraph unless Licensor or its Affiliates have actual notice thereof and fail promptly to
disclose such act to Licensee. As used in this paragraph, the term &#147;service or other valuable
consideration&#148; shall not include any service or property furnished without charge or at a nominal
charge for use in, or in connection with, any of the programs &#147;unless it is so furnished in
consideration for an identification in a broadcast of any person, product, service, trademark or
brand name beyond an identification which is reasonably related to the use of such service or
property on the broadcast,&#148; as such terms are used in FCA Section&nbsp;507. No inadvertent failure by
Licensor or its Affiliates to comply with this paragraph shall be deemed a breach of this
Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(j) <U>Soccer</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Soccer Residuals and Clearances</I>. Licensor has paid or will pay all compensation,
residuals, reuse fees, synchronization royalties, and other payments which must be made, in
connection with Licensed Soccer Rights and in connection with exploitation of such rights, to any
third parties including musicians, directors, writers, producers, announcers, publishers,
composers, on-camera and off-camera performers, players and other persons who participated in
production of the games with respect to such rights, and to any applicable unions, guilds or other
labor organizations; <U>provided</U>, <U>however</U>, that Licensor has not acquired performing
rights for performance in the Territory of the music contained in such Licensed Soccer Rights,
which rights shall be obtained by Licensee; <U>provided</U>, <U>further</U>, <U>however</U>,
that Licensor warrants and represents that all music is available for licensing through ASCAP, BMI
or SESAC (or any successor or similar entity in the United States) or is in the public domain or is
owned or controlled by Licensor to the extent necessary to permit Broadcasts hereunder in the
Territory and no additional clearance or payment is required for such Broadcast; <U>provided</U>
that nothing in this representation shall be deemed to affect Licensee&#146;s obligations to pay Royalty
and Mexican Soccer Fees pursuant to this Agreement;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Soccer Intellectual Property</I>. Licensor represents and warrants that exercise of the
Licensed Soccer Rights licensed to Licensee hereunder will not infringe on any rights of any third
party, including copyright, patent, trademark, unfair competition, contract, property, defamation,
privacy, publicity or &#147;moral rights&#148; (to the extent such moral rights are recognized by U.S. Law);
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;<I>Soccer Exclusivity</I>. Except to the extent expressly permitted hereunder, Licensor has
not and will not grant or license to others, and will not itself exercise, any Licensed Soccer
Rights in the Territory; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iv)&nbsp;<I>Ownership of Soccer Rights</I>. Licensor represents and warrants that Grupo Televisa owns,
as of the date hereof, each Owned Team.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(k) <U>Pantelion</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Venture</I>. Licensor&#146;s controlled affiliate Videocine has entered into an arrangement with
Lionsgate, as memorialized in the Pantelion LLC Agreement, pursuant to which Videocine and
Lionsgate jointly own, and Videocine controls, Pantelion.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Free Television Rights to Pantelion Movies</I>. (A)&nbsp;Grupo Televisa owns or controls (or
shall own or control), and will continue throughout the Term to own or control, the exclusive Free
Television rights in the Territory in and to each Pantelion Movie and has the right, and will
continue to have the right throughout the Term, to exclusively license all such rights to Licensee
in accordance with <U>Section&nbsp;1.1(a)(iii)</U>; (B)&nbsp;there are (and shall be) no additional consents
needed with respect to the granting of such Free Television rights to Licensee; and (C)&nbsp;there are
(and shall be) no additional limitations, restrictions or conditions imposed upon Licensee&#146;s
exercise of such Free Television rights by Pantelion or Lionsgate or any of their respective
Affiliates, other than those contained in this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;<I>Right of First Negotiation / First Refusal for Pantelion Movies</I>. (A)&nbsp;Licensor has the
right to, and will continue to have the right throughout the Term to, or to cause Videocine or
Pantelion to, provide to Licensee the Right of First Negotiation / First Refusal for each Pantelion
Movie; (B)&nbsp;there are (and shall be) no additional consents needed with respect to the granting to
Licensee of such right of First Negotiation / First Refusal for each Pantelion Movie; and (C)&nbsp;the
Broadcast rights in each Licensed Media in the Territory to each Pantelion Movie are not subject
to, and will not be subject to, any rights, entitlements or arrangements (e.g., Pantelion
proprietary Linear Television Channels or option or output arrangements) that would in any way
limit, impair or restrict Licensee&#146;s Right of First Negotiation / First Refusal.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iv)&nbsp;<I>Information Regarding Pantelion</I>. (A)&nbsp;The Current Pantelion LLC Agreement is a true and
correct copy of the only agreement as of the date hereof between or among any of Grupo Televisa,
Lionsgate and/or Pantelion (and/or any of their respective Affiliates) relating to Pantelion that
affects Licensee&#146;s rights hereunder; and (B)&nbsp;the Current Pantelion LLC Agreement has been redacted
solely so as not to disclose economic terms and other terms not directly or indirectly affecting
Licensee&#146;s rights hereunder adversely.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">12.2 <U><B>Licensee Representations and Warranties</B></U>. Licensee hereby agrees, warrants and
represents for the duration of the Term as follows:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(a) <U>Capacity</U>. Licensee is free to enter into and fully perform this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>2014 World Cup</U>. Licensee has obtained, pursuant to a binding agreement, the right
to Broadcast in Licensed Media in the Territory the 2014 World Cup generally consistent with the
rights obtained by Licensee for the 2010 World Cup.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">12.3 <U><B>Insurance</B></U>. Licensor further agrees that, while it has no obligation to do so, if
Grupo Televisa secures a producer&#146;s (Errors and Omissions) liability policy covering the Licensed
Content, or any part thereof, it will cause Licensee and its Affiliates to be named as additional
insureds on such policy and will cause a certificate of insurance to be promptly furnished to
Licensee, <U>provided</U>, <U>however</U>, that the inclusion of Licensee and its Affiliates as
additional insureds does not result in any additional cost or expense to Grupo Televisa. Licensor
will notify Licensee when such insurance is obtained and, after obtained, if cancelled. Any such
insurance as to which Licensee and its Affiliates are additional insureds shall be primary as to
Licensee and its Affiliates and not in excess of or contributory to any other insurance provided
for the benefit of or by Licensee and its Affiliates.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">13.&nbsp;<U><B>Indemnification</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">13.1 <U><B>Licensor Indemnification</B></U>. Licensor agrees to indemnify Licensee, its Affiliates, subsidiaries, partners, the partners
of any partnership that is a partner of Licensee, its direct and indirect shareholders (other than
Grupo Televisa) and all officers, directors, employees and agents of any of the foregoing
(collectively the &#147;<U>Licensee Indemnitees</U>&#148;) against and hold the Licensee Indemnitees
harmless from (subject to <U>Section&nbsp;15.8</U>) any and all claims, deficiencies, assessments,
liabilities, losses, damages, expenses (including reasonable fees and expenses of counsel)
(collectively, &#147;<U>Losses</U>&#148;) incurred or suffered by any Licensee Indemnitee arising out of,
relating to, or by reason of, Grupo Televisa&#146;s breach of, or non-compliance with, any covenant,
agreement or provision herein contained or the inaccuracy of any representation or warranty made by
Licensor. Such Losses shall be reduced by: (a)&nbsp;the amount of any net tax benefit ultimately
accruing to Licensee on account of Licensee&#146;s payment of such claim; (b)&nbsp;insurance proceeds which
such Licensee Indemnitee has or will receive in connection with such Losses; and (c)&nbsp;any recovery
from third parties in connection with such Losses; <U>provided</U>, <U>however</U>, that Licensor
shall not delay payment of its indemnification obligations hereunder pending resolution of any tax
benefit or insurance or third party claim if the Licensee Indemnitee provides Licensor with an
undertaking to reimburse Licensor for the amount of any such benefit or claim ultimately received;
and <U>provided</U>, <U>further</U>, that the Licensee Indemnitee shall have no obligation to
obtain any such insurance proceeds or recovery from third parties if and to the extent Licensor is
subrogated (in form and substance satisfactory to Licensor) to such Licensee Indemnitee&#146;s claims in
respect of such insurance or third parties.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">13.2 <U><B>Licensee Indemnification</B></U>. Licensee agrees to indemnify Licensor, its Affiliates, subsidiaries (other than Licensee
and its Affiliates), partners, the partners of any partnership that is a partner of Licensee, its
direct and indirect shareholders and all officers, directors, employees and agents of any of the
foregoing (the &#147;<U>Licensor Indemnitees</U>&#148;) against and hold the Licensor Indemnitees harmless
from (subject to <U>Section&nbsp;15.8</U>) any and all Losses incurred or suffered by any Licensor
Indemnitee arising out of, relating to, or by reason of, (a)&nbsp;Licensee&#146;s or its controlled
Affiliates&#146; or permitted sublicensees&#146; breach of, or non-compliance with, any covenant, agreement
or provision herein contained or the inaccuracy of any representation or warranty made by
Licensee); or (b)&nbsp;any program or commercial material (apart from the Licensed Content) furnished by
Licensee. Such Losses shall be reduced by: (i)&nbsp;the amount of any net tax benefit ultimately
accruing to Grupo Televisa on account of &#146;Grupo Televisa&#146;s payment of such claim; (ii)&nbsp;insurance
proceeds
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">which Grupo Televisa has or will receive in connection with such Losses; and (iii)&nbsp;any recovery from
third parties in connection with such Losses; <U>provided</U>, <U>however</U>, that Licensee
shall not delay payment of its indemnification obligations hereunder pending resolution of any tax
benefit or insurance or third party claim if the Licensor Indemnitee provides Licensee with an
undertaking to reimburse Licensee for the amount of any such claim ultimately received; and
<U>provided</U>, <U>further</U>, that the Licensor Indemnitee shall have no obligation to obtain
any such insurance proceeds or recovery from third parties if and to the extent Licensee is
subrogated (in form and substance satisfactory to Licensee) to such Licensor Indemnitee&#146;s claims in
respect of such insurance or third parties.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">13.3 <U><B>Indemnification Procedures</B></U>. The following procedures shall govern all claims for
indemnification made under any provision of this Agreement. A written notice (an
&#147;<U>Indemnification Notice</U>&#148;) with respect to any claim for indemnification shall be given by
the party seeking indemnification (the &#147;<U>Indemnitee</U>&#148;) to the party from which
indemnification is sought (the &#147;<U>Indemnitor</U>&#148;) within thirty (30)&nbsp;days of the discovery by
the Indemnitee of such claim, which Indemnification Notice shall set forth the facts relating to
such claim then known to the Indemnitee (<U>provided</U> that failure to give such Indemnification
Notice as aforesaid shall not release the Indemnitor from its indemnification obligations hereunder
unless and to the extent the Indemnitor has been prejudiced thereby). The party receiving an
Indemnification Notice shall send a written response to the party seeking indemnification stating
whether it agrees with or rejects such claim in whole or in part. Failure to give such response
within ninety (90)&nbsp;days after receipt of the Indemnification Notice shall be conclusively deemed to
constitute acknowledgment of validity of such claim. If any such claim shall arise by reason of
any claim made by third parties, the Indemnitor shall have the right, upon written notice to
Indemnitee within ninety (90)&nbsp;days after receipt of the Indemnification Notice, to assume the
defense of the matter giving rise to the claim for indemnification through counsel of its selection
reasonably acceptable to Indemnitee, at Indemnitor&#146;s expense, and the Indemnitee shall have the
right, at its own expense, to employ counsel to represent it; <U>provided</U>, <U>however</U>,
that if any action shall include both the Indemnitor and the Indemnitee and there is a conflict of
interest because of the availability of different or additional defenses to the Indemnitee, the
Indemnitee shall have the right to select one separate counsel to participate in the defense of
such action on its behalf, at the Indemnitor&#146;s expense. The Indemnitee shall cooperate fully to
make available to the Indemnitor all pertinent information under the Indemnitee&#146;s control as to the
claim and shall make appropriate personnel available for any discovery, trial or appeal. If the
Indemnitor does not elect to undertake the defense as set forth above, the Indemnitee shall have
the right to assume the defense of such matter on behalf of and for the account of the Indemnitor;
<U>provided</U>, <U>however</U>, the Indemnitee shall not settle or compromise any claim without
the consent of the Indemnitor, which consent shall not be unreasonably withheld. The Indemnitor
may settle any claim at any time at its expense, so long as such settlement includes as an
unconditional term thereof the giving by the claimant of a release of the Indemnitee from all
liability with respect to such claim.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">14.&nbsp;<U><B>Term</B></U>. The term of this Agreement (the &#147;<U>Term</U>&#148;) shall commence on the Effective
Date and continue through and include the later of (a)&nbsp;December&nbsp;31, 2025; and (b)&nbsp;the date that is
ninety (90)&nbsp;months following a Televisa Sell-Down. This Agreement may be terminated by either
party only pursuant to, and in accordance with, the terms and conditions set forth in <U>Section
15</U>; or in the event that the other party asserts Force Majeure
under <U>Section&nbsp;20.2</U> as a relief from substantially all of its obligations hereunder for a
period in excess of one (1)&nbsp;year.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">15. <U><B>Dispute Resolution; Remedies</B></U>. Each of Licensor and Licensee intends to use its good faith efforts to establish a
constructive working relationship which will continue throughout the Term. In order to facilitate
maintenance of that relationship, each desires to set forth remedy provisions by which any
disagreements can be resolved.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">15.1 <U><B>Expedited Arbitration</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Matters Subject to Arbitration</U>. In order to promote the efficient resolution of
disputes that may arise between the parties, the parties hereby agree that all disputes arising out
of or relating to the following matters (&#147;<U>Arbitrable Matters</U>&#148;) shall be exclusively subject
to the Arbitration Procedures set forth below in this section:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Characterization of Audiovisual Content</I>. Any disputes relating to whether content is a
Program, Licensed Content, Co-Produced Content, an Acquired Completed Novela, Acquired Completed
Content, a Co-Produced Local Novela, a Televisa Local Novela or Acquired Other Content or if the
procedures of <U>Section&nbsp;2</U> relating thereto have been followed;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Editing</I>. Any disputes over editing of Licensed Content, including whether such Licensed
Content constitutes &#147;Televisa Spoiler Content&#148;;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;<I>Unsold Advertising</I>. Any disputes relating to the use, placement and/or pricing of
unsold advertising;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iv)&nbsp;<I>Packaged Sales</I>. Any disputes relating solely to the procedures applicable to the review,
evaluation and reporting of Packaged Sales and not to the allocation or attribution of Packaged
Sales;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(v)&nbsp;<I>Mexican Soccer Fees</I>. Any disputes regarding the allocation of Mexican Soccer Fees under
<U>Section&nbsp;10.2(d)(iii)</U>;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(vi)&nbsp;<I>Replacement Team</I>. Any disputes with respect to whether any Mexican Soccer League team is
generally comparable or superior to an applicable sold, demoted or acquired team for purposes of
the team replacement provisions set forth in <U>Section&nbsp;10</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(vii)&nbsp;<I>Corporate Opportunities</I>. Any disputes in connection with the procedures for the
corporate opportunities matters set forth in <U>Section&nbsp;16</U>;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(viii)&nbsp;<I>Excluded Content</I>. Any disputes as to whether any Audiovisual Content constitutes
&#147;Excluded Content&#148; or &#147;Televisa Publications Content&#148;;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ix)&nbsp;<I>Audit Information and Procedures</I>. Any disputes solely regarding Licensor&#146;s contractual
entitlements to information, documents and access to personnel under the audit rights provisions
set forth in <U>Sections&nbsp;9.3</U>, <U>9.4</U>, <U>9.5</U> or <U>11.6</U>, and not the findings
or results of any audit;
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT
THE OMITTED PORTIONS OF THIS DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION </B></div>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(x)&nbsp;<I>Approval of Third Party Arrangements</I>. Any disputes relating to Licensor&#146;s approval rights
relating to Licensee&#146;s arrangements with third parties for the Broadcast of Licensed Content, as
set forth in <U>Section&nbsp;4</U>;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(xi)&nbsp;<I>Technical Specifications</I>. Any disputes relating to Licensor&#146;s approval rights relating
to the Technical Specifications for Licensee&#146;s carrying out Technological Enhancements, as set
forth in <U>Section&nbsp;8.11</U>;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(xii)&nbsp;<I>Offensive / Politically Insensitive Content</I>. Any disputes relating to Licensee&#146;s
obligation to use commercially reasonable efforts to address Licensor&#146;s concerns regarding
offensive or politically insensitive content on third party platforms, as set forth in <U>Section
3.8</U>;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(xiii)&nbsp;<I>Clearances</I>. Any disputes relating to Licensor&#146;s obligation to use commercially
reasonable efforts to obtain Clearances requested by Licensee, as set forth in <U>Section
8.13</U>;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(xiv)&nbsp;<I>Televisa Spoiler Content</I>. Any disputes relating to Licensor&#146;s obligation to use
commercially reasonable efforts to prevent the Broadcast or publishing of Televisa Spoiler Content
pursuant to <U>Section&nbsp;1.4</U>;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(xv)&nbsp; ***
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(xvi)&nbsp;<I>Co-Production Costs</I>. Any disputes with respect to the appropriate percentage of the
combined costs of Co-Produced Content to be borne by each of Licensee and Grupo Televisa pursuant
to <U>Section&nbsp;2.3</U>;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(xvii)&nbsp;<I>Windows</I>. Any disputes with respect to what constitutes the customary theatrical
availability window for Movies or the customary Free Television availability window for Pantelion
Movies in the Territory as of the date in question;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(xviii)&nbsp;<I>Monetization of Territory Audiences</I>. Any disputes with respect to Licensee&#146;s or Grupo
Televisa&#146;s compliance with the terms and conditions of <U>Section&nbsp;19</U>;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(xix)&nbsp;<I>Industry Practice</I>. Any disputes regarding what constitutes &#147;industry practice&#148; or how
any terms are &#147;commonly understood in the entertainment industry&#148;, or other disputes regarding
similar standards;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(xx)&nbsp;<I>Promotions in Televisa Publications Content</I>. Any disputes regarding whether promotional
materials contained in any Televisa Publications Content complies with the limitations in the
proviso set forth in <U>Section&nbsp;1.3(b)(i)(A)</U>; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(xxi)&nbsp;<I>Other Matters</I>. Any other matters expressly identified in this Agreement as subject to
binding arbitration under this <U>Section&nbsp;15.1</U>.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(b) <U>Selection of Umpire</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Initial Umpire</I>. All Arbitrable Matters shall be resolved by a single umpire sitting in
New York (the &#147;<U>Umpire</U>&#148;). The parties hereby agree that the first Umpire shall be the
Honorable Albert M. Rosenblatt, subject to his consent and provision of an affidavit that certifies
that the Umpire, the Umpire&#146;s employer or any of his/her Affiliates, and the Umpire&#146;s spouse,
children, parents or siblings have not been employed or engaged by any party or his/her Affiliate
within the proceeding ten years, that there are no grounds for disqualification under 28 U.S.C.
&#167;455, and that the Umpire knows of no other reason that he or she cannot be completely independent
in resolving any dispute (the &#147;<U>Umpire&#146;s Certificate</U>&#148;). The Umpire shall submit an updated
Umpire&#146;s Certificate annually upon the anniversary of the Umpire&#146;s selection.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Replacement Umpire</I>. If the Umpire is removed, resigns or is unable or refuses to serve
for any reason, or if Albert Rosenblatt does not consent or is unable to provide the Umpire&#146;s
Certificate, then the parties shall mutually select a replacement within thirty (30)&nbsp;days. If the
parties cannot mutually select a replacement, then any party may seek the selection of a
replacement under the procedural rules set forth by JAMS from its Business/Commercial,
Entertainment/Sports and/or Federal Judge neutrals list.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;<I>Umpire Term</I>. Any Umpire named herein, unless having been removed, having resigned, or
being unable or refusing to serve, shall serve for a period of one year. At the end of that one
(1)&nbsp;year period or any succeeding one (1)&nbsp;year period, the parties may mutually agree to have the
then named Umpire continue for an additional year. In the event that the parties do not so agree,
a successor Umpire shall be selected pursuant to the procedures in <U>Section&nbsp;15.1(b)(ii)</U> and
under no circumstances shall there be any disclosure to the sitting Umpire of which party may have
declined to agree to the sitting Umpire&#146;s continued service. If an Arbitrable Matter is currently
pending before the sitting Umpire at the time of the one (1)&nbsp;year anniversary of the Umpire&#146;s
selection, that Umpire shall not be removed from that Arbitrable Matter, even if the parties no
longer agree to continue to use that Umpire for the succeeding one (1)&nbsp;year on other Arbitrable
Matters. An Umpire shall resign if the Umpire learns of information at any time that would prevent
that Umpire from issuing an Umpire&#146;s Certificate, including if an Arbitrable Matter happens to be
pending before that Umpire, unless the parties consent to the Umpire&#146;s completing the resolution of
that Arbitrable Matter or otherwise remaining in his or her position.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Conduct of Umpire</U>. Once selected, the Umpire shall be given a copy of this
Agreement. The Umpire may not have ex parte communications with either party or its
representatives, including counsel. At the commencement of any Arbitration Procedure, the Umpire
shall reissue the Umpire&#146;s Certificate as of the date thereof; the mere failure to so reissue shall
not be the basis for challenging the Umpire&#146;s decision provided the Umpire could have reissued the
Umpire&#146;s Certificate.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(d) <U>Proceedings</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Initiation of Arbitration Procedure</I>. Any party may initiate an Arbitration Procedure to
resolve an Arbitrable Matter by sending a statement of no more than three (3)&nbsp;pages to the other
party setting forth the dispute giving rise to the Arbitrable Matter and
the party&#146;s basis for contending that the matter is subject to Arbitration (the &#147;<U>Dispute
Notice</U>&#148;). The other party may submit within five (5)&nbsp;days a responsive statement of no more
than five (5)&nbsp;pages contending that the dispute is not subject to this Arbitration Procedure or
raising such other disputes it wishes to be determined in that Arbitration Procedure, which
questions shall be promptly determined by the Umpire.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">(ii) <I>Arbitration Procedure</I>. The &#147;<U>Arbitration Procedure</U>&#148; shall be the following:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(A)&nbsp;Within five (5)&nbsp;days of delivery of the Dispute Notice, and prior to any proceedings
before the Umpire, senior representatives with responsibility for the matter in dispute (or a
senior representative to whom such responsible senior representative reports) or counsel of each
party who have the authority to bind that party, shall meet and engage in good faith negotiations
to attempt to resolve the dispute.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(B)&nbsp;Within twenty (20)&nbsp;days of delivery of the Dispute Notice, the parties shall submit
memoranda of no more than twenty-five (25)&nbsp;pages setting forth their positions and attaching the
evidence, affidavits, reports, appraisals or other information relating thereto as the submitting
party deems appropriate. The parties may submit within five (5)&nbsp;days thereafter responsive
memoranda of no more than ten (10)&nbsp;pages setting forth their positions and attaching the evidence,
affidavits, reports, appraisals or other information relating thereto as the submitting party deems
appropriate. After the submission of any such memoranda and supporting materials, a party may not
make any additions to or deletions from, or otherwise change, such submission unless otherwise
permitted by the Umpire. Subject to <U>Section&nbsp;15.1(d)(iii)</U>, if a party fails to deliver its
submission within the required time period, such party shall be deemed to have irrevocably waived
its rights to make such submission and the Umpire shall resolve the matter based on timely
submissions received.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(C)&nbsp;The Umpire shall not conduct evidentiary hearings unless the Umpire deems it necessary for
resolution of the dispute or upon a showing of good cause by either party. Discovery shall not be
allowed except upon a showing of good cause by either party. Evidentiary hearings shall be
conducted consistent with JAMS rules for arbitration hearings. Upon request of either party, the
Umpire shall provide opportunity for oral presentations and argument. The Umpire may also, upon
request of either party, allow post argument briefing. Upon the latter of the receipt of the
submissions, oral presentations or evidentiary hearings, the Umpire shall resolve the dispute
within ten (10)&nbsp;days. The Umpire shall render his or her decision in a signed and acknowledged
written instrument. Such writing shall include the reasons for the Umpire&#146;s decision.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;<I>Time Periods / Page Limits</I>. Upon application of either party, the Umpire may shorten or
extend the time for the Arbitration Procedures or shorten or extend the page limits of any
submission if necessary under the circumstances and for good cause shown. It shall be presumed
that good cause can be shown for shortening time frames in any Arbitration Procedure if necessary
to preserve a Broadcast schedule in the case of disputes described in <U>Sections&nbsp;15.1(a)(ii)</U>,
<U>15.1(a)(xiii)</U>, <U>15.1(a)(xiv)</U> or <U>15.1(a)(xvii)</U> or to preserve a business
opportunity in the case of disputes described in <U>Sections&nbsp;15.1(a)(i)</U>, <U>15.1(a)(vii)</U>
or <U>15.1(a)(x)</U> in
which case the time periods for the Arbitration Procedures shall be set in order to preserve
such Broadcast schedule or business opportunity.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iv)&nbsp;<I>Interim Relief</I>. The Umpire shall be empowered to order interim relief. The parties may
also seek provisional remedies in aid of jurisdiction from the courts set forth in <U>Section
15.1(d)(vi)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(v)&nbsp;<I>Remedial Power</I>. The Umpire shall have plenary power to resolve any and all Arbitration
Matters, in such manner as the Umpire in his or her discretion deems appropriate consistent with
the applicable substantive Law. In exercising such powers, the Umpire may, without limitation,
determine what actions any party must take in order to effectuate the intent and purposes of this
Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(vi)&nbsp;<I>Enforcement</I>. Any decision by the Umpire shall constitute an award by the Umpire and
enforcement or other proceedings, with respect to the Arbitration shall be brought exclusively in
either the United States District Court for the Southern District of New York or the Supreme Court
of the State of New York, County of New York and the parties consent to in personam jurisdiction
therein. A ruling by the Umpire shall be deemed final and not subject to appeal unless vacated on
the ground that the Umpire was biased, engaged in improper conduct or the ruling concerned a
Non-Arbitrable Matter.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(vii)&nbsp;<I>Location</I>. The place of Arbitration shall be New York, New York and the Arbitration and
enforcement thereof shall be governed by New York procedural Law governing arbitrations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(viii)&nbsp;<I>Miscellaneous</I>. Each party shall pay its own fees and expenses relating to the
Arbitration Procedures. The parties shall share equally the fees and expenses of the Umpire. All
submissions or other communications under the Arbitration Procedures shall be sent by electronic
mail and overnight courier. All submissions or other communications or proceedings under the
Arbitration Procedures shall be in English. The Arbitration Procedures shall be confidential
except to the extent necessary to enforce an award of the Umpire or as otherwise required by Law.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;<U>Non Arbitrable Matters</U>. All disputes other than those set forth in <U>Section
15.1(a)</U> are not subject to the Arbitration Procedures unless the parties mutually agree in
writing to submit them to the Arbitration Procedures.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">15.2 <U><B>Dispute Resolution</B></U>. In the event that either party claims that the other party has breached its obligations
hereunder with respect to a matter that is not an Arbitrable Matter as set forth in <U>Section
15.1(a)</U>, or its obligations under the International Program Rights Agreement (as amended by the
IPRA Amendment) or the Sales Agency Agreement or the Amended and Restated 2011 Mexico License
Agreement with respect to a matter that is not an arbitrable matter thereunder:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Royalty Breaches</U>. In the case of a breach with respect to payment of the Royalty,
the dispute shall be submitted for determination pursuant to California Code of Civil Procedure
Section&nbsp;638 private judge under the rules of JAMS and the amount of any decision shall include
actual attorneys&#146; fees of the prevailing party and if a dollar amount is awarded, such
determination shall provide for pre-judgment interest at the rate of twenty-five percent (25%)
per annum on any unpaid amount determined to have been due from the date thirty (30)&nbsp;days after
payment should have been made and post-judgment interest at the rate of twenty-five percent (25%)
per annum.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Non-Royalty Breaches</U>. In the case of a breach other than with respect to payment
of the Royalty (whether non-monetary or by way of a claim for damages), except as provided in
<U>Section&nbsp;15.1</U>, the dispute shall be submitted to the private judge as above, with at least a
demand for injunctive relief (including thereby specific performance); the prevailing party shall
be awarded its actual attorneys&#146; fees and, in the event that damages are awarded (whether or not
the demanded injunctive relief is granted), such interest as may be determined to be appropriate by
the private judge; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Other Claims</U>. In the case of any other action relating to or arising out of this
Agreement, including any action for declaratory judgment or any demand for injunctive relief
against a threatened breach, except as provided in <U>Section&nbsp;15.1</U>, the dispute shall be
submitted to the private judge as provided in <U>Section&nbsp;15.2(a)</U>, and the prevailing party
shall be awarded its actual attorneys&#146; fees.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Interim Relief</U>. In the event of a dispute in which injunctive relief is sought
and that is otherwise subject to jurisdiction of the private judge hereunder, if the private judge
has not yet been assigned, a party may seek a temporary restraining order or similar order in any
court specified in <U>Section&nbsp;15.6</U> until the assignment of a private judge and such private
judge&#146;s determination of whether to grant injunctive relief, and the private judge shall not be
precluded from granting any other relief, including damages, as permitted by this <U>Section
15.2</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">15.3 <U><B>Cure Rights; Determination of Material Breaches Leading to Right to Terminate; No
Right of Appeal</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Opportunity to Cure</U>. In the case of a breach with respect to payment of the
Royalty, the breaching party shall have sixty (60)&nbsp;days after notice of non-payment to cure such
breach by making full payment along with twenty-five percent (25%) per annum interest accruing from
the thirtieth (30<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>) day after the date payment should have been made; <U>provided</U>,
<U>however</U>, that if the payment is not made unconditionally, such payment shall not affect the
commencement or continued running of such interest.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Repeated Failures</U>. Notwithstanding the foregoing or any other provision hereof,
(i)&nbsp;repeated failure to make payment when required, even if subsequently cured; and/or (ii)
repeated failure to provide the attested royalty statements, reports and/or certificates or to
comply with other audit and information rights set forth under <U>Section&nbsp;9</U>, may, in the case
of (i)&nbsp;and/or (ii)&nbsp;be a basis for a proceeding before the private judge and, if determined by the
private judge to have been cumulatively material and evincing an intent to avoid, or reckless
disregard for, compliance with such obligations, shall be determined by the private judge to
constitute a material breach giving rise to a right of termination in the non-breaching party. In
the event of any such breach, the party asserting the breach shall advise the other party in
writing of such claimed breach reasonably promptly after discovering such breach.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Materiality Threshold</U>. Notwithstanding any other provision of this Agreement, in
any proceeding for breach of this Agreement&#151;or, following the eighteen (18)&nbsp;month anniversary of
the date hereof, the International Program Rights Agreement (as amended by the IPRA Amendment), the
Sales Agency Agreement or the Amended and Restated 2011 Mexico License Agreement (it being
understood that any breach of the International Program Rights Agreement (as amended by the IPRA
Amendment), the Sales Agency Agreement or the Amended and Restated 2011 Mexico License Agreement
prior to the eighteen (18)&nbsp;month anniversary of the date hereof shall in no event be deemed to be
material or give rise to a right of termination by the non-breaching party)&#151;whether with respect
to payment of the Royalty or otherwise, a finding of breach by the private judge shall not be
deemed material and shall not give rise to a right of termination by the non-breaching party
unless: (i)&nbsp;in the case of a breach with respect to payment of Royalty, the party against whom the
determination of breach has been made by the private judge fails to pay the amount awarded by the
private judge with interest in full within ten (10)&nbsp;Business Days of the decision by the private
judge; or (ii)&nbsp;in the case of a breach other than with respect to payment of Royalty, the party
against whom relief (preliminary or final) has been ordered or adjudged by the private judge or
Umpire fails to comply with such order or judgment; or (iii)&nbsp;the party determined to be guilty of
breach by the private judge or Umpire has twice previously been determined to be guilty of a breach
(whether with respect to payment of the Royalty or otherwise) by the private judge or Umpire, such
second breach having occurred subsequent to the determination by the private judge or Umpire of
initial breach and such third breach having occurred subsequent to the determination by the private
judge or Umpire of second breach, and each such breach is determined by the private judge to either
(A)&nbsp;in the case of breaches with respect to payment of the Royalty, be a breach or a series of
breaches committed within the same fiscal year which individually or in the aggregate are for
amounts equal to or greater than ten percent (10%) of the Royalty due for the fiscal year
immediately preceding the fiscal year in which the claimed breach or breaches occur, or if the
series of breaches was not committed within the same fiscal year, which in the aggregate are for
amounts equal to or greater than ten percent (10%) of the aggregate of the Royalty due for each
fiscal year immediately preceding each of the fiscal years in which such claimed breaches occur, or
(B)&nbsp;in the case of all other determined breaches, evince an intent to avoid, or reckless disregard
for, compliance with the obligations that are the basis of the breach; or (iv)&nbsp;pursuant to
<U>Section&nbsp;15.3(b)</U>. For the avoidance of doubt, any determination by the Umpire shall be
conclusive as to whether there was a breach, and only the issue of whether the breach or breaches
evince an intent to avoid or reckless disregard for compliance with the obligations that are the
basis of the breach shall be determined by the private judge.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Right to Terminate Following Material Breach</U>. If a determination has been made
that any breaches (whether with respect to payment of the Royalty or otherwise) are individually or
cumulatively material consistent with the foregoing, then the non-breaching party shall have the
right to elect to terminate this Agreement, which election shall be made not later than sixty (60)
days after the determination of the existence of such material breach. This Agreement shall
terminate sixty (60)&nbsp;days after written notice of such election to terminate.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;<U>No Right to Appeal</U>. Decisions of the private judge as to the foregoing shall be
final and the parties waive any right to appeal.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">15.4 <U><B>Satisfaction of Indemnification Obligations Cures Inaccuracy of Licensor
Representations and Warranties</B></U>. Notwithstanding the foregoing, the inaccuracy of any of Licensor&#146;s representations and
warranties contained in <U>Section&nbsp;12</U> hereof shall not be deemed to be a breach of its
obligations for purposes of <U>Sections&nbsp;15.3(b)</U> and <U>15.3(c)</U> to the extent that
Licensor satisfies its indemnification obligations with respect to such inaccuracy.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">15.5 <U><B>Governing Law</B></U>. This Agreement and the legal relations among the parties shall be governed by and construed
in accordance with the laws of the State of California applicable to contracts between California
parties made and performed in that State, without regard to conflict of laws principles; except
that the procedural laws of the State of New York shall apply to the Arbitration Procedures (as set
forth in <U>Section&nbsp;15.1</U>) and the enforcement thereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">15.6 <U><B>Jurisdiction; Venue; Service of Process</B></U>. Except to the extent provided in <U>Sections&nbsp;15.1</U> and with respect to the provisions
of <U>Section&nbsp;15.2</U>, each of the parties irrevocably submits to the jurisdiction of any
California State or United States Federal court sitting in Los Angeles County in any action or
proceeding arising out of or relating to this Agreement or the transactions contemplated hereby,
and irrevocably agrees that any such action or proceeding may be heard and determined only in such
California State or Federal court. Each of the parties irrevocably waives, to the fullest extent
it may effectively do so, the defense of an inconvenient forum to the maintenance of any such
action or proceeding. Each of the parties irrevocably appoints CT Corporation System (the
&#147;<U>Process Agent</U>&#148;), with an office on the date hereof at 818 West 7th Street, Los Angeles,
CA, 90017 as his or its agent to receive on behalf of him or it and his or its property service of
copies of the summons and complaint and any other process which may be served in any such action or
proceeding. Such service may be made by delivering a copy of such process to any of the parties in
care of the Process Agent at the Process Agent&#146;s above address, and each of the parties irrevocably
authorizes and directs the Process Agent to accept such service on its behalf. As an alternate
method of service, each of the parties consents to the service of copies of the summons and
complaint and any other process which may be served in any such action or proceeding by the mailing
or delivery of a copy of such process to such party at its address specified in or pursuant to
<U>Section&nbsp;20.5</U>. Each of the parties agrees that a final judgment in any such action or
proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by Law.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">15.7 <U><B>Specific Performance; Injunctive Relief</B></U>. The parties hereto agree that irreparable damage may occur in the event that any of the
provisions of this Agreement were not performed in accordance with their specific terms or were
otherwise breached. It is accordingly agreed that the parties may be entitled to an injunction or
injunctions to prevent breaches of this Agreement and to enforce specifically the terms and
provisions hereof, this being in addition to any other remedy to which they are entitled at law or
in equity.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">15.8 <U><B>Certain Limitations</B></U>. Notwithstanding anything to the contrary contained in this Agreement, no party hereto shall
be
liable to any other party under this Agreement for any special, consequential, punitive or
exemplary damages (including lost or anticipated revenues or profits relating to the same) arising
from any claim under this Agreement, whether such claim is based on warranty, contract, tort
(including negligence or strict liability) or otherwise; <U>provided</U>, <U>however</U>, that
this limitation shall not preclude Licensee from seeking any such damages if, prior to a private
judge determining pursuant to <U>Section&nbsp;15.3</U> that Licensor is entitled to terminate this
Agreement, Licensor (or any of its affiliates) takes any action to intentionally suspend access to,
withdraw, refuse to furnish, or otherwise directly or indirectly make unavailable Licensed Content;
<U>provided</U>, that for the avoidance of doubt, no such damages shall be available if such
action on the part of Licensor arises out of a specific dispute (a)&nbsp;as to Licensor&#146;s withdrawal of
a specific item or series of items of Licensed Content pursuant to <U>Section&nbsp;8.10</U>, (b)&nbsp;as to
Licensor&#146;s cancellation of production of any Licensed Content, or (c)&nbsp;of a type contemplated by
<U>Section&nbsp;15(a)(i)</U> or <U>15(a)(viii)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">16.&nbsp;<U><B>First Opportunity Rights</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">16.1 <U><B>Proposed New Businesses</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Notice and Information</U>. If Grupo Televisa intends to enter into a Proposed New
Business during the Term and (i)&nbsp;Licensee or one of its controlled Affiliates is not in good faith
actively pursuing for itself the Proposed New Business, or (ii)&nbsp;the Proposed New Business is
significantly and meaningfully different from any current business Licensee and its controlled
Affiliates are actively pursuing for themselves (regardless of whether such Proposed New Business
is in the same genre, field, market or space as any business Licensee and its controlled Affiliates
are currently engaged in, but in no event shall a Proposed New Business include a Linear Television
Channel), Licensor will notify Licensee in writing and, on a timely basis, provide Licensee with
information, if any, that Grupo Televisa has used (as of the time of such provision) to evaluate
the opportunity that is reasonably necessary and appropriate for Licensee&#146;s consideration of such
Proposed New Business (but not information which includes information regarding other businesses of
Grupo Televisa).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Licensee Election</U>. Within thirty (30)&nbsp;days of being so notified, Licensee may
notify Licensor that it elects in good faith to enter into the Proposed New Business and, in that
case, if Licensee or one of its controlled Affiliates enters into and reasonably develops that
Proposed New Business within a reasonable time period, then Grupo Televisa will not pursue such
Proposed New Business and the revenues relating to the Proposed New Business will become part of
the Royalty Base to the same extent as revenues would have been included (subject to applicable
deductions or exclusions, if any) in the Royalty Base if the Proposed New Business had been
initially developed by Licensee. If Licensee elects to enter the Proposed New Business, Licensee
(i)&nbsp;will consult with Licensor in good faith on the initial business and financial objectives for
the Proposed New Business and the initial business plan,; (ii)&nbsp;will provide to Licensor the final
version of such business plan; and (iii)&nbsp;will provide BMPI&#146;s board of directors (or an appropriate
committee thereof which includes a Grupo Televisa representative) with quarterly updates on the
performance of the Proposed New Business. In the event that Licensee does not notify Licensor
within the 30-day period that it elects to enter the Proposed New Business or Licensee or one of
its controlled Affiliates does not thereafter
reasonably and actively develop the Proposed New Business within a reasonable time period,
then Grupo Televisa will be permitted to, within a reasonable time period, enter into the Proposed
New Business and any Audiovisual Content that is related to the Proposed New Business will be
&#147;<U>Televisa Proposed New Business Content</U>&#148; (and shall be subject to the limitations set forth
in the definition of &#147;Televisa Publications Content&#148;, other than clause (b)&nbsp;of such definition (as
such Audiovisual Content must instead relate to, or complement, the Proposed New Business and not a
Televisa Publication)).
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Good Faith Requirement</U>. Licensee shall exercise its rights under this <U>Section
16.1</U> only in good faith to permit Licensee to engage in a Proposed New Business in the
Territory and not to block Grupo Televisa&#146;s ability to engage in the Proposed New Business.
Similarly, Grupo Televisa shall only propose Proposed New Business opportunities that Grupo
Televisa, in good faith, intends to pursue in the Territory.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Televisa Option to Participate Following Sell-Down</U>. Notwithstanding the
foregoing, if during the Term, at a time when a Televisa Sell-Down has occurred, Licensee or one of
its controlled Affiliates wishes to enter a Proposed New Business proposed by Grupo Televisa
hereunder, then Grupo Televisa may participate in the Proposed New Business such that Grupo
Televisa, on the one hand, and Licensee and its controlled Affiliates, on the other hand, will each
have a 50% economic and voting interest in the Proposed New Business (or such other allocation of
economic and voting interests as agreed by Licensee and Licensor in good faith). Licensee and
Licensor will agree in good faith on the business and financial objectives and business plan and
the management of the Proposed New Business. In such event, the parties shall mutually agree on
the appropriate treatment and allocation of revenues derived or generated from, and costs paid or
incurred with respect to, the Proposed New Business (which treatment and allocation, for the
avoidance of doubt, may involve the exclusion of all or a portion of any revenues from the Royalty
Base).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;<U>No Televisa Linear Television Channels</U>. It is understood and agreed that,
notwithstanding anything to the contrary contained herein, Grupo Televisa shall not pursue a
Proposed New Business that consists primarily of the ownership and/or operation of a Spanish
language Linear Television Channel in the Territory during the Term.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">16.2 <U><B>Stand Alone Business</B></U><B>.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Notice and Information</U>. If Grupo Televisa proposes to acquire (whether by merger,
acquisition of stock or assets, partnership, joint venture or otherwise) a Stand Alone Business
during the Term, Licensor will offer Licensee and its controlled Affiliates, by written notice in a
timely manner, the opportunity to elect, within thirty (30)&nbsp;days (or shorter period if necessary so
as not to lose the opportunity (e.g. if the bid deadline does not permit a thirty (30)-day election
period)) of receipt of such notice, to seek to acquire the Stand Alone Business; <U>provided</U>,
that Licensor will use good faith efforts not to delay notice so as to jeopardize Licensee&#146;s
ability to acquire such Stand Alone Business. Concurrently with the delivery of the aforementioned
notice, Licensor will provide Licensee with information, if any, that Grupo Televisa has used (as
of the time of such delivery) to evaluate the opportunity that is reasonably necessary and
appropriate for Licensee&#146;s consideration of such Stand Alone Business (but not
information which includes information regarding other businesses of Grupo Televisa), subject
to any legal or third party contractual confidentiality restriction
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Licensee Election</U>. In the event that Licensee or one of its controlled Affiliates
accepts the opportunity to attempt to acquire the Stand Alone Business, then Licensee will
negotiate the proposed acquisition in good faith with the seller of the Stand Alone Business and
pay all costs relating to the acquisition. If Licensee or one of its controlled Affiliates
acquires the Stand Alone Business, and Licensee elects (by written notice to Licensor) and is
permitted hereunder to Broadcast any Licensed Content on such Stand Alone Business, the revenues
relating to such Stand Alone Business will become part of the Royalty Base to the same extent as
revenues would have been included (subject to applicable deductions or exclusions, if any) in the
Royalty Base if the Stand Alone Business had been initially engaged in by Licensee. If Licensee
and its controlled Affiliates do not accept the opportunity to acquire the Stand Alone Business
within thirty (30)&nbsp;days (or shorter period if necessary so as not to lose the opportunity (e.g. if
the bid deadline does not permit a thirty (30)-day period)) of Grupo Televisa&#146;s offer or Licensee
and its controlled Affiliates do not acquire the Stand Alone Business, are not actively pursuing
negotiations in good faith with the seller, Grupo Televisa may, within a reasonable period of time,
seek to acquire and acquire the Stand Alone Business and any Audiovisual Content that is related to
the Stand Alone Business will be &#147;<U>Televisa Stand Alone Business Content</U>&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Televisa Option to Participate Following Sell-Down</U>. Notwithstanding the
foregoing, if during the Term, at a time when a Televisa Sell-Down has occurred, Licensee or one of
its controlled Affiliates wishes to enter the Stand Alone Business, then Grupo Televisa may acquire
fifty percent (50%) of the Stand Alone Business with Licensee or one of its controlled Affiliates
acquiring fifty percent (50%) (or such other allocation of ownership as agreed by Licensee and
Licensor in good faith), and Licensee and Licensor will agree in good faith on the business and
financial objectives and business plan and the management of the Stand Alone Business. In such
event, the parties shall mutually agree on the appropriate treatment and allocation of revenues
derived or generated from, and costs paid or incurred with respect to, the Stand Alone Business
(which treatment and allocation, for the avoidance of doubt, may involve the exclusion of all or a
portion of any revenues from the Royalty Base).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>No Televisa Linear Television Channels</U>. It is understood and agreed that,
notwithstanding anything to the contrary contained herein, Grupo Televisa shall not pursue a Stand
Alone Business that consists primarily of the ownership and/or operation of a Spanish language
Linear Television Channel in the Territory during the Term.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">16.3 <U><B>Carve Out Business</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Notice and Information</U>. If Grupo Televisa proposes to acquire (whether by merger,
acquisition of stock or assets, partnership, joint venture or otherwise) a Carve Out Business
during the Term, Grupo Televisa may undertake and consummate an acquisition of the larger business
of which the Carve Out Business is a part at any time. However, without restricting or impeding
the ability of Grupo Televisa to undertake and consummate such acquisition, Licensor will use its
commercially reasonable efforts to offer (including after Grupo Televisa has completed the
acquisition of the larger business) Licensee and its controlled
Affiliates, by written notice in a timely manner, the opportunity to elect, within sixty (60)
days of receipt of such notice, to seek to acquire the Carve Out Business. Concurrently with the
delivery of the aforementioned notice, Licensor will provide Licensee with information that Grupo
Televisa has used (as of the time of such delivery) to evaluate the opportunity that is reasonably
necessary and appropriate for Licensee&#146;s consideration of such Carve Out Business (but not
information which includes information regarding other businesses of Grupo Televisa), subject to
any legal or third party contractual confidentiality restrictions.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Licensee Election</U>. In the event that Licensee or one of its controlled Affiliates
accepts the opportunity to acquire the Carve Out Business, Licensor will, at its election, either
(i)&nbsp;permit Licensee to negotiate the acquisition of the Carve Out Business with the seller of the
Carve Out Business and pay all costs relating to such acquisition (and in any event Grupo Televisa
can pursue the acquisition of the larger business other than the Carve Out Business); or (ii)
require Licensee, as promptly as reasonably practicable (in the context of the circumstances of the
particular acquisition) following the closing of Grupo Televisa&#146;s acquisition of the larger
business, to purchase the Carve Out Business in exchange for a cash payment to Grupo Televisa equal
to the agreed fair market value of the Carve Out Business (based upon the value that would
reasonably be expected to be obtained in a sale of the entire Carve Out Business as a going concern
with no discount as a result of illiquidity or otherwise) and Grupo Televisa and Licensee will
negotiate in good faith the carve out of the Carve Out Business as a separate business from the
larger acquisition (including, if applicable, one-time and/or ongoing arms-length payment(s) for
content and/or any other rights, assets or services from the larger business). If the fair market
value of the Carve Out Business cannot be agreed by Grupo Televisa and Licensee after thirty (30)
days, the fair market value shall be determined by the Independent Appraiser Process. If Licensee
or one of its controlled Affiliates acquires the Carve Out Business and elects (by written notice
to Licensor) to and is permitted hereunder to Broadcast any Licensed Content on the Carve Out
Business, the revenues relating to such Carve Out Business will become part of the Royalty Base to
the same extent as revenues would have been included (subject to applicable deductions or
exclusions, if any) in the Royalty Base if the Carve Out Business had been initially developed by
Licensee. If Licensee does not accept the opportunity to acquire the Carve Out Business within the
sixty (60)&nbsp;day period, or does so but does not acquire the Carve Out Business, is not pursuing
negotiations in good faith with the seller, or it would not be commercially feasible to carve out
the Carve Out Business despite Licensor&#146;s use of its commercially reasonable efforts, Grupo
Televisa may acquire or retain the Carve Out Business, as part of the larger acquisition, and any
Audiovisual Content that is related to the Carve Out Business will be &#147;<U>Televisa Carve Out
Business Content</U>&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Televisa Option to Participate Following Sell-Down</U>. Notwithstanding the
foregoing, if during the Term, at a time when a Televisa Sell-Down has occurred, Licensee or one of
its controlled Affiliates wishes to acquire the Carve Out Business proposed by Licensor hereunder,
then Grupo Televisa may acquire or retain fifty percent (50%) of the Carve Out Business with
Licensee or one of its controlled Affiliates acquiring fifty percent (50%) (or such other
allocation of ownership as agreed by Licensee and Licensor in good faith) and Licensee and Licensor
will agree in good faith on the business and financial objectives and business plan and the
management of the Carve Out Business. In such event, the parties shall mutually agree on the
appropriate treatment and allocation of revenues derived or generated from, and costs paid or
incurred with respect to, the Carve Out Business (which treatment and allocation, for the
avoidance of doubt, may involve the exclusion of all or a portion of any revenues from the
Royalty Base). In no event shall this <U>Section&nbsp;16.3(c)</U> restrict or impede the ability of
Grupo Televisa to undertake and consummate an acquisition of the larger business.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Fair Market Value</U>. The &#147;<U>Independent Appraiser Process</U>&#148; shall mean the
process set forth in this <U>Section&nbsp;16.3(d)</U>. Each of Licensor and Licensee shall be entitled
to select and engage an investment banker of recognized standing in North America (the &#147;<U>Initial
Appraisers</U>&#148;). The Initial Appraisers shall be entitled to consult with each other with respect
to their reports, and Licensor and Licensee shall provide them with the information to which
Licensee is entitled pursuant to <U>Section&nbsp;16.3(a)</U> and other information that is customary
and reasonably requested by the Initial Appraisers regarding the applicable Spanish language Linear
Television Channel. Each of the Initial Appraisers shall have thirty (30)&nbsp;days to determine a
preliminary fair market value and provide Licensor and Licensee with a preliminary report thereon
(the &#147;<U>Appraiser Report</U>&#148;). If the higher of the preliminary fair market values is not more
than one hundred ten percent (110%) of the lower of such fair market values, then the fair market
value shall equal the average of the preliminary fair market values. If the higher of the
preliminary fair market values is more than one hundred ten percent (110%) of the lower of such
fair market values, then not more than ten (10)&nbsp;days after the delivery of both Appraiser Reports
to Licensor and Licensee, the Initial Appraisers will together designate another investment banker
of recognized standing in North America who is not affiliated with Grupo Televisa or the Company
(as defined in the Investment Agreement) (the &#147;<U>Third Appraiser</U>&#148;), who shall be informed of
the preliminary fair market values determined by the Initial Appraisers and provided with copies of
their Appraiser Reports and the information provided to the Initial Appraisers. The Third
Appraiser will have thirty (30)&nbsp;days to determine a preliminary fair market value and provide
Licensor and Licensee with a report thereon. If the Third Appraiser&#146;s preliminary fair market
value is within the middle one-third of the range of values between the preliminary fair market
values of the Initial Appraisers (the &#147;<U>Mid-Range</U>&#148;), then the fair market value shall be
equal to the preliminary fair market value of the Third Appraiser. If the Third Appraiser&#146;s
preliminary fair market value does not fall within the mid-range, then the fair market value will
be the average of (x)&nbsp;the Third Appraiser&#146;s preliminary fair market value; and (y)&nbsp;either the high
or low preliminary fair market value of the Initial Appraisers, whichever is closest to the Third
Appraiser&#146;s preliminary fair market value; <U>provided</U>, that the fair market value shall not
be less than the lower of the preliminary fair market values determined by the Initial Appraisers
or greater than the higher of the preliminary fair market values determined by the Initial
Appraisers.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;<U>Linear Television Channels</U>. Notwithstanding anything contained in <U>Sections
16.3(a)</U>, <U>(b)</U> and <U>(c)</U>, if the Carve Out Business in question consists of the
ownership and/or operation of a Spanish language Linear Television Channel, the following shall
apply:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Free Television Channel</I>. If, as part of such larger acquisition, Grupo Televisa acquires
a Spanish language Free Television channel in the Territory, Licensor shall offer to Licensee the
right to acquire the Free Television channel as a Carve Out Business (pursuant to the terms and
conditions of this <U>Section&nbsp;16.3</U>); <U>provided</U>, that if Licensee does not acquire such
Spanish language Free Television channel, for any reason, Grupo Televisa shall, as promptly as
reasonably practicable, entirely divest itself of such Spanish language Free Television channel.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Channel Other Than Free Television Channel</I>. If, as part of such larger acquisition,
Grupo Televisa acquires any Spanish language Linear Television Channel other than a Free Television
channel, Licensor shall offer to Licensee the right to acquire such Spanish language Linear
Television Channel as a Carve Out Business (pursuant to the terms and conditions of this
<U>Section&nbsp;16.3</U>). If Licensee elects not to acquire the Linear Television Channel at such
market value, or elects not to acquire the Linear Television Channel for any other reason, Grupo
Televisa shall be permitted to retain or sell such Spanish language Linear Television Channel.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">17.&nbsp;<U><B>Sale of Licensee Assets</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">17.1 <U><B>Sale of Networks / Stations</B></U>. Except as expressly consented to in writing by
Licensor (which consent may be withheld in Licensor&#146;s sole and absolute discretion), Licensee shall
not directly or indirectly, including through its respective subsidiaries or any other controlled
Affiliates, enter into or consummate any arrangement to sell, transfer or otherwise dispose of
(including by way of spin-off or other similar transaction) any interest in any Network (excluding,
for purposes of this <U>Section&nbsp;17.1</U>, WLII, WSUR and WSTE in Puerto Rico). Except as
expressly consented to in writing by Licensor (which consent may be withheld in Licensor&#146;s sole and
absolute discretion), Licensee shall not directly or indirectly, including through its respective
subsidiaries or any other controlled Affiliates, enter into or consummate any arrangement to sell,
transfer or otherwise dispose of (including by way of spin-off or other similar transaction) any
interest in, transfer operational responsibility for or disaffiliate from the Networks any of the
Specified Stations, except that Licensee shall be permitted to:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Replacement Station</U>. Sell or dispose of a Specified Station so long as (i)&nbsp;one or
more other station(s) owned and operated by Licensee and within the same market as such Specified
Station and affiliated with the same Network or Networks as such Specified Station (a
&#147;<U>Replacement Station</U>&#148;) can replace the operations of the transferred station through the
operation of the Replacement Station which is reasonably comparable to the Specified Station
(including substantially comparable or better coverage), (ii)&nbsp;the total revenues of the Replacement
Station are greater than or equal to the total revenues of such Specified Station as of the date of
the sale or disposition, and (iii)&nbsp;the Replacement Station shall be a Station for purposes of the
Royalty Base, with the national and local revenues of the Replacement Station included in the
Royalty Base;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Affiliated Stations</U>. Sell or dispose of a Specified Station if (i)&nbsp;such Specified
Station continues to be affiliated with the Network(s) with which it was affiliated prior to such
sale or disposition for the Term, (ii)&nbsp;such Specified Station shall continue to be a Station for
purposes of the Royalty Base, with the national and local revenues of such Specified Station
included in the Royalty Base, and (iii)&nbsp;the acquirer of such Specified Station agrees, in a writing
to which Licensor is a party or a beneficiary, to provide revenue information for the station to
Licensee and to be bound (and to require any successor acquirer to be bound) by the provisions of
this <U>Section&nbsp;17.1</U> as though it were a party hereto and such Specified Station continued to
be a Specified Station hereunder;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Transfer of Operational Responsibility</U>. Transfer operational responsibility for a
Specified Station if (i)&nbsp;such Specified Station continues to be affiliated with the Network(s) with
which it was affiliated prior to such sale or disposition for the Term, (ii)&nbsp;such Specified Station
shall continue to be a Station for purposes of the Royalty Base, with the national and local
revenues of such Specified Station included in the Royalty Base, and (iii)&nbsp;the person assuming
operational control of such Specified Station agrees, in a writing to which Licensor is a party or
a beneficiary, to provide revenue information for the station to Licensee and to be bound (and to
require any successor operator to be bound) by the provisions of this <U>Section&nbsp;17.1</U> as
though it were a party hereto and such Specified Station continued to be a Specified Station
hereunder;
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Disaffiliation</U>. Disaffiliate a Specified Station from a Network if (i)&nbsp;such
Specified Station continues to be owned by Licensee and (ii)&nbsp;the average of the portion of the
Royalty Base attributable to such Specified Station for each of the preceding two (2)&nbsp;years
continues to be included in the Royalty Base for the Term;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;<U>WFTY-TV</U>. Sell, transfer, disaffiliate or otherwise dispose of WFTY-TV currently
licensed to Smithtown, NY;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(f)&nbsp;<U>Compliance with Law</U>. Sell, transfer or otherwise dispose of a Station, if a Law
(provided that any order or decision must be final and non-appealable) requires Licensee to sell
such Station (or to lose the license for such Station in twelve (12)&nbsp;or fewer months if such sale
does not occur); <U>provided</U>, that Licensee shall use commercially reasonable efforts to
replace such Station with a reasonably comparable station as promptly as reasonably practical; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(g)&nbsp;<U>Joint Marketing and Sales Agreements</U>. Maintain and/or extend the term of its
joint marketing and sales agreements existing on the date hereof on materially the same or better
terms for Licensee as of the Effective Date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">17.2 <U><B>Sale of BMPI</B></U>. Nothing contained in this Agreement (including <U>Section
17.1</U>) shall restrict a sale of all or substantially all of the assets of BMPI in one or a
series of related transactions, the sale of shares of BMPI, or a merger of BMPI with another
person; <U>provided</U>, that this <U>Section&nbsp;17.2</U> shall not be used by Licensee or its
Affiliates or their respective shareholders in a manner intended to circumvent the provisions of
<U>Section&nbsp;17.1</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">17.3 <U><B>Transfer of Program Rights</B></U>. Licensee may not transfer to any third party any
rights whatsoever with respect to Licensed Content or any other Audiovisual Content of Grupo
Televisa to which Licensee has been licensed rights hereunder, in connection with the transfer of
any Spanish Language Platform or other platform or assets of Licensee or its Affiliates (other than
in connection with any transactions contemplated under <U>Sections&nbsp;17.2</U> and/or <U>20.6</U> or
a Sublicensing Arrangement permitted under <U>Section&nbsp;4</U> of this Agreement).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">18.&nbsp;<U><B>Committees</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">18.1 <U><B>Programming, Sales and Production Committee</B></U>. Licensee shall create and maintain
an advisory,
non-board level Programming, Sales and Production Committee which shall provide non-binding
advice and guidance to Licensee and its controlled Affiliates with respect to Licensee&#146;s
programming, sales and production efforts for its Linear Television Channels. Members of the
advisory Programming, Sales and Production Committee will be provided with information relating to
such efforts, consistent with Licensor&#146;s cooperation obligations as set forth in <U>Section
7.3</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">18.2 <U><B>Platforms Committee</B></U>. Licensee shall create and maintain an advisory non-board
level Platforms Committee which shall provide non-binding advice and guidance to Licensee and its
controlled Affiliates with respect to the acquisition and/or management of new and existing
platforms on which Licensee places Audiovisual Content.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">18.3 <U><B>Proposed New Business Committee</B></U>. Licensee shall create and maintain a non-board
level New Business Committee which shall consist of the Chairman of the Board of Directors of BMPI,
the chief executive officer, chief financial officer and highest ranking officer in charge of
business development of BMPI, and one of the GT nominated directors of BMPI. In the event that
Licensor notifies Licensee of a Proposed New Business opportunity pursuant to <U>Section
16.1(a)</U> or Grupo Televisa offers an opportunity to seek to acquire a Stand Alone Business
pursuant to <U>Section&nbsp;16.2(a)</U> this New Business Committee shall promptly consider such
opportunity and advise the Board of Directors of BMPI as to whether to pursue the opportunity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">18.4 <U><B>Grupo Televisa Representation</B></U>. Grupo Televisa shall be entitled to appoint at
least one (1)&nbsp;representative on each of the Programming, Sales and Production Committee and the
Platforms Committee to serve until the Information Tail Date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">19.&nbsp;<U><B>Monetization of Territory Audiences</B></U>. Licensor will not, directly or indirectly, sell,
base or determine the price of any advertising time or space, product placements or sponsorships in
any Licensed Media on the ability of viewers in the Territory to receive Licensed Content (but
expressly excluding Excluded Content and Charitable/Religious Content), subject only to the third
sentence of <U>Section&nbsp;3.7(a)(i)(B)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">20.&nbsp;<U><B>Miscellaneous</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">20.1 <U><B>Effect of Prior Agreements</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Third Amended and Restated Program License Agreement</U>. Except as expressly
provided herein, this Agreement supersedes and replaces the Third Amended and Restated Program
License Agreement, which is hereby terminated and shall have no further force or effect
(<U>provided</U>, that such termination shall not affect the rights and obligations of the parties
under <U>Section&nbsp;9.11)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>MOU</U>. Annex D of the MOU is hereby terminated and shall have no further force or
effect.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Participation Agreement</U>. Licensee and GT will, following the Effective Date,
cease to assert, pursue or enforce any of their respective rights against the other and shall cease
to perform any of their respective obligations to the other under the Participation Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Galavision Trademark License Agreement</U>. The License Agreement, dated as of July
1, 1996, between The Univision Network Limited Partnership and Univsa, Inc. (the &#147;<U>Galavision
Trademark License Agreement</U>&#148;) is hereby terminated and shall have no further force and effect
(it being understood that the Galavision marks formerly included under the Galavision Trademark
License Agreement are included in the Televisa Channel Marks hereunder as more fully described in
<U>Schedule&nbsp;1</U>).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;<U>2021 Program License Agreement</U>. The 2021 Program License Agreement is hereby
terminated and shall have no further force or effect.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">20.2 <U><B>Force Majeure</B></U>. Neither party hereto shall be liable for or suffer any penalty or termination of rights
hereunder by reason of any failure or delay in performing any of its obligations hereunder if such
failure or delay is occasioned by compliance with governmental regulation or order, or by
circumstances beyond the reasonable control of the party so failing or delaying, including acts of
God, war, insurrection, fire, flood, accident, strike or other labor disturbance, interruption of
or delay in transportation (a &#147;<U>Force Majeure Event</U>&#148;). Each party shall promptly notify the
other in writing of any such event of force majeure, the expected duration thereof, and its
anticipated effect on the party affected and make reasonable efforts to remedy any such event,
except that neither party shall be under any obligation to settle a labor dispute. In the event
that Licensor is prevented by a Force Majeure Event from delivering any Licensed Content to
Licensee, if such Force Majeure Event prevents Licensor from delivering any substitute Licensed
Content to Licensee, then Licensee&#146;s obligations to pay the Royalty under <U>Section&nbsp;9.1</U>
hereof shall be reduced (but not below zero) for the time period or periods so affected to the
extent necessary to compensate Licensee for the cost of obtaining substitute programming.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">20.3 <U><B>Modification</B></U>. This Agreement shall not be modified or waived in whole or in part except in writing signed
by an officer of the party to be bound by such modification or waiver. In the event that
Licensee&#146;s &#146;fiscal year is changed so that it is not on a calendar year, the parties shall make
such modifications to this Agreement as are necessary to reflect such change but as do not
substantively impact any of the parties&#146; rights or obligations hereunder.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">20.4 <U><B>Waiver of Breach</B></U>. A waiver by either party of any breach or default by the other party shall not be construed
as a waiver of any other breach or default whether or not similar and whether or not occurring
before or after the subject breach.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">20.5 <U><B>Notices</B></U>. All notices and other communications required or permitted hereunder shall be in writing,
shall be deemed duly given upon actual receipt, and shall be delivered (a)&nbsp;in person, (b)&nbsp;by a
generally recognized overnight courier service which provides written acknowledgment by the
addressee of receipt, or (c)&nbsp;by
both (i)&nbsp;facsimile and (ii)&nbsp;email or other generally accepted means of electronic
transmission, addressed as set forth in <U>Schedule&nbsp;10</U> or to such other addresses as may be
specified by like notice to the other parties. Notwithstanding the foregoing, any notices or other
communications required or permitted under <U>Section&nbsp;8.8</U> may be delivered by email alone
(without any accompanying facsimile notice or communication).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">20.6 <U><B>Assignments</B></U>. Either of the parties may assign its rights hereunder and delegate its duties hereunder, in
whole or in part, to an Affiliate capable of performing the assignor&#146;s obligations hereunder, and
either of the parties may assign its rights hereunder and delegate its duties hereunder to any
person or entity to which all or substantially all of such party&#146;s businesses and assets are
pledged or transferred (<U>provided</U> that in the case of a pledge, any such assignment shall be
made only as part of a granting of collateral to support bona fide indebtedness of Licensee or its
Affiliates to a third party; <U>provided</U>, <U>further</U>, that the foregoing shall not
prohibit a pledge to one or more of the investors or investor groups in BMPI to support bona fide
indebtedness of Licensee or any Affiliate to any such investor or investor group). No such
assignment or delegation shall relieve any party of its obligations hereunder. Any such assignment
or delegation authorized pursuant to this <U>Section&nbsp;20.6</U> shall be pursuant to a written
agreement in form and substance reasonably satisfactory to the parties. Except as otherwise
expressly provided in this Agreement, neither this Agreement nor any rights, duties or obligations
hereunder may be assigned or delegated by any of the parties, in whole or in part, whether
voluntarily, by operation of Law or otherwise; <U>provided</U>, <U>however</U>, that Grupo
Televisa may assign, grant a security interest in or otherwise transfer its rights to payment
hereunder in connection with one or more financings. Any attempted assignment or delegation in
violation of this prohibition shall be null and void. Subject to the foregoing, all of the terms
and provisions hereof shall be binding upon, and inure to the benefit of, the successors and
assigns of the parties. Nothing contained herein, express or implied, is intended to confer on any
person other than the parties or their respective successors and permitted assigns, any rights,
remedies, obligations or liabilities under or by reason of this Agreement.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">20.7 <U><B>Further Assurances</B></U>. Each party hereto agrees to execute any and all additional documents and do all things and
perform all acts necessary or proper to further effectuate or evidence this Agreement including any
required filings with the U.S. Copyright Office.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">20.8 <U><B>Information Sharing</B></U>. To the extent that either party is required to provide information to the other party under
this Agreement, such party shall (and shall cause its Affiliates to) use good faith efforts to
limit contractual confidentiality restrictions with respect to agreements entered into after the
Effective Date, in order to permit the sharing of information expressly provided in this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">20.9 <U><B>Counterparts</B></U>. This Agreement may be executed in counterparts, each of which shall be an original
instrument and all of which, when taken together, shall constitute one and the same agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">20.10 <U><B>Severability</B></U>. If any provision of this Agreement, or the application thereof,
shall for any reason or to any extent be invalid or unenforceable, then the remainder of this
Agreement and application of such provision to other
persons or circumstances shall continue in full force and effect and in no way be affected,
impaired or invalidated; provided, that the aggregate of all such provisions found to be invalid or
unenforceable does not materially affect the benefits and obligations of the parties of the
Agreement taken as a whole.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">20.11 <U><B>Language Rules of Construction</B></U>. Unless the context otherwise clearly requires: (a)&nbsp;the term &#147;third party&#148; shall be deemed
to mean &#147;unaffiliated third party&#148;; (b)&nbsp;any pronoun shall include the corresponding masculine,
feminine and neuter forms; (c)&nbsp;the term &#147;include,&#148; &#147;includes&#148; and &#147;including&#148; shall be deemed to be
followed by the words &#147;but not limited to&#148;; (d)&nbsp;the term &#147;will&#148; shall be construed to have the same
meaning and effect as the word &#147;shall&#148;; (e)&nbsp;any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument
or other document as from time to time amended, supplemented or otherwise modified (subject to any
restrictions on, or requirements with respect to, such amendments, supplements or modification set
forth herein or therein); (f)&nbsp;any reference herein to any person, or to any person in a specified
capacity, shall be construed to include such person&#146;s successors and assigns or such person&#146;s
successors in such capacity, as the case may be; (g)&nbsp;the words &#147;herein,&#148; &#147;hereunder&#148; and other
words of similar import refer to this Agreement as a whole and not to any particular section,
clause or other subdivision; and (h)&nbsp;any of the defined terms may be used in the singular or the
plural, depending on the reference. Licensor and Licensee acknowledge and agree that references in
this Agreement to Licensee&#146;s &#147;controlled Affiliates&#148; are sometimes used for purposes of clarity,
and that no such references (or failure to include such references) shall operate, or be deemed to
operate, to limit or impair the rights afforded to Licensee with respect to its controlled
Affiliates under <U>Section&nbsp;1.2(a)</U>.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">20.12 <U><B>Headings</B></U>. The subject headings of the sections and sub-sections of this Agreement are included for
purposes of convenience only, and shall not affect the construction or interpretation of any of its
provisions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">20.13 <U><B>Entire Agreement</B></U>. This Agreement, together with <U>Annex A</U> and the Schedules hereto, the Amended and
Restated 2011 Mexico License Agreement, the IPRA Amendment and the Sales Agency Agreement contain a
final and complete integration of all prior expressions by the parties hereto with respect to the
subject matter hereof and shall constitute the entire agreement among the parties hereto with
respect to the subject matter hereof, superseding all previous oral statements and other writings,
other than the Third Amended and Restated Program License Agreement to the extent provided in
<U>Section&nbsp;20.1(a)</U> with respect thereto.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">21.&nbsp;<U><B>Licensee Indebtedness</B></U>. Licensee represents and warrants that, as of February&nbsp;28, 2011,
BMPI has $2,500,000,000 or less in aggregate principal amount of Indebtedness (as defined in the
Certificate of Incorporation of BMPI as of such date) that by its terms is scheduled to mature or
become due, is mandatorily redeemable or repayable, or is redeemable or repayable at the option of
the holder during the period from February&nbsp;28, 2014 through August&nbsp;31, 2015 and the circumstances
that would give such holder such redemption right have occurred.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;<I>Signature page follows</I>&#093;
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">IN WITNESS WHEREOF, the parties have set their hands as of the day and year first above written.
</DIV>
<DIV align="center">
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    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">TELEVISA, S.A. DE C.V.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Salvi Rafael Folch Viadero</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:&nbsp;Salvi Rafael Folch Viadero
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:&nbsp;&nbsp;Attorney-in-Fact</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Joaqu&#237;n Balc&#225;rcel Santa Cruz</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:&nbsp;Joaqu&#237;n Balc&#225;rcel Santa Cruz
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:&nbsp;&nbsp;Attorney-in-Fact</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">UNIVISION COMMUNICATIONS INC.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Andrew W. Hobson</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:&nbsp;Andrew W. Hobson
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:&nbsp;&nbsp;Senior Executive Vice
President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;<I>Signature Page to Amended and Restated 2011 Program License Agreement</I>&#093;
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>Annex A</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following terms shall have the following meanings:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>2021 Program License Agreement</U>&#148; means that certain 2021 Program License Agreement,
dated December&nbsp;20, 2010, between Licensor and Licensee.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Acquired Completed Content</U>&#148; means Audiovisual Content (other than a Novela, Excluded
Content), the Broadcast rights to which are or have been acquired by Grupo Televisa from a third
party and with respect to which Grupo Televisa had no involvement or arrangement of any kind or
nature (including no approvals or controls) relating to the development, production or financing of
such Audiovisual Content at any time.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Acquired Completed Novela</U>&#148; means a Novela, the Broadcast rights to which are or have
been acquired by Grupo Televisa from a third party and with respect to which Grupo Televisa had no
involvement or arrangement of any kind or nature (including no approvals or controls) relating to
the development, production or financing of such Novela at any time.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Acquired Other Content</U>&#148; means Audiovisual Content (other than Charitable/Religious
Content, a Novela or Excluded Content) originally produced in the Spanish language or with Spanish
subtitles, produced by a third party (other than with any Television Broadcaster in the Territory,
which will not be permitted under any circumstances) the Broadcast rights to which are or have been
acquired by Grupo Televisa from a third party, and with respect to which Grupo Televisa has only
one (1)&nbsp;of the following types of involvement: (a)&nbsp;providing a portion of the production financing
to such third party for the production of such Audiovisual Content; or (b)&nbsp;providing equipment to
such third party for use in the production of such Audiovisual Content; or (c)&nbsp;permitting talent
that is exclusive or proprietary to and under contract to Grupo Televisa to appear or participate
in the production of such Audiovisual Content by such third party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Acquired Scripts</U>&#148; has the meaning set forth in <U>Section&nbsp;2.6(b)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Additional Owned Team</U>&#148; has the meaning set forth in <U>Section&nbsp;10.2(c)(i)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Adjustments</U>&#148; has the meaning set forth in <U>Section&nbsp;9.2</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Advertising Packaged Sales Transaction Process</U>&#148; means a Packaged Sales Transaction
Process relating to sales to an advertiser.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Affiliate</U>&#148; of a person means any person that directly or indirectly controls, is
controlled by, or is under common control with the person in question. For the purposes of this
Agreement, &#147;control&#148;, when used with respect to any person, means the power to direct the
management and policies of such person, directly or indirectly, whether through the ownership of
voting securities, by contract or otherwise. Affiliate shall not mean, with respect to Licensee,
(a)&nbsp;a Network Affiliate, (b)&nbsp;any one of the investor groups, including Grupo Televisa, that owns
equity interests in BMPI or any person that controls any one of such investor groups (or any person
acquiring, whether by merger, sale or otherwise, all or any portion of such equity interests or the
equity interests of any such investor group, or any person that controls such acquiring person), or
(c)&nbsp;any person controlled by any of such investor groups (or such
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">acquiring person) other than (i)&nbsp;BMPI, Broadcast Media Partners Holdings, Inc. or Licensee, (ii)&nbsp;any subsidiary
of, or other person directly or indirectly controlled by, BMPI, Broadcast Media Partners Holdings,
Inc. or Licensee or (iii)&nbsp;any person formed by such investor groups (or such acquiring person) to
own a direct or indirect interest in Licensee. Affiliate shall not mean, with respect to any of
Licensor, Grupo Televisa or GT, (x)&nbsp;any person that controls GT, (y)&nbsp;any person under common
control with, but not directly or indirectly controlled by, GT, or (z)&nbsp;Licensee or any of
Licensee&#146;s Affiliates.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Agreement</U>&#148; has the meaning set forth in the Preamble.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Allocations</U>&#148; means allocations made by Licensee or its Affiliates of revenues from
transactions, or series of related transactions, that are both (a)&nbsp;excluded in part from the
definition of the Royalty Base; and (b)&nbsp;included in part in the definition of the Royalty Base.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Amended and Restated 2011 Mexico License Agreement</U>&#148; has the meaning set forth in the
Recitals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Ancillary Content</U>&#148; means, with respect to Licensed Content, &#147;best of&#148; compilations,
deleted scenes, bloopers, B-roll footage, webisodes, mobisodes, behind-the-scenes material,
alternate endings, cast interviews, Short-Form&nbsp;Commercial Advertising promoting Licensed Content
(e.g. a commercial for a Novela) and other similar short-form Audiovisual Content, in each case,
that is related to, based on, or supplementary to such Licensed Content; <U>provided</U>, that
neither Televisa Produced Clips nor Licensee Produced Clips shall constitute Ancillary Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Ancillary Content Budget</U>&#148; means the budget for any applicable production of Ancillary
Content, which budget shall be delivered by Licensor promptly following Licensee&#146;s delivery of a
notice requesting such production.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Appraiser Report</U>&#148; has the meaning set forth in <U>Section&nbsp;16.3(d)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Arbitrable Matters</U>&#148; has the meaning set forth in <U>Section&nbsp;15.1(a)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Arbitration Procedure</U>&#148; has the meaning set forth in <U>Section&nbsp;15.1(d)(ii)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Audiovisual Content</U>&#148; shall mean all forms of moving images with accompanying sound,
including novelas, musicals, variety shows, situation comedies, game shows, children&#146;s shows, news
shows, cultural and educational programs, sports programs, sporting events, reality shows, movies,
political conventions, election coverage, parades, pageants, fashion shows, &#147;how-to&#148; and other
informational programs, interviews, animation and demonstrative content. For the avoidance of
doubt, references herein to &#147;Audiovisual Content&#148; shall not include (a)&nbsp;Videogames; or (b)&nbsp;Short
Form&nbsp;Commercial Advertising for third party goods and services.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Availability Notice</U>&#148; has the meaning set forth in <U>Section&nbsp;7.2(a)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>BMPI</U>&#148; has the meaning set forth in the Recitals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Broadcast</U>&#148; means to transmit, re-transmit, distribute, display, project, perform or
otherwise disseminate Audiovisual Content to, or for, reception by any form of viewing, display
or other reception device, whether now known or hereafter developed in the future.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Business Day</U>&#148; means any day that is not a Saturday, a Sunday or other day on which
banks are required or authorized by Law to be closed in the City of New York or Mexico City.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Cable Television System</U>&#148; shall have the same meaning as that set forth for a &#147;cable
system&#148; in 47 U.S.C. &#167; 522(7).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Carve Out Business</U>&#148; means a business (other than Publications and websites directly
related thereto) acquired as part of a larger acquisition, a significant aspect of which in terms
of prospects and either (a)&nbsp;operations or (b)&nbsp;results of operations, consists of Broadcast of
Spanish language Audiovisual Content in the Territory. Notwithstanding the foregoing, in the case
of a Carve Out Business that is a Start-Up Business, the standard for determining whether a
significant aspect of such business consists of Broadcast of Spanish language Audiovisual Content
in the Territory shall be based on either the prospects or proposed results or operations of such
business. For the avoidance of doubt, a &#147;Carve Out Business&#148; would not include any Videogame
business or opportunities.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Charitable/Religious Content</U>&#148; means any Audiovisual Content consisting exclusively of
(a)&nbsp;a religious service, or (b)&nbsp;charitable and non-commercial specials (e.g. telethons,
presidential speeches).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Clearances</U>&#148; shall mean (a)&nbsp;all consents, permissions and approvals for incorporation
into Licensed Content of the names, trademarks, likenesses and or biographies of all persons,
firms, products, companies and organizations depicted or displayed in such Licensed Content, (b)
all consents, permissions and approvals for incorporation into Licensed Content of any preexisting
film or video footage produced by third parties, and (c)&nbsp;all licenses, use and reuse rights,
synchronization licenses, digital rights, and other rights to use content incorporated into such
Licensed Content, including musical compositions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Clip Exchange Arrangements</U>&#148; means bona fide clip and highlight reel exchange
agreements involving no or de minimis cash consideration, entered into from time to time between
Licensor or Licensee, on the one hand, and unaffiliated Television Broadcasters or other third
parties engaged in the Broadcast of Linear Television Channels, on the other hand, in the ordinary
course and consistent with industry custom and practice (including regarding clip duration) in the
Territory.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Co-Produced Content</U>&#148; means Audiovisual Content (other than a Novela, Acquired
Completed Novela, Acquired Completed Content, Acquired Other Content, Co-Produced Local Novela,
Excluded Content) originally produced for Broadcast in the Spanish language or with Spanish
subtitles, by Grupo Televisa and one or more unaffiliated third parties (collectively, the
&#147;Co-Production Partners&#148;), in each case, pursuant to a co-production agreement between Grupo
Televisa and such Co-Production Partners (other than any co-production agreement directly or
indirectly between Grupo Televisa and any Television Broadcaster in the Territory, which will not
be permitted under any circumstances) with respect to which (a)&nbsp;as between Grupo Televisa and the
Co-Production Partners, at least one such Co-Production Partner must provide a specific and
significant contribution underlying such Audiovisual Content (examples of such specific and
significant contributions include Scripts, the provision of multiple essential creative
elements (e.g., several of key cast members, key artistic director, executive director and/or
executive producer) having no affiliation with Grupo Televisa, but shall not include financing or
other contributions of a fungible nature); (b)&nbsp;at least one of such Co-Production Partners
meaningfully participates in, or exercises meaningful controls or approvals over, the development
and production of such Audiovisual Content; and (c)&nbsp;one or more of such Co-Production Partners
controls the licensing of the Broadcast rights in the Territory.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Co-Produced Local Novela</U>&#148; means a Novela (other than an Acquired Completed Novela) to
be Broadcast initially in a Spanish-speaking country (outside the Territory and Mexico), that is
originally produced for Broadcast in the Spanish language or with Spanish subtitles in such
Spanish-speaking country (outside of Mexico and the Territory) and is co-produced by Grupo Televisa
with a third party (other than pursuant to a co-production agreement directly or indirectly between
Grupo Televisa and any Television Broadcaster in the Territory, which will not be permitted under
any circumstances), in each case, pursuant to a co-production agreement between Grupo Televisa and
such third party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Co-Production Partners</U>&#148; has the meaning set forth in the definition of Co-Produced
Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Core Controls</U>&#148; has the meaning set forth in <U>Section&nbsp;4.1(b)(iii)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Current Pantelion LLC Agreement</U>&#148; has the meaning set forth in <U>Section&nbsp;3.5(f)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Dispute Notice</U>&#148; has the meaning set forth in <U>Section&nbsp;15.1(d)(i)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Divested Script</U>&#148; has the meaning set forth in <U>Section&nbsp;2.6(b)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>DTO</U>&#148; means the &#147;a la carte&#148; sale or other similar transaction through Licensed Media
involving the sale of a permanent copy of Audiovisual Content embodied in any form other than Hard
Good Home Videograms, which transaction is consummated by means of Broadcast to any device whether
now known or hereafter devised (e.g., a set-top box, computer, cellular phone, mp3 player, PDA or
other storage device) from an outside source for subsequent unlimited viewing in perpetuity, as
determined by the applicable buyer or assignee.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>DTR</U>&#148; means the &#147;a la carte&#148; rental, lease or other similar transaction, or a
subscription based transaction, through Licensed Media, regarding a non-permanent copy of
Audiovisual Content embodied in any form other than Hard Good Home Videograms, (a)&nbsp;which
transaction is consummated by means of Broadcast to any device whether now known or hereafter
devised (e.g., a set-top box, computer, cellular phone, mp3 player, PDA or other storage device)
from an outside source for subsequent viewing during a limited time period, as determined by the
applicable lessor; and (b)&nbsp;with respect to which the applicable lessee pays a subscription,
per-episode or per-program fee for a temporary copy of such Audiovisual Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Effective Date</U>&#148; has the meaning set forth in the preamble.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Evaluation Period</U>&#148; has the meaning set forth in <U>Section&nbsp;4.3(b)(ii)</U>.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Excluded Content</U>&#148; means:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(a)&nbsp;Televisa Publications Content;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;Televisa Produced Clips (<U>provided</U>, that Audiovisual Content underlying Televisa
Produced Clips shall not be considered Excluded Content);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(c)&nbsp;Short Form&nbsp;Commercial Advertising promoting any Grupo Televisa business;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(d)&nbsp;Televisa Training Content;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;clips obtained, licensed or acquired by Grupo Televisa pursuant to Clip Exchange
Arrangements with respect to the Territory, which clips shall only be Broadcast by Grupo Televisa
in the ordinary course in accordance with such Clip Exchange Arrangements; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(f)&nbsp;Televisa New Business Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>FCA Section&nbsp;507</U>&#148; means Section&nbsp;507 of the Federal Communications Act of 1934, as
amended and as applied and enforced pursuant to rulings issues by the FCC.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>FCC</U>&#148; means the Federal Communications Commission.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>First Division</U>&#148; means the Primera Divisi&#243;n of the Mexican Soccer League.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Force Majeure Event</U>&#148; has the meaning set forth in <U>Section&nbsp;20.2</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Free Television</U>&#148; means a Linear Television Channel that is Broadcast &#147;over-the-air&#148;
(whether in digital or analog format, standard definition or high definition, or otherwise) and
which originates in or through government-licensed or authorized broadcast stations (either as part
of a television network, as an affiliated station, as an individual station or otherwise) without a
charge being made to the viewer for the privilege of viewing the Audiovisual Content contained in
such over-the-air Broadcast (other than any tax, levy or fee imposed by any governmental,
administrative or other public authority in the Territory). For the avoidance of doubt, &#147;Free
Television&#148; shall also include any simultaneous (taking into account customary delays)
re-transmission or simulcasts in the Territory of such &#147;over-the-air&#148; Broadcast (or additional
national feeds to accommodate time zones) by means of any other Licensed Media (including pursuant
to MVPD Arrangements and permitted Sublicensing Arrangements).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>GAAP</U>&#148; means generally accepted accounting principles in the United States of America
in effect from time to time consistently applied.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Galavision Network</U>&#148; means the Galavision Spanish language television network of
affiliated cable television systems and other affiliated Broadcast outlets Broadcasting the
Galavision Network in the Territory.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Galavision Trademark License Agreement</U>&#148; has the meaning set forth in <U>Section
20.1(d)</U>.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>General Requirements</U>&#148; has the meaning set forth in <U>Section&nbsp;4.1(b)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Grupo Televisa</U>&#148; has the meaning set forth in the Recitals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>GT</U>&#148; has the meaning set forth in the Recitals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Guaranteed Additional Advertising Amount</U>&#148; has the meaning set forth in <U>Section
11.2</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Guaranteed Advertising Amount</U>&#148; has the meaning set forth in <U>Section&nbsp;11.2</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Guaranteed Base Advertising Amount</U>&#148; has the meaning set forth in <U>Section
11.2</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Hard Good Home Videogram</U>&#148; means a physical videocassette, cartridge, videodisc
(including any laser disk), tape, CD (in any format), Blu-ray, DVD (in any format), or other
similar physical format or storage device now known or hereafter devised (a)&nbsp;that is designed to be
used in conjunction with a reproduction apparatus which causes an audiovisual program to be visible
on the screen of a viewing device (it being understood that the Hard Good Home Videogram cannot
itself be the reproduction apparatus or the viewing device); (b)&nbsp;on which a single item of
Audiovisual Content or a reasonable (determined based on then prevailing industry standards)
collection of Audiovisual Content has been pre-loaded by the applicable manufacturer or
distributor; (c)&nbsp;that is encrypted or otherwise secured for copy protection to prevent duplication
and/or retransmission by consumers in a manner consistent with then prevailing industry standards;
and (d)&nbsp;that is delivered to the consumer by physical means (as opposed to a non-physical form of
delivery (e.g., a download or stream)). For the avoidance of doubt, Broadcast by means of a &#147;Hard
Good Home Videogram&#148; shall not include video-on-demand, DTO, DTR or any form of digital
distribution or other similar form of Broadcast now known or hereafter devised.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Home Games</U>&#148; means, with respect to a Mexican Soccer League team, (a)&nbsp;games in which
such team plays as the &#147;home&#148; team; and (b)&nbsp;any other games in which such team plays (such as
neutral site games) for which Grupo Televisa owns or controls any rights to Broadcast in any
Licensed Media in the Territory during the Term.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Indebtedness</U>&#148; has the meaning set forth in the Investment Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Indemnification Notice</U>&#148; has the meaning set forth in <U>Section&nbsp;13.3</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Indemnitee</U>&#148; has the meaning set forth in <U>Section&nbsp;13.3</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Indemnitor</U>&#148; has the meaning set forth in <U>Section&nbsp;13.3</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Independent Appraiser Process</U>&#148; has the meaning set forth in <U>Section&nbsp;16.3(d)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Information Tail Date</U>&#148; means the date that is the earlier of the termination of this
Agreement or the third (3rd) anniversary of a Televisa Sell-Down.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Informational Meetings</U>&#148; has the meaning set forth in <U>Section&nbsp;2.8(a)</U>.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Initial Appraisers</U>&#148; has the meaning set forth in <U>Section&nbsp;16.3(d)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>International Program Rights Agreement</U>&#148; means that certain Amended and Restated
International Program Rights Agreement dated December&nbsp;19, 2001, among Licensee, GT and Venevision
International Inc.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Internet</U>&#148; means the internet or similar systems, now existing or hereafter developed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Investment Agreement</U>&#148; has the meaning set forth in the Recitals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>IPRA Amendment</U>&#148; has the meaning set forth in the Recitals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>JSA Income</U>&#148; means income received by any of Licensee and its controlled Affiliates
under joint marketing and sales agreements for stations owned, but not operated, by Licensee or any
of its subsidiaries, and affiliated with one of the Networks.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Law</U>&#148; means any statute, law, ordinance, regulation, rule, code, injunction, judgment,
decree, order or any other judicially enforceable legal requirement (including common law) of any
United States (federal, state or local) or foreign government, or governmental, regulatory,
judicial or administrative authority, agency, commission or court (including the FCC and applicable
stock exchange(s)).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Library Availability Notice</U>&#148; has the meaning set forth in <U>Section&nbsp;7.2(b)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Library Programs</U>&#148; means Licensed Content produced or acquired by Grupo Televisa prior
to October&nbsp;4, 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Licensed Content</U>&#148; means, without duplication, all (a)&nbsp;Programs, (b)&nbsp;Movies, (c)
Televisa Publications Content, (d)&nbsp;Ancillary Content; (e)&nbsp;Televisa Produced Clips; (f)&nbsp;Licensee
Produced Clips; (g)&nbsp;Licensed Mexican Soccer Games, (h)&nbsp;Pantelion Movies, and (i)&nbsp;other Audiovisual
Content licensed hereunder.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Licensed Media</U>&#148; means any and all means and media for the Broadcast of Audiovisual
Content, whether now known or hereafter devised, excluding (a)&nbsp;Radio; (b)&nbsp;Theatrical Exhibition;
(c)&nbsp;Hard Good Home Videograms; and (d)&nbsp;Videogames. For the avoidance of doubt, the exclusions from
&#147;Licensed Media&#148; under clauses (a)-(d) of the immediately preceding sentence are intended to
provide that Licensee will not have the right hereunder (i)&nbsp;with respect to Radio, to transmit,
re-transmit, distribute, perform or otherwise disseminate the audio portion of any Licensed Content
on Radio (other than as audio promotions to the extent permitted hereunder); (ii)&nbsp;with respect to
Theatrical Exhibition, to Broadcast any Licensed Content by means of Theatrical Exhibition; (iii)
with respect to Hard Good Home Videgrams, to create, produce, distribute, sell or otherwise exploit
Hard Good Home Videograms embodying Licensed Content; and (iv)&nbsp;with respect to Videogames, to
develop, create, produce, distribute, sell or otherwise exploit Videogames based on Licensed
Content (e.g., to create Videogames based on the characters and plotlines contained in Licensed
Content).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Licensed Mexican Soccer Games</U>&#148; means all Mexican Soccer League games for which
Licensee has been licensed Soccer Rights.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Licensed Rights</U>&#148; has the meaning set forth in <U>Section&nbsp;1.1(a)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Licensed Soccer Rights</U>&#148; means, collectively, all Owned Team Soccer Rights and
Non-Owned Team Soccer Rights.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Licensee</U>&#148; has the meaning set forth in the Preamble.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Licensee Facility Location</U>&#148; has the meaning set forth in <U>Section
3.7(a)(i)(A)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Licensee Indemnitees</U>&#148; has the meaning set forth in <U>Section&nbsp;13.1</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Licensee Permitted Spillover Contour</U>&#148; has the meaning set forth in <U>Section
3.7(a)(i)(A)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Licensee Produced Clips</U>&#148; means clips, vignettes, video recaps, highlight reels or
other similar short-form Audiovisual Content produced by Licensee that are composed of excerpts
from Programs, Movies, Pantelion Movies and Licensed Mexican Soccer Games, in each case, licensed
by Licensor to Licensee hereunder.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Licensee Spillover</U>&#148; has the meaning set forth in <U>Section&nbsp;3.7(a)(i)(A)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Licensor</U>&#148; has the meaning set forth in the Preamble.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Licensor Facility Location</U>&#148; has the meaning set forth in <U>Section
3.7(a)(i)(B)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Licensor Indemnitees</U>&#148; has the meaning set forth in <U>Section&nbsp;13.2</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Licensor Permitted Spillover Contour</U>&#148; has the meaning set forth in <U>Section
3.7(a)(i)(B)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Lionsgate</U>&#148; has the meaning set forth in <U>Section&nbsp;3.5(a)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Linear Television Channel</U>&#148; means a channel, network or programming service that
Broadcasts Audiovisual Content in a manner that is linear-streamed, programmed and transmitted to
viewers in a continuous and sequential manner, scheduled by the channel, network or programming
service (and not by the viewer) during a significant majority of each consecutive twenty-four hour
period.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Losses</U>&#148; has the meaning set forth in <U>Section&nbsp;13.1</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Mexican Soccer Fee</U>&#148; has the meaning set forth in <U>Section&nbsp;10.2(b)(ii)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Mexican Soccer League</U>&#148; means the group of Mexican professional soccer clubs (and
divisions of teams) governed by the Federaci&#243;n Mexicana de F&#250;tbol Associaci&#243;n, along with any of
its present or future Affiliates, subsidiaries, assigns and/or successors.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Mexican Soccer License Agreement</U>&#148; means a written license agreement between Grupo
Televisa and a third party, pursuant to which Grupo Televisa licenses rights from such third party
to Broadcast games of a team that is, at the time that such license agreement is entered into, a
Non-Owned Team, in one or more Licensed Media in the Territory at any time during the Term.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Mexico</U>&#148; means the United Mexican States, including all territories and possessions
thereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Mid-Range</U>&#148; has the meaning set forth in <U>Section&nbsp;16.3(d)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>MOU</U>&#148; has the meaning set forth in the Recitals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Movies</U>&#148; means feature length motion pictures originally produced in the Spanish
language or with Spanish subtitles that are intended for initial Broadcast to the public by means
of Theatrical Exhibition or Hard Good Home Videograms. Notwithstanding the foregoing, Movies do
not include Pantelion Movies.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Musical Concert</U>&#148; shall mean Audiovisual Content comprised exclusively of the musical
performances of one or more music performing artists (which for the avoidance of doubt shall not
include award shows or other variety shows or other live events that may contain musical
performances).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Mutual Release</U>&#148; has the meaning set forth in the Recitals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>MVPD</U>&#148; means a multichannel video programming distributor of Audiovisual Content, as
commonly understood in the media industry in the Territory (e.g., cable, SMATV, MDS, MMDS, OVS,
satellite or telecommunications distributor), or other entity that markets, offers and provides
video programming to its paying subscribers or paying customers (regardless of the technology
used).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>MVPD Arrangement</U>&#148; means a distribution, retransmission consent, or other carriage
agreement (and any amendments extensions and renewals thereof) between Licensee and/or its
controlled Affiliate(s) and any MVPD, in each case pursuant to which, among other things, such
distributor or other entity is authorized or required to retransmit, distribute, exhibit or
otherwise make available to its subscribers or customers, on a linear basis, a Linear Television
Channel provided by Licensee and/or its controlled Affiliate(s), on terms consistent with industry
practice. For the avoidance of doubt, a MVPD Arrangement may, consistent with industry practice,
also include arrangements with respect to non-linear Audiovisual Content offerings (e.g.,
on-demand) and interactive features (e.g., iTV) of the relevant MVPD, which arrangements may be
complementary or supplementary to the Linear Television Channel being provided by Licensee and/or
its controlled Affiliate(s) thereunder.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>National Representation Commissions</U>&#148; means fees charged by any of Licensee and its
controlled Affiliates to their Network Affiliates for acting as a national television advertising
sales representative.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Net DTO Margin</U>&#148; means the gross revenues actually collected by Licensee or its
controlled Affiliates from the DTO exploitation of Licensed Content in the Territory during the
Term, minus all actual, direct, out-of-pocket, third party costs and expenses, including
incremental costs of obtaining third party rights clearances for DTO exploitation (e.g.,
synchronization, artists, musicians, writers, publishers, producers, American Society of Composers,
Society of European Stage Authors, composers, and public performance rights, etc.) and collection
costs (credit card, paypal, prepaid). For the avoidance of doubt, Net DTO Margin
shall not include any revenue or costs derived from the DTO exploitation of any Audiovisual
Content that is not licensed by Licensor hereunder.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT
THE OMITTED PORTIONS OF THIS DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION </B></div>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Network Affiliates</U>&#148; means any third party television station, cable operator,
satellite operator or any other third party, in each case, that is party to a Network Affiliation
Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Network Affiliation Agreement</U>&#148; means a bona fide contractual agreement or arrangement
between Licensee and a third party with respect to the right to Broadcast by means of Free
Television all or six (6)&nbsp;hours or more per day of any Free Television channel.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Networks</U>&#148; means the Univision Network, the Galavision Network, the Telefutura
Network, and any Spanish language television network of affiliated television Broadcast stations,
cable systems and other affiliated Broadcast outlets Broadcasting over the Stations in Puerto Rico
described in clause (b)&nbsp;of the definition of &#147;Stations&#148; (in each case, for so long as it is owned
by Licensee or any of its subsidiaries).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Non-Owned Teams</U>&#148; means First Division teams other than the Owned Teams.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Non-Owned Team Soccer Rights</U>&#148; has the meaning set forth in <U>Section&nbsp;10.2(a)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Novela</U>&#148; means Audiovisual Content originally produced in the Spanish language or with
Spanish subtitles that is customarily understood by producers and distributors of Audiovisual
Content for Spanish-speaking audiences in the Territory to be a novela, consistent with the
examples of novelas set forth on <U>Schedule&nbsp;11</U> hereto.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">***.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">***.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Non First Division Period</U>&#148; has the meaning set forth in <U>Section&nbsp;10.1(e)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Owned Teams</U>&#148; means, initially, the following Mexican Soccer League teams: <I>Am&#233;rica</I>,
<I>San Luis </I>and <I>Necaxa</I>, and after the date hereof, shall exclude any team that is sold by Grupo
Televisa and shall include any team that becomes treated as an Owned Team pursuant to <U>Section
10.1(d)(ii)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Owned Team Soccer Rights</U>&#148; has the meaning set forth in <U>Section&nbsp;10.1(a)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Packaged Sales</U>&#148; means sales in a single transaction or a series of related
transactions that generate both (a)&nbsp;revenues, including advertising, (by whatever name,
categorization or characterization thereof) that are included in the Royalty Base; and (b)
revenues, including advertising, (by whatever name, categorization or characterization thereof)
that are excluded from the Royalty Base. By way of example only and not in limitation of the
generality of the preceding sentence, a series of related transactions would include (i)
negotiations which occur simultaneously or concurrently across multiple platforms based on the
revenue source&#146;s expressed spending commitment by platform during those negotiations; or (ii)&nbsp;a
revenue source, after making a network television-only upfront purchase specifically requesting to
reduce that commitment to network and direct the reduced amount to another platform either locally
or
nationally. By way of further example and not in limitation of the generality of the second
preceding sentence, an unrelated series of transactions would include discrete transactions
resulting from multiple negotiations which take place throughout the year across different
platforms as directed by the revenue source and/or its agent.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Packaged Sales Transaction Process</U>&#148; means the full sales and negotiations process and
final result of each transaction, including the original proposed pricing and final pricing, of
Packaged Sales.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Pantelion</U>&#148; has the meaning set forth in <U>Section&nbsp;3.5(a)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Pantelion LLC Agreement</U>&#148; has the meaning set forth in <U>Section&nbsp;3.5(a)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Pantelion Movies</U>&#148; means feature length motion pictures that are (a)&nbsp;originally
produced in the Spanish language or with Spanish subtitles; (b)&nbsp;acquired by Pantelion or produced
or co-produced by Pantelion; and (c)&nbsp;intended for initial Broadcast to the public by means of
Theatrical Exhibition or Hard Good Home Videograms. For the avoidance of doubt, any co-productions
with any member or any of its Affiliates must include one or more third party(ies) such that the
applicable co-production would constitute Co-Produced Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Pantelion Parties</U>&#148; has the meaning set forth in <U>Section&nbsp;3.5(b)(i)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Participation Agreement</U>&#148; has the meaning set forth in the Recitals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Stockholders Agreement</U>&#148; means that certain Amended and Restated Stockholders
Agreement, dated concurrently herewith, by and among BMPI, Broadcast Media Partners Holdings, Inc.,
Licensee, and the stockholders named therein.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Process Agent</U>&#148; has the meaning set forth in <U>Section&nbsp;15.6</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Programs</U>&#148; means all Audiovisual Content originally produced in the Spanish language
or with Spanish subtitles, whether live (i.e. contemporaneously Broadcast), filmed, taped or
otherwise recorded or available for Broadcast, to which Grupo Televisa owns or controls Broadcast
rights in the Licensed Media during the Term in the Territory (whether produced by or for Grupo
Televisa, co-produced by Grupo Televisa or acquired or licensed by Grupo Televisa), other than (a)
Excluded Content (it being understood that any Excluded Content that, at any time, ceases to
qualify under the definition thereof for any reason, and would otherwise satisfy the definition of
&#147;Programs&#148;, shall thereafter immediately and automatically constitute Programs); (b)&nbsp;Licensed
Mexican Soccer Games; (c)&nbsp;Movies; (d)&nbsp;Pantelion Movies; (e)&nbsp;Ancillary Content; or (f)&nbsp;any of
Acquired Completed Novelas, Acquired Completed Content, Acquired Other Content, Co-Produced Local
Novelas, Televisa Local Novelas or Co-Produced Content, in each case, with respect to the items
described in clause (f), only to the extent that Grupo Televisa does not own or control the right
to Broadcast such Audiovisual Content in the Territory after complying with the provisions of
<U>Section&nbsp;2</U>. For the avoidance of doubt, to the extent Grupo Televisa owns or controls
rights to Broadcast any of the Audiovisual Content described in clause (f)&nbsp;in any Licensed Media in
the Territory, whether now or in the future, such Audiovisual Content shall constitute Programs to
the extent it would otherwise satisfy the definition of &#147;Programs&#148; and such rights shall be
licensed by Licensor to Licensee hereunder to the full extent
of Grupo Televisa&#146;s rights.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Promotional Obligations</U>&#148; means bona fide promotional obligations that Grupo
Televisa&#146;s live event business has to one or more third parties (which may include venues or
artists), and that are required to be satisfied in connection with the exercise of live Internet
streaming Broadcast rights in the Territory to a live event (other than a live sporting event)
owned or controlled by Grupo Televisa&#146;s live event business.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Proposed New Business</U>&#148; means a proposed new business (other than Publications and
websites directly related thereto) in a line of business involving the Broadcast of Spanish
language Audiovisual Content in the Territory that would be new for Licensee (Grupo Televisa shall
not pursue any new business in a then existing line of business for Licensee), a significant aspect
of which in terms of the Proposed New Business&#146; proposed operations, results of operations or
prospects consists of Broadcast of Spanish language Audiovisual Content in the Territory (which,
for example and not in limitation, would include a proposed goods and services or informational
website(s) with complementary Audiovisual Content offerings that are a significant aspect of the
business, such as the example set forth on <U>Schedule&nbsp;12-1</U>, but would not include a proposed
business such as the example set forth on <U>Schedule&nbsp;12-2</U> that utilizes Audiovisual Content
primarily for advertising or promotional purposes only and/or for which Audiovisual Content does
not constitute a significant part of the business). For the avoidance of doubt, a &#147;Proposed New
Business&#148; would (i)&nbsp;include a proposed expansion of an existing non-Spanish language business into
a Spanish language business, provided that the other criteria of the definition of Proposed New
Business are satisfied; and (ii)&nbsp;not include any Videogame businesses or opportunities.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Proposed Transaction Notice</U>&#148; has the meaning set forth in <U>Section&nbsp;4.3(b)(i)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Publication</U>&#148; means a bona fide general circulation print and/or digital magazine,
journal or periodical that (a)&nbsp;is published on a regularly scheduled interval (subject to
&#147;refreshing&#148; of content from time to time); (b)&nbsp;contains a significant amount of text-based
stories, articles or other editorial content and/or photographic still images; (c)&nbsp;may contain
audio content, video content and/or Audiovisual Content that is related or complementary to the
textual stories, articles or other editorial content; and (d)&nbsp;is available to consumers either on a
paid subscription, access or per-issue basis, or on an advertiser supported basis.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Quality Standards</U>&#148; has the meaning set forth in <U>Schedule&nbsp;1</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Radio</U>&#148; means audio programming, unaccompanied by any moving images, transmitted,
re-transmitted, distributed, performed or otherwise disseminated to, or for, reception by any form
of listening or other reception device, including by way of satellite or the Internet in a digital
format.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Replacement Station</U>&#148; has the meaning set forth in <U>Section&nbsp;17.1(a)</U>.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Restricted Movies</U>&#148; means those Movies set forth on <U>Schedule&nbsp;13</U>;
<U>provided</U> that if at any time Grupo Televisa (i)&nbsp;solely owns or controls any Broadcast
rights in any Licensed Media to any Restricted Movie, such Movie shall cease to be a Restricted
Movie hereunder and shall become Licensed Content to the full extent of such rights owned or
controlled by Grupo
Televisa, or (ii)&nbsp;jointly owns or controls such rights with any third party, Licensor shall
put Licensee in contact with such third party and use commercially reasonable efforts to facilitate
a negotiation between Licensee and such third party so that Licensee may attempt to acquire or
license such rights (it being understood that Licensee shall not have to make any payment in
respect of the portion of such rights owned or controlled by Grupo Televisa); <U>provided</U>,
<U>further</U>, that Grupo Televisa shall have no obligation to obtain or seek to obtain such
rights.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Right of First Negotiation</U>&#148; means that, with respect to the applicable arrangement,
the parties shall negotiate in good faith and on a commercially reasonable basis for a period of
thirty (30)&nbsp;days; <U>provided</U>, that if no agreement has been reached during such period, the
party bearing the obligation to provide the Right of First Negotiation shall have no further
obligation to negotiate with the other party and shall be free to negotiate with third parties with
respect to the applicable arrangement. The initial thirty (30)&nbsp;day negotiation period shall
commence on a date reasonably designated in writing by the party bearing the obligation to provide
the Right of First Negotiation after good faith consultation with the other party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Right of First Negotiation / First Refusal</U>&#148; means that, with respect to the
applicable arrangement, the parties shall negotiate in good faith and on a commercially reasonable
basis for a period of thirty (30)&nbsp;days; <U>provided</U>, that if no agreement has been reached
during such period, the party bearing the obligation to provide the Right of First Negotiation /
First Refusal shall have no further obligation to negotiate with the other party and shall be free
to negotiate with third parties with respect to the applicable arrangement; <U>provided</U>,
<U>further</U>, that the party bearing the obligation to provide the Right of First Negotiation /
First Refusal shall not conclude any arrangement with any third party on the same terms or terms
that, taken together, are less favorable to it (all things considered) than those terms that have
been offered to the other party, without providing the other party five (5)&nbsp;Business Days to either
accept or reject the applicable arrangement on such new terms. The initial thirty (30)&nbsp;day
negotiation period shall commence on a date reasonably designated in writing by the party bearing
the obligation to provide the Right of First Negotiation / First Refusal after good faith
consultation with the other party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Rights Restrictions</U>&#148; means, with respect to any rights, any bona fide third party
reservation, holdback, limitation, or condition (a)&nbsp;binding under applicable Law or contractually
or unilaterally imposed by a third party (including any owner, holder, creator or performer of such
rights) upon Licensor as a licensee, purchaser or authorized user of intellectual property rights
from a third party; and (b)&nbsp;relating to the manner in which such rights may be exploited. As
illustrative examples, Rights Restrictions may include a restriction on the media, territory,
times, frequency, platforms, or languages in which such intellectual property rights or premises
may be exploited.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Royalty</U>&#148; has the meaning set forth in <U>Section&nbsp;9.1(a)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Royalty Base</U>&#148; has the meaning set forth in <U>Section&nbsp;9.1(d)(i)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Royalty Base Platforms</U>&#148; has the meaning set forth in <U>Section&nbsp;9.1(d)(i)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Sales Agency Agreement</U>&#148; has the meaning set forth in the Recitals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Script</U>&#148; means a script, format, production bible or other written similar
intellectual
property which may be used as a primary source for production of any Audiovisual Content.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>SEC</U>&#148; means the Securities and Exchange Commission.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Short Form&nbsp;Commercial Advertising</U>&#148; means advertising spots and commercials, banner
advertising, pop up advertising and any similar forms of display advertising, audio advertising,
text advertising or additional video advertising or audiovisual advertising or a combination of any
of the above, in each case, limited to a maximum duration of two (2)&nbsp;minutes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Soccer Rights</U>&#148; has the meaning set forth in <U>Section&nbsp;10.1(b)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Spanish Language Platform</U>&#148; means an audiovisual platform (e.g., a Linear Television
Channel or network, linear programming service, non-linear programming service, website, mobile
platform, video-on-demand service or other similar platform whether now known or hereafter devised)
on which (a)&nbsp;any Audiovisual Content is then being Broadcast or, if such platform is owned by
Licensee, has previously been Broadcast during the time that Licensee owned such platform, or if
such platform is not owned by Licensee, has previously been Broadcast at any time; and (b)&nbsp;more
than a majority of the content thereon is comprised of Spanish language text (excluding closed
captioning, translation and other similar functionality), Spanish language audio (excluding any
secondary audio program (SAP)&nbsp;or other similar functionality), and/or Spanish language Audiovisual
Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Spanish-Speaking Country</U>&#148; means Mexico and any other country that has, or is then
generally recognized to have, Spanish as one of its official languages or primary languages. For
purposes of this Agreement, the United States shall not be deemed to be a Spanish-Speaking Country.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Special Library Programs</U>&#148; has the meaning set forth in <U>Section&nbsp;8.1(b)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Specified Channels</U>&#148; means (a)&nbsp;the Univision Network, the Galavision Network and the
Telefutura Network; (b)&nbsp;the TuTv Networks; and (c)&nbsp;any additional existing or new Spanish language
Linear Television Channels owned or operated by Licensee (including any Grupo Televisa Spanish
language Linear Television Channels licensed to Licensee hereunder) that are distributed,
transmitted and retransmitted in a manner consistent with the then current distribution or
transmission of the Networks and/or the TuTv Networks.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Specified Stations</U>&#148; means Stations which Broadcast primarily in the Spanish language
in any of the top fifteen (15)&nbsp;Hispanic markets in the United States, as measured by the annual
Nielson Universal Estimates (or such other ratings estimate from a then leading ratings agency as
is then an acceptable industry standard as agreed by the parties) for ages 18&#043; or any successor
standard (or any Replacement Station thereof).
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Stand Alone Business</U>&#148; means an existing stand alone business (other than Publications
and websites directly related thereto), a significant aspect of which in terms of prospects and
either (a)&nbsp;operations; or (b)&nbsp;results of operations, consists of Broadcast of Spanish language
Audiovisual Content in the Territory (which, for example, would include goods and services websites
with complementary Audiovisual Content offerings that are a significant aspect of the business,
such as the example set forth on <U>Schedule&nbsp;12-1</U>, but would not include companies such
as the example set forth on <U>Schedule&nbsp;12-2</U> that utilize Audiovisual Content primarily
for advertising or promotional purposes only and/or for which Audiovisual Content does not
constitute a significant part of the business). Notwithstanding the foregoing, in the case of a
Stand Alone Business that is a Start-Up Business, the standard for determining whether a
significant aspect of such business consists of Broadcast of Spanish language Audiovisual Content
in the Territory shall be based on either the prospects or the proposed operations or proposed
results of operations of such business. For the avoidance of doubt, a &#147;Stand Alone Business&#148; would
not include any Videogame businesses or opportunities.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Start-Up Business</U>&#148; means a business that has been in operation for less than three
(3)&nbsp;years.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Stations</U>&#148; means, without duplication, (a)&nbsp;those Free Television Broadcast stations,
cable television systems and other television Broadcast outlets affiliated with the Networks that
are now or hereafter (i)&nbsp;directly or indirectly majority owned by Licensee or a direct or indirect
subsidiary of Licensee or with respect to which Licensee or a direct or indirect subsidiary of
Licensee has the right to designate a majority of the board or similar governing body; and (ii)
operated by Licensee, in each case with respect to clauses (i)&nbsp;and (ii), which Broadcast primarily
in the Spanish language format; and (b)&nbsp;WLII and WSUR in Puerto Rico.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Sublicensing Arrangement</U>&#148; means any sublicense or contractual arrangement to
sublicense or otherwise exploit by Licensee or a controlled Affiliate of Licensee to any person
that is not a controlled Affiliate of Licensee any of the Licensed Rights in and to Licensed
Content, but excluding (a)&nbsp;Network Affiliation Agreements; (b)&nbsp;MVPD Arrangements; (c)&nbsp;UIN
Arrangements (including any arrangements for UIN Branded Experiences); and (d)&nbsp;Clip Exchange
Arrangements (i.e., none of the arrangements referenced in (a)-(d) shall be considered Sublicensing
Arrangements).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Technical Specifications</U>&#148; means the technical specifications for a Technological
Enhancement that are provided by Licensee.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Technological Enhancement</U>&#148; means, with respect to an item of Licensed Content, any
conversion, enhancement optimization, reformatting, coding, provisioning or other similar process
used to create such Licensed Content in, or convert or adapt such Licensed Content into, any format
that can be used for the Broadcast of Audiovisual Content. Notwithstanding the foregoing, the term
&#147;Technological Enhancement&#148; shall not include conversion from analog to digital formats.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Technology Services Budget</U>&#148; means the budget for any applicable conversion or
Technological Enhancement of an item of Licensed Content, which budget shall be (a)&nbsp;no greater than
the sum of the actual, out-of-pocket costs paid by Grupo Televisa in order to complete such
digitization or Technological Enhancement, plus a reasonable internal overhead cost allocation
(consistent with Grupo Televisa&#146;s standard practices for pricing such services for use among its
internal departments and divisions); and (b)&nbsp;delivered by Licensor promptly following Licensee&#146;s
delivery of a Technology Services Request. The amounts charged to Licensee shall be no greater
than the market price (i.e., on an arms length basis) for the services in question.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Technology Services Request</U>&#148; means a written notice requesting that a given item of
Licensed Content be converted into, or created in, a particular format by means of a digital
conversion or Technological Enhancement process, which notice shall include (a)&nbsp;any applicable
Technological Specifications; and (b)&nbsp;the desired schedule for the completion of such conversion or
Technological Enhancement, in each case, in detail reasonably specific and sufficient to permit
Licensor to evaluate Licensee&#146;s request.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Telefutura Network</U>&#148; means the Telefutura Spanish language television network of
affiliated television Broadcast stations, cable systems and other affiliated Broadcast outlets
Broadcasting the Telefutura Network in the Territory.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Telemundo</U>&#148; has the meaning set forth in <U>Section&nbsp;3.4</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Advertising</U>&#148; has the meaning set forth in <U>Section&nbsp;11.2</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Carve Out Business Content</U>&#148; has the meaning set forth in <U>Section
16.3(b)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Channel</U>&#148; means any Linear Television Channel owned or controlled by Grupo
Televisa and Broadcast by Grupo Televisa in any Licensed Media, in each case, whether existing on
the date hereof or created hereafter.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Channel Marks</U>&#148; has the meaning set forth in <U>Schedule&nbsp;1</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Closing</U>&#148; has the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Editing and Dubbing Appointee</U>&#148; means a Licensor employee who is capable of
making editorial and dubbing decisions with respect to Televisa Audiovisual Content based on the
knowledge he or she has of Grupo Televisa&#146;s production and editing processes, and guidelines to
maintaining the integrity of the Licensed Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Local Novela</U>&#148; means a Novela (other than an Acquired Completed Novela) to be
Broadcast initially in a Spanish-speaking country (outside the Territory and Mexico), originally
produced by a third party (other than directly or indirectly by any Television Broadcaster in the
Territory) for Broadcast in the Spanish language or with Spanish subtitles in such Spanish-speaking
country outside of Mexico and the Territory based on a Script owned or controlled by Grupo
Televisa.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa New Business Content</U>&#148; means Televisa Proposed New Business Content, Televisa
Stand Alone Business Content and Televisa Carve Out Business Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Proposed New Business Content</U>&#148; has the meaning set forth in <U>Section
16.1(b)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Produced Clips</U>&#148; means clips, vignettes, video recaps, highlight reels or
other similar short-form Audiovisual Content produced by Grupo Televisa that are composed of
excerpts from Programs, Movies and Licensed Mexican Soccer Games licensed by Licensor to Licensee
hereunder, and that are (a)&nbsp;in the case of Novelas, excerpts from any episode of a Novela no
greater than thirty (30)&nbsp;seconds in the aggregate in duration from any one episode; (b)&nbsp;in the case
of sports events, excerpts from any such event limited to highlights of such event of
not more than two (2)&nbsp;minutes per highlight clip and ten (10)&nbsp;minutes in the aggregate from
such event; and (c)&nbsp;in the case of Programs (other than Novelas and sports events) and Movies,
excerpts from any episode or item (as applicable) of such content, in each case, no greater than
sixty (60)&nbsp;seconds in the aggregate in duration from any one episode or item (as applicable) of
such content.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Publication</U>&#148; means a Publication owned, controlled or licensed by Grupo
Televisa, including bona fide publications Grupo Televisa may own, control or license in the future
(and extensions and complements of such Publications).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Publications Content</U>&#148; means any Audiovisual Content originally produced in
the Spanish language or with Spanish subtitles, not including Novelas, live sports, or regularly
scheduled national news television Broadcasts (or any excerpt, portion or clip of any Novela, live
sports or regularly scheduled national news television Broadcast), that satisfies each of the
following criteria:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(a)&nbsp;has an aggregate duration of up to twelve (12)&nbsp;minutes (including commercials);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(b)&nbsp;is related or complementary to a Televisa Publication;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;has not been Broadcast by Grupo Televisa (or any other party with the permission,
authorization or consent of Grupo Televisa) on any Linear Television Channel in a Spanish-Speaking
Country;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;either (i)&nbsp;is sports-related Audiovisual Content (e.g. interviews, profiles, press
conferences) that is not live and is not a clip or highlight of a sports event; or (ii)&nbsp;is not
similar to traditional long form television programs such as sitcoms (e.g., &#147;Everybody Loves
Raymond&#148; or &#147;Familia Peluche&#148;), dramas or series (e.g., &#147;24&#148;, &#147;Law and Order&#148; or &#147;Hermanos y
Detectives&#148;), long-form television documentaries (e.g., &#147;Planet Earth&#148; or &#147;El Alma de Mexico&#148;),
reality shows (e.g., &#147;Big Brother&#148;, &#147;Real Housewives&#148; or &#147;Dia de Perros&#148;), talent competition shows
(e.g., &#147;American Idol&#148; or &#147;Bailando Por Un Sueno&#148;) or long form, linear, sequential television
music programming comprised of a combination of music video, concert and/or long-form music
programming (e.g., MTV or Palladia) and is more akin to sale of goods or services, social media
user generated content, or how-to, informational, interview or demonstrative content, in each case,
relating to travel, gaming, cooking, dating, nature, wilderness, fashion, beauty, health and/or
fitness, diet, history, biography, vehicles, astrology, science, research, social sciences,
economics, politics, interior design, architecture, education, teens&#146; and childrens&#146; interest,
lifestyle, technology or gadgets, business, celebrity gossip, parenting and music; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;without limiting anything contained in clauses (a)-(d) above, if the Audiovisual Content
relates to or is based on a comic book or similar publication, such Audiovisual Content shall not
have a narrative storyline or plot.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">It is understood and agreed that if, at any time, Audiovisual Content that otherwise satisfies
the definition of &#147;Televisa Publications Content&#148; is Broadcast by Grupo Televisa (or any other
party with the permission, authorization or consent of Grupo Televisa) on any Linear Television
Channel in a Spanish-Speaking Country, then such Audiovisual Content shall
thereafter immediately and automatically (A)&nbsp;constitute Licensed Content (to the extent it
otherwise meets the definition of &#147;Licensed Content&#148;) and (B)&nbsp;cease to be Televisa Publications
Content.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Sell-Down</U>&#148; has the meaning set forth in the Stockholders Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Spillover</U>&#148; has the meaning set forth in <U>Section&nbsp;3.7(a)(i)(B)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Spoiler Content</U>&#148; means, with respect to a Program, any program or other
content, whether audio, visual, audiovisual, print publication or otherwise, that contains
information regarding (a)&nbsp;the last five (5)&nbsp;chapters of such Program (if such Program has
chapters), or (b)&nbsp;a pivotal scene (that reveals the final resolution of any major plot or conflict,
such as the death of a major character), in each case, to the extent that (x)&nbsp;the relevant portions
of such Program have not been Broadcast or otherwise made available by Licensee or its Affiliates
or permitted sublicensees in the Territory; and (y)&nbsp;the applicable information has not previously
been Broadcast or otherwise made available in the Territory by Licensee or any third party
authorized by Licensee (provided, that the foregoing shall not be deemed to be a grant to Licensee
of any right or authority to make or permit a third party to make such information available).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Stand Alone Business Content</U>&#148; has the meaning set forth in <U>Section
16.2(b)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Training Content</U>&#148; means Grupo Televisa company training, personnel or
similar Audiovisual Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Television Broadcaster</U>&#148; means any person that engages in the Broadcast of Audiovisual
Content by means of Free Television channels (or a Linear Television Channel that has previously
been a Free Television channel) as one of its primary business platforms.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Term</U>&#148; has the meaning set forth in <U>Section&nbsp;14</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Territory</U>&#148; has the meaning set forth in the Recitals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Theatrical Exhibition</U>&#148; means, with respect to any feature length motion picture, the
commercial Broadcast of such motion picture by means of exhibition in theaters open to the general
public on a regularly scheduled basis where a fee is charged for admission to view such motion
picture.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Third Amended and Restated Program License Agreement</U>&#148; has the meaning set forth in
the Preamble.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Third Appraiser</U>&#148; has the meaning set forth in <U>Section&nbsp;16.3(d)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Tie-Ins</U>&#148; has the meaning set forth in <U>Section&nbsp;11.10</U>.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->A-18<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>TuTv Networks</U>&#148; means the following Spanish language Linear Television Channels being
Broadcast (or for which the Broadcast rights have been previously granted by Grupo Televisa to TuTv
LLC), in the Territory immediately prior to the date hereof, pursuant to the
Channel License Agreement, dated as of April&nbsp;28, 2003, by and between Visat, S.A. de C.V. (of
which Licensor is the successor in interest) and Spanish Subscription Television LLC (n.k.a. TuTv
LLC), as amended: (a)&nbsp;De Pel&#237;cula, (b)&nbsp;De Pel&#237;cula Cl&#225;sico, (c)&nbsp;Telehit, (d)&nbsp;Ritmoson Latino, (e)
Bandamax, and (f)&nbsp;Cl&#225;sico TV.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>UIN Arrangements</U>&#148; means digital distribution arrangements for the Broadcast of
Licensed Content on the Univision Interactive Network.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>UIN Branded Experience</U>&#148; means a Licensee branded &#147;consumer experience&#148; third party
site, platform, RSS feed or application (e.g., branded widget, applet, etc.) delivered by means of
digital distribution that (a)&nbsp;prominently features one or more Licensee logos or trademarks; (b)
satisfies all General Requirements (including Licensee&#146;s retention of all Core Controls); (c)&nbsp;is
operated solely or controlled solely by Licensee (or under Licensee&#146;s express and sole direction);
(d)&nbsp;has a layout and &#147;look and feel&#148; controlled solely by Licensee (subject to any general
restrictions or required templates provided by the third party); (e)&nbsp;is commercialized solely by
Licensee or by Licensee and the third party; (f)&nbsp;is either a Spanish Language Platform or a
component of a non-Spanish Language Platform (that would be a Spanish Language Platform if
separated therefrom), and (g)&nbsp;does not involve any express assignment or express license of
Broadcast rights by Licensee to the third party (it being understood that Licensee shall use good
faith efforts not to structure arrangements so as to frustrate the purposes of this clause (g)).
For the avoidance of doubt, &#147;UIN Branded Experiences&#148; shall not include (i)&nbsp;third party sites,
platforms or applications that feature Licensee logos or trademarks but do not have the operational
and creative controls described in this definition and (ii)&nbsp;MVPD Arrangements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Umpire</U>&#148; has the meaning in <U>Section&nbsp;15.1(b)(i)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Umpire&#146;s Certificate</U>&#148; has the meaning set forth in <U>Section&nbsp;15.1(b)(i)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Univision Interactive Network</U>&#148; shall mean (a)&nbsp;Univision.com and other Licensee owned
or controlled sites and platforms; and (b)&nbsp;UIN Branded Experiences.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Univision Network</U>&#148; means the Univision Spanish language television network of
affiliated television Broadcast stations, cable systems and other affiliated Broadcast outlets
Broadcasting the Univision Network in the Territory.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Venevision</U>&#148; has the meaning set forth in the Recitals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Venevision Agreements</U>&#148; has the meaning set forth in the Recitals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Venevision PLA</U>&#148; has the meaning set forth in the Recitals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Videocine</U>&#148; has the meaning set forth in <U>Section&nbsp;3.5(a)</U>.
</DIV>

<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->A-19<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
 <DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Videogames</U>&#148; means games which include computer generated images and/or sound,
electronic games and any other interactive games (including massive multi-player virtual universe
online games or other multi-player or online games, whether subscription based or otherwise)
created for any existing or future platforms, where the user(s) or viewer(s) is (are)&nbsp;given
interactive control over the images displayed on-screen or any other types of games that
may now exist or hereafter be devised which include computer generated images and/or sound.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>World Cup</U>&#148; means the final round of competition (as distinct from the preliminary
competition) of the FIFA World Cup soccer tournaments of male players, which as of the date hereof
occurs every four years (e.g., Germany FIFA World Cup 2006, South Africa FIFA World Cup 2010,
Brazil FIFA World Cup 2014) or any successor tournament with the same competition characteristics
that may replace FIFA World Cup soccer tournaments in the future.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->A-20<!-- /Folio -->
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>SCHEDULE 1</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>TELEVISA CHANNEL TRADEMARK LICENSE</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;Grupo Televisa is the owner in the Territory, directly or indirectly, or authorized user
of numerous trademarks used, and/or associated, with the Televisa Channels and other packaged
programming offerings including, without limitation, <I>Televisa, Televisa Design, Televisa Composite,
Galavision, Ritmoson Latino, Bandamax, De Pelicula &#038; Design, Telehit, Telehit &#038; Design</I>
(collectively, and together with all other registered and common Law trademarks owned by Licensor
or its Affiliates in the Territory and used in connection with the Televisa Channels and other
packaged programming offerings, and any stylized version thereof, together with all rights and
goodwill in the foregoing now owned, licensed or that may be acquired by Grupo Televisa, the
&#147;<U>Televisa Channel Marks</U>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;Pursuant to the terms and conditions and subject to the exceptions and exclusions of this
Agreement, Licensor grants to Licensee, and Licensee accepts, a nonexclusive, royalty free license
to use the Televisa Channel Marks throughout the Territory during the Term solely in connection
with Licensee&#146;s exercise of the Licensed Rights (and all other rights and entitlements hereunder
attendant and appurtenant thereto).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;Licensee acknowledges that Grupo Televisa is the sole and exclusive owner of all rights in
and to the Televisa Channel Marks, and that Grupo Televisa shall be responsible for prosecuting and
maintaining any trademark applications and/or registrations for the Televisa Channel Marks, and
Licensee shall not contest, challenge, or attack Grupo Televisa&#146;s rights in and to the Televisa
Channel Marks. Licensee shall not use and/or apply to register any mark that is identical or
confusingly similar to the Televisa Channel Marks, or obtain an Internet domain name comprised of
or containing the Televisa Channel Marks or any confusingly similar variation of the Televisa
Channel Marks. All use of the Televisa Channel Marks by Licensee shall inure to the benefit of
Grupo Televisa. Licensee, by this Amended and Restated 2011 Program License Agreement, this
Schedule&nbsp;1 thereto or by use of the Televisa Channel Marks, shall acquire no right, title, or
interest in or to the Televisa Channel Marks or the goodwill associated with the Televisa Channel
Marks.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;Licensee agrees to use the Televisa Channel Marks only as expressly permitted herein, only
in a manner and form reasonably satisfactory to Licensor, and Licensee further agrees not to use
the Televisa Channel Marks in any way that would intentionally damage the goodwill, reputation or
name of Licensor or its Affiliates, or confuse or mislead the public with regard to the separate
and distinct identities of Licensee and Licensor.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;Licensee acknowledges that it is familiar with the high quality of the services rendered
by Grupo Televisa in connection with the Televisa Channel Marks, and agrees that the use of the
Televisa Channel Marks by Licensee in connection with this Agreement will conform to such high
quality standards (the &#147;<U>Quality Standards</U>&#148;). To ensure that the Televisa Channel Marks are
used, and adhere at all times to, the Quality Standards, Licensee agrees to cooperate with Licensor
to facilitate Licensor&#146;s control of the nature and quality of Licensee&#146;s use of the Televisa
Channel Marks, and, in connection therewith, shall provide Licensor with
specimens showing its use of the Televisa Channel Marks, in the form of audio/video tapes,
advertising and promotional or other material, as reasonably requested by Licensor from time to
time (which shall be no more frequent than quarterly).
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->S-1<!-- /Folio -->
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(f)&nbsp;If Licensor disapproves of any such specimens submitted by Licensee, Licensor shall give
notice thereof in writing to Licensee within seven (7)&nbsp;business days after receipt thereof, and
Licensee agrees to revise such materials to Licensor&#146;s specifications. The parties agree that, if
Licensee receives no notice of Licensor&#146;s disapproval within ten (10)&nbsp;business days after
Licensor&#146;s receipt of any such specimens, approval shall be considered to have been granted.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(g)&nbsp;Licensee agrees to notify Licensor as soon as reasonably practicable in the event it
determines that any one of the Televisa Channel Marks is being infringed or adversely affected by
unlicensed third parties in the Territory. In the event that either party determines that any one
of the Televisa Channel Marks is being infringed or adversely affected by unlicensed third parties,
Licensee agrees that Licensor shall have the sole and exclusive right to abate such infringement or
adverse use and to retain any and all damages received therefrom. At Licensor&#146;s request, Licensee
shall provide reasonable assistance to Licensor in the event of any such infringement or adverse
use of the Televisa Channel Marks. Licensee shall have no claim against Licensor for damages if
Licensor determines, in its sole discretion, that it is not in the best interest of Licensor to
initiate legal proceedings or otherwise take action to abate such infringement or adverse use by
third parties.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(h)&nbsp;Upon termination or expiration of this Amended and Restated 2011 Program License
Agreement, (i)&nbsp;all rights granted to Licensee hereunder shall terminate and automatically revert to
Licensor, and (ii)&nbsp;Licensee agrees to immediately (1)&nbsp;discontinue all use of the Televisa Channel
Marks and any mark confusingly similar thereto, including but not limited to use of the Televisa
Channel Marks as part of a domain name, and (2)&nbsp;destroy all advertising, packaging, promotional and
other written material bearing the Televisa Channel Marks.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(i)&nbsp;Licensor hereby represents and warrants that it owns or has a license to use all rights in
and to the Televisa Channel Marks and to grant all rights herein granted to Licensee with respect
to such Televisa Channel Marks.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->S-2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>SCHEDULE 2</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOVELAS PRIOR TO OCTOBER 4, 2010</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">LOS EXITOSOS P&#201;REZ<BR>
PATITO FEO (VERSION ARGENTINA)<BR>
GATA SALVAJE<BR>
&#193;NGEL REBELDE<BR>
ZORRO, LA ESPADA Y LA ROSA

</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->S-3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>SCHEDULE 3</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SPECIAL PANTELION MOVIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">AAA, La Pel&#237;cula<BR>
Ca&#241;itas, Presencia<BR>
Coraz&#243;n de Mel&#243;n<BR>
D&#233;ficit<BR>
Desnudos<BR>
D&#237;as de Gracia<BR>
Don de Dios<BR>
Hasta el Viento tiene Miedo<BR>
Labios Rojos<BR>
La Leyenda de la Llorona<BR>
Manos Libres<BR>
Parejas<BR>
Rock Mari<BR>
Zapata<BR>
Te Presento a Laura<BR>
El Tesoro de Doroteo<BR>
La &#218;ltima Muerte.

</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->S-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; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>SCHEDULE 4</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>APPROVED THIRD PARTY ARRANGEMENTS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Licensing Agreement &#151; WAP, dated as of April&nbsp;30, 2008, by and between Univision Online, Inc. and
MetroPCS Wireless, Inc.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">V Cast Agreement, dated as of March&nbsp;1, 2010, by and between Verizon Corporate Service Group Inc.,
for the benefit of itself and its affiliates, including Cellco Partnership d/b/a Verizon Wireless,
and Univision Interactive Media, Inc.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Arrangement with Cricket Wireless, on the terms previously described to Licensor by Licensee.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->S-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; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>SCHEDULE 5</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UIN BRANDED EXPERIENCE NOTICE</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Identity of the counterparty</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Describe the platform and/or site where the Licensed Content will be
distributed</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>What is the term of the UIN Arrangement?</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Describe all of the significant economic terms of the UIN Arrangement</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Describe any other significant Audiovisual Content-related
relationships between Licensee and the proposed third party and
related parties</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>If the third party has geographical limitations with the Territory,
specify the territory for distribution of the Licensed Content under
the UIN Arrangement</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>7</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Indicate whether geo-filtering technology will be used under the terms
of the proposed UIN Arrangement</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>8</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Describe the provisions regarding advertising, promotion and/or
sponsorship included in the UIN Arrangement (including those directly
related to Licensed Content)</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>9</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>In the case of DTO and/or DTR, specify at what cost per unit, Licensed
Content will be offered in the platform and/or site</B></DIV></TD>
</TR>

</TABLE>
</DIV><P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->S-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; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>SCHEDULE 6</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>ROYALTY BASE EXAMPLE</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="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Royalty base</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>TOTAL CONSOLIDATED NET REVENUE (as per 10K)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,972.46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>OTHER AUDIOVISUAL SEGMENT NET REVENUE (Any revenues from platforms not included
above, such as TuTv revenues)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-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"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PLATFORMS TOTAL REVENUES BEFORE ADJUSTMENTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,988.24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Adjustments:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>( &#151; ) RADIO NET REVENUE (as per 10k)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(338.70</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">( &#151; ) NON-SPANISH REVENUES ADJUSTMENTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:90px; text-indent:-15px">Non-Spanish Television Segment Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:90px; text-indent:-15px">KUVI</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1.32</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">( &#151; ) OTHER ADJUSTMENTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:105px; text-indent:-15px">Televisa Unsold Advertising Time (up to the amount booked as revenue)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(60.80</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:105px; text-indent:-15px">Retransmission related ad revenue from non-Licensed Media</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:105px; text-indent:-15px">Retransmission related ad revenue credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5.00</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:105px; text-indent:-15px">( &#043; ) Adjustments needed to reflect barter at 100%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:105px; text-indent:-15px">Revenues included in prior period Royalty Base</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">( &#151; ) OTHER INCOME DERIVED FROM NON- AUDIOVISUAL BUSINESSES IN THE TERRITORY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">DVD/Consumer products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1.01</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Rental and Production income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2.88</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Ticket sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.79</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">On-site Revenue (does not appear on the air)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1.34</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">International Distribution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.55</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.00</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">TOTAL</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6.57</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">( &#151; ) OTHER EXCLUDED UIM INCOME (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Services Provided to Unaffiliated Third Parties (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2.76</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Online eCommerce</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.21</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Mobile eCommerce</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.48</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Audio Streaming (not related to Audiovisual Content)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.23</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">International UIM revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.20</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Revenue Share to Third Parties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.23</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">TOTAL</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4.11</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ROYALTY BASE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,593.94</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-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>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">1.</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">UIM means Univision Interactive Media</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">2.</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">i.e. Website construction and maintenance and other technical services</DIV></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->S-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; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>SCHEDULE 7</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>FORM OF ACCOUNTING FIRM CERTIFICATE</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Independent Auditor&#146;s Report
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Board of Directors<BR>
Univision Communications Inc.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We have audited the accompanying schedule of the Televisa Royalty Calculation for the year ended
December&nbsp;31, &#091;<I>insert year</I>&#093; (&#147;&#091;<I>insert year</I>&#093; Royalty Base computation&#148;) of Univision Communications
Inc. (the &#147;Company&#148;) as licensee for the year ended December&nbsp;31, &#091;<I>insert year</I>&#093;, and the amount of
the royalty paid to Televisa S.A. de C.V (&#147;Televisa&#148;) as licensor for the year ended December&nbsp;31,
&#091;<I>insert year</I>&#093;, under the terms of Section&nbsp;9.1 of the Amended and Restated 2011 Program License
Agreement (&#147;PLA&#148;) dated February&nbsp;28, 2011, between Televisa and the Company. This schedule is the
responsibility of the Company&#146;s management. Our responsibility is to express an opinion on this
schedule based on our audit.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We conducted our audit in accordance with auditing standards generally accepted in the United
States of America. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the schedule of the &#091;<I>insert year</I>&#093; Royalty Base computation is free of
material misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the schedule of the &#091;<I>insert year</I>&#093; Royalty Base computation. An audit
also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall schedule presentation. We believe that our audit
provides a reasonable basis for our opinion.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In our opinion, the schedule of the &#091;<I>insert year</I>&#093; Royalty Base computation referred to above
presents fairly, in all material respects, the Royalty Base generated by the Company during the
year ended December&nbsp;31, &#091;<I>insert year</I>&#093;, and the amount of royalties paid for the year ended December
31, &#091;<I>insert year</I>&#093;, which have been calculated as described above in accordance with Section&nbsp;9.1 of
the PLA.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Our audit was conducted for the purpose of forming an opinion on the &#091;<I>insert year</I>&#093; Royalty Base
computation. The attached schedules are presented for purposes of additional analysis. Such
information has been subjected to the auditing procedures applied in our audit of the &#091;<I>insert year</I>&#093;
Royalty Base computation and, in our opinion, is fairly stated in all material respects in relation
to the &#091;<I>insert year</I>&#093; Royalty Base computation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">This report is intended solely for the information and use of the boards of directors and
managements of the Company and Televisa and is not intended to be and should not be used by anyone
other than these specified parties.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">&#091;<I>insert date</I>&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->S-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; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>SCHEDULE 8</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>FORM OF CHIEF FINANCIAL OFFICER CERTIFICATE</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In accordance with <U>Section&nbsp;9.4</U> of the Amended and Restated 2011 Program License
Agreement dated February&nbsp;28, 2011 (the &#147;<U>PLA</U>&#148;), I certify that the Royalty Base of $&#091;_______&#093;
and the Royalty payments of $&#091;_____&#093; for the year ended December&nbsp;31, &#091;<I>insert year</I>&#093;, presents
fairly in all respects material to such Royalty Base, the Royalty Base and royalty payments for the
year-ended December&nbsp;31, &#091;<I>insert year</I>&#093;. Capitalized terms used but not defined herein shall have
the meanings given to such terms in the PLA.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated: &#091;_______&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->S-9<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>SCHEDULE 9</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>FORM OF SALES OFFICER CERTIFICATE</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In accordance with <U>Section&nbsp;9.4</U> of the Amended and Restated 2011 Program License
Agreement dated February&nbsp;28, 2011 (the &#147;<U>PLA</U>&#148;), I certify that the Advertising Packaged
Sales Transaction Process has been made at arm&#146;s-length and in good faith in all respects material
to the Royalty Base during the year ended December&nbsp;31, &#091;<I>insert year</I>&#093;. Capitalized terms used but
not defined herein shall have the meanings given to such terms in the PLA.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated: &#091;_____&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->S-10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>SCHEDULE 10</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTICES</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If to Grupo Televisa:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Televisa, S.A. de C.V.<br>
Av. Vasco de Quiroga, 2000<br>
Edificio A, Piso 4<br>
Col. Zedec Santa Fe<br>
01210 Mexico, Distrito Federal<br>
Attn: Joaqu&#237;n Balc&#225;rcel<br>
Email: jbalcarcel@televisa.com.mx<br>
Facsimile No.: (52)&nbsp;55.261.25.46
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">With a copy to:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Wachtell, Lipton, Rosen &#038; Katz<br>
51 West 52nd Street<br>
New York, New York 10018<br>
United States of America<br>
Attn: Herbert M. Wachtell, Esq.<br>
Joshua R. Cammaker, Esq.<br>
Email: hmwachtell@wlrk.com<br>
jrcammaker@wlrk.com<br>
Facsimile No.: (212)&nbsp;403-2000
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If to Licensee:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Univision Communications, Inc.<br>
5999 Center Drive<br>
Los Angeles, California 90045<br>
Attn: Phyllis Verdugo<br>
Email: pverdugo@univision.net<br>
Facsimile No.: (310)&nbsp;348-3677
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">With a copy to:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">O&#146;Melveny &#038; Myers LLP<br>
1999 Avenue of the Stars, Suite&nbsp;700<br>
Los Angeles, California 90067<BR>
Attn: Steven L. Grossman, Esq.<br>
Christopher D. Brearton, Esq.<br>
Email: slgrossman@omm.com<br>
cbrearton@omm.com<br>
Facsimile No.: (310)&nbsp;246-6727
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->S-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; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>SCHEDULE 11</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOVELA EXAMPLES</B>
</DIV>

<P><DIV style="position: relative; float: left; width: 42%">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">ZACATILLO...UN LUGAR EN TU CORAZON<BR>
NI&#209;A DE MI CORAZON<BR>
SOY TU DUE&#209;A<BR>
LLENA DE AMOR<BR>
CUANDO ME ENAMORO<BR>
PARA VOLVER A AMAR<BR>
TERESA<BR>
VERANO DE AMOR<BR>
SORTILEGIO<BR>
MI PECADO<BR>
ATREVETE A SO&#209;AR<BR>
HASTA QUE EL DINERO NOS SEPARE<BR>
CAMALEONES<BR>
CORAZON SALVAJE<BR>
MAR DE AMOR<BR>
LAS TONTAS NO VAN AL CIELO<BR>
ALMA DE HIERRO<BR>
QUERIDA ENEMIGA<BR>
CUIDADO CON EL ANGEL<BR>
JURO QUE TE AMO<BR>
UN GANCHO AL CORAZON<BR>
EN EL NOMBRE DEL AMOR<BR>
MA&#209;ANA ES PARA SIEMPRE<BR>
LOLA... ERASE UNA VEZ<BR>
BAJO LAS RIENDAS DEL AMOR<BR>
MUCHACHITAS COMO TU<BR>
PASION<BR>
AMOR SIN MAQUILLAJE<BR>
AL DIABLO CON LOS GUAPOS<BR>
TORMENTA EN EL PARAISO<BR>
FUEGO EN LA SANGRE<BR>
HERIDAS DE AMOR<BR>
DUELO DE PASIONES<BR>
CODIGO POSTAL<BR>
MUNDO DE FIERAS<BR>
LAS DOS CARAS DE ANA<BR>
AMAR SIN LIMITES<BR>
DESTILANDO AMOR<BR>
YO AMO A JUAN QUERENDON<BR>
LA MADRASTRA<BR>
LA ESPOSA VIRGEN<BR>
PABLO Y ANDREA<BR>
EL AMOR NO TIENE PRECIO<BR>
BARRERA DE AMOR<BR>
ALBORADA<BR>
PEREGRINA

</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 42%">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">LA FEA MAS BELLA<BR>
CORAZONES AL LIMITE... UN RETO DE JUVENTUD<BR>
MUJER DE MADERA<BR>
RUBI<BR>
MISION S.O.S. AVENTURA Y AMOR<BR>
REBELDE<BR>
APUESTA POR UN AMOR<BR>
INOCENTE DE TI<BR>
SUE&#209;OS Y CARAMELOS<BR>
CONTRA VIENTO Y MAREA<BR>
BAJO LA MISMA PIEL<BR>
DE POCAS, POCAS PULGAS<BR>
VELO DE NOVIA<BR>
AMOR REAL<BR>
ALEGRIJES Y REBUJOS<BR>
TU HISTORIA DE AMOR<BR>
MARIANA DE LA NOCHE<BR>
CLAP, EL LUGAR DE TUS SUE&#209;OS<BR>
AMARTE ES MI PECADO<BR>
AMY LA NI&#209;A DE LA MOCHILA AZUL<BR>
PIEL DE OTO&#209;O<BR>
COMPLICES AL RESCATE<BR>
NI&#209;A AMADA MIA<BR>
QUE VIVAN LOS NI&#209;OS<BR>
LAS VIAS DEL AMOR<BR>
LA OTRA<BR>
ASI SON ELLAS<BR>
ENTRE EL AMOR Y EL ODIO<BR>
ATREVETE A OLVIDARME<BR>
AMIGAS Y RIVALES<BR>
EL NOVENO MANDAMIENTO<BR>
EL DERECHO DE NACER<BR>
AVENTURAS EN EL TIEMPO<BR>
MUJER BONITA<BR>
SIN PECADO CONCEBIDO<BR>
MARIA BELEN<BR>
EL MANANTIAL<BR>
EL JUEGO DE LA VIDA<BR>
NAVIDAD SIN FIN<BR>
SALOME<BR>
LA INTRUSA<BR>
CLASE 406<BR>
LA ANTORCHA ENCENDIDA<BR>
EL VUELO DEL AGUILA<BR>
CUNA DE LOBOS

</DIV>
</DIV>
<BR clear="all"><BR>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->S-12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>SCHEDULE 12</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CORPORATE OPPORTUNITY EXAMPLE</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>SCHEDULE 12-1</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">WebMD
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>SCHEDULE 12-2</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">General Motors
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->S-13<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>SCHEDULE 13</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>RESTRICTED MOVIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">La Segunda Noche<BR>
Serafin, La Pel&#237;cula<BR>
Piedras Verdes<BR>
El Gavil&#225;n De La Sierra<BR>
Una De Dos<BR>
Escrito En El Cuerpo De La Noche<BR>
De Qu&#233; Lado Est&#225;s<BR>
El Misterio De La Trinidad<BR>
La Habitaci&#243;n Azul<BR>
Vivir Mata<BR>
Amar Te Duele<BR>
Dame Tu Cuerpo<BR>
El Tigre De Santa Julia<BR>
Ladies&#146; Night<BR>
Nicotina<BR>
Pu&#241;os Rosas<BR>
Un D&#237;a Sin Mexicanos<BR>
Cero Y Van Cuatro<BR>
La &#218;ltima Noche<BR>
Efectos Secundarios<BR>
Una Pel&#237;cula De Huevos<BR>
Divina Confusi&#243;n<BR>
Amor Letra Por Letra<BR>
Cabeza De Buda<BR>
Sin Memoria<BR>
La Suerte Est&#225; Echada (Tentatively Entitled)

</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">AMENDED AND RESTATED 2011 PLA GUARANTY
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For and in consideration of the execution by UNIVISION COMMUNICATIONS INC.
(&#147;<U>Licensee</U>&#148;) of that certain Amended and Restated 2011 Program License Agreement (the
&#147;<U>License Agreement</U>&#148;; terms not defined herein shall have the meaning given to them in the
License Agreement), between Licensee and TELEVISA, S.A de C.V. (&#147;<U>Licensor</U>&#148;), of even date
herewith, GRUPO TELEVISA, S.A.B. (&#147;<U>Guarantor</U>&#148;) hereby agrees as follows:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">1. Guarantor confirms and joins in the representations and warranties made by Licensor in
<U>Section&nbsp;12.1</U> of the License Agreement;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">2. Guarantor agrees that for the Term it and its Affiliates will produce each year for
Licensee&#146;s use at least 8,531 hours of Programs which Programs will be representative of the
quality of Programs produced by Licensor and its Affiliates during calendar year 2010. Of
such 8,531 hours, Guarantor agrees that it or its Affiliates will produce on an annual basis
Novelas sufficient for the lower of (a)&nbsp;five hours per day, five days per week or (b)&nbsp;five
times the sum of (x)&nbsp;the average number of hours per day in the preceding year during which
Novelas are Broadcast on the Univision Network during prime time hours plus (y)&nbsp;one hour.
Any co-produced Novela, Co-Produced Local Novela or Televisa Local Novela that is (I)
Broadcast on weekdays in &#147;prime time&#148; (as such term is then commonly understood in the
Mexican television industry) on Grupo Televisa&#146;s then most popular Linear Television Channel
in Mexico (which is currently Channel 2); and (II)&nbsp;Broadcast by Licensee on weekdays in
&#147;prime time&#148; (as such term is then commonly understood in the U.S. Hispanic television
industry) on Licensee&#146;s then most popular Linear Television Channel in the Territory (which
is currently the Univision Network), shall be deemed to be a Program meeting the quality
standard described in the first sentence of this paragraph and shall be deemed to be a
Novela produced by Guarantor for purposes of the second sentence of this paragraph. If the
popularity of Novelas in Mexico materially decreases, Guarantor may request that the minimum
novela production requirements be lowered with the addition of a mutually agreeable
corresponding production requirement in a different genre, and Licensee will negotiate such
proposals with Guarantor in good faith, based on the popularity of Novelas and the different
genre in the United States. Except with respect to the hours of Novelas described above,
nothing herein shall require Guarantor to produce any particular type or mix of programs.
The provision of this <U>Section&nbsp;2</U> shall be subject to force majeure as provided in
<U>Section&nbsp;20.2</U> of the License Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">3. Guarantor guarantees the full performance by Licensor of all of its obligations under the
License Agreement and further agrees to be bound, and cause its Affiliates to be bound, by
the provisions of the License Agreement applicable to Licensor, Guarantor or the entities
comprising Grupo Televisa, and guarantees the full performance by the entities comprising
Grupo Televisa of all such obligations under the License Agreement.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">4. Guarantor irrevocably submits to the jurisdiction of any California State or United
States Federal court sitting in Los Angeles County in any action or proceeding arising out
of or relating to this Guaranty or the transactions contemplated hereby, and irrevocably
agrees that any such action or proceeding may be heard and determined only in such
California State or Federal court, except with respect to matters subject to <U>Section
15.1</U> of the License Agreement, in which case, Guarantor irrevocably submits to binding
arbitration by a single Umpire sitting in New York. Guarantor irrevocably waives, to the
fullest extent it may effectively do so, the defense of an inconvenient forum to the
maintenance of any such action or proceeding. Guarantor irrevocably appoints CT Corporation
System (the &#147;<U>Process Agent</U>&#148;), with an office on the date hereof at 818 West 7th
Street, Los Angeles, CA 90017 as its agent to receive on behalf of it and its property
service of copies of the summons and complaint and any other process which may be served in
any such action or proceeding. Such service may be made by delivering a copy of such
process to Guarantor in care of the Process Agent at the Process Agent&#146;s above address, and
Guarantor irrevocably authorizes and directs the Process Agent to accept such service on its
behalf. As an alternate method of service, Guarantor consents to the service of copies of
the summons and complaint and any other process which may be served in any such action or
proceeding by the mailing or delivering of a copy of such process to Licensor at its address
specified in or pursuant to <U>Section&nbsp;19</U> of the License Agreement. Guarantor agrees
that a final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by
Law.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">5.&nbsp;This Guaranty and the legal relations among the parties shall be governed by and
construed in accordance with the laws of the State of California applicable to contracts
between California parties made and performed in that State, without regard to conflict of
laws principles; except that the procedural Laws of the State of New York shall apply to the
Arbitration Procedures (as set forth in <U>Section&nbsp;15.1</U> of the License Agreement).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">6.&nbsp;Guarantor agrees that its obligations hereunder (the &#147;<U>Obligations</U>&#148;) are
irrevocable, absolute, independent, unconditional and continuing, and shall not be subject
to any limitation, impairment or discharge for any reason, including any circumstance which
constitutes a legal or equitable discharge of a guarantor or surety other than indefeasible
performance in full of the Obligations. Guarantor hereby waives notice of acceptance of
this guaranty, presentments, notices of default, nonpayment, partial payments and protest,
all other notices or formalities, any right to require prosecution of collection or remedies
against Licensor or any other person or entity or to pursue any other remedy in Licensee&#146;s
power. Without limiting the generality of any other waiver or provision set forth herein,
Guarantor hereby waives, to the maximum extent such waiver is permitted by Law, any and all
defenses arising directly or indirectly under any one or more of California Civil Code &#167;&#167;
2808, 2809, 2815, 2819, 2839, 2849, 2850, 2899 and 3433. Guarantor agrees that one or more,
and successive and/or concurrent, actions may be brought against it, either in the same
action in which Licensor or any other person is sued on in separate actions and that the
cessation of the liability of Licensor for any reason, other than full payment and
performance of the obligations, shall not in any way affect the liability of the undersigned
hereunder.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">The rights, powers and remedies given to Licensee by this Guaranty are cumulative
and shall be in addition to and independent of all rights, powers and remedies given
to Licensee by virtue of any statute or rule of law or in the License Agreement.
Any forbearance or failure to exercise, or any delay by Licensee in
exercising, any right, power or remedy hereunder shall not impair any such right,
power or remedy or be construed to be a waiver thereof, nor shall it preclude the
further exercise of any such right, power or remedy.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">In case any provision in or Obligation under this Guaranty shall be invalid, illegal
or unenforceable in any jurisdiction, the validity, legality and enforceability of
the remaining provisions or Obligations, or of such provision or Obligation in any
other jurisdiction, shall not in any way be affected or impaired thereby.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">This Guaranty is a continuing guaranty and shall be binding upon Guarantor and its
successors and assigns. This Guaranty shall inure to the benefit of Licensee and
its successors and assigns.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">To the extent Guarantor is guaranteeing payment obligations of Licensor under the
terms of the License Agreement (&#147;<U>Payment Obligations</U>&#148;), this guaranty is a
guaranty of payment when due and not of collectability. Licensee may from time to
time, without notice or demand and without affecting the validity or enforceability
of this Guaranty or giving rise to any limitation, impairment or discharge of
Guarantor&#146;s liability hereunder, (i)&nbsp;settle, compromise, release or discharge, or
accept or refuse any offer of performance with respect to, or substitutions for, the
obligations of Licensor or any agreement relating thereto; (ii)&nbsp;have stayed or
enjoined, by order of court, by operation of law or otherwise, the exercise or
enforcement of, any claim or demand or any right, power or remedy with respect to
the obligations of Licensor or any agreement relating thereto; (iii)&nbsp;waive, amend or
modify, or consent to departure from, any of the terms or provisions of the License
Agreement; and (iv)&nbsp;omit or delay in doing any act or thing, which may or might in
any manner or to any extent vary the risk of Guarantor as an obligor in respect of
the obligations&#146;.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">Guarantor hereby waives, for the benefit of the Licensee: (i)&nbsp;any defense arising
by reason of the incapacity or lack of authority of Licensor; (ii)&nbsp;any defense based
upon any statute or rule of law which provides that the obligation of a surety must
be neither larger in amount nor in other respects more burdensome than that of the
principal; and (iii)&nbsp;any principles or provisions of law, statutory or otherwise,
which are or might be in conflict with the terms of this Guaranty and any legal or
equitable discharge of Guarantor&#146;s obligations hereunder.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">Until any Payment Obligations shall have been paid in full, Guarantor shall withhold
exercise of any right of subrogation. Guarantor further agrees that, to the extent
the withholding of its rights of subrogation as set forth herein is found by a court
of competent jurisdiction to be void or voidable for any reason, any rights of
subrogation Guarantor may have against Licensor shall be junior and subordinate to
any rights Licensee may have against Licensor.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">In the event that all or any portion of any Payment Obligations are paid by
Licensor, the obligations of Guarantor hereunder shall continue and remain in full
force and effect or be reinstated, as the case may be, in the event that all or any
part of such payment(s) are rescinded or recovered directly or indirectly from
Licensee as a preference, fraudulent transfer or otherwise, and any such payments
which are so rescinded or recovered shall constitute Payment Obligations for all
purposes under this Guaranty.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.&nbsp;Guarantor shall not be liable for or suffer any penalty or termination of rights
hereunder by reason of any failure or delay in performing any of its obligations hereunder
if such failure or delay is occasioned by compliance with governmental regulation or order,
or by circumstances beyond the reasonable control of Guarantor, including but not limited to
acts of God, war, insurrection, fire, flood, accident, strike or other labor disturbance,
interruption of or delay in transportation. Guarantor shall promptly notify Licensee in
writing of any such event of force majeure, the expected duration thereof, and its
anticipated effect on Licensee and make reasonable efforts to remedy any such event, except
Guarantor shall be under no obligation to settle a labor dispute.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.&nbsp;That certain Guaranty made as of January&nbsp;22, 2009 by and between Guarantor and Licensee
is hereby terminated and shall have no further force or effect.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.&nbsp;This Guaranty amends and restates that certain 2011 Guaranty made as of December&nbsp;20, 2010
by and between Guarantor and Licensee.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">DATED: February&nbsp;28, 2011, with effect as of January&nbsp;1, 2011
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">GRUPO TELEVISA, S.A.B.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Salvi Rafael Folch Viadero</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:&nbsp;Salvi Rafael Folch Viadero
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:&nbsp;&nbsp;Attorney-in-Fact</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Joaqu&#237;n Balc&#225;rcel Santa Cruz</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:&nbsp;Joaqu&#237;n Balc&#225;rcel Santa Cruz
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:&nbsp;&nbsp;Attorney-in-Fact</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Accepted and Agreed:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">UNIVISION COMMUNICATIONS INC.
</DIV>
<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="38%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Andrew W. Hobson</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:&nbsp;Andrew W. Hobson
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:&nbsp;&nbsp;Senior Executive Vice
President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;<I>Signature Page to Amended and Restated 2011 PLA Guaranty</I>&#093;
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Televisa S.A. de C.V.</B><BR>
Av. Vasco de Quiroga, 2000<BR>
Edificio A, Piso 4<BR>
Col. Zedec Santa Fe<BR>
01210 Mexico, Distrito Federal
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Univision Communications Inc.<BR>
5999 Center Drive<BR>
Los Angeles, California 90045

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Re: Televisa Editing and Dubbing Appointee
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Ladies and Gentlemen:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This side letter agreement (this &#147;<U>Side Letter</U>&#148;) is entered into as of December&nbsp;20,
2010, by and between Televisa, S.A. de C.V., a Mexican corporation (hereinafter
&#147;<U>Licensor</U>&#148;), and Univision Communications Inc., a Delaware corporation
(&#147;<U>Licensee</U>&#148;), with reference to that certain 2011 Program License Agreement, dated
concurrently herewith, and with effect immediately prior to the effect of this Side Letter, by and
between Licensor and Licensee (the &#147;<U>PLA</U>&#148;). Capitalized terms used but not defined herein
shall have the meanings given to such terms in the PLA.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As an inducement for Licensee to enter into the PLA, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;<U><B>Selection, Appointment and Removal of Televisa Editing and Dubbing Appointee</B></U>.
Licensor shall select and appoint a Televisa Editing and Dubbing Appointee reasonably acceptable to
Licensee (at the time of his or her appointment). The Televisa Editing and Dubbing Appointee may
be removed at any time by Licensor and replaced by Licensor with a new Televisa Editing and Dubbing
Appointee reasonably acceptable to Licensee (at the time of his or her appointment). Starting six
months following the appointment of any particular Televisa Editing and Dubbing Appointee, Licensee
shall have the right to request that Licensor remove such Televisa Editing and Dubbing Appointee,
and reasonably promptly following such request, Licensor shall remove such Televisa Editing and
Dubbing Appointee and appoint a replacement that is reasonably acceptable to Licensee.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;<U><B>Miscellaneous</B></U>. This Side Letter may be executed by the parties hereto in separate
counterparts, each of which when so executed and delivered shall constitute an original, but all of
which when taken together shall constitute but one contract. Delivery of an executed counterpart
of this Agreement by facsimile or electronic (i.e., PDF) transmission shall be effective as
delivery of a manually executed counterpart of this Agreement. This Side Letter contains a final
and complete integration of all prior expressions by the parties hereto with respect to the subject
matter hereof and shall constitute the entire agreement among the parties hereto with respect to
the subject matter hereof, superseding all previous oral statements and other writings with respect
thereto. Neither this Agreement nor any terms hereof may be
amended, modified or changed except by a written instrument duly executed by authorized officers of
all parties hereto. No failure or delay on the part of a party hereto or any permitted assignee
thereof, in exercising any power, right or remedy under this Agreement shall operate as a waiver
thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any
other further exercise thereof or the exercise of any other power, right or remedy. This Side
Letter shall be governed by and construed in accordance with the laws of the State of California
applicable to contracts between California parties made and performed in that State, without regard
to conflict of laws principles. The parties agree that this Agreement and all of its terms shall
be subject to the dispute resolution provisions of the PLA.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;<I>Signature page follows</I>&#093;
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">IN WITNESS WHEREOF, the parties have executed this Side Letter as of the day and year first above
written.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">TELEVISA, S.A. DE C.V.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Salvi Rafael Folch Viadero</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:&nbsp;Salvi Rafael Folch Viadero
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:&nbsp;&nbsp;Attorney-in-Fact</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Joaqu&#237;n Balc&#225;rcel Santa Cruz</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:&nbsp;Joaqu&#237;n Balc&#225;rcel Santa Cruz
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:&nbsp;&nbsp;Attorney-in-Fact</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">UNIVISION COMMUNICATIONS INC.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Andrew W. Hobson</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:&nbsp;Andrew W. Hobson
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:&nbsp;&nbsp;Senior Executive
Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;<I>Signature Page to 2011 PLA Side Letter</I>&#093;
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




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<TYPE>EX-4.28
<SEQUENCE>11
<FILENAME>c19172exv4w28.htm
<DESCRIPTION>EXHIBIT 4.28
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<TITLE>Exhibit 4.28</TITLE>
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<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;4.28</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><U>EXECUTION COPY </U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>AMENDMENT TO INTERNATIONAL PROGRAM RIGHTS AGREEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Amendment (this &#147;<U>Amendment</U>&#148;) is entered into as of December&nbsp;20, 2010 by and
between Univision Communications Inc. (&#147;<U>Univision</U>&#148;) and Grupo Televisa, S.A.B.
(&#147;<U>Televisa</U>&#148;), and amends, as between Univision and Televisa only, that certain Amended and
Restated International Program Rights Agreement (the &#147;<U>Existing IPRA</U>&#148;) dated December&nbsp;19,
2001, by and among Univision, Televisa and Venevision International, Inc. (&#147;<U>Venevision</U>&#148;).
Capitalized terms used but not defined herein shall have the meanings specified in the Existing
IPRA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS</B>, Univision and Televisa desire to amend the Existing IPRA as between Univision and
Televisa in order to effectuate a reversion to Univision of the right, title and interest in and to
the Grandfathered Programs and New Programs that were granted to Televisa pursuant to the Existing
IPRA; <U>provided</U>, that this Amendment shall not affect the rights, entitlements and
obligations of Venevision under the Existing IPRA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS</B>, Univision and Televisa are entering into that certain 2011 International Sales Agency
Agreement, dated concurrently herewith, pursuant to which Univision shall grant Televisa the right
to act as Univision&#146;s sales agent for certain third party distribution arrangements for certain
audiovisual content in the Remainder Territory (the &#147;<U>Sales Agency Agreement</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS</B>, Televisa, S.A. de C.V. and Univision are entering into that certain 2011 Program
License Agreement, dated concurrently herewith, pursuant to which, among other things, Televisa,
S.A. de C.V. will grant to Univision certain rights to broadcast in the Territory (as defined
therein) certain audiovisual content originally produced in the Spanish language or with Spanish
subtitles produced or acquired by Televisa or entities controlled by Televisa, on terms and
conditions set forth therein (the &#147;<U>2011 PLA</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS</B>, Videoserpel LTD (a controlled affiliate of Televisa) and Univision are entering into
that certain Mexico License Agreement, dated concurrently herewith, pursuant to which, among other
things, Univision will grant to Televisa certain rights to broadcast in Mexico certain audiovisual
content originally produced in the Spanish language or with Spanish subtitles produced or acquired
by Univision or entities controlled by Univision, on terms and conditions set forth therein (the
&#147;<U>Mexico License Agreement</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS</B>, Broadcasting Media Partners, Inc., BMP Services II, LLC, Univision, Televisa and
Televisa Pay-TV Venture, Inc. are entering into that certain Investment Agreement, dated
concurrently herewith, pursuant to which, among other things, Televisa will make, directly or
indirectly, an investment in Broadcasting Media Partners, Inc. and BMP Services II, LLC and acquire
certain rights with respect thereto (such agreement, together with all other related agreements and
instruments as may be required in connection therewith, the &#147;<U>Investment Agreement</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS</B>, each of the parties is delivering to the other party, concurrently herewith, a duly
executed release and stipulation of discontinuance with prejudice of any and all of such party&#146;s
actions, suits and proceedings pending or threatened, claims, damages and causes of action against
the other party relating to certain agreements specified in such release and
stipulation (the &#147;<U>Mutual Release</U>&#148;), on the terms and conditions set forth therein.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>NOW</B>, <B>THEREFORE</B>, in consideration of the mutual promises and covenants herein contained, the
parties hereto agree as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">A.&nbsp;<U><B>AMENDMENTS TO THE EXISTING IPRA</B></U>. The parties agree that as between Univision and
Televisa only (and without any effect on the rights, entitlements and obligations of Venevision),
the Existing IPRA is hereby amended, effective as of the date hereof, as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;<U><B>Grandfathered Programs</B></U>. It is the intent of Univision and Televisa to effectuate a
reversion to Univision of all of the rights in and to the Grandfathered Programs granted to
Televisa pursuant to the Existing IPRA. In furtherance of the foregoing:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">1.1 <U>Reversion of Televisa Rights to Grandfathered Programs</U>. <U>Section&nbsp;1.2(a)</U>
of the Existing IPRA is hereby amended and restated in its entirety to read as follows:
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-left: 4%; margin-right:0%; font-size: 10pt">&#147;On January&nbsp;1, 2011, all rights in and to Grandfathered Programs granted to Televisa
pursuant to <U>Section&nbsp;1.1</U> shall immediately and automatically (without any
action by either party) revert to Univision, and Televisa shall have no further
right to any Grandfathered Program under this Agreement.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">1.2 <U>Rights, Licenses and Encumbrances Relating to Grandfathered Programs</U>. Without
limiting anything contained in <U>Section&nbsp;A.1.1:</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(a)&nbsp;<I>Schedules of Rights, Licenses and Encumbrances</I>. Televisa represents and warrants that (i)
it has provided a true and correct copy of the Grandfathered Program Distribution Agreement, dated
as of June&nbsp;1, 2006, by and between Televisa, S.A. de C.V. and Venevision International, LLC (the
&#147;Distribution Agreement&#148;); (ii)&nbsp;it has not entered into any amendment of the Distribution Agreement
or otherwise consented to any change to the respective rights of Televisa and Venevision in and to
the Grandfathered Programs in the Remainder Territory; and (iii) <U>Schedule&nbsp;A</U> attached hereto
sets forth a full and complete list of all licenses and other encumbrances relating to the
Grandfathered Programs entered into by Televisa with any third party in the territories for which
the Grandfathered Program rights are controlled by Televisa.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(b)&nbsp;<I>No Changes, Extensions or Amendments</I>. Televisa shall not, and shall not have the right or
ability to, without the prior written consent of Univision, (i)&nbsp;change, or deliver notice to
Univision following the date hereof that would change, its rights in and to the Grandfathered
Programs as set forth in the Distribution Agreement; or (ii)&nbsp;extend or otherwise amend any of the
licenses or encumbrances set forth in <U>Schedule&nbsp;B</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;<U><B>New Programs</B></U>. It is the intent of Univision and Televisa to effectuate a reversion
to Univision of all of the rights in and to the New Programs granted to Televisa pursuant to the
Existing IPRA. In furtherance of the foregoing:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.1 <U>Reversion of Televisa Rights to New Programs</U>. <U>Section&nbsp;2.2(a)</U> of the
Existing IPRA is hereby amended and restated in its entirety to read as follows:
</DIV>
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<DIV align="left" style="margin-top: 10pt; margin-left: 4%; margin-right:0%; font-size: 10pt">&#147;On January&nbsp;1, 2011, all rights in and to New Programs granted to Televisa pursuant
to <U>Section&nbsp;2.1</U> shall immediately and automatically (without any action by
either party) revert to Univision, and Televisa shall have no further right to any
New Program under this Agreement.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.2 <U>Clarification Regarding Effect of Televisa Investment</U>. For the avoidance of
doubt, notwithstanding <U>Section&nbsp;2.2(a)</U> of the Existing IPRA, Televisa&#146;s investment in
Broadcasting Media Partners, Inc. and BMP Services II, LLC pursuant to the Investment Agreement
shall not in any way limit the effectiveness of the reversion to Univision of Televisa&#146;s rights to
New Programs pursuant to <U>Section&nbsp;A.2.1</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;<U><B>Univision Rights</B></U>. As between Univision and Televisa, <U>Section&nbsp;3</U> of the
Existing IPRA is hereby deemed to be deleted in its entirety, and to have no further force or
effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.&nbsp;<U><B>Other Networks</B></U>. As between Univision and Televisa, <U>Section&nbsp;4</U> of the
Existing IPRA is hereby deemed to be deleted in its entirety, and to have no further force or
effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">5. <U><B>Rights of First Negotiation and Offer</B></U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">5.1 <U>Joint Right of First Negotiation</U>. Notwithstanding entering into the Sales Agency
Agreement, the parties acknowledge and agree that, until the date that Venevision&#146;s applicable
rights under the Existing IPRA terminate or are waived (but in no event later than December&nbsp;19,
2017), (a) <U>Section&nbsp;5.1</U> of the Existing IPRA shall remain in full force and effect; and (b)
they shall fully comply with their respective obligations under <U>Section&nbsp;5.1</U> of the Existing
IPRA. At such time as Venevision&#146;s rights under <U>Section&nbsp;5.1</U> terminate or are waived
(which in no event shall be later than December&nbsp;19, 2017), <U>Section&nbsp;5.1</U> of the Existing IPRA
shall be deleted in its entirety, and shall have no further force or effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">5.2 <U>Right of First Offer</U>. As between Univision and Televisa, <U>Section&nbsp;5.2</U> of
the Existing IPRA is hereby deemed to be deleted in its entirety, and to have no further force or
effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.&nbsp;<U><B>Cost Obligations</B></U>. As between Univision and Televisa, <U>Section&nbsp;6</U> of the
Existing IPRA is hereby deemed to be deleted in its entirety, and to have no further force or
effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.&nbsp;<U><B>Internet</B></U>. As between Univision and Televisa, <U>Section&nbsp;7</U> of the Existing
IPRA is hereby deemed to be deleted in its entirety, and to have no further force or effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.&nbsp;<U><B>Representations and Warranties of Univision</B></U>. As between Univision and Televisa,
<U>Section&nbsp;9</U> of the Existing IPRA is hereby deleted in its entirety, and shall have no further
force or effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">9. <U><B>Indemnification</B></U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">9.1 <U>Losses Arising From Venevision Claims</U>. Notwithstanding anything contained in
<U>Section&nbsp;10</U> of the Existing IPRA, the parties hereby acknowledge and agree that neither
party shall be required to indemnify or hold harmless the other party or its directors, officers,
employees, agents, shareholders, partners or Affiliates (collectively, the &#147;Indemnitees&#148;)
against any Losses which any of the Indemnitees may suffer arising out of or relating to any
claim, proceeding or other action brought by Venevision relating to this Amendment or any of
Venevision&#146;s rights, entitlements or obligations under the Existing IPRA.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">9.2 <U>Losses Prior to the Televisa Closing</U>. The parties acknowledge and agree that
neither party shall be required to indemnify or hold harmless the Indemnitees of the other party
against any Losses incurred or suffered, or relating to events or inaccuracies occurring, prior to
the Televisa Closing (it being understood that pursuant to the Mutual Release, the parties have
released each other of their respective obligations with respect to such Losses, events and
inaccuracies).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.&nbsp;<U><B>Term</B></U>. <U>Section&nbsp;11</U> of the Existing IPRA is hereby amended and restated in
its entirety to read as follows:
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-left: 4%; margin-right:4%; font-size: 10pt">&#147;The term of this Agreement (the &#147;<U>Term</U>&#148;) shall be until December&nbsp;17, 2017.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.&nbsp;<U><B>Miscellaneous</B></U>. Except as expressly amended herein, the Existing IPRA shall remain
in full force and effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">B. <U><B>OTHER TERMS AND CONDITIONS</B></U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;<U><B>Retained Interest</B></U>. Without limiting anything contained in this Amendment, to the
extent that Televisa retains any right, title or interest in or to any Programs (a &#147;<U>Retained
Interest</U>&#148;) under the Existing IPRA for any reason (notwithstanding <U>Sections&nbsp;A.1.1</U> and
<U>A.2.1</U> and the parties&#146; mutual intent that all rights to all Programs shall revert to
Univision immediately and automatically (without any action by either party) on January&nbsp;1, 2011),
Televisa and Univision agree to take all actions necessary to achieve, to the extent possible, the
economic, business and other purposes of the reversion of the Retained Interest from Televisa to
Univision hereunder. Without limiting the generality of the foregoing, Televisa shall enforce, at
the request of Univision, any rights of Univision arising from such Retained Interest against
Venevision under the Existing IPRA until such time as the parties and Venevision have agreed to the
assignment of the Distribution Agreement to Univision or an alternative arrangement with respect to
the division of rights in the Remainder Territory.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;<U><B>Efforts</B></U>. The parties will use commercially reasonable efforts to obtain any
consents or waivers (including from Venevision) as necessary to effectuate the terms of this
Agreement or the terms of the Sales Agency Agreement that would take effect on the Venevision
Rights Termination Date (as defined therein).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;<U><B>Dispute Resolution</B></U>. All disputes between Univision and Televisa arising out of or
relating to this Amendment shall be subject, <I>mutatis mutandis</I>, to the dispute resolution
procedures, specific performance, jurisdiction, venue and service of process provisions set forth
in <U>Sections&nbsp;15.2</U>, <U>15.3</U>, <U>15.5</U>, and <U>19.5</U> of the 2011 PLA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.&nbsp;<U><B>Representations and Warranties</B></U>. Each party hereby represents and warrants that it
is free to enter into and fully perform this Amendment.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.&nbsp;<U><B>Reference to and Effect on the Existing IPRA; Entire Agreement</B></U>. This Amendment
shall pertain only to the matters expressly referred to herein, shall be effective only for the
limited purposes set forth herein, and shall only be effective as between Univision and Televisa
(without any effect as to the rights, entitlements and obligations of Venevision under the Existing
IPRA). The Existing IPRA and this Amendment constitute the entire agreement of the parties with
respect to the subject matter hereof, there being no other agreements or understandings, oral,
written or otherwise, respecting such subject matter, any such agreement or understanding being
superseded hereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.&nbsp;<U><B>Modification</B></U>. This Amendment shall not be modified or waived in whole or in part
except in writing signed by an officer of the party to be bound by such modification or waiver.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.&nbsp;<U><B>Waiver of Breach</B></U>. A waiver by one party of any breach or default by the other
party shall not be construed as a waiver of any other breach or default whether or not similar and
whether or not occurring before or after the subject breach.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.&nbsp;<U><B>Notices</B></U>. All notices and other communications required or permitted hereunder
shall be in writing, shall be deemed duly given upon actual receipt, and shall be delivered (a)&nbsp;in
person, (b)&nbsp;by a generally recognized overnight courier service which provides written
acknowledgment by the addressee of receipt, or (c)&nbsp;by both (i)&nbsp;facsimile and (ii)&nbsp;email or other
generally accepted means of electronic transmission, addressed as set forth in <U>Schedule&nbsp;B</U>
or to such other addresses as may be specified by like notice to the other parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.&nbsp;<U><B>Assignments</B></U>. Either party may assign its rights hereunder and delegate its duties
hereunder, in whole or in part, to an Affiliate able to perform the assignor&#146;s obligations
hereunder, and any party may assign its rights hereunder and delegate its duties hereunder to any
person or entity to which all or substantially all of such party&#146;s businesses and assets are
pledged or transferred. No such assignment or delegation shall relieve any party of its
obligations hereunder. Any such assignment or delegation authorized pursuant to this <U>Section
B.9</U> shall be pursuant to a written agreement in form and substance reasonably satisfactory to
the parties. Except as otherwise expressly provided herein, neither this Amendment nor any rights,
duties or obligations hereunder may be assigned or delegated by any of the parties, in whole or in
part, whether voluntarily, by operation of law or otherwise. Any attempted assignment or
delegation in violation of this prohibition shall be null and void. Subject to the foregoing, all
of the terms and provisions hereof shall be binding upon, and inure to the benefit of, the
successors and assigns of the parties. Nothing contained herein, express or implied, is intended
to confer on any person other than the parties or their respective successors and permitted
assigns, any rights, remedies, obligations or liabilities under or by reason of this Amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.&nbsp;<U><B>Governing Law</B></U>. This Amendment and the legal relations among the parties shall be
governed by and construed in accordance with the laws of the State of California applicable to
contracts between California parties made and performed in that State, without regard to conflict
of laws principles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.&nbsp;<U><B>Further Assurances</B></U>. Each party hereto agrees to execute any and all additional
documents and do all things and perform all acts necessary or proper to further effectuate or
evidence this Amendment including any required filings with the United States Copyright
Office.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">12.&nbsp;<U><B>Counterparts</B></U>. This Amendment may be executed in counterparts, each of which shall
be an original instrument and all of which, when taken together, shall constitute one and the same
agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">13.&nbsp;<U><B>Severability</B></U>. If any provision of this Amendment, or the application thereof,
shall for any reason or to any extent be invalid or unenforceable, then the remainder of this
Amendment and application of such provision to other persons or circumstances shall continue in
full force and effect and in no way be affected, impaired or invalidated; <U>provided</U>, that
the aggregate of all such provisions found to be invalid or unenforceable does not materially
affect the benefits and obligations of the parties of the Amendment taken as a whole.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">14.&nbsp;<U><B>Headings</B></U>. The subject headings of the sections and sub-sections of this Amendment
are included for purposes of convenience only, and shall not affect the construction or
interpretation of any of the terms and conditions of this Amendment.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;<I>Signature page follows</I>&#093;
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>IN WITNESS WHEREOF</B>, the parties have executed this Amendment as of the day and year first
above written.
</DIV>
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    <TD colspan="3" valign="top" align="left">UNIVISION COMMUNICATIONS INC.</TD>
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</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Andrew W. Hobson</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Executive Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 0px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">GRUPO TELEVISA, S.A.B.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Salvi Rafael Folch Viadero</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><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">Attorney-in-Fact</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 0px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Joaqu&#237;n Balc&#225;rcel Santa Cruz</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attorney-in-Fact</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 0px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->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; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>SCHEDULE A</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>GRANDFATHERED PROGRAMS LICENSES AND ENCUMBRANCES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Televisa entered into the following, currently in force as of the date hereof, license agreements
relating to the Grandfathered Programs with third parties in the territories for which the
Grandfathered Program rights are controlled by Televisa as set forth in <U>Schedule&nbsp;A.</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="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Grandfathered</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Licensee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Territory(ies)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Program(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Term</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Red Uno de Bolivia,
S.A.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bolivia
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a) S&#225;bado Gigante; (b)
Cristina; and (c)&nbsp;Primer
Impacto
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">From January&nbsp;1,
2010 to December
31, 2011</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Televisi&#243;n
Ecuatoriana
Telerama, S.A.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ecuador
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">S&#225;bado Gigante
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">From July&nbsp;1, 2010
to June&nbsp;30, 2011</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecorporaci&#243;n
Salvadore&#241;a, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">El Salvador
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a) Aqu&#237; y Ahora; (b)&nbsp;Cristina
Edici&#243;n Especial; (c)
Noticiero Univision; (d)
Noticiero Univision &#218;ltima
Hora; (e)&nbsp;Noticiero Univision
Fin de Semana; (f)&nbsp;Primer
Impacto; (g)&nbsp;Primer Impacto
Fin de Semana; and (h)&nbsp;S&#225;bado
Gigante
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">From June1, 2010 to
May&nbsp;31, 2013</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecorporaci&#243;n
Salvadore&#241;a, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">El Salvador
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Primer Impacto Extra
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">From September&nbsp;13,
2010 to May&nbsp;31,
2013</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Compa&#241;&#237;a Televisora
Hondure&#241;a, S.A.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Honduras
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a) Aqu&#237; y Ahora; (b)&nbsp;Cristina
Edici&#243;n Especial; (c)
Noticiero Univision; (d)
Noticiero Univision Fin de
Semana; (e)&nbsp;Noticiero
Univision &#218;ltima Hora;
(f)&nbsp;Primer Impacto; (g)&nbsp;Primer
Impacto Fin de Semana; (h)
Primer Impacto Extra; and (i)
S&#225;bado Gigante
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">From June&nbsp;1, 2010
to May&nbsp;31, 2011</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<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; margin-left: .25in; width: 7.50in">
<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="3%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Grandfathered</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Licensee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Territory(ies)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Program(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Term</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Las Arenas Canal 9
Canarias, S.L.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Canary Islands
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cristina
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">From May&nbsp;15, 2008
to December&nbsp;15,
2010</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CME Programming BV
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rumania and Moldavia
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cristina (&#147;Cuidado Con El<BR>
&#193;ngel&#148; Cast)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">From July&nbsp;6, 2009
to July&nbsp;5, 2012</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CME Programming BV
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rumania and Moldavia
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cristina<BR>
(&#147;En Nombre Del Amor&#148;<BR>
Cast)<SUP style="font-size: 85%; vertical-align: text-top"> </SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">From March15, 2010
to March&nbsp;14, 2013</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CME Programming BV
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rumania and Moldavia
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cristina<BR>
(&#147;Ma&#241;ana Es Para Siempre&#148;<BR>
Cast)<SUP style="font-size: 85%; vertical-align: text-top"> </SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">From March15, 2010
to March&nbsp;14, 2013</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CME Programming BV
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rumania and Moldavia
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cristina<BR>
(&#147;Sortilegio&#148; Cast)<SUP style="font-size: 85%; vertical-align: text-top"> </SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">From June&nbsp;1, 2010
to May&nbsp;31, 2013</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CME Programming BV
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rumania and Moldavia
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cristina<BR>
(&#147;Los 50 Famosos M&#225;s Bellos&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">From June&nbsp;1, 2010
to May&nbsp;31, 2013</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CME Programming BV
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rumania and Moldavia
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cristina<BR>
(&#147;Mi Pecado&#148; Cast)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">From January&nbsp;1,
2011 to December
31, 2013</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">13
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MPI Romania BV
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rumania and Moldavia
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cristina<BR>
(&#147;Destilando Amor&#148; Cast)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">From January&nbsp;1,
2008 to December
31, 2010</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">14
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MPI Romania BV
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rumania and Moldavia
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cristina<BR>
(&#147;Que Ha Sido De Tu Vida&#148;)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">From January&nbsp;31,
2008 to January&nbsp;30,
2011</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">15
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MPI Romania BV
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rumania and Moldavia
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cristina<BR>
(&#147;Con Fernando Colunga&#148;)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">From March&nbsp;15, 2009
to March&nbsp;14, 2012</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">16
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MPI Romania BV
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rumania and Moldavia
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cristina<BR>
(&#147;Los Rostros M&#225;s<BR>
Bellos&#148;)<SUP style="font-size: 85%; vertical-align: text-top"> </SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">From September&nbsp;1,
2009 to August&nbsp;31,
2012</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<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="3%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Grandfathered</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Licensee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Territory(ies)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Program(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Term</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">17
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MPI Romania BV
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rumania and Moldavia
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cristina<BR>
(&#147;Con Thalia 2008&#148;)<SUP style="font-size: 85%; vertical-align: text-top"> </SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">From September&nbsp;1,
2008 to August&nbsp;31,
2011</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">18
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MPI Romania BV
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rumania and Moldavia
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cristina<BR>
(&#147;Con Gaby Spanic, Erika<BR>
Buenfil y Laura Flores&#148;)<SUP style="font-size: 85%; vertical-align: text-top">
</SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">From October&nbsp;1,
2008 to September
30, 2011</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">19
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MPI Romania BV
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rumania and Moldavia
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Premio Lo Nuestro 2009
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">From April&nbsp;1, 2009
to March&nbsp;31, 2012</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">20
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporaci&#243;n Medcom
Panam&#225;, S.A.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Panama
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a) S&#225;bado Gigante; and (b)
Primer Impacto
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">From January&nbsp;1,
2008 to December
31, 2010</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>SCHEDULE B</B></U><BR>
<BR>
<B>NOTICES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">If to Televisa:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 1%; margin-top: 10pt">Grupo Televisa, S.A.B.<BR>
Av. Vasco de Quiroga, 2000<BR>
Edificio A, Piso 4<BR>
Col. Zedec Santa Fe<BR>
01210 Mexico, Distrito Federal<BR>
Attn: Salvi Folch / Joaqu&#237;n Balc&#225;rcel<BR>
Facsimile No.: (52)55.261.25.46
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">With a copy to:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 1%; margin-top: 10pt">Wachtell, Lipton, Rosen &#038; Katz<BR>
51 West 52nd Street<BR>
New York, New York 10018<BR>
United States of America<BR>
Attn: Herbert M. Wachtell, Esq.<BR>
Joshua R. Cammaker, Esq.<BR>
Facsimile No.: 212-403-2000
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">If to Licensee:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 1%; margin-top: 10pt">Univision Communications, Inc.<BR>
5999 Center Drive<BR>
Los Angeles, California 90045<BR>
Attn: Phyllis Verdugo<BR>
Facsimile No.: (310)&nbsp;348-3677
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">With a copy to:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 1%; margin-top: 10pt">O&#146;Melveny &#038; Myers LLP<BR>
1999 Avenue of the Stars, Suite&nbsp;700<BR>
Los Angeles, California 90067<BR>
Attn: Steven L. Grossman, Esq.<BR>
Christopher D. Brearton, Esq.<BR>
Facsimile No.: (310)&nbsp;246-6727
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.29
<SEQUENCE>12
<FILENAME>c19172exv4w29.htm
<DESCRIPTION>EXHIBIT 4.29
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 4.29</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;4.29</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt">EXECUTION COPY
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>AMENDED AND RESTATED</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>2011 MEXICO LICENSE AGREEMENT</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>by and between</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>UNIVISION COMMUNICATIONS INC.</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>and</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>VIDEOSERPEL, LTD.</B>

</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><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="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">1. License of Programming</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.1 Grant of Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.2 Certain Specific Rights Included in Licensed Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.3 Rights of Licensee and Licensor with respect to Excluded Content</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.4 Univision Spoiler Content</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.5 Sports Clips</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.6 Clip Exchange Arrangements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2. Novelas, Co-Productions and Acquired Programs, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.1 Novelas</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.2 Acquired Completed Novelas</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.3 Co-Produced Content (Non Novelas)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.4 Acquired Other Content (Non-Novelas)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.5 Acquired Completed Content; Mexican Soccer Games</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.6 Scripts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.7 Local Novelas</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.8 Reporting, Informational Meetings and Compliance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.9 Audiovisual Content Acquired Pursuant to the Program License Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3. General Terms and Conditions Relating to Audiovisual Content</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.1 Good Faith Efforts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.2 Spanish Language Platforms</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.3 Sale of Broadcast Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.4 Venevision Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.5 NFL Arrangement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.6 Live Event Streaming</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.7 Territorial Integrity; Anti-Piracy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.8 Offensive or Politically Insensitive Platforms</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">4. Sublicensing; Third Party Arrangements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.1 Licensee Right to Sublicense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.2 Licensor Approval</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.3 Licensor Approval Procedures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.4 Exceptions to Licensor Approval</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.5 Interactive Functionality; Technological Enhancements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5. Downloads</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.1 Download to Own (DTO)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.2 Download to Rent (DTR)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6. Additional Spanish Language Platforms</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7. Notification and Acceptance of Programming; Scheduling Cooperation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->i<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<tr>
<td>&nbsp;</td>
</tr>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.1 Timing of Availability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.2 Availability Notices; Requests for Delivery</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.3 Cooperation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.4 Production Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8. Delivery, Expenses and Use of Licensed Content</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.1 Delivery Procedure; Clean Versions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.2 Inspection of Delivered Programs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.3 Destruction or Erasure of Delivered Programs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.4 Ownership; Risk of Loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.5 Restrictions on Duplication</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.6 Name and Likeness Rights; Promotions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.7 Credits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.8 Editing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.9 Product Placement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.10 Licensor Withdrawal of Programs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.11 Digitization; Technological Enhancements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.12 Ancillary Content</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.13 Digital Distribution Clearances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">9. Royalty</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.1 Telefutura Rights Payment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.2 Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.3 Withholding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.4 No Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">10. &#091;Intentionally Omitted&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">11. Unsold Advertising Time</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.1 Univision Group Right to Purchase Advertising</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.2 Quality Standards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.3 Use of Advertising for Univision Group Third Party Promotion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">12. Representations and Warranties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.1 Licensor Representations and Warranties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.2 Licensee Representation and Warranty</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.3 Insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">13. Indemnification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">13.1 Licensor Indemnification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">13.2 Licensee Indemnification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">13.3 Indemnification Procedures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">14. Term</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">15. Dispute Resolution; Remedies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">15.1 Expedited Arbitration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">15.2 Dispute Resolution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->ii<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<tr>
<td>&nbsp;</td>
</tr>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">15.3 Cure Rights; Determination of Material Breaches Leading to Right to
Terminate; No Right of Appeal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">15.4 Satisfaction of Indemnification Obligations Cures Inaccuracy of
Licensor Representations and Warranties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">15.5 Governing Law</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">15.6 Jurisdiction; Venue; Service of Process</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">15.7 Specific Performance; Injunctive Relief</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">15.8 Certain Limitations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">16. First Opportunity Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">16.1 Proposed New Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">16.2 Stand Alone Business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">16.3 Carve Out Business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">17 Transfer of Program Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">18. &#091;Intentionally Omitted&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">19. Monetization of Territory Audiences</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">20. Miscellaneous</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">20.1 &#091;Intentionally Omitted&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">20.2 Force Majeure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">20.3 Modification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">20.4 Waiver of Breach</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">20.5 Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">20.6 Assignments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">20.7 Further Assurances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">20.8 Information Sharing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">20.9 Counterparts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">20.10 Severability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">20.11 Language Rules of Construction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">20.12 Headings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">20.13 Entire Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Annex A</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SCHEDULE 1 UNIVISION CHANNEL TRADEMARK LICENSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SCHEDULE 2 AUDIOVISUAL CONTENT NOT SUBJECT TO SECTION 2.3(G)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SCHEDULE 3 TIN TRANSACTION NOTICE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SCHEDULE 4 NOTICES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SCHEDULE 5 NOVELA EXAMPLES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SCHEDULE 6 CORPORATE OPPORTUNITY EXAMPLE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->iii<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>AMENDED AND RESTATED 2011 MEXICO LICENSE AGREEMENT</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This AMENDED AND RESTATED 2011 MEXICO LICENSE AGREEMENT (this &#147;<U>Agreement</U>&#148;) is entered
into as of February&nbsp;28, 2011 by and between Univision Communications Inc., a Delaware corporation
(hereinafter &#147;<U>Licensor</U>&#148;) and Videoserpel, Ltd., a Switzerland corporation
(&#147;<U>Licensee</U>&#148;) (a controlled Affiliate of Grupo Televisa, S.A.B. (&#147;<U>GT</U>&#148;)), shall be
effective as of January&nbsp;1, 2011 (the &#147;<U>Effective Date</U>&#148;), and as of the Effective Date amends
and restates that certain 2011 Mexico License Agreement made as of the 20<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of
December, 2010 by and between Licensor and Licensee. Capitalized terms used but not defined herein
shall have the meanings set forth on <U>Annex A</U> attached hereto. Unless the context otherwise
clearly requires, the phrases &#147;concurrently herewith&#148;, &#147;as of the date hereof&#148; and other phrases of
similar import refer to December&nbsp;20, 2010 and not February&nbsp;28, 2011.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS</B>, Licensor has or will have rights in the United Mexican States, including all
territories and possessions thereof (the &#147;<U>Territory</U>&#148;), to license certain Audiovisual
Content originally produced in the Spanish language or with Spanish subtitles produced by Licensor
and other entities controlled by Broadcasting Media Partners, Inc. (&#147;<U>BMPI</U>&#148;) (BMPI and all
of the companies it controls being hereinafter referred to collectively as &#147;<U>Univision
Group</U>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS</B>, Licensor has or will have rights in the Territory to license certain Audiovisual
Content originally produced in the Spanish language or with Spanish subtitles acquired by Univision
Group.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS</B>, Licensee operates the Televisa Channels and other Spanish Language Platforms, and may
operate additional Spanish Language Platforms in the future.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS</B>, Licensee desires to acquire certain rights to Broadcast in the Territory certain
Audiovisual Content originally produced in the Spanish language or with Spanish subtitles, and
Licensor is willing to grant such a license to such rights upon the terms, provisions and
conditions herein set forth.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS</B>, Venevision International Corporation (&#147;<U>Venevision</U>&#148;) previously entered into a
Second Amended and Restated Program License Agreement, dated as of December&nbsp;19, 2001 (as the same
may have been, and may hereafter be, amended, the &#147;<U>Venevision PLA</U>&#148;), with the Licensor to
license certain television programming for television broadcast in the Territory, and previously
entered into that certain agreement between Licensor and Venevision regarding U.S.-Based
Productions, Mutual General Releases and Other Matters (each as defined therein), dated as of May
18, 2010 (together with the Venevision PLA, the &#147;<U>Venevision Agreements</U>&#148;), and nothing
herein is intended to, or does, alter or limit any rights or obligations of Venevision or Licensor
(as between Venevision and Licensor only) under either the Venevision Agreements or that certain
Participation Agreement, dated October&nbsp;2, 1996, by and among Licensee, A. Jerrold Perenchio, GT,
Gustavo A. Cisneros, Ricardo J. Cisneros and Corporacion Venezolana de Television (Venevision) C.A.
(to the extent still in effect).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS</B>, BMPI, Licensor, GT and Televisa, S.A. de C.V. entered into that certain Memorandum of
Understanding, dated as of October&nbsp;4, 2010 (the &#147;<U>MOU</U>&#148;).
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS</B>, Licensor and GT, on December&nbsp;20, 2010, entered into that certain Amendment to the
International Program Rights Agreement, pursuant to which Licensor and GT grant certain rights and
eliminate certain obligations as between Licensor and GT only (the &#147;<U>IPRA Amendment</U>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS</B>, Televisa, S.A. de C.V. and Licensor, on December&nbsp;20, 2010, entered into that certain
2011 International Sales Agency Agreement, pursuant to which Licensee engages Licensor as its
exclusive sales agent for the sale or license to third parties of certain rights in and to certain
Audiovisual Content originally produced in the Spanish language or with Spanish subtitles (the
&#147;<U>Sales Agency Agreement</U>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS</B>, Televisa S.A. de C.V. and Licensor, on December&nbsp;20, 2010, entered into that certain
2011 Program License Agreement and are entering into that certain Amended and Restated 2011 Program
License Agreement, dated February&nbsp;28, 2011, pursuant to which Televisa, S.A. de C.V. grants to
Licensor certain rights to Broadcast in the United States certain Audiovisual Content originally
produced in the Spanish language or with Spanish subtitles produced or acquired by Licensee, on
terms, provisions and conditions similar to those set forth herein (the &#147;<U>Amended and Restated
2011 Program License Agreement</U>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>NOW, THEREFORE</B>, in consideration of the mutual promises and covenants herein contained, the
parties hereto agree as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">1.&nbsp;<U><B>License of Programming</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">1.1 <U><B>Grant of Rights</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Licensed Rights</U>. Pursuant to the terms and conditions and subject to the
exceptions and exclusions contained herein, Licensor hereby licenses to Licensee, on an exclusive
basis, throughout the Territory during the Term, to the full extent of rights owned or controlled
by Univision Group now or in the future, with respect to Licensed Content originally produced in
the Spanish language or with Spanish subtitles, the following rights (collectively, the
&#147;<U>Licensed Rights</U>&#148;):
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Programs</I>. The right to Broadcast Programs by means of all Licensed Media;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Movies</I>. The right to Broadcast Movies by means of all Licensed Media;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;&#091;Intentionally Omitted&#093;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iv)&nbsp;&#091;Intentionally Omitted&#093;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(v)&nbsp;<I>Univision Publications Content</I>. The right to Broadcast Univision Publications Content by
means of Linear Television Channels. Licensee shall only Broadcast Univision Publications Content
on the Specified Channels and, once Broadcast on the Specified Channels (or concurrent with such
Broadcast), through MVPDs pursuant to MVPD Arrangements then in effect or entered into by Licensee
with respect to the Specified Channels.
The parties&#146; respective rights and obligations with respect to Excluded Content (including
Univision Publications Content) shall be subject to the terms, conditions, exceptions and
exclusions of <U>Section&nbsp;1.3</U>;
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 12%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(vi)&nbsp;<I>Ancillary Content. </I>The right to Broadcast Ancillary Content by means of all Licensed
Media. Ancillary Content shall be provided or produced by Univision Group and delivered by
Licensor pursuant to <U>Section&nbsp;8.12</U>;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(vii)&nbsp;<I>Clips. </I>The right to Broadcast, by means of all Licensed Media, (A)&nbsp;Univision Produced
Clips, subject to the rights of Univision Group set forth in <U>Section&nbsp;1.3(a)(i)</U>, and the
terms, conditions, exceptions and exclusions thereon set forth in <U>Section&nbsp;1.3</U>; and (B)
Licensee Produced Clips, in each of cases (A)&nbsp;and (B), subject to <U>Section&nbsp;1.6</U>. Univision
Produced Clips shall be delivered to Licensee as and when produced by Univision Group; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(viii)&nbsp;<I>Other Rights</I>. Any other Broadcast rights not granted in clauses (i)&nbsp;through (vii)&nbsp;with
respect to Audiovisual Content originally produced in the Spanish language or with Spanish
subtitles in the Licensed Media on Spanish Language Platforms, in all cases subject to the
exceptions, exclusions and limitations herein, including with respect to Excluded Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Reserved Rights</U>. Notwithstanding any other provisions of this Agreement, without
limiting the generality of any other exclusion from or limitation of the rights licensed hereunder,
the following rights in the Territory during the Term do not constitute Licensed Rights and are
expressly reserved by Licensor (on behalf of Univision Group):
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Theatrical Exhibition of Movies</I>. The right to, and to permit others to, Broadcast all
Movies by means of Theatrical Exhibition, whether on a &#147;first-run&#148; or &#147;re-release&#148; basis; it being
understood and agreed that Univision Group shall not, and shall not permit others to, Broadcast
Licensed Content other than Movies by means of Theatrical Exhibition in the Territory during the
Term;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;&#091;Intentionally Omitted&#093;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;<I>Videogames</I>. The right to, and to permit others to, Broadcast Videogames;
<U>provided</U>, that such Videogames shall not incorporate any clip, segment, or portion of
Licensed Content, other than (x)&nbsp;in any sports-themed and branded Videogame, up to ninety (90)
seconds individually and five (5)&nbsp;minutes (in the aggregate) of non-interactive Ancillary Content
or clips, vignettes, video recaps, highlight reels or other similar short-form Audiovisual Content
composed of excerpts from sports Programs (<U>provided</U>, that no such clips, vignettes, video
recaps, highlight reels or other similar short-form Audiovisual Content shall be included in any
Videogame until six (6)&nbsp;months after the applicable or underlying Licensed Content has been made
available to Licensee hereunder), and (y)&nbsp;in any other Videogame, up to ninety (90)&nbsp;seconds
individually and five (5)&nbsp;minutes (in the aggregate) of non-interactive Ancillary Content;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iv)&nbsp;<I>Hard Good Home Videograms</I>. The right to, and to permit others to, distribute or sell or
otherwise exploit Hard Good Home Videograms, including those embodying Licensed Content;
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(v)&nbsp;<I>Radio</I>. The right to, and to permit others to, transmit, re-transmit, distribute or
otherwise disseminate or exploit any audio-only content, including audio-only tracks of the
Licensed Content (other than Novelas) by means of Radio;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(vi)&nbsp;<I>Univision Publications Content</I>. Pursuant to the terms and conditions and subject to the
exceptions and exclusions set forth herein (including in <U>Section&nbsp;1.3</U>), and without limiting
Licensee&#146;s rights with respect to Univision Publications Content, the right to, and to permit
others to, Broadcast Univision Publications Content only on Univision Group&#146;s proprietary sites and
platforms and third party sites and platforms (other than on any Linear Television Channel in the
Territory, which shall not be permitted in any instance); <U>provided</U>, that if Univision Group
elects to Broadcast any Univision Publications Content on a third party site or platform in any
Licensed Media during the Term in the Territory on an exclusive basis, Licensor shall provide to
Licensee an exclusive Right of First Negotiation / First Refusal to license such Univision
Publications Content on an exclusive basis for Broadcast by means of such Licensed Media;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(vii)&nbsp;<I>Short Form&nbsp;Commercial Advertising</I>. The right to, and to permit others to, Broadcast
Short Form&nbsp;Commercial Advertising (A)&nbsp;for third party goods and services; <U>provided</U>, that
such advertising content shall not incorporate any clip, segment, or portion of Licensed Content
and/or (B)&nbsp;promoting any Univision Group business, including its magazines, Theatrical Exhibitions
of its movies, its consumer products, its Videogames and its Hard Good Home Videograms;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(viii)&nbsp;<I>Univision Training Content. </I>The right to, and to permit others to, Broadcast Univision
Training Content to its employees or consultants or for general corporate purposes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ix)&nbsp;<I>Univision New Business Content. </I>Pursuant to the terms and conditions and subject to the
exceptions and exclusions set forth herein (including in <U>Section&nbsp;1.3</U>), the right to, and to
permit others to, Broadcast Univision New Business Content only on Univision Group&#146;s proprietary
sites and platforms and third party sites and platforms;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(x)&nbsp;<I>Non-Spanish Language Audiovisual Content</I>. All rights, including rights to, and to permit
others to, Broadcast, any Audiovisual Content that is (A)&nbsp;originally produced in a language other
than the Spanish language, and (B)&nbsp;without Spanish subtitles; <U>provided</U>, that Univision
Group shall not, and shall not permit others to, Broadcast any Licensed Content dubbed, subtitled
or otherwise converted into a language other than Spanish in the Territory during the Term; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(xi)&nbsp;<I>Non-Audiovisual Content</I>. All rights that are not rights to Broadcast Audiovisual
Content, except to the extent expressly provided herein or necessary for the Broadcast of Licensed
Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Availability</U>. Licensed Content shall become available for Broadcast by Licensee
in accordance with <U>Section&nbsp;7.1</U>.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Spanish Closed Captions</U>. Notwithstanding any reference herein to Spanish
subtitles, if Spanish-language closed captions (or a similar text feature) are added to any
Audiovisual Content that is originally produced in a language other than Spanish and such
closed captions are added (i)&nbsp;by a third party distributor that primarily Broadcasts or distributes
Audiovisual Content in a language other than Spanish and was not involved in the production of such
Audiovisual Content; and (ii)&nbsp;by means of a generally available closed captioning or similar system
applicable to Audiovisual Content Broadcast on the platform in question, then such Audiovisual
Content shall not be deemed to be subtitled in Spanish solely by reason of such closed captions (or
similar text feature). By way of example, if DirecTV makes a Spanish language closed captioning
feature available with respect to channels and platforms on its service, such Spanish language
closed captioning services shall not, in and of itself, cause programming produced in a language
other than Spanish and Broadcast on DirecTV to be deemed &#147;subtitled in Spanish&#148; for purposes of
this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;<U>Non-Licensed Content</U>. For the avoidance of doubt, this Agreement relates solely
to the Broadcast and exploitation of the Licensed Rights in and to the Licensed Content in the
Territory and during the Term, and is not intended to, and shall not, limit or impair any of
Licensee&#146;s or its Affiliates&#146; rights with respect to any other Audiovisual Content, audio-only
content or other content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(f)&nbsp;<U>Rights Restrictions</U>. Licensee acknowledges and agrees that there may exist Rights
Restrictions with respect to items of Licensed Content. Grupo Televisa, and other persons to whom
Licensee sublicenses or otherwise transfers rights to the Licensed Content shall, in connection
with the exercise of the Licensed Rights, comply with any Rights Restrictions with respect to each
item of Licensed Content, in each case, as notified by Licensor to Licensee in an Availability
Notice in accordance with <U>Section&nbsp;7.2(a)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.2 <U><B>Certain Specific Rights Included in Licensed Rights</B></U>. Without limiting the
generality of <U>Section&nbsp;1.1(a)</U>:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Affiliates</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Grupo Televisa</I>. The Licensed Rights include the right to permit Grupo Televisa to
exercise the Licensed Rights (and all other rights and entitlements hereunder attendant and
appurtenant thereto) to the same extent, and subject to the same terms, conditions, exceptions,
exclusions and obligations as Licensee (and such permitted use shall not be deemed a sublicense for
purposes of this Agreement); <U>provided</U>, that if a person ceases to be a controlled Affiliate
of GT during the Term, the right of such person to exercise the Licensed Rights under this
<U>Section&nbsp;1.2(a)(i)</U> shall automatically cease and such person shall thereafter be deemed a
sublicensee, subject to <U>Section&nbsp;4</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Network Affiliates</I>. The Licensed Rights include the right to permit Network Affiliates
to exercise the Licensed Rights (and all other rights and entitlements hereunder attendant and
appurtenant thereto) as part of the Broadcast by means of Free Television, pursuant to and in
accordance with Network Affiliation Agreements entered into by and among Grupo Televisa, and the
Network Affiliates (and such permitted use shall not be deemed a sublicense for purposes of this
Agreement); <U>provided</U>, that if a person ceases to be a Network Affiliate of Licensee during
the Term, the right of such person to exercise the Licensed
Rights under this <U>Section&nbsp;1.2(a)(ii)</U> shall automatically cease and such person shall
thereafter be deemed a sublicensee, subject to <U>Section&nbsp;4</U> (including Licensor&#146;s approval
rights set forth thereunder, if applicable).
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Closed-Captioning; SAP</U>. The Licensed Rights include, to the full extent of rights
owned or controlled by Univision Group now or in the future (i)&nbsp;the right to subtitle Licensed
Content into English or Spanish for closed-caption (or similar text feature) versions for Broadcast
in Licensed Media on Spanish Language Platforms, and to dub Licensed Content into English for SAP
(secondary audio programming) or into Spanish for audio description for the visually impaired, in
each case of Spanish Language Platforms; and (ii)&nbsp;the exclusive right to Broadcast such English or
Spanish closed-caption (or similar text feature), English SAP or Spanish audio description of
Licensed Content in Licensed Media on Spanish Language Platforms, in each case, in the Territory
during the Term. For the avoidance of doubt, Licensee shall also have the right to offer closed
captions or SAP (or similar functionality) to the extent required by applicable Law. The dubbed
and/or subtitled version of each item of Licensed Content will be delivered to, and be the property
of, Licensor promptly after such dubbed or subtitled version has been produced, subject, during the
Term, to the exclusive license hereunder in accordance with the terms hereof. Upon Licensee&#146;s
request, and as promptly as practicable following the delivery of the applicable Licensed Content
pursuant to <U>Section&nbsp;8.1</U>, Licensor will deliver to Licensee any available scripts,
transcripts or other documents (whether in Spanish and/or English) that would assist Licensee in
preparing such English subtitled or English dubbed versions of Licensed Content. Licensee shall
not, and shall not permit others to, dub or subtitle any Licensed Content, or Broadcast any version
of Licensed Content dubbed or subtitled, in a language other than Spanish or English.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Sublicensees</U>. Licensee&#146;s rights to sublicense the Licensed Rights are set forth
in <U>Section&nbsp;4</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Univision Group Channels</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Rights to Univision Channels</I>. The Licensed Rights include the exclusive right to
Broadcast, by means of all Licensed Media in the Territory during the Term, on the terms,
conditions, exceptions and exclusions contained herein, the Univision Channels, to the extent that
such Univision Channels are comprised of Licensed Content. Licensee shall also have the right to
(A)&nbsp;complement or replace Audiovisual Content on the Univision Channels with other Audiovisual
Content owned or controlled by Licensee (e.g., by inserting local or licensed programming
(including other Licensed Content)), including to replace Audiovisual Content to which Licensor
does not own or control the relevant Broadcast rights in the Territory; (B)&nbsp;commercialize and sell
its own advertising on the Univision Channels as Broadcast by Licensee; and (C)&nbsp;customize /
reconfigure existing programming offerings on such Univision Channels (e.g., by changing the order
of programming (including Licensed Content)). Upon Licensee&#146;s request, Licensor shall, subject to
the parties&#146; mutually agreeing on a budget, carry out such complements, replacements,
customizations or reconfigurations and other similar modifications to the Univision Channels
pursuant to this Section&nbsp;1.2(d)(i); it being understood that such budget (I)&nbsp;shall be no greater
than the sum of the actual, out-of-pocket costs paid by Univision Group in order to complete such
complements, replacements, customizations, reconfigurations and other similar modifications, plus a
reasonable internal overhead cost
allocation (consistent with Univision Group&#146;s standard practices for pricing such services for
use among its internal departments and divisions); and (II)&nbsp;shall be no greater than the market
price (i.e., on an arms length basis) for the services in question.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Rights to Univision Packaged Programming Offerings</I>. Licensee shall have rights, on the
terms, conditions, exceptions and exclusions contained herein, to Univision Group&#146;s existing and
future linear and, to the extent the delivery and exercise of such rights is commercially feasible,
non-linear packaged and branded programming offerings (e.g., a specially branded Univision Group
video-on-demand classic Novela &#147;channel&#148; containing Novelas selected and packaged by Univision
Group) that Univision Group Broadcasts outside the Territory, to the extent such packaged
programming offerings are comprised of Licensed Content, to the same extent of, <I>mutatis mutandis</I>,
Licensee&#146;s rights with respect to Univision Channels contained in <U>Section&nbsp;1.2(d)(i)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;<I>Univision Channel Marks</I>. In accordance with its exercise of the rights to Univision
Channels and other packaged and branded programming offerings, Licensee shall have the right, but
not the obligation to use the Univision Channel Marks in accordance with the trademark license set
forth on <U>Schedule&nbsp;1</U> attached hereto; <U>provided</U>, that Licensee shall have the
obligation to use such Univision Channel Marks with respect to any Univision Channel or other
packaged and branded programming offering that Licensee uses without modification (other than
insertion, deletion or substitution of advertising as permitted hereunder); <U>provided</U>,
<U>further</U>, that in the event that Licensee&#146;s customizations or reconfigurations of a
Univision Channel or packaged programming offering change the genre or integrity of such Univision
Channel or packaged programming offering, then Licensee shall, upon Licensor&#146;s reasonable request,
cease, as soon as reasonably practicable, the use of the Univision Channel Marks relating to such
customized or reconfigured Univision Channel or packaged programming offering.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iv)&nbsp;<I>No Impact on Other Licensee Rights</I>. Nothing contained in this Section&nbsp;1.2(d) shall
impair or restrict Licensee&#146;s right to Broadcast in any Licensed Media during the Term, in the
Territory (whether on channels, networks, programming services or on a stand-alone basis) any
individual item of Licensed Content (whether or not Broadcast by Univision Group on any Univision
Channel or other packaged programming offering outside the Territory).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;<U>Charitable/Religious Content</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Licensee Rights to Charitable/Religious Content</I>. The Licensed Content includes all
Charitable/Religious Content and the Licensed Rights include (i)&nbsp;the exclusive right to Broadcast
Charitable/Religious Content in all Licensed Media other than by means of the Internet; and (b)&nbsp;the
non-exclusive right (subject only to Licensor&#146;s rights set forth in Section&nbsp;1.2(e)(ii)) to
Broadcast Charitable/Religious Content by means of the Internet, in each case, in the Territory
during the Term.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Univision Group Non-Exclusive Right to Charitable/Religious Content</I>. Univision Group
shall have the non-exclusive right to Broadcast Charitable/Religious Content in the Territory
during the Term only by means of the Internet. Notwithstanding the foregoing, Univision Group
shall not be permitted to Broadcast, license or otherwise make available for Broadcast any Charitable/Religious Content during the Term in the Territory on a
Linear Television Channel, or on a continuous streamed basis as to constitute, or take on the
characteristics of, a Linear Television Channel. Univision Group shall not license or otherwise
make available any Charitable/Religious Content to any third party in the Territory during the
Term.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT
THE OMITTED PORTIONS OF THIS DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION </B></div>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.3 <U><B>Rights of Licensee and Licensor with Respect to Certain Excluded Content</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Terms and Conditions Regarding Univision Group&#146;s Rights to Broadcast Excluded
Content</U>. Notwithstanding any other provisions of this Agreement, Univision Group&#146;s rights to
Broadcast Excluded Content in the Territory during the Term shall be subject to the following
terms, conditions, exceptions and exclusions:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Limitations on Univision Produced Clips</I>. Univision Group&#146;s Broadcast of the Univision
Produced Clips shall be only by means of Internet. In addition, with respect to any Univision
Produced Clips of sports events, (A)&nbsp;Univision Group shall Broadcast such Univision Produced Clips
only with at least a five (5)&nbsp;minute delay from the applicable live sports event; and (B)&nbsp;subject
to any Clip Exchange Arrangements, Univision Group shall not sublicense or otherwise make available
any such Univision Produced Clips to ***.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>No Linear Channels</I>. Univision Group will not be permitted to Broadcast, sublicense or
otherwise make available for Broadcast any Univision Publications Content, Univision Training
Content, Univision Produced Clips or Univision New Business Content during the Term in the
Territory on a Linear Television Channel, or on a continuous streamed basis as to constitute, or
take on the characteristics of, a Linear Television Channel (other than the Broadcast of Univision
Carve Out Business Content on the Linear Television Channel acquired by an entity in which Grupo
Televisa and Univision Group participate as a Carve Out Business in accordance with the terms and
conditions of <U>Section&nbsp;16.3</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;<I>Limitation on Sports Related Univision Publications Content</I>. During the Term, Univision
Publications Content relating to a specific live sports event (or the participants therein) shall
not be Broadcast within the thirty (30)&nbsp;minutes before or after the live Broadcast of the relevant
sports event (or during such an event) by Licensee; <U>provided</U>, that such restriction shall
not apply if such sports event is not Broadcast live by Grupo Televisa or its permitted
sublicensees (or, in the case of permitted sublicensees, if Licensor is not notified of such
Broadcast at least three days prior to such Broadcast).
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Terms and Conditions Regarding Licensee&#146;s Rights to Broadcast Excluded Content</U>.
Notwithstanding any other provisions of this Agreement, Licensee&#146;s rights to
Broadcast Excluded Content in the Territory shall be subject to the following terms,
conditions, exceptions and exclusions:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Univision Publications Content.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(A)&nbsp;All Broadcasts by Licensee of any Univision Publications Content on the Specified Channels
(and pursuant to MVPD Arrangements with respect to the Specified Channels) shall retain all
promotional materials that Univision Group embeds in such Univision Publications Content;
<U>provided</U>, that such promotional materials shall only be required to be retained to the
extent that they promote the applicable Univision Publication and/or its website (and shall not
promote any other website or platform owned or controlled by Univision Group, including
univision.com) and are limited to one or more of (1)&nbsp;a fixed brand bug of a size consistent with
customary industry practice; (2)&nbsp;up to a lower third graphical brand or URL (uniform resource
locator) presence for up to twenty percent (20%) of the duration of the applicable Univision
Publications Content; and (3)&nbsp;a brand or URL presence on the starts and finishes of the applicable
Univision Publications Content. Licensee shall have the right to remove any promotional materials
to the extent they are not required to be retained by Licensee pursuant to this <U>Section
1.3(b)(i)(A)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(B)&nbsp;Licensee shall not be permitted to sublicense the Univision Publications Content to any
third party. For the avoidance of doubt, the foregoing shall not prohibit the Broadcast of such
Univision Publications Content by any MVPD in accordance with <U>Section&nbsp;1.1(a)(v)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>No Right to Other Excluded Content</I>. Subject to Licensee&#146;s Right of First Negotiation /
First Refusal under <U>Section&nbsp;1.1(b)(vi)</U>, Licensee shall have no right to Broadcast,
sublicense, exploit or otherwise make available any Excluded Content other than the Univision
Publications Content and Univision Produced Clips (pursuant to the terms and conditions and subject
to the exceptions and exclusions herein).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.4 <U><B>Univision Spoiler Content</B></U>. Licensor shall use commercially reasonable efforts to
ensure that Univision Group does not Broadcast, publish, include or otherwise make available to the
general public in the Territory, any Univision Spoiler Content in any Territory-specific versions
or editions of any of Univision Group&#146;s Publications or by means of any Broadcast of Excluded
Content; <U>provided</U>, that such obligation shall not be applicable before six (6)&nbsp;months prior
to Licensee&#146;s Broadcast of the relevant Program and Licensee will give Licensor reasonable notice
to enable Licensor to comply with this obligation. In the event that Licensee notifies Licensor in
writing that any Univision Spoiler Content is being so Broadcast, published, included or otherwise
made available by Univision Group (or any licensee in the Territory) to the general public in the
Territory, Licensor will ensure that Univision Group (and will use commercially reasonable efforts
to cause such licensee in the Territory to) promptly (but in the case of Univision Group, in no
event later than forty-eight (48)&nbsp;hours following receipt by Licensor of such notice from
Licensee), removes or takes down such Univision Spoiler Content. The obligations of Licensor under
this Section&nbsp;1.4 shall not apply to Univision Spoiler Content contained in Licensed Content made
available for Broadcast by Licensee in the Territory, which Licensee shall be permitted to remove
in its discretion.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT
THE OMITTED PORTIONS OF THIS DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION </B></div>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.5 <U><B>Sports Clips</B></U>. Subject to Clip Exchange Arrangements, Licensee shall not
sublicense or otherwise make available any Univision Produced Clips or Licensee Produced Clips of
sports events to ***. For
the avoidance of doubt, the foregoing restriction shall not apply, and shall in no way restrict
Licensee&#146;s Broadcast, sublicense or other exploitation of clips of sporting events not licensed by
Licensor to Licensee hereunder (e.g., clips of Licensee&#146;s Broadcast of the World Cup).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.6 <U><B>Clip Exchange Arrangements</B></U>. Notwithstanding anything contained herein, each party
acknowledges and agrees that the other party may continue to participate in customary Clip Exchange
Arrangements and that neither party shall be in breach of this Agreement merely on the basis of
participation therein. For the avoidance of doubt, such Clip Exchange Agreements (and the license
of any Audiovisual Content thereunder) shall not be subject to approval under <U>Section&nbsp;4.2</U>.
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2. <U><B>Novelas, Co-Productions and Acquired Programs, Etc</B></U>. The following additional terms,
conditions, exceptions and exclusions shall apply with respect to the following respective
categories of Audiovisual Content or Scripts:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.1 <U><B>Novelas</B></U>. Licensor will cause any and all Novelas (whether produced, co-produced
or acquired by Licensor) that are (or are intended for) Broadcast by Univision Group (or a licensee
of Univision Group of such Novela) in any media in the United States to be Licensed Content, and
the Broadcast rights in all Licensed Media in the Territory in and to such Novelas shall be
exclusively licensed to Licensee hereunder in the Territory during the Term, <U>except</U> (a)
Acquired Completed Novelas to which Univision Group has not acquired any Broadcast rights in any
Licensed Media in any part of the Territory; and (b)&nbsp;those Novelas produced, co-produced or
acquired by Univision Group prior to October&nbsp;4, 2010, to the extent that Univision Group has not
acquired any Broadcast rights in any Licensed Media in the Territory.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.2 <U><B>Acquired Completed Novelas</B></U>. Notwithstanding anything contained in <U>Section
2.1</U>:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Information; Facilitation of Negotiation</U>. If Univision Group intends to acquire
Broadcast rights outside the Territory to any Novela that Licensor believes would be an Acquired
Completed Novela, Licensor shall promptly notify Licensee in writing (including a detailed
description of such Acquired Completed Novela and the identity and contact information of the
seller or third party licensor). Licensor shall also provide other information reasonably
requested by Licensee (to the extent Univision Group has such information and is not legally or
contractually restricted from sharing it). Upon Licensee&#146;s request, Licensor shall put Licensee in
contact with such seller or third party licensor and use commercially reasonable efforts to
facilitate a negotiation between Licensee and such seller or third party licensor so that
Licensee may attempt to acquire or license the Broadcast rights in the Territory to such
Acquired Completed Novela.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Seller or Third Party Licensor Inability or Refusal to Negotiate</U>. In the event
that the applicable seller or third party licensor of a potential Acquired Completed Novela (i)&nbsp;is
unable to negotiate with Licensee in connection with the acquisition or license of Broadcast
rights
in the Territory because such rights are subject to a bona fide, contractual commitment to a third
party existing prior to Univision Group having any discussions with such seller or third party
licensor in respect of such Acquired Completed Novela; or (ii)&nbsp;refuses to negotiate with Licensee,
then Univision Group may, at any time after notice has been delivered to Licensee pursuant to
<U>Section&nbsp;2.2(a)</U>, obtain any Broadcast rights in and to such Acquired Completed Novela (other
than rights to Broadcast in the Licensed Media during the Term in the Territory) and such Acquired
Completed Novela will not be Licensed Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Ownership</U>. Licensee shall own any rights in the Territory to an Acquired
Completed Novela that it directly acquires or licenses from the seller or third party licensor, and
for the avoidance of doubt, such rights in and to an Acquired Completed Novela shall not be
included in the Licensed Rights hereunder or be subject to any of the terms, conditions, exceptions
and exclusions contained in this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Univision Group Ability to Acquire Rights</U>. Notwithstanding the foregoing, the
provisions of this <U>Section&nbsp;2.2</U> shall not restrict or impede the ability of Univision Group
to acquire rights (other than rights to Broadcast in Licensed Media during the Term in the
Territory) in and to an Acquired Completed Novela at any time after notice to Licensee has been
delivered pursuant to <U>Section&nbsp;2.2(a)</U>. If Univision Group so acquires or licenses Broadcast
rights outside the Territory to such an Acquired Completed Novela, then such Acquired Completed
Novela shall not be Licensed Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.3 <U><B>Co-Produced Content (Non Novelas)</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Information; Facilitation of Negotiation</U>. With respect to any third party
arrangement or agreement involving the production of Audiovisual Content that is not a Novela that
Licensor believes would be Co-Produced Content, Licensor will promptly notify Licensee in writing
(including a detailed description of such Co-Produced Content, the identity and contact information
of the third party co-producer(s)), and Licensor shall also provide other information reasonably
requested by Licensee (to the extent Univision Group has such information and is not legally or
contractually restricted from sharing it) after it determines to enter into negotiations for any
such third party arrangement or agreement. Upon Licensee&#146;s request, Licensor shall put Licensee in
contact with the third party co-producer(s) and use commercially reasonable efforts to facilitate a
negotiation among Licensee, Univision Group and the third-party co-producer(s) so that Licensee, at
its sole option, may elect to either:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Licensee Option to Co-Produce</I>. Co-produce such Audiovisual Content along with Univision
Group and the third party co-producer(s), whereby (A)&nbsp;Licensee would acquire Broadcast rights, as
determined by the parties, in at least the Territory and Univision Group would acquire Broadcast
rights, as determined by the parties, in at least the
United States to such Audiovisual Content; (B)&nbsp;Licensee and Univision Group would negotiate in
good faith any other rights to such Audiovisual Content to be obtained or retained by Univision
Group and/or Licensee; and (C)&nbsp;Licensee and Univision Group would each bear a percentage of the
combined cost of all rights to such Audiovisual Content obtained or retained by Licensee or
Univision Group, which percentages shall be negotiated by the applicable parties in good faith
based on the specific rights acquired by each party; or
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Licensee Option to License</I>. License the exclusive Broadcast rights in all Licensed Media
throughout the Territory during the Term to such Co-Produced Content (or such lesser rights as
Licensee may agree) for a separate license fee to be negotiated in good faith among Licensee,
Univision Group and the third party co-producer(s) (or other holder of such rights);
<U>provided</U>, that if Licensee, Univision Group and such third party co-producer(s) (or other
holder of such rights) cannot agree on such license fee after good faith efforts to do so,
Univision Group and the third party co-producer (or other holder of such rights) may thereafter
only license such Broadcast rights to one or more third parties and only for a license fee that is
greater than the highest license fee that Licensee previously offered to pay in such negotiations.
For the avoidance of doubt, neither Univision Group nor such third-party co-producer (or other
holder of such rights) may offer any third party a different or less expansive Broadcast rights
package as compared to a package offered to Licensee, without, in each case, first offering
Licensee the right to negotiate for the license of such rights package pursuant to this <U>Section
2.3(a)(ii)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;&#091;Intentionally Omitted&#093;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Seller or Third Party Licensor Inability or Refusal to Negotiate</U>. In the event
that the third party co-producer (i)&nbsp;is unable to negotiate with Licensee in connection with the
co-production, acquisition or license of Broadcast rights in the Territory because such rights are
subject to a bona fide contractual commitment to a third party existing prior to Univision Group
having any discussions with such third party co-producer in respect of such Co-Produced Content; or
(ii)&nbsp;refuses to negotiate with Licensee, then Univision Group may, at any time after notice has
been delivered to Licensee pursuant to <U>Section&nbsp;2.3(a)</U>, obtain any Broadcast rights in and
to such Co-Produced Content (other than rights to Broadcast in Licensed Media during the Term in
the Territory) and such Co-Produced Content shall not be Licensed Content; <U>provided</U>,
<U>however</U>, that Univision Group shall not be permitted to enter into an arrangement for any
Co-Produced Content with a third party co-producer if Univision Group has obtained Broadcast rights
in the United States from such third party (or any of its Affiliates) for any Co-Produced Content
under this <U>Section&nbsp;2.3</U> (excluding only Musical Concerts initially Broadcast live) or any
Acquired Other Content from such party (or any of its Affiliates) under <U>Section&nbsp;2.4</U>
(excluding only Musical Concerts initially Broadcast live) within the immediately preceding twelve
(12)&nbsp;months (as measured from the date on which Licensor delivered the notice to Licensee under
<U>Section&nbsp;2.3(a)</U> or <U>2.4(a)</U>, as applicable).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Ownership</U>. Licensee shall own any rights in the Territory to any Co-Produced
Content acquired or directly licensed by Licensee from the third party co-producer and/or Univision
Group, and for the avoidance of doubt, such rights in and to such Co-Produced Content shall not be
included in the Licensed Rights hereunder or be subject to any of the terms and conditions of this
Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;<U>Costs; Budget</U>. If there are any contributions in kind by Licensee or Univision
Group to the Co-Produced Content, any determination of &#147;price&#148; or of Univision Group&#146;s or
Licensee&#146;s payments for their share of the combined Broadcast rights for the United States and the
Territory, as the case may be, shall include the actual cost (and not the fair market value) of
such non-monetary contributions. These amounts shall be included and agreed upon, by all parties
involved in the co-production of the Co-Produced Content, in a detailed budget for the actual costs
of production of each episode of the Co-Produced Content. The budget shall
include all
above-the-line and below-the-line items customarily included in budgets concerning similar types of
programming, as well as the separate fees for the services of key personnel (such as the writer(s),
producer(s), director(s), and host(s)) and the aggregate fees of all others rendering services of
any kind in connection with such Co-Produced Content.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT
THE OMITTED PORTIONS OF THIS DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION </B></div>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(f)&nbsp;<U>Univision Group Ability to Acquire Rights</U>. Notwithstanding any of the foregoing,
if at any time Licensee is not engaged in good faith negotiations or elects not to negotiate,
license or participate or to withdraw therefrom, or an agreement cannot be reached between Licensee
and the third party co-producer and/or Univision Group within a reasonable period of time so as not
to jeopardize Univision Group&#146;s ability to acquire rights outside the Territory, Univision Group
may obtain any Broadcast rights (other than rights to Broadcast in Licensed Media during the Term
in the Territory) to the Co-Produced Content in question and such Co-Produced Content will not be
Licensed Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(g)&nbsp;***. With respect to any item of Co-Produced Content,
Univision Group shall elect to either (i)&nbsp;contractually agree with its Co-Production Partner(s) not
to (and Univision Group and such Co-Production Partner(s) shall not) sell, transfer or license
Broadcast rights to such Co-Produced Content in the Territory to any ***; or (ii)
contractually agree with such Co-Production Partner(s) not to sell, transfer or license Broadcast
rights to such Co-Produced Content in the Territory or Broadcast such Co-Produced Content in the
Territory. Notwithstanding the foregoing, this <U>Section&nbsp;2.3(g)</U> shall not apply with respect
to the Audiovisual Content set forth on <U>Schedule&nbsp;2</U>, on a program by program basis, for the
term of Licensor&#146;s rights under the applicable co-production agreement or arrangement;
<U>provided</U>, that (A)&nbsp;if Licensor and the applicable Co-Production Partner jointly control the
right to sell, license or otherwise alienate Broadcast rights in the Territory to such Audiovisual
Content and such rights are not then, or are expected within the following six (6)&nbsp;months not to
be, subject to a contractual commitment to a third party, Licensor shall provide to Licensee a
Right of First Negotiation / First Refusal to acquire and/or license such rights following such
time as the rights are no longer subject to such contractual commitment; and (B)&nbsp;if the applicable
Co-Production Partner(s) own or control Broadcast rights in the Territory to such Audiovisual
Content and such rights are not then, or are expected within the following six (6)&nbsp;months not to
be, subject to a contractual commitment to a third party, Licensor shall put Licensee in contact
with the applicable Co-Production Partner(s) and use commercially reasonable efforts to facilitate
a negotiation between Licensee and such Co-Production Partner(s) so that Licensee may attempt, and
otherwise use commercially reasonable efforts to assist Licensee, to acquire or license such rights
following such time as the rights are no longer subject to such contractual commitment;
<U>provided</U>, <U>further</U>, that in the case of clause (B), if at any time Licensee is not
engaged in good faith negotiations or elects not to negotiate, license or participate or to
withdraw therefrom, or an agreement cannot be reached between Licensee and the Co-Production
Partner(s) and Univision Group within a reasonable period of time, the applicable
Co-Production Partner(s) shall have the right to sell, transfer or license Broadcast rights to
such Audiovisual Content to any party in Mexico (including any ***), and Univision
Group and the applicable Co-Production Partners shall have the right to (1)&nbsp;continue to co-produce
such Audiovisual Content; and (2)&nbsp;Broadcast such Audiovisual Content in the United States.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.4 <U><B>Acquired Other Content (Non-Novelas)</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Information; Facilitation of Negotiation</U>. If Univision Group intends to acquire
Broadcast rights outside the Territory to any Audiovisual Content that Licensor believes would be
Acquired Other Content, Licensor shall promptly notify Licensee in writing (including a detailed
description of such Acquired Other Content, the identity and contact information of the seller or
third party licensor). Licensor shall also provide other information reasonably requested by
Licensee (to the extent Univision Group has such information and is not legally or contractually
restricted from sharing it). Upon Licensee&#146;s request, Licensor shall put Licensee in contact with
such seller or third party licensor and use commercially reasonable efforts to facilitate a
negotiation between Licensee and the seller or third party licensor so that Licensee may attempt to
acquire or license the Broadcast rights in the Territory to such Acquired Other Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Seller or Third Party Licensor Inability or Refusal to Negotiate</U>. In the event
that the seller or third party licensor of potential Acquired Other Content (i)&nbsp;is unable to
negotiate with Licensee in connection with the acquisition or license of Broadcast rights in the
Territory because such rights are subject to a bona fide, contractual commitment to a third party
existing prior to Univision Group having any discussions with such seller or third party licensor
in respect of such Acquired Other Content; or (ii)&nbsp;refuses to negotiate with Licensee, then
Univision Group may, at any time after notice has been delivered pursuant to <U>Section
2.4(a)</U>, obtain any Broadcast rights in and to such Acquired Other Content (other than rights to
Broadcast in the Licensed Media during the Term in the Territory) and such Acquired Other Content
will not be Licensed Content; <U>provided</U>, <U>however</U>, that Univision Group will not be
permitted to enter into an arrangement for any Acquired Other Content with such third party if
Univision Group has obtained Broadcast rights in the United States from such third party (or any of
its Affiliates) for any Acquired Other Content under this <U>Section&nbsp;2.4</U> (excluding only
Musical Concerts initially Broadcast live) or any Co-Produced Content from such party (or any of
its Affiliates) under <U>Section&nbsp;2.3</U> (excluding only Musical Concerts initially Broadcast
live) within the immediately preceding twelve (12)&nbsp;months (as measured from the date on which
Licensor delivered the notice to Licensee under <U>Section&nbsp;2.3(a)</U> or <U>2.4(a)</U>, as
applicable).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Ownership</U>. Licensee shall own any rights in the Territory to any Acquired Other
Content that it directly acquires or licenses from the seller or third party licensor, and for the
avoidance of doubt, such Acquired Other Content shall not be included in the Licensed Rights
hereunder or be subject to any of the terms and conditions of this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Univision Group Ability to Acquire Rights</U>. The provisions of this <U>Section
2.4</U> will not restrict or impede the ability of Univision Group to acquire rights (other than
rights to Broadcast in Licensed Media during the Term in the Territory) in and to Acquired Other
Content at any time after notice has been delivered to Licensee pursuant to <U>Section
2.4(a)</U>. If Univision Group so acquires or licenses Broadcast rights outside the Territory to
such Acquired Other Content, then such Acquired Other Content shall not be Licensed Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.5 <U><B>Acquired Completed Content; Mexican Soccer Games</B></U>. Nothing contained in this
Agreement shall prevent Univision Group from acquiring Broadcast rights outside the Territory to
any (a)&nbsp;Acquired Completed Content; or (b)&nbsp;Mexican Soccer Games.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.6 <U><B>Scripts</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Sale of Scripts</U>. Univision Group will be permitted to sell rights in any Script
to a third party so long as, in connection with such sale, Univision Group divests (subject to
<U>Section&nbsp;2.6(c)</U>) itself of all right, title and interest in and to such Script, including
any Broadcast rights outside the Territory and any other interest (whether monetary or otherwise)
in such Script (e.g., profit participations, revenue shares, options, reversion rights, credits
(except to the extent such credits are required to be retained under applicable Law), etc.). Any
Audiovisual Content produced from such sold Script will not be Licensed Content, Co-Produced
Content, an Acquired Completed Novela or Acquired Other Content solely by reason of Univision
Group&#146;s former ownership of rights in such sold Script.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Exchange of Scripts</U>. Univision Group will be permitted to trade or exchange any
Script (the &#147;<U>Divested Script</U>&#148;) with a third party for one or more other Scripts (the
&#147;<U>Acquired Scripts</U>&#148;) so long as, in connection with such trade or exchange, (i)&nbsp;Univision
Group divests (subject to <U>Section&nbsp;2.6(c)</U>) itself of all right, title and interest in and to
such Divested Script, including any Broadcast rights outside the Territory and any other interest
(whether monetary or otherwise) in such Divested Script (e.g., profit participations, revenue
shares, options, reversion rights, credits (except to the extent such credits are required to be
retained under applicable Law), etc.); and (ii)&nbsp;Licensor licenses to Licensee hereunder the
exclusive rights to Broadcast in the Licensed Media as part of, and to the full extent of, the
Licensed Rights in the Territory during the Term, Audiovisual Content originally produced in the
Spanish language or with Spanish subtitles produced based on such Acquired Scripts (and such
Audiovisual Content, originally produced in the Spanish language or with Spanish subtitles, once
produced, will automatically and immediately be deemed Licensed Content hereunder to the extent it
would otherwise constitute Licensed Content and the rights to Broadcast such Licensed Content in
the Licensed Media will be exclusively licensed to Licensee as part of, and to the full extent of,
the Licensed Rights in the Territory during the Term). Any Audiovisual Content produced from such
Divested Script will not be Licensed Content, Co-Produced Content, an Acquired Completed Novela or
Acquired Other Content solely by reason of Univision Group&#146;s former ownership of rights in such
Divested Script.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Univision Group Retention of United States Broadcast Rights</U>. If, during the Term,
in any sale, trade or exchange of a Script addressed in <U>Section&nbsp;2.6(a)</U> or <U>(b)</U>,
Univision Group retains any rights to Broadcast in the United States in any Licensed Media any
Audiovisual Content originally produced in the Spanish language or with Spanish subtitles produced
from any such sold Script or Divested Script, Univision Group will also retain the same rights to
Broadcast such Audiovisual Content in such Licensed Media in the Territory for the
same period, to the extent within the Term (and such Audiovisual Content originally produced
in the Spanish language or with Spanish subtitles, to the extent of such rights, once produced,
will automatically and immediately be deemed Licensed Content hereunder to the extent it would
otherwise constitute Licensed Content and the rights to Broadcast such Licensed Content in the
Licensed Media will be exclusively licensed to Licensee as part of, and to the full extent of, the
Licensed Rights in the Territory during the Term).
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Scripts for Non-Spanish Language Productions</U>. For the avoidance of doubt,
Univision Group will be permitted to sell or exchange in any manner (<I>i.e.</I>, the restrictions of
paragraphs (a), (b)&nbsp;and (c)&nbsp;of this <U>Section&nbsp;2.6</U> do not apply) any Script that is not
intended to be originally produced in the Spanish language or with Spanish subtitles;
<U>provided</U>, that
Univision Group prohibits, in a binding agreement with the purchaser or
transferee of any such Script, the production of any Audiovisual Content based on such Script that
is originally produced in the Spanish language or with Spanish subtitles. For the avoidance of
doubt, the aforementioned contractual prohibition shall apply to any successors, transferees,
licensees or assigns of such purchaser or transferee.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.7 <U><B>Local Novelas</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Co-Produced Local Novelas</U>. With respect to any Co-Produced Local Novela where
Univision Group participates in the co-production of the Co-Produced Local Novela in whole or in
part in exchange for the right of Univision Group to produce a Novela that is based on the Script
underlying the Co-Produced Local Novela (for the avoidance of doubt, which Novela shall be a new
production of such Script), Univision Group shall have the right either (i)&nbsp;to contractually agree
with the third-party co-producer not to undertake (and actually not undertake) any sale, transfer,
license or Broadcast of such Co-Produced Local Novela in the Territory or in the United States (in
which case such Co-Produced Local Novela shall not be deemed to be Licensed Content or an Acquired
Completed Novela hereunder unless and until Univision Group Broadcasts such Co-Produced Local
Novela in the United States, and at such time, the Co-Produced Local Novela will automatically and
immediately be deemed Licensed Content hereunder to the extent it would otherwise constitute
Licensed Content and the rights to Broadcast such Co-Produced Local Novela in the Licensed Media
will be exclusively licensed to Licensee as part of, and to the full extent of, the Licensed Rights
in the Territory during the Term); or (ii)&nbsp;to acquire Broadcast rights to such Co-Produced Local
Novela for the United States and the Territory (such that the rights to Broadcast such Co-Produced
Local Novela, in the Licensed Media during the Term (or such shorter period equivalent to the term
of rights acquired by Univision Group in the United States) in the Territory, would be and are
licensed exclusively to Licensee hereunder as part of, and to the full extent of, the Licensed
Rights in the Territory during the Term). For the avoidance of doubt, any new Novela produced by
Univision Group based on a Script underlying a Co-Produced Local Novela acquired by Univision Group
as contemplated by this <U>Section&nbsp;2.7(a)</U> shall be subject to <U>Section&nbsp;2.1</U> and shall
constitute Licensed Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Univision Local Novelas</U>. Notwithstanding anything to the contrary contained
herein, with respect to any Univision Local Novela, Univision Group shall have the right either (i)
to contractually agree with the third party producer not to undertake (and actually not undertake)
any sale, transfer, license or Broadcast of such Univision Local Novela in the
Territory or in the United States (in which case such Univision Local Novela shall not be
deemed to be Licensed Content or an Acquired Completed Novela hereunder unless and until Univision
Group Broadcasts such Univision Local Novela in the United States, and at such time, the Univision
Local Novela will automatically and immediately be deemed Licensed Content hereunder to the extent
it would otherwise constitute Licensed Content and the rights to Broadcast such Univision Local
Novela in the Licensed Media will be exclusively
licensed to Licensee as part of, and to the full
extent of, the Licensed Rights in the Territory during the Term); or (ii)&nbsp;to acquire the Broadcast
rights to such Univision Local Novela for the United States and the Territory (such that the rights
to Broadcast, in Licensed Media during the Term (or such shorter period equivalent to the term of
rights acquired by Univision Group in the United States) in the Territory, such Univision Local
Novela, would be and are licensed exclusively to Licensee hereunder as part of, and to the full
extent of, the Licensed Rights in the Territory during the Term).
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Notice</U>. Licensor shall inform Licensee at each Informational Meeting of any
arrangements that Univision Group has entered into for a Co-Produced Local Novela or Univision
Local Novela since the immediately preceding Informational Meeting (or if Informational Meetings
have not yet taken place during the Term, since the Effective Date).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.8 <U><B>Reporting, Informational Meetings and Compliance</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Informational Meetings</U>. A coordinator designated by Licensor shall meet with a
coordinator designated by Licensee once each quarter (the &#147;<U>Informational Meetings</U>&#148;) to
discuss any planned Co-Produced Content, Acquired Other Content, Acquired Completed Novelas,
Co-Produced Local Novelas and Univision Local Novelas and any Script exchanges or divestitures, in
each case, if any, of which notice has not been previously given at prior Informational Meetings.
At such meeting Licensor, subject to legal or third party contractual confidentiality restrictions,
will provide information reasonably available to Univision Group regarding such planned Co-Produced
Content, Acquired Other Content, Acquired Completed Novelas, Co-Produced Local Novelas and
Univision Local Novelas or Script exchanges or divestitures, including: (i)&nbsp;a reasonably detailed
description of such Audiovisual Content or Script; (ii)&nbsp;the identity of the third party producer,
co-producer or owner (as applicable) with respect to such Audiovisual Content or Script; and (iii)
any other information required to be provided with respect to any such Audiovisual Content or
Script under this <U>Section&nbsp;2</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Univision Group Certification</U>. Within sixty (60)&nbsp;days of the end of each fiscal
year, the highest-ranking production officer of Univision Group will deliver to Licensee a
certificate attesting that, with respect to each item of Co-Produced Content, item of Acquired
Other Content, Acquired Completed Novela, Co-Produced Local Novela, Univision Local Novela and any
Script exchanges or divestitures, in each case, if any, entered into by Univision Group in the
prior year, (i)&nbsp;Univision Group used good faith efforts not to structure any such arrangements or
agreements in a manner intended to cause the applicable Audiovisual Content not to be deemed to be
Licensed Content hereunder; and (ii)&nbsp;such arrangement or agreement was negotiated and entered into
by Univision Group and the applicable third party on an arms-length basis.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Confidentiality</U>. Licensee acknowledges that any and all information provided by
Licensor in accordance with this <U>Section&nbsp;2</U> is intended solely for the purpose of permitting
Licensee to determine whether to exercise its rights under this <U>Section&nbsp;2</U> and to monitor
compliance by Univision Group with the provisions contained in this <U>Section&nbsp;2</U> relating to
Co-Produced Content, Acquired Other Content, Acquired Completed Novelas, Co-Produced Local Novelas,
Univision Local Novelas and Scripts; it being agreed that Licensee shall keep confidential such
information (to the extent such information is not otherwise publicly available), shall not use
such information for their own account and shall not contact or engage in discussions with any
person (excluding its representatives and advisors) other than Univision Group or the relevant
seller, third party licensor or co-producer with respect to such agreement or arrangement.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Acquired Completed Content</U>. For the avoidance of doubt, Licensor will not be
required to provide any information for or regarding Acquired Completed Content or Mexican Soccer
Games.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.9 <U><B>Audiovisual Content Acquired Pursuant to the Program License Agreement</B></U>. For the
avoidance of doubt, no rights to Audiovisual Content acquired or licensed by Univision Group from
Licensee, its Affiliates or third parties pursuant to the provisions of Sections&nbsp;1 and 2 of the
Amended and Restated 2011 Program License Agreement shall be deemed to be Licensed Content,
licensed hereunder, or subject to the provisions of this Section&nbsp;2.
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3. <U><B>General Terms and Conditions Relating to Audiovisual Content</B></U>. Notwithstanding any other
provisions of this Agreement, the grant of rights hereunder, and the parties&#146; respective rights and
obligations with respect thereto, shall be subject to the following general terms, conditions,
exceptions and exclusions.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.1 <U><B>Good Faith Efforts</B></U>. Licensor agrees that it will use good faith efforts not to
structure arrangements or agreements with respect to Audiovisual Content in a manner intended to
cause such Audiovisual Content not to be Licensed Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.2 <U><B>Spanish Language Platforms</B></U>. Licensee shall not Broadcast any Licensed Content or
any portion thereof other than on a Spanish Language Platform; it being understood and agreed that
the foregoing restriction shall not preclude the Broadcast of Licensed Content in the Licensed
Media in the Territory during the Term (a)&nbsp;pursuant to (i)&nbsp;MVPD Arrangements, (ii)&nbsp;Sublicensing
Arrangements approved by Licensor pursuant to <U>Section&nbsp;4</U> or (iii)&nbsp;TIN Branded Experiences,
in each case, involving the Broadcast of Licensed Content through a distributor or aggregator of
multi-lingual Audiovisual Content (e.g., YouTube, Apple / iTunes); or (b)&nbsp;pursuant to Clip Exchange
Arrangements. For the avoidance of doubt, the restriction in this <U>Section&nbsp;3.2</U> shall not
preclude bona fide Short Form&nbsp;Commercial Advertising on any and all platforms (including
non-Spanish language platforms) intended to market, advertise or promote the availability of
Licensed Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.3 <U><B>Sale of Broadcast Rights</B></U>. Pursuant to the terms and conditions and subject to the
exceptions and exclusions of <U>Section&nbsp;1</U> and <U>Section&nbsp;2</U>, Licensor shall not, and shall
cause Univision Group not to, sell, license or otherwise alienate any Broadcast rights in any
Licensed Media in the Territory to any Audiovisual Content to the extent such Broadcast rights
would be reasonably expected (absent such sale, license or other alienation) to become Licensed
Rights, and to vest with Licensee during the Term.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.4 <U><B>Venevision Agreements</B></U>. Audiovisual Content acquired or licensed by Univision
Group from, or co-produced by Univision Group with, Venevision pursuant to the Venevision
Agreements shall not be included in the Licensed Content or Licensed Rights hereunder, nor or be
subject to any of the terms and conditions of this Agreement (including <U>Section&nbsp;2</U>);
<U>provided</U>, that Univision Group shall not agree to any amendment of such agreements that
would adversely affect Licensee&#146;s rights hereunder (it being understood that a mere renewal or
extension of the term of such agreements (other than the Venevision PLA, which shall not be renewed
or extended) shall not be deemed to adversely affect Licensee&#146;s rights hereunder).
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.5 <U><B>NFL Arrangement</B></U>. Notwithstanding anything to the contrary contained herein, the
parties acknowledge and agree that Univision Group shall have the right to Broadcast by means of
Internet and mobile in the Territory certain websites related to the National Football League,
pursuant to that certain letter agreement between NFL Enterprises LLC and Univision Interactive
Media, Inc. (an Affiliate of Licensor), dated September&nbsp;14, 2010, as it may be amended by the
parties thereto. Audiovisual Content available on such websites shall not be included in the
Licensed Content or Licensed Rights hereunder, nor be subject to any of the terms and conditions of
this Agreement. Licensor represents and warrants that (a)&nbsp;a significant majority of the content
provided by Univision Group for such websites is not Audiovisual Content; (b)&nbsp;all Audiovisual
Content provided by Univision Group for Broadcast on such websites is related to the National
Football League; and (c)&nbsp;the content of such websites does not include Broadcasts of National
Football League games (other than clips and highlight reels of such games).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.6 <U><B>Live Event Streaming</B></U>. To the extent the live Internet streaming Broadcast rights
in the Territory to a specific non-sporting live event (e.g., a live musical concert) that
constitutes Licensed Content (for which Licensed Rights would be granted to Licensee hereunder) are
promoted or controlled by the Univision Group live events business, the exercise of such live
Internet streaming Broadcast rights by Licensee will be subject to the following additional terms,
conditions, exceptions and exclusions:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Licensor Notice</U>. Licensor will inform Licensee in writing of the availability of
the live Internet streaming Broadcast rights to each such live event to which Univision Group owns
or controls such rights in the Territory. If such streaming rights are subject to Promotional
Obligations, then Licensor shall also inform Licensee of such Promotional Obligations and any other
terms and conditions applicable to such live event (which shall not include the payment of
additional consideration by Licensee). Licensor shall provide such notice to Licensee as soon as
reasonably practicable following Univision Group&#146;s acquisition of such rights, but in no event
later than forty five (45)&nbsp;days before the applicable live
event (or if Univision Group acquires such rights within forty five (45)&nbsp;days of the
applicable live event, within forty eight (48)&nbsp;hours of such acquisition (or if Univision Group
acquires such live event within forty eight (48)&nbsp;hours of such live event, as promptly as
practicable following such acquisition)).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Licensee Election</U>. If Licensee wishes to stream such a live event to which
Univision Group owns or controls the live Internet streaming Broadcast rights in the Territory, it
shall have the exclusive rights to do so in the Licensed Media during the Term to the full extent
of rights owned or controlled by Univision Group now or in the future, provided it agrees to comply
with the Promotional Obligations (and such other terms and conditions) contained in the above
notice. If Licensee does not wish to stream such live event, or does not agree to satisfy the
Promotional Obligations or other terms and conditions, Univision Group may Broadcast the live event
by way of Internet streaming in the Territory, so long as Univision Group satisfies the Promotional
Obligations, and the other terms and conditions applicable to such live event (subject to de
minimis differences) as provided in the above notice.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>No Impact on Live Sports Rights or Non-Streaming Rights</U>. For the avoidance of
doubt, nothing contained in this <U>Section&nbsp;3.6</U> shall in any way apply to, or otherwise
affect
Licensee&#146;s rights to exercise, (i)&nbsp;its rights hereunder to live sports events, whether by means of
live Internet streaming or any other Licensed Media; or (ii)&nbsp;any of its other rights hereunder with
respect to live events (other than the live Internet streaming Broadcast rights described in this
<U>Section&nbsp;3.6</U>), in each case, under, and in accordance with, this Agreement.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.7 <U><B>Territorial Integrity; Anti-Piracy</B></U><B>. </B>The license herein granted to Licensee is an
exclusive license to Broadcast the Licensed Content in the Licensed Media in the Territory during
the Term in accordance with the terms, conditions, exceptions and exclusions contained in this
Agreement. In connection therewith, and in furtherance of the foregoing, Licensee and Licensor
each agree to use commercially reasonable efforts to employ copy protection and other security
measures reasonably designed to effectively prevent piracy and limit, in accordance with and
subject to the then prevailing commercial practices and standards of broadcasters or digital
platform operators, access to the Licensed Content (or content licensed by Licensor) to persons
located inside the Territory or outside the Territory, as applicable.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Territorial Integrity</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Free Television Spillover</I>.<SUP style="font-size: 85%; vertical-align: text-top"> </SUP>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(A)&nbsp;Licensor acknowledges and agrees that Licensee&#146;s, its Affiliates&#146; and its Network
Affiliates&#146; Broadcasts of Licensed Content by means of Free Television from within the Territory
which are intended for reception in the Territory may be received outside of the Territory (such
reception, the &#147;<U>Licensee Spillover</U>&#148;). Licensor agrees that the occurrence of Licensee
Spillover shall not be considered a breach of this Agreement so long as (1)&nbsp;Licensee, its
Affiliates and its Network Affiliates use their commercially reasonable efforts not to increase the
predicted noise limited coverage contour of each of their respective stations outside the Territory
beyond that authorized by the Comisi&#243;n Federal de Telecomunicaciones and the Secretar&#237;a de
Comunicaciones y Transportes as of November&nbsp;1, 2010 (the &#147;<U>Licensee </U>
<U>Permitted Spillover Contour</U>&#148;), provided, however, that with respect to any station
acquired after November&nbsp;1, 2010, the Licensee Permitted Spillover Contour shall be determined as of
the closing date of the acquisition of such station; (2)&nbsp;such Licensee Spillover is incidental to
their respective stations&#146; operations as authorized by the Comisi&#243;n Federal de Telecomunicaciones
and the Secretar&#237;a de Comunicaciones y Transportes; and (3)&nbsp;Licensee, its Affiliates and its
Network Affiliates do not market advertising based on the availability of such Licensee Spillover
to persons located outside the Territory. Notwithstanding the immediately preceding sentence,
Licensor and Licensee acknowledge and agree that Licensee, its Affiliates and its Network
Affiliates shall have the right and ability to (without being in breach of this Agreement) (x)
consent to the re-transmission of a Free Television channel by any Cable Television System in the
United States more than half of the subscribers of which reside within thirty-five (35)&nbsp;miles from
the geographic reference coordinates of the center of the community of license of the transmission
facility of such Free Television channel (&#147;<U>Licensee Facility Location</U>&#148;); and (y)&nbsp;base the
price of any local advertising time or space sold on such Free Television channels in the Territory
on the ability of viewers outside the Territory to view such Free Television channels.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(B)&nbsp;Licensee acknowledges and agrees that Univision Group&#146;s Broadcasts of Licensed Content by
means of Free Television from within the United States which is intended for reception in the
United States may be received inside of the Territory (such
reception, the &#147;<U>Univision
Spillover</U>&#148;). Licensee agrees that the occurrence of Univision Spillover shall not be
considered a breach of this Agreement so long as (1)&nbsp;Univision Group uses its commercially
reasonable efforts not to increase the predicted noise limited coverage contour of each of their
respective licensed stations in the Territory beyond that authorized by the FCC as of November&nbsp;1,
2010 (the &#147;<U>Licensor Permitted Spillover Contour</U>&#148;), provided, however, that with respect to
any station acquired after November&nbsp;1, 2010, the Licensor Permitted Spillover Contour shall be
determined as of the closing date of the acquisition of such station; (2)&nbsp;such Univision Spillover
is incidental to Univision Group&#146;s stations&#146; operations as authorized by the FCC; and (3)&nbsp;Univision
Group does not market advertising based on the availability of such Univision Spillover to persons
located inside the Territory. Notwithstanding the immediately preceding sentence, Licensor and
Licensee acknowledge and agree that Univision Group shall have the right and ability to (without
being in breach of this Agreement) (x)&nbsp;consent to re-transmission of a Free Television channel by
any Cable Television System in the Territory more than half of the subscribers of which reside
within thirty-five (35)&nbsp;miles from the geographic reference coordinates of the center of the
community of license of the transmission facility of such Free Television channel (&#147;<U>Licensor
Facility Location</U>&#148;); and (y)&nbsp;base the price of any local advertising time or space on such Free
Television channels in the United States on the ability of viewers in the Territory to view such
Free Television channels.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Satellite Encryption</I>. In accordance with then prevailing commercial practices of
broadcasters of Audiovisual Content in the United States, Licensee (and its Affiliates) and
Univision Group shall encrypt their respective satellite Broadcasts of Licensed Content in the
Territory and outside the Territory respectively, on a conditional access basis (i.e., access to
the Broadcast is dependent on the use of receiving equipment which decrypts the Broadcast if, and
only if, the user of the equipment is individually and specifically authorized to access the
Broadcast by the party permitted to Broadcast such Audiovisual Content). The reception of such an
encrypted satellite Broadcast or the unauthorized decryption of such a satellite Broadcast shall
not be considered a breach of this Agreement by Licensee (or its
Affiliates) or Univision Group, respectively, so long as (A)&nbsp;such parties&#146; Broadcast is
intended for reception only by authorized viewers inside the Territory or outside the Territory,
respectively; (B)&nbsp;such unauthorized reception or decryption is unintentional and incidental; and
(C)&nbsp;Licensee (and its Affiliates) or Univision Group, as applicable, does not market the
availability of such reception or decryption to persons located outside of its authorized
territory.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;<I>Internet / Mobile Geo-Filtering</I>. In accordance with the then prevailing commercial
practices of Internet and mobile distributors of Audiovisual Content in the United States, as
determined on a platform-by-platform basis, (A)&nbsp;Licensee shall use commercially reasonable efforts
to use geo-filtering technology intended to prevent, and reasonably designed to effectively
prevent, a person outside the Territory (including any Internet user, mobile device user, or
authenticated video customer of an MVPD (e.g., via so-called &#147;TV Everywhere&#148;)) from accessing
Internet/mobile Broadcasts of Licensed Content
from within the Territory; and (B)&nbsp;Univision Group
shall use commercially reasonable efforts to use geo-filtering technology intended to prevent, and
reasonably designed to effectively prevent, a person in the Territory (including any Internet user,
mobile device user, or authenticated video customer of an MVPD (e.g., via so-called &#147;TV
Everywhere&#148;)) from accessing Internet/mobile Broadcasts of Licensed Content from the United States.
For the avoidance of doubt, it shall be insufficient for Licensee or Licensor to use geo-filtering
technology that
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">permits Broadcasts of Licensed Content
to be accessed by a person located outside
or inside the Territory, respectively, who merely furnishes an address located, or the number of a
credit card issued, outside or inside the Territory, respectively. From time to time, Licensor or
Licensee may, if it uses a specific form of geo-filtering technology, request that the other party
adopt such technology, and upon such request, such other party shall use its commercially
reasonable efforts to adopt and implement such technology. In furtherance of the foregoing,
Univision Group and Grupo Televisa, shall use commercially reasonable efforts to cause each of its
sublicensees to use such geo-filtering technology in accordance with this paragraph, as applicable.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iv)&nbsp;<I>Intent</I>. Univision Group and Licensee acknowledge and agree that this <U>Section
3.7(a)</U> is intended solely for purposes of ensuring the territorial integrity appurtenant to
Licensor&#146;s and Licensee&#146;s rights in and to Licensed Content, and ensuring that neither Licensee nor
Licensor will be in violation of this Agreement merely because transmissions or retransmissions
from stations located inside or outside the Territory, respectively, or transmissions or
retransmissions from satellite signals intended for television stations, cable systems or
direct-to-home subscribers inside or outside the Territory, respectively, or over the Internet or
mobile platforms (or by any other Licensed Media), may be unintentionally and incidentally viewed
outside or inside the Territory, respectively, and is not intended to give Licensee or Licensor any
right to Broadcast, or license others to Broadcast, Licensed Content intended for viewing, or which
may be viewed, outside or inside the Territory, respectively, in each case except as provided in
Section&nbsp;3.7(a)(i).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Copy Protection; Physical Security</U>. Each of Univision Group and Grupo Televisa
agree to use commercially reasonable efforts to mutually agree within a reasonable timeframe,
(i.e., at most twelve (12)&nbsp;months after execution of this Agreement) on a plan and schedule to
implement (and thereafter to implement in accordance with such plan and schedule) appropriate copy
protection technology or solutions, generally consistent with the then prevailing commercial
practices of similarly situated broadcasters in the respective territory, as determined
on a platform by platform basis. For the avoidance of doubt, such measures are intended to
(i)&nbsp;protect the intellectual property rights in each of Univision Group&#146;s and Grupo Televisa&#146;s
Broadcasts; and (ii)&nbsp;prevent and/or deter theft, unauthorized copying or unauthorized Broadcast,
destruction of, or unauthorized access or injury to, the materials and intellectual property rights
underlying such Broadcasts.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Protective Action</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Take-Down Notices</I>. Licensee and Licensor shall each have the right, but not the
obligation, either itself or through a third party reasonably acceptable to the other party (e.g.,
BayTSP), to issue &#147;take-down&#148; notices with respect to any unauthorized third party Broadcasts of
Licensed Content in the Territory (and shall copy the other party on any such issuances).
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Legal Action</I>. In the event that any unauthorized third party Broadcast of Licensed
Content continues for a period of seventy-two (72)&nbsp;hours following the issuance of a &#147;take-down&#148;
notice by either party (or its third party designee), the party issuing the notice shall promptly
notify the other party, and the parties shall reasonably cooperate to address such unauthorized
third party Broadcast of Licensed Content; <U>provided</U>, that only
Univision Group shall have
the right, if appropriate, to initiate and prosecute litigation against the applicable third party;
<U>provided</U>, <U>however</U>, that Licensee may commence and prosecute such litigation (and
shall in such case inform Licensor of its actions as promptly as practicable) in the event that (A)
failure to do so immediately would result in irreparable harm to Licensee; or (B)&nbsp;Univision Group
unreasonably fails to commence or prosecute litigation after request by Licensee.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;<I>Costs and Recoveries</I>. If the party initiating such litigation requests cooperation or
assistance from the other party (in connection with <U>Section&nbsp;3.7(c)(ii)</U>), the initiating
party will be responsible for the reasonable costs (including attorneys fees) of such cooperation
or assistance incurred by such other party. In the event of litigation (or similar action or
threatened action) against the applicable third party, any monetary remedy, award, statutory
damages, settlement or other recovery resulting from such litigation, action or threatened action
shall be allocated as follows: (A) <U>first</U>, to the initiating party, to recoup any costs
(including attorneys fees) incurred by the initiating party in pursuing such litigation (including
such costs incurred by the other party and reimbursed by the initiating party); and (B)
<U>second</U>, any remaining amounts to Licensor.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.8 <U><B>Offensive or Politically Insensitive Platforms</B></U>. If at any time Licensor
reasonably determines that the Broadcast of Licensed Content on (a)&nbsp;the Televisa Interactive
Network or other Spanish Language Platform owned or controlled by Licensee (other than Linear
Television Channels, for which Licensor&#146;s withdrawal rights shall be limited to those set forth in
<U>Section&nbsp;8.10</U>); or (b)&nbsp;pursuant to any Sublicensing Arrangements, would result in Licensed
Content being available on a website or other platform that contains offensive or politically
insensitive content that Licensor reasonably believes is likely to substantially and adversely
affect Univision Group, then (i)&nbsp;Licensor may promptly provide to Licensee written notice of such
determination (including the basis therefor); and (ii)&nbsp;upon receipt of such notice, Licensee shall
address, as soon as reasonably
practicable, or in the case of clause (b)&nbsp;shall use commercially reasonable efforts to cause
the owner / operator of the applicable website or other platform to address, Licensor&#146;s concern
(including through the removal of Licensed Content from such offensive website or platform). In no
event will Licensee cause Licensed Content to be Broadcast on an adult entertainment (as such term
is commonly understood in the entertainment industry in the United States) site or adult
entertainment platform that is owned or controlled by Licensee.
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4. <U><B>Sublicensing; Third Party Arrangements</B></U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.1 <U><B>Licensee Right to Sublicense; General Requirements</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Licensee Right to Sublicense</U>. Pursuant to the terms and conditions and subject to
the exceptions and exclusions contained in this Agreement, the Licensed Rights include the right to
sublicense to third parties the right to exercise the Licensed Rights (and all other rights and
entitlements hereunder attendant and appurtenant thereto), subject, if applicable, to the approval
of Licensor pursuant to <U>Section&nbsp;4.2</U>.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT
THE OMITTED PORTIONS OF THIS DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION </B></div>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(b)&nbsp;<U>General Requirements</U>. Notwithstanding anything to the contrary herein, any
Sublicensing Arrangement or third party arrangement for a TIN Branded Experience on
which any
Licensed Content is Broadcast shall comply with the following requirements (the &#147;<U>General
Requirements</U>&#148;) unless expressly waived in writing by Licensor in its sole discretion on a
case-by-case basis:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(i)&nbsp;<I>Term and Use Restrictions</I>. Licensee shall not enter into any Sublicensing Arrangement or
third party arrangement for a TIN Branded Experience: (i)&nbsp;with a term that is longer than the
remaining Term; (ii)&nbsp;that provides for Broadcast of Licensed Content outside the Territory; (iii)
that does not require geo-filtering outside the Territory (substantially consistent with
<U>Section&nbsp;3.7(a)(iii)</U>); and (iv)&nbsp;that would cause Licensed Content to be distributed on an
adult entertainment site or platform.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(ii)&nbsp;<I>Linear Television Channel</I>. Licensee shall not enter into any Sublicensing Arrangement
that involves the Broadcast of Licensed Content on any third party Linear Television Channel.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(iii)&nbsp;<I>Core Controls</I>. Any Sublicensing Arrangement must provide Licensee with the following
core controls over the Licensed Content (&#147;<U>Core Controls</U>&#148;) vis-&#224;-vis the sublicensee, which
Licensee shall exercise as may be necessary or appropriate to comply with the provisions hereof:
(a)&nbsp;Licensee (and not the sublicensee) shall have editorial control of the Licensed Content and
will not permit the sublicensee to edit or manipulate such Licensed Content (e.g., mashups) without
the prior written consent of Licensor; (b)&nbsp;Licensee (and not the sublicensee) shall have the right
to select, refresh and withdraw Licensed Content; (c)&nbsp;the sublicensee shall not be permitted to
sublicense the Licensed Content; (d)&nbsp;the sublicensee shall not be permitted to authorize any third
party to Broadcast the Licensed Content (except that the sublicensee can place its branded
applications, embed its branded media player or employ similar branded and controlled functionality
in a third party&#146;s sites, in each case, consistent with the then
prevailing industry practices); and (e)&nbsp;Licensee will have remedies that are substantially no
less favorable to Licensee, <I>mutatis mutandis</I>, than Univision Group&#146;s remedies set forth in
<U>Section&nbsp;15</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(iv)&nbsp;<I>Content Ratio Tests</I>. Licensee shall not enter into any Sublicensing Arrangement or third
party arrangement for a TIN Branded Experience that makes available to the applicable third party a
number of hours of Licensed Content which constitute more than *** of the
total number of hours of Audiovisual Content made available under such Sublicensing Arrangement or
third party arrangement for a TIN Branded Experience or a number of hours of Audiovisual Content
produced or owned by Licensee which constitute less than *** of the total number of
hours of Audiovisual Content made available under such Sublicensing Arrangement or third party
arrangement for a TIN Branded Experience; <U>provided</U>, that the content ratio requirement set
forth in this <U>Section&nbsp;4.1(b)(iv)</U> shall not apply to Sublicensing Arrangements or third
party arrangements for TIN Branded Experiences with bona fide nationally recognized non-MVPD
distributors in the Territory relating to (i)&nbsp;the Broadcast of all, or substantially all, of the
feed of one or more of the Univision Channels and/or the Televisa Channels; or (ii)&nbsp;the Broadcast
of individual items of Audiovisual Content that were Broadcast on the applicable Univision Channel
or Televisa Channel within the immediately preceding thirty (30)&nbsp;days. For the avoidance of doubt,
any such Sublicensing Arrangements with bona fide nationally recognized non-MVPD distributors in
the Territory shall be subject to Licensor&#146;s reasonable approval under <U>Section&nbsp;4.2</U>, and
shall be subject to the other General Requirements.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT
THE OMITTED PORTIONS OF THIS DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION </B></div>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(v)&nbsp;<I>Long-Term Arrangements</I>. Licensee shall not enter into any Sublicensing Arrangement or
third party arrangement for a UIN Branded Experience that has a term (including any extensions or
renewals) that is longer than ***.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.2 <U><B>Licensor Approval</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Licensor Approval Required</U>. Other than as provided in <U>Section&nbsp;4.4</U>, all
Sublicensing Arrangements will require the prior approval of Licensor (which approval shall not be
unreasonably withheld, conditioned or delayed). Licensor may not condition its approval of any
proposed Sublicensing Arrangement on the payment to Univision Group of any monetary or other
consideration or on any changes to the then-existing arrangements between Licensee and Univision
Group (including under this Agreement). However, in determining whether to provide such approval,
the Licensor may take into account the terms and circumstances of the proposed Sublicensing
Arrangement, including the financial terms and conditions of the proposed Sublicensing Arrangement,
commercial terms of the proposed Sublicensing Arrangement as compared to industry standards at such
time, the scope and extent of the rights to be granted under the proposed Sublicensing Arrangement,
and the identity of the proposed counterparty (together with the overall economic benefit of the
Sublicensing Arrangement to Licensee). It shall be deemed to be unreasonable for Licensor to
withhold any approval required under this <U>Section&nbsp;4.2(a)</U> of any proposed Sublicensing
Arrangement on the basis of the identity of the proposed counterparty or the proposed terms if
Univision Group has previously entered into a contractual arrangement (which is then in effect)
with such proposed counterparty for the Broadcast of Excluded Content in the Territory or the
Broadcast of Audiovisual Content in
Mexico (unless such arrangement is required by applicable Law), in each case, on terms
consistent therewith.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Approval in Licensor&#146;s Sole Discretion</U>. Notwithstanding <U>Section&nbsp;4.2(a)</U>,
Licensor may withhold its approval in its sole discretion of any Sublicensing Arrangement on a
case-by-case basis that:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Non-Spanish Language Arrangements</I>. Permits the Broadcast of Licensed Content in any
language other than Spanish (including via closed caption, SAP, or other subtitling or dubbing).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Previously Owned Platforms</I>. Permits the Broadcast of Audiovisual Content directly or
indirectly on any platform that was owned or controlled by Licensee or its controlled Affiliates
within the immediately preceding twenty-four (24)&nbsp;months.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.3 <U><B>Licensor Approval Procedures</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>General Procedures</U>. Licensor will appoint one or more contact persons to review
proposed Sublicensing Arrangements and one of such contact persons to have the authority to provide
approvals of Sublicensing Arrangements on behalf of Licensor. Licensee will appoint one or more
contact persons who will provide all information necessary to make an informed decision about
proposed Sublicensing Arrangements, whom Licensor is to contact with any questions and to whom
Licensor is to give its determination as to whether it will approve any applicable Sublicensing
Arrangement.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Digital Distribution Approval Process</U>. Without limiting anything contained in
<U>Section&nbsp;4.3(a)</U>, the following additional procedures will apply to any Licensee request for
approval of, and any Licensor determination as to whether it will approve, any Sublicensing
Arrangement relating to digital distribution of the Licensed Content:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Proposed Transaction Notice</I>. If Licensee desires to enter into any Sublicensing
Arrangement for digital distribution, Licensee shall provide a notice of the proposed Sublicensing
Arrangement to the general counsel, chief financial officer and head of digital distribution of
Licensor, which notice shall contain the identity of the counterparty and a summary of all other
material relationships regarding Audiovisual Content with the sublicensee under such proposed
Sublicensing Arrangement. Licensee shall also provide only to the general counsel an unredacted
copy of the draft agreement or term sheet governing such Sublicensing Arrangement and a copy of the
draft agreement or term sheet redacted only so as not to disclose economic and other sensitive
terms and conditions (such agreements and description together, the &#147;<U>Proposed Transaction
Notice</U>&#148;). The general counsel may make available the unredacted copy of the draft agreement or
term sheet only to the deputy general counsel and head counsel for the television department of
Licensor and may make available the redacted copy of the draft agreement or term sheet only to such
persons as necessary to permit Licensor to decide whether to approve or reject the proposed
Sublicensing Arrangement. The general counsel of Licensor shall ensure that no employee or
consultant of Licensor involved in digital distribution operations obtains any unredacted copy of
the draft agreement or term sheet or any of the
redacted information. If Licensee is prohibited from providing Licensor with a copy of the
draft agreement or term sheet, then the parties will cooperate in good faith to determine an
alternative means of providing Licensor with the requisite information necessary for Licensor to
properly evaluate the proposed transaction, without violating any applicable contractual or other
restrictions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Evaluation Period</I>. Licensor shall respond in writing to the Proposed Transaction Notice
(either approving or rejecting the proposed arrangement, and setting forth the basis for any
rejection) to Licensee within ten (10)&nbsp;Business Days of Licensee&#146;s provision of any Proposed
Transaction Notice (the &#147;<U>Evaluation Period</U>&#148;); <U>provided</U>, that if the Sublicensing
Arrangement has a term (including any extensions or renewals) longer than three (3)&nbsp;years but
shorter than five (5)&nbsp;years, then the time period for such approval shall be thirty (30)&nbsp;Business
Days (instead of ten (10)&nbsp;Business Days). If Licensor does not reject a proposed Sublicensing
Arrangement in accordance with the immediately preceding sentence during the Evaluation Period,
such proposed transaction will be deemed to have been approved by Licensor on the terms contained
in the applicable Proposed Transaction Notice.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Renewals; Amendments</U>. Any renewal of a Sublicensing Arrangement will require
Licensor approval in accordance with this <U>Section&nbsp;4</U>. For the avoidance of doubt, this
<U>Section&nbsp;4.3(c)</U> shall not apply to any third party arrangement for a TIN Branded Experience
(as Licensor approval is not otherwise required for such arrangements). Amendments, modifications,
extensions and/or waivers to any existing
Sublicensing Arrangement that would cause such
Sublicensing Arrangement to deviate in any material respect from the existing Sublicensing
Arrangement, or affect the economics or scope of rights under such Sublicensing Arrangements, or
violate any of the General Requirements, including the Core Controls will require Licensor&#146;s
approval in accordance with the provisions of this <U>Section&nbsp;4</U> applicable to such
Sublicensing Arrangement, as amended. Any other amendment, modification, extension and/or waivers
to an approved Sublicensing Arrangement shall not require Licensor&#146;s approval.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.4 <U><B>Exceptions to Licensor Approval</B></U>. Notwithstanding anything contained in this
Agreement:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>TIN Arrangements</U>. TIN Arrangements will be permitted without Licensor approval,
do not constitute Sublicensing Arrangements, and any existing or future TIN Arrangements shall not
be subject to any of the terms and conditions of <U>Section&nbsp;4</U>; <U>provided</U>, that in the
case of third party arrangements for TIN Branded Experiences only, such arrangements shall comply
with the General Requirements. Licensee shall provide Licensor with written notice (that contains
the identity of the counterparty and a summary of all material terms) substantially in the form of
<U>Schedule&nbsp;3</U> attached hereto as soon as reasonably practicable following its entering into
any arrangements for a TIN Branded Experience that Licensee concludes with third parties for
Broadcast of Licensed Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>MVPD Arrangements</U>. Licensor and Licensee hereby acknowledge and agree that (i)
Licensee is currently a party to MVPD Arrangements and will, from time to time, enter into
additional MVPD Arrangements consistent with industry practice; (ii)&nbsp;existing and future MVPD
Arrangements shall not require Licensor&#146;s approval; and (iii)&nbsp;MVPD
Arrangements are not Sublicensing Arrangements and the terms and conditions set forth in this
<U>Section&nbsp;4</U> do not apply to any existing or future MVPD Arrangements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Network Affiliation Arrangements</U>. Network Affiliation Agreements will be
permitted without Licensor approval, subject to the terms and conditions of <U>Section
1.2(a)(ii)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Clip Exchange Arrangements</U>. Clip Exchange Arrangements will be permitted without
Licensor approval, subject to the terms and conditions of <U>Section&nbsp;1.6</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.5 <U><B>Interactive Functionality; Technological Enhancements</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Rights for Interactive Functionality; Technological Enhancements</U>. Licensee&#146;s
permitted third party sublicensees (including any third parties permitted to Broadcast the Licensed
Content in the Territory in accordance with this <U>Section&nbsp;4</U>), MVPDs and Network Affiliates
will be permitted to add enhanced interactivity (e.g., on-screen programming guides, menus,
interactive voting systems, etc.), sharing capability, links to other community features, overlays,
squeezebacks, automated translation technology and other similar interactive functionality to
Licensed Content, and to undertake Technological Enhancements with respect to Licensed Content, in
each case, consistent with the then prevailing industry custom and practice in the Territory.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Notice of Technological Enhancements</U>. Licensee shall, at the Informational
Meetings, inform Licensor of any Technological Enhancements authorized or approved by Licensee to
be undertaken by its permitted third party sublicensees which has not been previously notified to
Licensor at prior Informational Meetings.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">5. <U><B>Downloads</B></U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.1 <U><B>Download to Own (DTO)</B></U>. Licensee&#146;s Licensed Rights exercised by means of DTO (but
not any other commercial offering) during the Term in the Territory shall be subject to the
following additional terms and conditions:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>DTO Availability Request</U>. Upon request by Licensee from time to time, Licensor
shall make identified items of Licensed Content available for Licensee&#146;s Broadcast in the Territory
by means of DTO to the extent that Licensor owns or controls such rights. Licensee acknowledges
that Clearances may be necessary for the Broadcast of such Licensed Content in the Territory by
means of DTO, and that parties&#146; respective obligations with respect to obtaining such Clearances
are set forth in <U>Section&nbsp;8.13</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Limitation to Televisa Interactive Network</U>. Licensee shall have the exclusive
right to Broadcast Licensed Content by means of DTO through the Televisa Interactive Network
(pursuant to the terms and conditions and subject to the exceptions and exclusions applicable to
such Licensed Content hereunder) without Licensor&#146;s approval, pursuant to the terms and conditions
and subject to the exceptions and exclusions of this <U>Section&nbsp;5.1</U>. Any DTO arrangements
with third parties outside of the Televisa Interactive Network are subject to
Licensor&#146;s approval as set forth in <U>Section&nbsp;4</U>. All DTO arrangements shall comply with
the geo-filtering provisions set forth in <U>Section&nbsp;3.7(a)(iii)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Delivery Format</U>. All Licensed Content provided by Licensor for Licensee&#146;s DTO
Broadcast shall be delivered in a format then suitable for such DTO Broadcast in the Territory, as
agreed by the parties from time to time.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Selection and Removal of Licensed Content for DTO</U>. Licensor shall have the full
rights to select and remove Licensed Content for DTO in its discretion, subject to the selection
limitations and minimum content requirements set forth in <U>Section&nbsp;5.1(a)</U>. Licensor shall
provide to Licensee at least thirty (30)&nbsp;days&#146; notice prior to any removal of Licensed Content
being Broadcast by means of DTO. Notwithstanding the foregoing, Licensee may, from time to time,
request that specific Licensed Content be made available for DTO Broadcast, and Licensor shall
consider in good faith any such requests; <U>provided</U>, that Licensor&#146;s decision with respect
thereto shall be in its sole discretion and shall be final and binding.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;<U>Information</U>. For rights and administrative control purposes with respect to the
Broadcast of Licensed Content by means of DTO, Licensee shall provide to Licensor monthly online
reports (detailing downloads, payments and pricing) regarding such Broadcast, and any other
information which Licensor reasonably requests, in each case, to the extent such information is
reasonably available to Licensee. Licensee shall deliver any such information to Licensor by the
twelfth (12th) Business Day of the month immediately following the month in which such information
was received.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(f)&nbsp;<U>Price</U>. The retail price per item of Licensed Content for consumers to purchase
Licensed Content by means of DTO shall be mutually agreed by the parties in writing in accordance
with industry standards (such agreement not to be unreasonably withheld, conditioned or delayed).
No free Licensed Content may be offered by means of DTO, other than in connection with bona fide
promotions.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(g)&nbsp;<U>Limitation to DTO</U>. For the avoidance of doubt, this <U>Section&nbsp;5.1</U> shall
only apply to Broadcast of Licensed Content by means of DTO, and shall not apply to any forms of
rental, lease, on demand access (including any form of DTR or other download to rent) or other
distribution of Licensed Content on a linear, streamed, temporal or otherwise non-permanent basis.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(h)&nbsp;<U>Editing</U>. Licensee&#146;s rights to edit the Licensed Content are set forth in
<U>Section&nbsp;8.8</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(i)&nbsp;&#091;Intentionally Omitted&#093;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(j)&nbsp;<U>Clean Versions</U>. Without limiting Licensor&#146;s obligations under <U>Section
8.1(b)</U>, Licensor shall deliver to Licensee &#147;clean&#148; versions (e.g., removing graphic insertions
of, voice-overs promoting and URLs of univision.com and any other Univision Group owned or operated
businesses, but not removing any product placement, promotions or mentions in the content of the
Licensed Content) of all Licensed Content provided by Licensor to Licensee for DTO Broadcast under
this <U>Section&nbsp;5.1</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.2 <U><B>Download to Rent (DTR)</B></U>. Licensee&#146;s Licensed Rights exercised by means of DTR (but
not any other commercial offering) during the Term in the Territory shall be subject to the
following additional terms and conditions:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Information</U>. Licensee shall provide monthly online reports (including downloads,
payments and pricing) regarding such Broadcasts solely for purposes of Univision Group&#146;s
obligations to account and provide information to applicable third parties with respect to the
Broadcast of Licensed Content by means of DTR, and any other information which Licensor reasonably
requests, in each case, to the extent such information is reasonably available to Licensee.
Licensee shall deliver any such available information to Licensor by the twelfth (12th) Business
Day of the month immediately following the month in which such information was received.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>No Free Content</U>. No free Licensed Content may be offered by means of DTR, other
than in connection with bona fide promotions.
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">6. <U><B>Additional Spanish Language Platforms</B></U>. For the avoidance of doubt, Licensee shall have
the right to create or acquire additional Spanish Language Platforms (including additional Spanish
language Linear Television Channels) and to Broadcast Licensed Content thereon, pursuant to the
terms and conditions and subject to the exceptions and exclusions contained in this Agreement.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">7. <U><B>Notification and Acceptance of Programming; Scheduling Cooperation</B></U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.1 <U><B>Timing of Availability</B></U>. Each item of Licensed Content shall be made available by
Licensor to Licensee for Broadcast pursuant to the terms of this Agreement (and the Licensed Rights
with respect thereto shall vest):
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;with respect to each item of Licensed Content not addressed in the following provisions of
this <U>Section&nbsp;7.1,</U> upon the first to occur of (i)&nbsp;the date when such Licensed Content is
initially Broadcast by Univision Group in any Licensed Media; or (ii)&nbsp;the date when such Licensed
Content is first made available for Broadcast by any third party in any Licensed Media;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;with respect to each Movie, upon the conclusion of the then applicable &#147;first-run&#148;
theatrical availability window (as is then commonly understood in the motion picture industry in
the Territory); <U>provided</U>, that for the avoidance of doubt, (i)&nbsp;any theatrical &#147;re-release&#148;
of a Movie shall not have any effect on the availability of the applicable Movie to Licensee; and
(ii)&nbsp;with respect to any Movie not initially theatrically released (e.g., a &#147;direct-to-video&#148;
Movie) the availability shall be in accordance, <I>mutatis mutandis</I>, with <U>Section&nbsp;7.1(a)</U>;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;&#091;Intentionally Omitted&#093;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;with respect to each item of Ancillary Content, upon the first to occur of (i)&nbsp;the date
when such Ancillary Content is initially Broadcast by Univision Group; (ii)&nbsp;the date when such
Ancillary Content is first made available for Broadcast by any third party in Licensed
Media; or (iii)&nbsp;the date when the applicable Licensed Content to which the Ancillary Content
is related is actually first Broadcast by Licensee in the Territory.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For the avoidance of doubt, rights to Univision Produced Clips or Licensee Produced Clips shall be
available (and the Licensed Rights with respect thereto shall vest) upon the availability and
vesting (in accordance with this <U>Section&nbsp;7.1</U>) of the applicable item of Licensed Content
from which such clips are excerpted.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.2 <U><B>Availability Notices; Requests for Delivery</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>New Programs and Movies</U>. At least as often as the first Business Day of each
calendar quarter, Licensor will deliver a written notice (an &#147;<U>Availability Notice</U>&#148;) to
Licensee specifying the Programs and Movies that (i)&nbsp;have become available to Licensee hereunder
since the delivery of the preceding Availability Notice; or (ii)&nbsp;may no longer be available to
Licensee hereunder (detailing the reason for such unavailability) (it being understood that the
first Availability Notice, which Licensor shall deliver to Licensee no later than April&nbsp;1, 2011,
shall only be required to include those Programs and Movies that have become available to Licensee
since the Effective Date). Each Availability Notice shall specify, for each such Program or Movie,
(A)&nbsp;the name, length, number of episodes (if readily available), genre and content type; (B)&nbsp;Rights
Restrictions (if any); and (C)&nbsp;Clearances (if any) that have not been obtained that would prohibit,
restrict or impair Licensee&#146;s Licensed Rights to such Programs or Movies. For purposes of this
<U>Section&nbsp;7.2(a)</U> only, the term &#147;Program&#148; shall refer to Programs initially Broadcast, or
intended for initial Broadcast, on a Linear Television Channel.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Library Programs and Movies</U>. No later than forty-five (45)&nbsp;days following the
Effective Date, Licensor shall deliver to Licensee a list that contains, to the best of Licensor&#146;s
knowledge, all Programs and Movies available to Licensee hereunder as of the Effective Date (a
&#147;<U>Library Availability Notice</U>&#148;). The Library Availability Notice shall specify, for each
such Program or Movie, the name, length, number of episodes (if readily available), genre and
content type of such Program or Movie. For purposes of this <U>Section&nbsp;7.2(b)</U> only, the term
&#147;Program&#148; shall refer to Programs initially Broadcast, or intended for initial Broadcast, on a
Linear Television Channel.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Other Licensed Content</U>. Promptly following the Effective Date, each of Licensor
and Licensee shall designate a contact person to, over the first twelve (12)&nbsp;months following the
Effective Date, collaborate in good faith to determine a reasonable process, format and timetable
for Licensor to provide Licensee (and, following such determination, Licensor shall so provide
Licensee) with adequate information regarding other Licensed Content available to Licensee
hereunder. If no such process, format and timetable has been agreed by the end of such twelve (12)
month period, then thereafter, the Availability Notice delivered under <U>Section&nbsp;7.2(a)</U> shall
include all Licensed Content as opposed to only Programs and Movies and provide the information
specified under <U>Section&nbsp;7.2(a)</U> with respect to such Licensed Content. Notwithstanding the
foregoing, it is understood and agreed that this <U>Section&nbsp;7.2(c)</U> shall not apply to (x)
those Programs and Movies that are governed by <U>Sections&nbsp;7.2(a)</U> and <U>(b)</U>; and (y)
Ancillary Content (which is governed by <U>Section&nbsp;8.12</U>).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Requests for Delivery</U>. Upon the request of Licensee, Licensor shall deliver to
Licensee whatever materials are reasonably available with respect to any available Licensed
Content, at Licensee&#146;s expense to the extent Licensee requests more than a pilot or representative
episode or clip with respect to an available item of Licensed Content. If Licensee desires
delivery of any available Licensed Content, it shall notify Licensor of its request for delivery,
at any time, in a writing specifying the name of the desired available Licensed Content and such
other information as may reasonably be requested by Licensor to complete delivery of the requested
Licensed Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.3 <U><B>Cooperation</B></U>. Until the Information Tail Date and subject to applicable Law,
Licensor shall cooperate in good faith with Licensee, to the extent that such cooperation does not
interfere with its businesses, in Licensee&#146;s efforts to schedule, market and promote Licensee&#146;s
programming services and offerings, by attending the Informational Meetings (which may include
separate meetings for television (which meetings shall include GT&#146;s Corporate President of
Television and Content and Licensor&#146;s President of Univision Networks), motion picture and digital
programming) and providing Licensee with brief descriptions of Programs, Movies and other material
items of Univision Publications Content anticipated to be licensed hereunder that are in production
or have been &#147;greenlit&#148; or otherwise set for production, anticipated availability dates for such
items of Licensed Content, and other information reasonably requested by Licensee when such
information becomes available to Univision Group; it being understood that any programming or
production schedules so provided would be subject to modification and that no representation or
warranty is being or would be made with respect thereto. Notwithstanding the foregoing, Licensor
shall have no obligation to provide to Licensee any information under this <U>Section&nbsp;7.3</U> (a)
regarding any such items of Licensed Content that are in production or have been &#147;greenlit&#148; or
otherwise set for production that Licensor believes in good faith will not become available for
Broadcast in the Territory until after the Term, (b)&nbsp;during the final year prior to the Information
Tail Date, to the extent that Licensor believes in good faith that the disclosure of such
information to Licensee would competitively disadvantage Univision Group, or (c)&nbsp;that is subject to
legal or third party contractual confidentiality restrictions. For the avoidance of doubt, the
obligations of the parties under this section shall not in any way limit, restrain, expand or
otherwise modify any of the independent obligations of the parties contained elsewhere in this
Agreement.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.4 <U><B>Production Services</B></U>. From time to time, Licensee shall have the right to submit
to Licensor bids to render production services for Univision Group Audiovisual Content, and
Licensor shall be able to accept or reject such bids in its sole and absolute discretion.
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">8. <U><B>Delivery, Expenses and Use of Licensed Content</B></U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.1 <U><B>Delivery Procedure; Clean Versions</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Delivery of Licensed Content</U>. Following Licensee&#146;s sending a request for delivery
of an item of Licensed Content pursuant to <U>Section&nbsp;7.2(d)</U> of this Agreement, Licensor shall
deliver to Licensee, at Licensee&#146;s expense, a visual and aural reproduction of each such
item of Licensed Content either (at Licensee&#146;s election and subject to Licensor&#146;s reasonable
ability to comply with such election) via satellite (at Licensee&#146;s risk of loss if delivery via
satellite is requested less than forty-eight (48)&nbsp;hours in advance of scheduled Broadcast),
electronic delivery of files or any other intangible means of delivery, or on such form of
videotape, disc or other device as reasonably requested by Licensee, formatted and suitable for
Broadcast in the Territory in a digital or other format for each applicable Licensed Media, as
reasonably requested by Licensee and as soon as reasonably available. Without limiting the
generality of the foregoing, until further notice by Licensee to Licensor, Licensee requests access
to a high definition feed (if available) for any live events. Licensed Content will be deemed
delivered by Licensor when transmitted to the satellite or when delivered or made available
digitally, or if shipped by courier, when actually received.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Delivery of &#147;Clean&#148; Versions</U>. Licensor shall deliver to Licensee &#147;clean&#148; versions
(e.g., removing graphic insertions of, voice-overs promoting and URLs of univision.com and any
other Univision Group owned or operated businesses) of all items of Licensed Content delivered to
Licensee pursuant to this Agreement; <U>provided</U>, that Licensee shall not be required to
remove any product placement, promotions or mentions in the content of any item of Licensed
Content; <U>provided</U>, <U>further</U>, that this <U>Section&nbsp;8.1(b)</U> shall not apply to (i)
any Library Programs for which Univision Group does not have, at the time of the delivery, such a
&#147;clean&#148; version (&#147;<U>Special Library Programs</U>&#148;); and (ii)&nbsp;live Programs and other Programs
Broadcast simultaneously by Univision Group and Licensee (in the case of (ii), to the extent that
production and delivery of such a &#147;clean&#148; version to Licensee would not be reasonably practicable,
or would require Univision Group to incur incremental costs). Licensor shall inform Licensee,
prior to delivery of any item of Licensed Content requested by Licensee, if such item of Licensed
Content falls under clause (i)&nbsp;or (ii)&nbsp;of this <U>Section&nbsp;8.1(b)</U> such that Licensor will not
deliver to Licensee a &#147;clean&#148; version of such Licensed Content. Licensee shall be permitted to
produce at its own expense &#147;clean&#148; versions of any such Licensed Content; <U>provided</U>, that
the production of &#147;clean&#148; versions of such Licensed Content for Broadcast in Licensed Media by
means of digital distribution shall be subject to Licensor&#146;s approval (not to be unreasonably
withheld, conditioned or delayed). For the avoidance of doubt, if for any reason Licensor fails to
deliver a &#147;clean&#148; version of any Licensed Content other than Special Library Programs or live
Programs described above, Licensee shall have the right to produce such a &#147;clean&#148; version, and
Licensor shall pay (and promptly reimburse Licensee) for any costs in connection therewith upon
provision by Licensee of appropriate documentation evidencing such costs. Licensor&#146;s obligation to
deliver &#147;clean&#148; versions under this <U>Section&nbsp;8.1(b)</U> will not apply to Univision Publications
Content, to which the provisions of <U>Section&nbsp;1.3(b)(i)(A)</U> will apply.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.2 <U><B>Inspection of Delivered Programs</B></U>. Licensee agrees that as soon as practicable
following receipt of delivery of any Licensed Content through any medium, it will examine such
delivery to determine whether it is physically suitable for Broadcast on all applicable Licensed
Media and, if applicable, will notify Licensor immediately upon detecting any defect rendering such
delivery unsuitable for such Broadcast. In such cases, Licensor shall promptly re-deliver such
Licensed Content at its own expense through any medium (at Licensee&#146;s reasonable election).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.3 <U><B>Destruction or Erasure of Delivered Programs</B></U>. Licensee agrees to destroy any
video tape, disc or
other physical device and/or erase any electronic files embodying Licensed Content (and
deliver to Licensor a certificate of destruction and/or erasure in connection therewith), in each
case, as soon as practicable following the end of the Term (or as reasonably requested by Licensor
in writing in connection with a withdrawal pursuant to <U>Section&nbsp;8.10</U>). Licensee shall pay
all costs of destroying such videotapes, discs or other physical devices or erasing such electronic
files.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.4 <U><B>Ownership; Risk of Loss</B></U>. Any videotapes, discs or other physical devices or
intangible media (including electronic files) embodying Licensed Content shall at all times remain
the property of Univision Group, subject to Licensee&#146;s rights as herein provided. The risk of
loss, damage, destruction or disappearance of any physical device, if any, shall be borne by
Licensee from the time of delivery to Licensee. As to any video tape, disc or other physical
device or part thereof lost, stolen, destroyed or damaged after delivery to Licensee, Licensee
shall pay Licensor the cost of replacement thereof, which payment shall be limited to the cost of
replacing the raw video tape, disc or other physical device.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.5 <U><B>Restrictions on Duplication</B></U><B>. </B>Except as provided herein, Licensee will not, and
will not authorize others to copy or duplicate any Licensed Content unless necessary for the
Broadcast by Licensee and any permitted third parties contemplated hereby (or the promotion of such
Broadcasts). Licensee shall cause any permitted third party in possession of any duplicate or copy
(whether in tangible form (e.g., discs, tapes) or intangible form (e.g., digital media files)) of
any part of the Licensed Content (including trailers) to return such duplicate or copy at, or at a
reasonable time prior to, the end of the Term (or as reasonably requested by Licensor in writing in
connection with a withdrawal pursuant to <U>Section&nbsp;8.10</U>), and Licensee shall destroy or erase
(or cause to be destroyed or erased) such duplicate or copy (whether in tangible form (e.g., discs,
tapes) or intangible form (e.g., digital media files)) of any part of the Licensed Content
(including trailers), in accordance with <U>Section&nbsp;8.3</U>. Upon receipt of written request from
Licensor, an officer of Licensee shall certify in writing the destruction or erasure of all such
copies.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.6 <U><B>Name and Likeness Rights; Promotions</B></U>. Licensor will furnish to Licensee glossy
prints and digital copies of still photos, synopses, cast lists and all other promotional material
for the promotion of the Licensed Content, if available. Licensor grants to Licensee, without
additional payment beyond the Telefutura Payment, the right and license to use and
license others
to use (a)&nbsp;Univision Group&#146;s name and logos and the Univision Channel Marks; and (b)&nbsp;unless
Licensee is advised by Licensor that rights of Licensor and its Affiliates are limited (in which
case, to the extent not limited), to use and license others to use the name and likeness of, and
biographical material concerning, each star, featured performer, writer, director and producer in
the Licensed Content and the titles and trademarks of each item of Licensed Content and fictitious
persons and locales therein, for advertising and publicity of the Licensed Content, and any
broadcaster or sponsor thereof, but not for direct endorsement of any product or service; provided,
that any such use by the broadcaster or sponsor thereof will protect the copyrights of Univision
Group and shall not include any fee or royalty payable to Licensee or its Affiliates expressly
and/or primarily for such use. To the extent available to Licensor (or any applicable Affiliate)
after reasonable efforts, Licensor will furnish Licensee with music cue sheets for the Licensed
Content and the information necessary for administration of rights payments. Subject to the
foregoing, and
subject to Licensor&#146;s approval (not to be unreasonably withheld, conditioned or delayed),
Licensee shall have the right to produce its own promotional material for or from the Licensed
Content (including audio promotions for or from audio tracks of the Licensed Content). Univision
Group shall permit its proprietary artists (if any) to appear on behalf of or for Licensee for
promotional or programming purposes at mutually agreeable times (which agreement shall not be
unreasonably withheld), at Licensee&#146;s expense, it being agreed that Licensor may not be able to
require an artist to appear, all requests to and contacts with Univision Group&#146;s proprietary
artists shall be made through a representative designated by Licensor (provided that if the
designated representative of Licensee for these purposes has requested in writing to the designated
representative of Licensor for these purposes to be informed as to whether an artist is under
contract with Univision Group and such designated representative of Licensor has not responded to
such designated representative of Licensee within seven days of receipt of such request, Licensee
may try to contact such artist without going through Licensor or its designated representative),
and such designated representative of Licensor shall not be required to approve any appearance
which would interfere in any material respect with Licensor&#146;s operations or productions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.7 <U><B>Credits</B></U>. Licensee agrees to include in its Broadcasts of Licensed Content all
copyright notices and all credits made part of Licensed Content (including credits for stars,
directors, producers and writers); provided, that Licensee shall have the right to eliminate
identical internal credits when episodes of any Licensed Content air back-to-back on any Linear
Television Channel.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.8 <U><B>Editing</B></U>. In connection with Licensee&#146;s Broadcast of the Licensed Content in the
Licensed Media in the Territory during the Term, Licensee shall have the right to cut and edit such
Licensed Content; <U>provided</U>, that only with respect to the creation of &#147;clean&#148; versions,
such right shall be subject to Licensor&#146;s approval right in <U>Section&nbsp;8.1(b)</U>. For the
avoidance of doubt, to the extent that, as a result of Licensee&#146;s exercising any of its editing
rights hereunder with respect to any Licensed Content, such edited Licensed Content constitutes a
&#147;derivative work&#148; under the United States Copyright Act, such derivative work shall nevertheless
remain the sole property of Licensor (subject to the rights granted to Licensee hereunder).
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.9 <U><B>Product Placement</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Cooperation</U>. Licensor and Licensee intend to cooperate effectively in order to
exploit reasonable opportunities for product placement and integration in Licensed Content to be
Broadcast in the Territory.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Points of Contact</U>. Each of Licensor and Licensee shall appoint a single person to
act as point of contact for such efforts. Such contact persons shall cooperate to make each party
aware of commercial opportunities for product placement or integration in Licensed Content to be
Broadcast in the Territory and, in any event, each such contact person will present such
opportunities (not previously disclosed to the other) at the first Informational Meeting following
such contact person&#146;s learning of such opportunities.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Exchange of Products</U>. The parties will work together so that, to the extent
technologically feasible, Licensee, with prior approval of Licensor (on a good faith basis), may
substitute products of advertisers to whom Licensee has sold product placement in exchange for
products placed by Univision Group in recorded Licensed Content, so long as such substituted
placement does not adversely affect in any way, as determined by Licensor in good faith, the
artistic quality and/or integrity of the Licensed Content. By way of example and not in
limitation, Licensor may determine not to approve such substitutions in the relevant recorded
Licensed Content if any person or entity, including any director, producer or actor in or of such
recorded Licensed Content, in his, her or its sole and absolute discretion does not want the
substitution, or if Licensor believes that proposing such substitution would harm its relationship
with such director, producer or actor. For the avoidance of doubt, Licensee shall not substitute
products in Licensed Content initially Broadcast simultaneously, by Univision Group and Licensee;
<U>provided</U>, that the contact persons will cooperate in order to pre-record segments that may
be inserted by Licensee in the time segments designated by Licensee in such Licensed Content
Broadcast simultaneously. An Affiliate of Licensor which is capable of effecting such substitution
will have the Right of First Negotiation / First Refusal to perform such substitution.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Licensee Requests</U>. Licensor will consider in good faith requests of Licensee,
made from time to time, to effectuate product placement and/or integration by Licensee&#146;s
advertisers in Licensed Content during their production and/or post-production stage and will use
commercially reasonable efforts to keep Licensee informed of commercial opportunities during such
stage. While Licensor shall have no obligation to effectuate such product placement and/or
integration, Licensor shall make the determination as to whether to comply with such requests in
good faith. By way of example and not in limitation, Licensor may determine not to comply with
such requests if any person or entity participating during the production and/or post-production of
the Licensed Content in question, including any director, producer or actor in or of such Licensed
Content, in his, her, or its sole and absolute discretion does not want the product placement
and/or integration, or if Licensor believes that proposing the product placement and/or integration
would harm its relationship with such director, producer or actor.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;<U>Costs</U>. In the event that Licensor or its Affiliates effectuate product placement
and/or integration during production or post-production of any Licensed Content by Licensee&#146;s
advertisers or otherwise at Licensee&#146;s written request, Licensee will pay the costs for such
placement and/or integration (which such costs will need to be agreed between Licensee and Licensor
prior to effectuation of the product placement and/or integration) upon provision by Licensor of
appropriate documentation evidencing such costs.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(f)&nbsp;<U>Notification of Refusal</U>. Within five (5)&nbsp;Business Days of any determination by
Licensor that it will not include product placement requested by Licensee, Licensor will inform
Licensee of such determination and the reasons therefor.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(g)&nbsp;<U>Licensor Policies</U>. All product placement and integration requests shall be
subject to the policies and rules of Univision Group&#146;s sales department from time to time in effect
that Licensor has prior to such time provided to Licensee; <U>provided</U>, that such policies and
rules shall not limit, expand or otherwise modify Licensor&#146;s obligations with respect to such
requests as set forth under this <U>Section&nbsp;8.9</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.10 <U><B>Licensor Withdrawal of Programs</B></U>. Subject to <U>Section&nbsp;12.1</U> and Licensee&#146;s
remedies for a breach thereof, Licensor may, in its sole and absolute discretion, withdraw any
Licensed Content and terminate any license with respect to such Licensed Content if Licensor
reasonably determines that the Broadcast thereof is likely to: (a)&nbsp;infringe the rights of third
parties; (b)&nbsp;violate any Law; or (c)&nbsp;otherwise subject Licensor to any material liability. In the
event of any such withdrawal or termination, Licensor shall give Licensee as much notice as
reasonably practicable, and the parties shall have no obligations to each other with regard to
Licensed Content not produced, subject to <U>Section&nbsp;12.1</U> and Licensee&#146;s remedies for a breach
thereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.11 <U><B>Digitization; Technological Enhancements</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Requests</U>. With respect to any particular item of Licensed Content (and without
limiting Licensee&#146;s rights and obligations under <U>Section&nbsp;8.11(d)</U> with respect to HD
up-conversion and/or down-conversion), Licensee may request from Licensor reasonable information
regarding whether such item of Licensed Content has been subject to digital conversion or
Technological Enhancements, and Licensor shall promptly respond to such requests (including by
providing Licensee with a brief description of such digital conversion or Technological
Enhancements and any applicable technical specifications therefor); <U>provided</U>, that no
inadvertent failure by Licensor to comply with the foregoing shall constitute a breach of this
Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Televisa Digitization and Technological Enhancements</U>. If Licensee has requested
delivery of Licensed Content in a digital or other format in accordance with <U>Section&nbsp;8.1(a)</U>
but Univision Group does not then have such digital or other format of such Licensed Content,
Licensee may request, by delivery of a Technology Services Request to Licensor, the conversion or
Technological Enhancement of such Licensed Content to such digital or other format. If Licensor
reasonably determines that such conversion or Technological Enhancement would not interfere with
its digitization efforts or other businesses, then Licensor shall, at the sole cost and expense of
Licensee, undertake such process in accordance with Licensee&#146;s requested Technical Specifications
and a schedule mutually agreed between Licensor and Licensee (which schedule shall include a
reasonable &#147;cushion&#148; period for unforeseen delays and contingencies); <U>provided</U>,
<U>however</U>, that Licensor shall not have any obligation to undertake any such process until
Licensor has prepared and delivered to Licensee a Technology Services Budget for such process, and
Licensee has agreed to such budget. In the event that Licensor or an Affiliate thereof does
undertake any such conversion or Technological Enhancement, Licensee will pay the costs and
expenses for such conversion or Technological Enhancement (in accordance with the agreed Technology
Services Budget) upon provision by Licensor or an Affiliate thereof of appropriate documentation
evidencing such costs and expenses.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Licensee Digitization and Technological Enhancements</U>. If, following Licensee&#146;s
delivery of a Technology Services Request with respect to any requested Technological Enhancement,
Licensor is unwilling or unable to undertake the requested process for any reason, then, so long as
such Licensed Content has already been converted into, or was created in, a digital format, and
subject to Licensor&#146;s approval over the Technical Specifications,
Licensee shall be permitted to undertake or procure such Technological Enhancement at its own
cost and expense.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>High Definition (HD)&nbsp;Conversion</U>. Notwithstanding anything contained in this
<U>Section&nbsp;8.11</U>, the following terms and conditions shall apply to HD conversion: Licensee
shall inform Licensor when it intends to undertake up-conversion of Licensed Content to HD or
down-conversion of Licensed Content from HD, and will specify the HD format and up-conversion
and/or down-conversion methods and standards that it intends to use. In the event Licensee uses as
a basis for converting programs to HD format the standards determined, from time to time, by the
National Television System Committee or Advanced Television System Committee (or one of their
successors), Licensee shall not require approval from Licensor for the up-conversion or
down-conversion described in this paragraph; otherwise, Licensee shall require approval from
Licensor, which shall not be unreasonably withheld or delayed. Once format(s) and conversion
method(s) have been established by the procedure set forth in the immediately preceding sentence,
Licensee may continue to use such format(s) and conversion method(s) to up-convert or down-convert
Licensed Content without Licensor&#146;s consent.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.12 <U><B>Ancillary Content</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Ancillary Content Requests</U>. With respect to any particular item of Licensed
Content, Licensee may request from Licensor reasonable information regarding what Ancillary Content
is currently (or anticipated by Licensor to be) available for Broadcast by Licensee in the
Territory in connection with such Licensed Content, and Licensor shall promptly respond to such
requests (including by providing Licensee with a brief description of any such Ancillary Content
and any applicable content specifications (e.g., duration, resolution, etc.) with respect thereto);
<U>provided</U>, that no inadvertent failure by Licensor to comply with the foregoing shall
constitute a breach of this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Delivery of Ancillary Content</U>. In connection with the delivery of Licensed
Content to Licensee, Licensor shall deliver to Licensee any available, existing Ancillary Content
with respect to such Licensed Content to the extent requested by Licensee.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Ancillary Content Production Requests</U>. From time to time, Licensee may deliver a
notice to Licensor requesting the production of Spanish language Ancillary Content relating to an
item of Licensed Content for use by Licensee, so long as Univision Group has not
already created
such material or similar material. Any such notice shall specify the desired type and content of
the material (including the applicable content specifications (e.g., duration, resolution, etc.)
with respect thereto) and the desired schedule for production thereof in detail reasonably specific
and sufficient to permit Licensor to evaluate the request. Licensor shall consider in good faith
each such request; <U>provided</U>, that Licensor shall have no obligation to consider requests
submitted by Licensee after the Information Tail Date. In the event that Licensor in its sole
discretion elects to undertake any such production, it shall do so in accordance with the
specifications requested by Licensee and a schedule mutually agreed between Licensor and Licensee
(which schedule shall include a reasonable &#147;cushion&#148; period for unforeseen delays and
contingencies); <U>provided</U>, that Licensor shall not undertake such production until Licensor
has prepared and delivered to Licensee an Ancillary Content Budget for such production, and
Licensee has agreed to such budget. Licensee will pay the costs and
expenses for such production (in accordance with the agreed Ancillary Content Budget) upon
provision by Licensor of appropriate documentation evidencing such costs.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Inclusion in License</U>. For the avoidance of doubt, any Ancillary Content produced
by Licensor with respect to any Licensed Content (including any audiovisual material produced
pursuant to this <U>Section&nbsp;8.12</U>) shall be included in the Licensed Content (and shall be
licensed to Licensee hereunder).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.13 <U><B>Digital Distribution Clearances</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Responsibility for Obtaining and Paying for Digital Distribution Clearances</U>. As
between Licensee and Licensor, Licensee shall pay all costs associated with obtaining Clearances in
connection with Licensee&#146;s Broadcast of Licensed Content in Licensed Media by means of digital
distribution throughout the Territory during the Term.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Clearances for Digital Distribution</U>. Subject to <U>Section&nbsp;8.13(a)</U>, Licensor
shall use commercially reasonable efforts to obtain (by the availability date for each item of
Licensed Content under <U>Section&nbsp;7.1</U>), all Clearances necessary for the exercise of the
Licensed Rights by means of digital distribution by Licensee in the Licensed Media during the Term
in the Territory of each such item of Licensed Content. As more fully described in <U>Sections
7.2(a)</U> and <U>7.2(b)</U>, each Availability Notice and Library Availability Notice shall
specify any applicable Clearances that have not been obtained with respect to the Licensed Content
set forth therein, notwithstanding such efforts. Licensee may from time to time (but no more
frequently than monthly) request in writing that Licensor or an Affiliate thereof obtain any
Clearances necessary for the exercise of the Licensed Rights by means of digital distribution in
the Licensed Media by Licensee during the Term in the Territory of one or more items of Licensed
Content, which request shall include Licensee&#146;s reasonably desired Broadcast schedule and the
applicable Licensed Media for which Clearances are required with respect to such items of Licensed
Content. Upon receipt of such request, and subject to <U>Section&nbsp;8.13(a)</U>, Licensor shall use
commercially reasonable efforts to obtain the requested Clearances in a timely fashion so as to
permit Licensee to Broadcast such Licensed Content in the applicable Licensed Media in accordance
with the desired Broadcast schedule. Licensor shall notify Licensee of the costs of any such
requested Clearances, and Licensee shall pay such costs directly, and Licensor&#146;s obligation to
obtain such Clearances is expressly subject to Licensee&#146;s payment of such costs. Licensor shall
not have the ability to commit Grupo Televisa to any of the costs with respect to any item of
Licensed Content referenced in <U>Section&nbsp;8.13(a)</U>, unless (i)&nbsp;Licensee gives prior approval;
or (ii)&nbsp;Grupo Televisa (or any permitted sublicensee) Broadcasts such item of Licensed Content.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9. <U><B>Payments</B></U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.1 <U><B>Telefutura Rights Payment</B></U>. For each calendar year during the period beginning on
the Effective Date and ending on December&nbsp;31, 2025, and in consideration of the license by Licensor
to Licensee of Licensed Rights to Licensed Content that is produced for or Broadcast in the United
States by Licensor on the Telefutura Network, Licensee shall pay to Licensor (or such affiliate of
Licensor in Mexico
as Licensor may designate in writing (any payment to such affiliate of Licensor. an
&#147;<U>Affiliate Payment</U>&#148;)) seventeen million two hundred eighty four thousand three hundred
seventy five dollars ($17,284,375) in twelve equal installments of one million four hundred forty
thousand three hundred sixty four dollars and fifty eight cents ($1,440,364.58), and each such
payment obligation shall be absolute and unconditional (the &#147;<U>Telefutura Payment</U>&#148;).
Licensee shall make such monthly payment no later than the fifth (5th) day of each month in respect
of the immediately preceding month (with the first such payment due no later than February&nbsp;14,
2011). All payments made pursuant to this section shall be in cash in U.S. currency. For the
avoidance of doubt, the Licensed Rights other than to Licensed Content that is produced for or
Broadcast in the United States by Licensor on the Telefutura Network are granted hereunder on a
royalty free basis.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.2 <U><B>Taxes</B></U>. Licensee shall pay and shall be responsible for any and all sums payable
on account of sales, use or other similar taxes arising out of or relating to the licensing or
Broadcast by Licensee of the Licensed Content, or any other exploitation of the Licensed Rights by
Licensee, and any personal property or other tax assessed or levied by any governmental unit
arising out of or relating to the storage or possession of the Licensed Rights or Licensed Content
by Licensee.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.3 <U><B>Withholding</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(a)&nbsp;Licensee may deduct and withhold from any payment to or for the account of Licensor
pursuant to this Agreement, such amounts as it reasonably determines it is required to withhold
with respect to such payment under applicable tax laws, and shall promptly remit such amounts to
the appropriate taxing authority. Within thirty (30)&nbsp;days of any such remittance, Licensee shall
furnish to Licensor the original or certified copy of a receipt evidencing payment, or other
evidence of payment reasonably requested by Licensor.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(b)&nbsp;Licensor shall deliver to Licensee a duly completed IRS Form&nbsp;6166 (or successor form)
establishing Licensor&#146;s U.S. tax residence and shall update such forms as required by Law or as
reasonably requested by Licensee. For so long as Licensor has complied with its obligation
pursuant to the preceding sentence, any withholding required to be made by Licensee shall be made
at a rate not exceeding the rate required by applicable law, giving effect to the IRS Form&nbsp;6166 (or
successor form) delivered by Licensor to Licensee.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;In the event Licensee is required to deduct and withhold from any payment to or for the
ac-count of Licensor pursuant to this Agreement tax at a rate in excess of the rate at which
Licensee would have been required to deduct and withhold tax from any payment to or for the account
of Licensor pursuant to this Agreement if Licensee were a corporation tax resident in Mexico (such
rate, the &#147;<U>Mexican Rate</U>&#148;), the economic burden of any such excess tax shall, as between
Licensor and Licensee, be borne solely by Licensee and any payments by Licensee pursuant to this
Agreement shall be increased to the extent necessary to yield to the Licensor the amounts Licensor
would have received if any deduction or withholding had been made at the Mexican Rate. In the
event Licensor obtains a refund or credit of any tax as to which Licensee has paid additional
amounts pursuant to this <U>Section&nbsp;9.3(c)</U>, it shall pay over such refund or credit to the
Licensee, net of all reasonable out-of-pocket expenses.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;To the extent Licensee is required to deduct and withhold from any payment pursuant to
this Agreement that is an Affiliate Payment tax at a rate in excess of the rate at which Licensee
would have been required to deduct and withhold tax if such payment had been made directly to
Licensor by an affiliate of Licensee that is a corporation tax resident in Mexico, the economic
burden of any such excess tax shall, as between Licensor and Licensee, be borne solely by Licensor
and Licensee (i)&nbsp;may deduct and withhold from any such Affiliate Payment such amounts as it
reasonably determines it is required to withhold with respect to such payment under applicable tax
laws and shall promptly remit such amounts to the appropriate taxing authority and (ii)&nbsp;shall have
no obligation to pay any gross-up with respect to such Affiliate Payment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;Licensee shall cooperate in any reasonable manner requested by Licensor to minimize
Licensor&#146;s withholding tax liability.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.4 <U><B>No Interest</B></U>. No interest shall accrue on any Telefutura Payment, whether or not
past due.
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">10. &#091;Intentionally Omitted&#093;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">11. <U><B>Advertising Time</B></U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.1 <U><B>Univision Group Right to Purchase Advertising</B></U>. Licensor and its Affiliates shall
be permitted to purchase advertising time on the Televisa Channels, which cannot be preempted by
Licensee or its Affiliates, which time shall be sold for the lowest spot rate then being offered
for a non-preemptable spot in the program during which such time is sold.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.2 <U><B>Quality Standards</B></U>. All material provided for Broadcast by Licensor and its
Affiliates shall comply with the quality standards for unaffiliated advertisers established by
Licensee from time to time. A copy of such standards will be provided to Licensor at least one
week prior to Licensor&#146;s material becoming subject thereto. The then-current standards may not be
changed in such a way as to intentionally and adversely impact the use by Licensor and its
Affiliates of advertising time under this <U>Section&nbsp;11</U>.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.3 <U><B>Use of Advertising for Univision Group Third Party Promotion</B></U>. Licensor may not
directly or indirectly make the advertising made available under this <U>Section&nbsp;11</U> available
to persons other than its Affiliates. Notwithstanding the preceding sentence, in connection with
Licensor and its Affiliates&#146; purchase of advertising under this <U>Section&nbsp;11</U>, Licensor and
its Affiliates may include in any of their commercial advertisements incidental
references to, or
images of, a third party that relate to the primary subject matter of such Licensor (or its
Affiliate&#146;s) advertisement (e.g., a Univision Group hard good &#147;available at Wal-Mart&#148; or a
Univision Group payment card affiliated with Mastercard) (&#147;<U>Tie-Ins</U>&#148;) (a)&nbsp;with a duration
not in excess of the customary industry practice (it being understood that the customary industry
practice as of the date hereof is approximately five (5)&nbsp;seconds in any commercial); (b)&nbsp;if the
reference is graphical, of a size substantially consistent with customary industry practice; and
(c)&nbsp;with respect to which Licensor and its Affiliates do not receive any revenues, directly or
indirectly, from the third party in exchange for the Tie-In.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">12.&nbsp;<U><B>Representations and Warranties</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">12.1 <U><B>Licensor Representations and Warranties</B></U>. Licensor hereby agrees, represents and
warrants for the duration of the Term as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Capacity</U>. Licensor is free to enter into and fully perform this Agreement;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Licensed Rights</U>. Licensor has or will have the right to grant to Licensee the
Licensed Rights to the Licensed Content in the Territory set forth in this Agreement, including the
necessary literary, artistic, technological and intellectual property rights;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Clearances</U>. Subject only to Section&nbsp;8.13 with respect to the digital distribution
of the Licensed Content, Licensor has secured or will secure all necessary Clearances (subject to
the provisos in <U>Section&nbsp;12.1(e)</U>), for the exercise of the Licensed Rights to the Licensed
Content in the Territory set forth in this Agreement;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>No Encumbrances</U>. There are no and will not be any pending liens, charges,
restrictions or encumbrances on the Licensed Content that conflict with the Licensed Rights, other
than (a)&nbsp;pledges to support bona fide indebtedness of Licensor or its Affiliates to a third party;
and/or (b)&nbsp;pledges to one or more of the investors or investor groups in BMPI to support bona fide
indebtedness of Licensee or any Affiliate to any such investor or investor group;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;&#091;Intentionally Omitted&#093;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(f)&nbsp;<U>Credit Obligations</U>. The main and end titles of the Licensed Content and all
publicity, promotion, advertising and packaging information and materials supplied by Licensor will
contain all necessary and proper credits for the actors, directors, writers and all other persons
appearing in or connected with the production of such Licensed Content who are entitled to receive
credit and comply with all applicable contractual, guild, union and statutory requirements and
agreements;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(g)&nbsp;<U>Intellectual Property</U>. Subject only to any Clearance limitations relating to the
digital distribution of the Licensed Content of which Licensor has notified Licensee in writing as
required pursuant to <U>Section&nbsp;8.13</U>, the exercise of the Licensed Rights to the Licensed
Content in the Territory will not infringe on any rights of any third party, including copyright,
patent, trademark, unfair competition, contract, property, defamation, privacy, publicity or &#147;moral
rights&#148; (to the extent such moral rights are recognized by U.S. Law); and
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(h)&nbsp;<U>Exclusivity</U>. Except to the extent expressly permitted by this Agreement,
Univision Group has not and will not grant or license to others, and will not itself exercise, any
rights to Broadcast any Licensed Content in any Licensed Media during the Term in the Territory,
including by way of any Broadcast over the Radio of any audio portion of any Novela
in the Territory (other than spill-over from Univision Group&#146;s border Radio stations in the
United States).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">12.2 <U><B>Licensee Representation and Warranty</B></U>. Licensee hereby agrees, warrants and
represents for the duration of the Term that Licensee is free to enter into and fully perform this
Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">12.3 <U><B>Insurance</B></U>. Licensor further agrees that, while it has no obligation to do so, if
Univision Group secures a producer&#146;s (Errors and Omissions) liability policy covering the Licensed
Content, or any part thereof, it will cause Licensee and its Affiliates to be named as additional
insureds on such policy and will cause a certificate of insurance to be promptly furnished to
Licensee, <U>provided</U>, <U>however</U>, that the inclusion of Licensee and its Affiliates as
additional insureds does not result in any additional cost or expense to Univision Group. Licensor
will notify Licensee when such insurance is obtained and, after obtained, if cancelled. Any such
insurance as to which Licensee and its Affiliates are additional insureds shall be primary as to
Licensee and its Affiliates and not in excess of or contributory to any other insurance provided
for the benefit of or by Licensee and its Affiliates.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">13.&nbsp;<U><B>Indemnification</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">13.1 <U><B>Licensor Indemnification</B></U>. Licensor agrees to indemnify Licensee, its Affiliates
(other than Univision Group), subsidiaries, partners, the partners of any partnership that is a
partner of Licensee, its direct and indirect shareholders and all officers, directors, employees
and agents of any of the foregoing (collectively the &#147;<U>Licensee Indemnitees</U>&#148;) against and
hold the Licensee Indemnitees harmless from (subject to Section&nbsp;15.8) any and all claims,
deficiencies, assessments, liabilities, losses, damages, expenses (including reasonable fees and
expenses of counsel) (collectively, &#147;<U>Losses</U>&#148;) incurred or suffered by any Licensee
Indemnitee arising out of, relating to, or by reason of, Univision Group&#146;s breach of, or
non-compliance with, any covenant, agreement or provision herein contained or the inaccuracy of any
representation or warranty made by Licensor. Such Losses shall be reduced by: (a)&nbsp;the amount of
any net tax benefit ultimately accruing to Licensee on account of Licensee&#146;s payment of such claim;
(b)&nbsp;insurance proceeds which such Licensee Indemnitee has or will receive in connection with such
Losses; and (c)&nbsp;any recovery from third parties in connection with such Losses; <U>provided</U>,
<U>however</U>, that Licensor shall not delay payment of its indemnification obligations hereunder
pending resolution of any tax benefit or insurance or third party claim if the Licensee Indemnitee
provides Licensor with an undertaking to reimburse Licensor for the amount of any such benefit or
claim ultimately received; and <U>provided</U>, <U>further</U>, that the Licensee Indemnitee
shall have no obligation to obtain any such insurance proceeds or recovery from third parties if
and to the extent Licensor is subrogated (in form and substance satisfactory to Licensor) to such
Licensee Indemnitee&#146;s claims in respect of such insurance or third parties.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">13.2 <U><B>Licensee Indemnification</B></U>. Licensee agrees to indemnify Licensor, its Affiliates,
subsidiaries, partners, the partners of any partnership that is a partner of Licensee, its direct
and indirect shareholders (other than Licensee and its Affiliates) and all officers, directors,
employees and agents of any of the foregoing (the &#147;<U>Licensor Indemnitees</U>&#148;) against and hold
the Licensor Indemnitees harmless from
(subject to Section&nbsp;15.8) any and all Losses incurred or suffered by any Licensor Indemnitee
arising out of, relating to, or by reason of, (a)&nbsp;Grupo Televisa&#146;s or its permitted sublicensees&#146;
breach of, or non-compliance with, any covenant, agreement or provision herein contained or the
inaccuracy of any representation or warranty made by Licensee); or (b)&nbsp;any program or commercial
material (apart from the Licensed Content) furnished by Licensee. Such Losses shall be reduced by:
(i)&nbsp;the amount of any net tax benefit ultimately accruing to Univision Group on account of
Univision Group&#146;s payment of such claim; (ii)&nbsp;insurance proceeds which Univision Group has or will
receive in connection with such Losses; and (iii)&nbsp;any recovery from third parties in connection
with such Losses; <U>provided</U>, <U>however</U>, that Licensee shall not delay payment of its
indemnification obligations hereunder pending resolution of any tax benefit or insurance or third
party claim if the Licensor Indemnitee provides Licensee with an undertaking to reimburse Licensee
for the amount of any such claim ultimately received; and <U>provided</U>, <U>further</U>, that
the Licensor Indemnitee shall have no obligation to obtain any such insurance proceeds or recovery
from third parties if and to the extent Licensee is subrogated (in form and substance satisfactory
to Licensee) to such Licensor Indemnitee&#146;s claims in respect of such insurance or third parties.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">13.3 <U><B>Indemnification Procedures</B></U>. The following procedures shall govern all claims for
indemnification made under any provision of this Agreement. A written notice (an
&#147;<U>Indemnification Notice</U>&#148;) with respect to any claim for indemnification shall be given by
the party seeking indemnification (the &#147;<U>Indemnitee</U>&#148;) to the party from which
indemnification is sought (the &#147;<U>Indemnitor</U>&#148;) within thirty (30)&nbsp;days of the discovery by
the Indemnitee of such claim, which Indemnification Notice shall set forth the facts relating to
such claim then known to the Indemnitee (<U>provided</U> that failure to give such Indemnification
Notice as aforesaid shall not release the Indemnitor from its indemnification obligations hereunder
unless and to the extent the Indemnitor has been prejudiced thereby). The party receiving an
Indemnification Notice shall send a written response to the party seeking indemnification stating
whether it agrees with or rejects such claim in whole or in part. Failure to give such response
within ninety (90)&nbsp;days after receipt of the Indemnification Notice shall be conclusively deemed to
constitute acknowledgment of validity of such claim. If any such claim shall arise by reason of
any claim made by third parties, the Indemnitor shall have the right, upon written notice to
Indemnitee within ninety (90)&nbsp;days after receipt of the Indemnification Notice, to assume the
defense of the matter giving rise to the claim for indemnification through counsel of its selection
reasonably acceptable to Indemnitee, at Indemnitor&#146;s expense, and the Indemnitee shall have the
right, at its own expense, to employ counsel to represent it; <U>provided</U>, <U>however</U>,
that if any action shall include both the Indemnitor and the Indemnitee and there is a conflict of
interest because of the availability of different or additional defenses to the Indemnitee, the
Indemnitee shall have the right to select one separate counsel to participate in the defense of
such action on its behalf, at the Indemnitor&#146;s expense. The Indemnitee shall cooperate fully to
make available to the Indemnitor all pertinent information under the Indemnitee&#146;s control as to the
claim and shall make appropriate personnel available for any discovery, trial or appeal. If the
Indemnitor does not elect to undertake the defense as set forth above, the Indemnitee shall have
the right to assume the defense of such matter on behalf of and for the account of the Indemnitor;
<U>provided</U>, <U>however</U>, the Indemnitee shall not settle or compromise any claim without
the consent of the Indemnitor, which consent shall not be unreasonably withheld. The Indemnitor
may settle any claim at any time at its expense, so long as such settlement includes as an
unconditional term
thereof the giving by the claimant of a release of the Indemnitee from all liability with
respect to such claim.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">14.&nbsp;<U><B>Term</B></U>. The term of this Agreement (the &#147;<U>Term</U>&#148;) shall commence on the Effective
Date and continue through and include the date that is the last date of the &#147;Term&#148; of the Amended
and Restated 2011 Program License Agreement (as such &#147;Term&#148; is defined in the Amended and Restated
2011 Program License Agreement, and as it may be accelerated, terminated or extended in accordance
with the terms and conditions therein). This Agreement may be terminated by either party only
pursuant to, and in accordance with, the terms and conditions set forth in <U>Section&nbsp;15</U>; or
in the event that the other party asserts Force Majeure under Section&nbsp;20.2 as a relief from
substantially all of its obligations hereunder for a period in excess of one (1)&nbsp;year.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">15.&nbsp;<U><B>Dispute Resolution; Remedies</B></U>. Each of Licensor and Licensee intends to use its good
faith efforts to establish a constructive working relationship which will continue throughout the
Term. In order to facilitate maintenance of that relationship, each desires to set forth remedy
provisions by which any disagreements can be resolved.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">15.1 <U><B>Expedited Arbitration</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Matters Subject to Arbitration</U>. In order to promote the efficient resolution of
disputes that may arise between the parties, the parties hereby agree that all disputes arising out
of or relating to the following matters (&#147;<U>Arbitrable Matters</U>&#148;) shall be exclusively subject
to the Arbitration Procedures set forth below in this section:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Characterization of Audiovisual Content</I>. Any disputes relating to whether content is a
Program, Licensed Content, Co-Produced Content, an Acquired Completed Novela, Acquired Completed
Content, a Co-Produced Local Novela, a Univision Local Novela or Acquired Other Content or if the
procedures of <U>Section&nbsp;2</U> relating thereto have been followed;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Editing for Digital Distribution &#147;Clean&#148; Versions</I>. Any disputes relating to Licensor&#146;s
approval of Licensee&#146;s editing to produce &#147;clean&#148; versions of Licensed Content for Broadcast by
means of digital distribution;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;<I>Televisa Channel Advertising</I>. Any disputes relating to the use, placement and/or
pricing of advertising on the Televisa Channels;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iv)&nbsp;&#091;Intentionally Omitted&#093;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(v)&nbsp;&#091;Intentionally Omitted&#093;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(vi)&nbsp;&#091;Intentionally Omitted&#093;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(vii)&nbsp;<I>Corporate Opportunities</I>. Any disputes in connection with the procedures for the
corporate opportunity matters set forth in <U>Section&nbsp;16</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(viii)&nbsp;<I>Excluded Content</I>. Any disputes as to whether any Audiovisual Content constitutes
&#147;Excluded Content&#148; or &#147;Univision Publications Content&#148;;
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ix)&nbsp;&#091;Intentionally Omitted&#093;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(x)&nbsp;<I>Approval of Third Party Arrangements</I>. Any disputes relating to Licensor&#146;s approval rights
relating to Licensee&#146;s arrangements with third parties for the Broadcast of Licensed Content, as
set forth in <U>Section&nbsp;4</U>;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(xi)&nbsp;&#091;Intentionally Omitted&#093;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(xii)&nbsp;<I>Offensive / Politically Insensitive Content</I>. Any disputes relating to Licensee&#146;s
obligation to use commercially reasonable efforts to address Licensor&#146;s concerns regarding
offensive or politically insensitive content on third party platforms, as set forth in <U>Section
3.8</U>;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(xiii)&nbsp;<I>Clearances</I>. Any disputes relating to Licensor&#146;s obligation to use commercially
reasonable efforts to obtain Clearances requested by Licensee, as set forth in <U>Section
8.13</U>;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(xiv)&nbsp;<I>Univision Spoiler Content</I>. Any disputes relating to Licensor&#146;s obligation to use
commercially reasonable efforts to prevent the Broadcast or publishing of Univision Spoiler Content
pursuant to <U>Section&nbsp;1.4</U>;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(xv)&nbsp;&#091;Intentionally Omitted&#093;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(xvi)&nbsp;<I>Co-Production Costs</I>. Any disputes with respect to the appropriate percentage of the
combined costs of Co-Produced Content to be borne by each of Licensee and Univision Group pursuant
to <U>Section&nbsp;2.3</U>;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(xvii)&nbsp;<I>Windows</I>. Any disputes with respect to what constitutes the customary theatrical
availability window for Movies;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(xviii)&nbsp;<I>Monetization of Territory Audiences</I>. Any disputes with respect to Licensee&#146;s or
Univision Group&#146;s compliance with the terms and conditions of <U>Section&nbsp;19</U>;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(xix)&nbsp;<I>Industry Practice</I>. Any disputes regarding what constitutes &#147;industry practice&#148; or how
any terms are &#147;commonly understood in the entertainment industry&#148;, or other disputes regarding
similar standards;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(xx)&nbsp;<I>Promotions in Univision Publications Content</I>. Any disputes regarding whether promotional
materials contained in any Univision Publications Content complies with the limitations in the
proviso set forth in <U>Section&nbsp;1.3(b)(i)(A)</U>;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(xxi)&nbsp;<I>Telefutura Payments</I>. Any disputes relating to the non-payment of the Telefutura
Payments; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(xxii)&nbsp;<I>Other Matters</I>. Any other matters expressly identified in this Agreement as subject to
binding arbitration under this <U>Section&nbsp;15.1</U>.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Arbitration Procedures</U>. All Arbitrable Matters shall be resolved by the Umpire
selected by the parties under the Amended and Restated 2011 Program License Agreement (the
&#147;<U>Umpire</U>&#148;). The process and procedures set forth in Sections <U>15.1(b)</U>, <U>(c)</U>,
and <U>(d)</U> of the Amended and Restated 2011 Program License Agreement shall apply, <I>mutatis
mutandis</I>, except that the second sentence of <U>Section&nbsp;15.1(d)(iii)</U> shall be replaced with
the following:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;It shall be presumed that good cause can be shown for shortening time frames in any
Arbitration Procedure (A)&nbsp;relating to Section&nbsp;15.1(a)(xxi); or (B)&nbsp;if necessary to
preserve a Broadcast schedule in the case of disputes described in <U>Sections
15.1(a)(xiii)</U>, <U>15.1(a)(xiv)</U> or <U>15.1(a)(xvii)</U> or to preserve a
business opportunity in the case of disputes described in <U>Sections
15.1(a)(i)</U>, <U>15.1(a)(vii)</U> or <U>15.1(a)(x)</U> in which case the time
periods for the Arbitration Procedures shall be set in order to preserve such
Broadcast schedule or business opportunity.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Non Arbitrable Matters</U>. All disputes other than those set forth in <U>Section
15.1(a)</U> are not subject to the Arbitration Procedures unless the parties mutually agree in
writing to submit them to the Arbitration Procedures.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">15.2 <U><B>Dispute Resolution</B></U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">. In the event that either party claims that the other party has breached its obligations
hereunder with respect to a matter that is not an Arbitrable Matter as set forth in <U>Section
15.1(a)</U> with respect to a matter that is not an arbitrable matter thereunder:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;&#091;Intentionally Omitted&#093;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Breaches</U>. In the case of a breach (whether non-monetary or by way of a claim for
damages), except as provided in <U>Section&nbsp;15.1</U>, the dispute shall be submitted to the private
judge as above, with at least a demand for injunctive relief (including thereby specific
performance); the prevailing party shall be awarded its actual attorneys&#146; fees; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Other Claims</U>. In the case of any other action relating to or arising out of this
Agreement, including any action for declaratory judgment or any demand for injunctive relief
against a threatened breach, except as provided in <U>Section&nbsp;15.1</U>, the dispute shall be
submitted to the private judge as provided in <U>Section&nbsp;15.2(a)</U>, and the prevailing party
shall be awarded its actual attorneys&#146; fees.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Interim Relief</U>. In the event of a dispute in which injunctive relief is sought
and that is otherwise subject to jurisdiction of the private judge hereunder, if the private judge
has not yet been assigned, a party may seek a temporary restraining order or similar order in any
court specified in <U>Section&nbsp;15.6</U> until the assignment of a private judge and such private
judge&#146;s determination of whether to grant injunctive relief, and the private judge shall not be
precluded from granting any other relief, including damages, as permitted by this <U>Section
15.2</U>.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">15.3 <U><B>Cure Rights; Determination of Material Breaches Leading to Right to Terminate; No
Right of Appeal</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Opportunity to Cure</U>. In the case of a breach with respect to payment of the
Telefutura Payment, the breaching party shall have sixty (60)&nbsp;days after notice of non-payment to
cure such breach by making full payment without interest of any kind or amount.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Repeated Failures</U>. Notwithstanding the foregoing or any other provision hereof,
repeated failure to make payment when required, even if subsequently cured, may be a basis for a
proceeding before the Umpire or private judge and, if determined by the Umpire or private judge to
have been cumulatively material and evincing an intent to avoid, or reckless disregard for,
compliance with such obligation, shall be determined by the Umpire or private judge to constitute a
material breach giving rise to a right of termination in the non-breaching party. In the event of
any such breach, the party asserting the breach shall advise the other party in writing of such
claimed breach reasonably promptly after discovering such breach.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Materiality Threshold</U>. Notwithstanding any other provision of this Agreement, in
any proceeding for breach of this Agreement&#151;or, following the eighteen (18)&nbsp;month anniversary of
the date hereof, the International Program Rights Agreement (as amended by the IPRA Amendment), the
Sales Agency Agreement or the Amended and Restated 2011 Program License Agreement (it being
understood that any breach of the International Program Rights Agreement (as amended by the IPRA
Amendment), the Sales Agency Agreement or the Amended and Restated 2011 Program License Agreement
prior to the eighteen (18)&nbsp;month anniversary of the date hereof shall in no event be deemed to be
material or give rise to a right of termination by the non-breaching party)&#151;whether with respect
to payment of the Telefutura Payment or otherwise, a finding of breach by the Umpire or private
judge shall not be deemed material and shall not give rise to a right of termination by the
non-breaching party unless: (i)&nbsp;in the case of a breach with respect to payment of the Telefutura
Payment, the party against whom the determination of breach has been made by the private judge
fails to pay the amount awarded by the Umpire or private judge within ten (10)&nbsp;Business Days of the
decision by the Umpire or private judge; or (ii)&nbsp;in the case of a breach other than with respect to
payment of the Telefutura Payment, the party against whom relief (preliminary or final) has been
ordered or adjudged by the private judge or Umpire fails to comply with such order or judgment; or
(iii)&nbsp;the party determined to be guilty of breach by the private judge or Umpire has twice
previously been determined to be guilty of a breach (whether with respect to payment of the
Telefutura Payment or otherwise) by the private judge or Umpire, such second breach having occurred
subsequent to the determination by the private judge or Umpire of initial breach and such third
breach having occurred subsequent to the determination by the private judge or Umpire of second
breach, and each such breach is determined by the private judge to either (A)&nbsp;in the case of
breaches with respect to payment of the Telefutura Payment, be a breach or a series of breaches
committed within the same fiscal year which individually or in the aggregate are for amounts equal
to or greater than ten percent (10%) of the Telefutura Payment due for the fiscal year immediately
preceding the fiscal year in which the claimed breach or breaches occur, or if the series of
breaches was not committed within the same fiscal year, which in the aggregate are for amounts
equal to or greater than ten percent (10%) of the aggregate of the Telefutura Payment due for each
fiscal year immediately preceding each of the fiscal years in which such claimed breaches
occur, or (B)&nbsp;in the case of all other determined breaches, evince an intent to avoid, or
reckless disregard for, compliance with the obligations that are the basis of the breach; or (iv)
pursuant to <U>Section&nbsp;15.3(b)</U>. For the avoidance of doubt, any determination by the Umpire
shall be conclusive as to whether there was a breach, and only the issue of whether the breach or
breaches evince an intent to avoid or reckless disregard for compliance with the obligations that
are the basis of the breach shall be determined by the private judge.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Right to Terminate Following Material Breach</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<U>Telefutura Payment Breaches</U>. If a determination has been made that any breaches
with respect to payment of the Telefutura Payment are individually or cumulatively material
consistent with the foregoing, then Licensor shall have the right to elect to terminate this
Agreement only as to the license of Licensed Rights to Licensed Content that is produced for or
Broadcast in the United States by Licensor on the Telefutura Network, which election shall be made
not later than sixty (60)&nbsp;days after the determination of the existence of such material breach.
Such termination shall occur sixty (60)&nbsp;days after written notice of such election to terminate.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<U>Other Breaches</U>. If a determination has been made that any breaches other than
with respect to payment of the Telefutura Payment are individually or cumulatively material
consistent with the foregoing, then the non-breaching party shall have the right to elect to
terminate this Agreement, which election shall be made not later than sixty (60)&nbsp;days after the
determination of the existence of such material breach. This Agreement shall terminate sixty (60)
days after written notice of such election to terminate.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;<U>No Right to Appeal</U>. Decisions of the private judge as to the foregoing shall be
final and the parties waive any right to appeal.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">15.4 <U><B>Satisfaction of Indemnification Obligations Cures Inaccuracy of Licensor
Representations and Warranties</B></U>. Notwithstanding the foregoing, the inaccuracy of any of Licensor&#146;s representations and
warranties contained in <U>Section&nbsp;12</U> hereof shall not be deemed to be a breach of its
obligations for purposes of <U>Sections&nbsp;15.3(b)</U> and <U>15.3(c)</U> to the extent that
Licensor satisfies its indemnification obligations with respect to such inaccuracy.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">15.5 <U><B>Governing Law</B></U>. This Agreement and the legal relations among the parties shall be
governed by and construed in accordance with the laws of the State of California applicable to
contracts between California parties made and performed in that State, without regard to conflict
of laws principles; except that the procedural laws of the State of New York shall apply to the
Arbitration Procedures (as set forth in <U>Section&nbsp;15.1</U>) and the enforcement thereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">15.6 <U><B>Jurisdiction; Venue; Service of Process</B></U>. Except to the extent provided in
<U>Sections&nbsp;15.1</U> and with respect to the provisions of <U>Section&nbsp;15.2</U>, each of the
parties irrevocably submits to the jurisdiction of any California State or United States Federal
court sitting in Los Angeles County in any action or
proceeding arising out of or relating to this Agreement or the transactions contemplated
hereby, and irrevocably agrees that any such action or proceeding may be heard and determined only
in such California State or Federal court. Each of the parties irrevocably waives, to the fullest
extent it may effectively do so, the defense of an inconvenient forum to the maintenance of any
such action or proceeding. Each of the parties irrevocably appoints CT Corporation System (the
&#147;Process Agent&#148;), with an office on the date hereof at 818 West 7th Street, Los Angeles, CA, 90017
as his or its agent to receive on
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">behalf of him or it and his or its property service of copies of
the summons and complaint and any other process which
may be served in any such action or
proceeding. Such service may be made by delivering a copy of such process to any of the parties in
care of the Process Agent at the Process Agent&#146;s above address, and each of the parties irrevocably
authorizes and directs the Process Agent to accept such service on its behalf. As an alternate
method of service, each of the parties consents to the service of copies of the summons and
complaint and any other process which may be served in any such action or proceeding by the mailing
or delivery of a copy of such process to such party at its address specified in or pursuant to
<U>Section&nbsp;20.5</U>. Each of the parties agrees that a final judgment in any such action or
proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by Law.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">15.7 <U><B>Specific Performance; Injunctive Relief</B></U>. The parties hereto agree that
irreparable damage may occur in the event that any of the provisions of this Agreement were not
performed in accordance with their specific terms or were otherwise breached. It is accordingly
agreed that the parties may be entitled to an injunction or injunctions to prevent breaches of this
Agreement and to enforce specifically the terms and provisions hereof, this being in addition to
any other remedy to which they are entitled at law or in equity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">15.8 <U><B>Certain Limitations</B></U>. Notwithstanding anything to the contrary contained in this
Agreement, no party hereto shall be liable to any other party under this Agreement for any special,
consequential, punitive or exemplary damages (including lost or anticipated revenues or profits
relating to the same) arising from any claim under this Agreement, whether such claim is based on
warranty, contract, tort (including negligence or strict liability) or otherwise; <U>provided</U>,
however, that this limitation shall not preclude Licensee from seeking any such damages if, prior
to a private judge determining pursuant to <U>Section&nbsp;15.3</U> that Licensor is entitled to
terminate this Agreement, Licensor (or any of its affiliates) takes any action to intentionally
suspend access to, withdraw, refuse to furnish, or otherwise directly or indirectly make
unavailable Licensed Content; provided, that for the avoidance of doubt, no such damages shall be
available if such action on the part of Licensor arises out of a specific dispute (a)&nbsp;as to
Licensor&#146;s withdrawal of a specific item or series of items of Licensed Content pursuant to
<U>Section&nbsp;8.10</U>, (b)&nbsp;as to Licensor&#146;s cancellation of production of any Licensed Content, or
(c)&nbsp;of a type contemplated by <U>Section&nbsp;15(a)(i)</U> or <U>15(a)(viii)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">16.&nbsp;<U><B>First Opportunity Rights</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">16.1 <U><B>Proposed New Businesses</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Notice and Information</U>. If Univision Group intends to enter into a Proposed New
Business during the Term and (i)&nbsp;Grupo Televisa is not in good faith actively pursuing for itself
the Proposed New Business, or (ii)&nbsp;the Proposed New Business is significantly and meaningfully
different from any current business Grupo Televisa is actively pursuing for itself (regardless of
whether such Proposed New Business is in the same genre, field, market or space as any business
Licensee and its controlled Affiliates are currently engaged in, but in no event shall a Proposed
New Business include a Linear Television Channel), Licensor will notify Licensee in writing and, on
a timely basis, provide Licensee with information, if any, that Univision Group has used (as of the
time of such provision) to evaluate the opportunity that is reasonably necessary and appropriate
for Licensee&#146;s consideration of such Proposed New Business (but not information which includes
information regarding other businesses of Univision Group).
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Licensee Election</U>. Within thirty (30)&nbsp;days of being so notified, Licensee may
notify Licensor that it elects in good faith to participate in the Proposed New Business, in which
case Univision Group and Grupo Televisa may participate in the Proposed New Business such that
Univision Group, on the one hand, and Grupo Televisa, on the other hand, will each have a 50%
economic and voting interest in the Proposed New Business (or such other allocation of economic and
voting interests as agreed by Licensee and Licensor in good faith). Licensee and Licensor will
agree in good faith on the business and financial objectives and business plan and the management
of the Proposed New Business. In such event, the parties shall mutually agree on the appropriate
treatment and allocation of revenues derived or generated from, and costs paid or incurred with
respect to, the Proposed New Business. In the event that Licensee does not notify Licensor within
the 30-day period that it elects to participate in the Proposed New Business, then Univision Group
will be permitted to, within a reasonable time period, enter into the Proposed New Business and any
Audiovisual Content that is related to the Proposed New Business will be &#147;<U>Univision Proposed
New Business Content</U>&#148; (and shall be subject to the limitations set forth in the definition of
&#147;Univision Publications Content&#148;, other than clause (b)&nbsp;of such definition (as such Audiovisual
Content must instead relate to, or complement, the Proposed New Business and not a Univision
Publication)).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>No Linear Television Channels</U>. It is understood and agreed that, notwithstanding
anything to the contrary contained herein, Univision Group shall not pursue a Proposed New Business
that consists primarily of the ownership and/or operation of a Spanish language Linear Television
Channel in the Territory during the Term.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">16.2 <U>Stand Alone Business</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Notice and Information</U>. If Univision Group proposes to acquire (whether by
merger, acquisition of stock or assets, partnership, joint venture or otherwise) a Stand Alone
Business during the Term, Licensor will offer Grupo Televisa, by written notice in a timely manner,
the opportunity to elect, within thirty (30)&nbsp;days (or shorter period if necessary so as not to lose
the opportunity (e.g. if the bid deadline does not permit a thirty (30)-day election period)) of
receipt of such notice, to participate in the acquisition of the Stand Alone Business;
<U>provided</U>, that Licensor will use good faith efforts not to delay notice so as to jeopardize
Licensee&#146;s ability to acquire such Stand Alone Business. Concurrently with the delivery of the
aforementioned notice, Licensor will provide Licensee with information, if any, that Univision
Group has used
(as of the time of such delivery) to evaluate the opportunity that is reasonably necessary and
appropriate for Licensee&#146;s consideration of such Stand Alone Business (but not information which
includes information regarding other businesses of Univision Group), subject to any legal or third
party contractual confidentiality restriction.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Licensee Election</U>. In the event that Grupo Televisa accepts the opportunity to
participate in the Stand Alone Business, then Univision Group may acquire fifty percent (50%) of
the Stand Alone Business with Grupo Televisa acquiring fifty percent (50%) (or such other
allocation of ownership as agreed by Licensee and Licensor in good faith), and Licensee and
Licensor will agree in good faith on the business and financial objectives and business plan and
the management of the Stand Alone Business. In such event, the parties shall mutually agree on the
appropriate treatment and allocation of revenues derived or generated from, and costs paid or
incurred with respect to, the Stand Alone Business. If Grupo Televisa does not accept the
opportunity to participate in the acquisition of the Stand Alone Business within thirty (30)&nbsp;days
(or shorter period if necessary so as not to lose the opportunity (e.g. if the bid deadline does
not permit a thirty (30)-day period)) of Univision Group&#146;s offer, or does not participate in such
opportunity to acquire fifty percent (50%) of such Stand Alone Business, Univision Group may,
within a reasonable period of time, seek to acquire and acquire the Stand Alone Business and any
Audiovisual Content that is related to the Stand Alone Business will be &#147;<U>Univision Stand Alone
Business Content</U>&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>No Univision Linear Television Channels</U>. It is understood and agreed that,
notwithstanding anything to the contrary contained herein, Univision Group shall not pursue a Stand
Alone Business that consists primarily of the ownership and/or operation of a Spanish language
Linear Television Channel in the Territory during the Term.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">16.3 <U><B>Carve Out Business</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Notice and Information</U>. If Univision Group proposes to acquire (whether by
merger, acquisition of stock or assets, partnership, joint venture or otherwise) a Carve Out
Business during the Term, Univision Group may undertake and consummate an acquisition of the larger
business of which the Carve Out Business is a part at any time. However, without restricting or
impeding the ability of Univision Group to undertake and consummate such acquisition, Licensor will
use its commercially reasonable efforts to offer (including after Univision Group has completed the
acquisition of the larger business) Licensee and its controlled Affiliates, by written notice in a
timely manner, the opportunity to elect, within sixty (60)&nbsp;days of receipt of such notice, to seek
to participate in the Carve Out Business. Concurrently with the delivery of the aforementioned
notice, Licensor will provide Licensee with information that Univision Group has used (as of the
time of such delivery) to evaluate the opportunity that is reasonably necessary and appropriate for
Licensee&#146;s consideration of such Carve Out Business (but not information which includes information
regarding other businesses of Univision Group), subject to any legal or third party contractual
confidentiality restrictions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Licensee Election</U>. In the event that Licensee or one of its controlled Affiliates
accepts the opportunity to participate in the Carve Out Business, then Univision Group may acquire
or retain fifty percent (50%) of the Carve Out Business with Grupo Televisa acquiring fifty percent
(50%) (or such other allocation of ownership as agreed by Licensee and
Licensor in good faith) and Licensee and Licensor will agree in good faith on the business and
financial objectives and business plan and the management of the Carve Out Business. In such
event, the parties shall mutually agree on the appropriate treatment and allocation of revenues
derived or generated from, and costs paid or incurred with respect to, the Carve Out Business. In
no event shall this <U>Section&nbsp;16.3(b)</U> restrict or impede the ability of Univision Group to
undertake and consummate an acquisition of the larger business. If Licensee does not accept the
opportunity to participate in the acquisition of the Carve Out Business within the sixty (60)&nbsp;day
period, or does not participate in such opportunity to acquire fifty percent (50%) of such Carve
Out Business, Univision Group may acquire or retain the Carve Out Business, as part of the larger
acquisition, and any Audiovisual Content that is related to the Carve Out Business will be
&#147;<U>Univision Carve Out Business Content</U>&#148;.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Linear Television Channels</U>. Notwithstanding anything contained in <U>Sections
16.3(a)</U>, and <U>(b)</U>, if the Carve Out Business in question consists of the ownership
and/or operation of a Spanish language Linear Television Channel, the following shall apply:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Free Television Channel</I>. If, as part of such larger acquisition, Univision Group acquires
a Spanish language Free Television channel in the Territory, Licensor shall offer to Licensee the
right to participate in the Free Television channel as a Carve Out Business (pursuant to the terms
and conditions of this <U>Section&nbsp;16.3</U>); <U>provided</U>, that if Licensee does not
participate in such Spanish language Free Television channel, for any reason, Univision Group
shall, as promptly as reasonably practicable, entirely divest itself of any interest in such
Spanish language Free Television channel.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;<I>Channel Other Than Free Television Channel</I>. If, as part of such larger acquisition,
Univision Group acquires any Spanish language Linear Television Channel other than a Free
Television channel, Licensor shall offer to Licensee the right to participate in such Spanish
language Linear Television Channel as a Carve Out Business (pursuant to the terms and conditions of
this <U>Section&nbsp;16.3</U>).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">17.&nbsp;<U><B>Transfer of Program Rights</B></U>. Licensee may not transfer to any third party any rights
whatsoever with respect to Licensed Content or any other Audiovisual Content of Univision Group to
which Licensee has been licensed rights hereunder, in connection with the transfer of any Spanish
Language Platform or other platform or assets of Licensee or its Affiliates (other than in
connection with any transactions contemplated under <U>Section&nbsp;20.6</U> or a Sublicensing
Arrangement permitted under Section&nbsp;4 of this Agreement).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">18.&nbsp;&#091;Intentionally Omitted&#093;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">19.&nbsp;<U><B>Monetization of Territory Audiences</B></U>. Licensor will not, directly or indirectly, base
or determine the price of any advertising time or space, product placements or sponsorships in any
Licensed Media on the ability of viewers in the Territory to receive Licensed Content (but
expressly excluding Excluded Content and Charitable/Religious Content), subject only to the third
sentence of <U>Section&nbsp;3.7(a)(i)(B)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">20.&nbsp;<U><B>Miscellaneous</B></U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">20.1 &#091;Intentionally Omitted&#093;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">20.2 <U><B>Force Majeure</B></U>. Neither party hereto shall be liable for or suffer any penalty or
termination of rights hereunder by reason of any failure or delay in performing any of its
obligations hereunder if such failure or delay is occasioned by compliance with governmental
regulation or order, or by circumstances beyond the reasonable control of the party so failing or
delaying, including acts of God, war, insurrection, fire, flood, accident, strike or other labor
disturbance, interruption of or delay in transportation (a &#147;<U>Force Majeure Event</U>&#148;). Each
party shall promptly notify the other in writing of any such event of force majeure, the expected
duration thereof, and its anticipated effect on the party affected and make reasonable efforts to
remedy any such event, except that neither party shall be under any obligation to settle a labor
dispute.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">20.3 <U><B>Modification</B></U>. This Agreement shall not be modified or waived in whole or in part
except in writing signed by an officer of the party to be bound by such modification or waiver.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">20.4 <U><B>Waiver of Breach</B></U>. A waiver by either party of any breach or default by the other
party shall not be construed as a waiver of any other breach or default whether or not similar and
whether or not occurring before or after the subject breach.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">20.5 <U><B>Notices</B></U>. All notices and other communications required or permitted hereunder
shall be in writing, shall be deemed duly given upon actual receipt, and shall be delivered (a)&nbsp;in
person, (b)&nbsp;by a generally recognized overnight courier service which provides written
acknowledgment by the addressee of receipt, or (c)&nbsp;by both (i)&nbsp;facsimile and (ii)&nbsp;email or other
generally accepted means of electronic transmission, addressed as set forth in <U>Schedule&nbsp;4</U>
or to such other addresses as may be specified by like notice to the other parties.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">20.6 <U><B>Assignments</B></U>. Either of the parties may assign its rights hereunder and delegate
its duties hereunder, in whole or in part, to an Affiliate capable of performing the assignor&#146;s
obligations hereunder, and either of the parties may assign its rights hereunder and delegate its
duties hereunder to any person or entity to which all or substantially all of such party&#146;s
businesses and assets are pledged or transferred (<U>provided</U> that in the case of a pledge,
any such assignment shall be made only as part of a granting of collateral to support bona fide
indebtedness of Licensee or its Affiliates to a third party). No such assignment or delegation
shall relieve any party of its obligations hereunder. Any such assignment or delegation authorized
pursuant to this <U>Section&nbsp;20.6</U> shall be pursuant to a written agreement in form and
substance reasonably satisfactory to the parties. Except as otherwise expressly provided in this
Agreement, neither this Agreement nor any rights, duties or obligations hereunder may be assigned
or delegated by any of the parties, in whole or in part, whether voluntarily, by operation of Law
or otherwise; <U>provided</U>, <U>however</U>, that Univision Group may assign, grant a security
interest in or otherwise transfer its rights to payment hereunder in connection with one or more
financings. Any attempted assignment or delegation in violation of this prohibition shall be null
and void. Subject to the foregoing, all of the terms and provisions hereof shall be binding upon,
and inure to the benefit of, the successors and assigns of the parties. Nothing contained herein,
express or implied, is intended to confer on any person other than the parties or their respective
successors and permitted assigns, any rights, remedies, obligations or liabilities under or by
reason of this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">20.7 <U><B>Further Assurances</B></U>. Each party hereto agrees to execute any and all additional
documents and do all things and perform all acts necessary or proper to further effectuate or
evidence this Agreement including any required filings with the U.S. Copyright Office.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">20.8 <U><B>Information Sharing</B></U>. To the extent that either party is required to provide
information to the other party under this Agreement, such party shall (and shall cause its
Affiliates to) use good faith efforts to limit contractual confidentiality restrictions with
respect to agreements entered into after the Effective Date, in order to permit the sharing of
information expressly provided in this Agreement.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">20.9 <U><B>Counterparts</B></U>. This Agreement may be executed in counterparts, each of which
shall be an original instrument and all of which, when taken together, shall constitute one and the
same agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">20.10 <U><B>Severability</B></U>. If any provision of this Agreement, or the application thereof,
shall for any reason or to any extent be invalid or unenforceable, then the remainder of this
Agreement and application of such provision to other persons or circumstances shall continue in
full force and effect and in no way be affected, impaired or invalidated; provided, that the
aggregate of all such provisions found to be invalid or unenforceable does not materially affect
the benefits and obligations of the parties of the Agreement taken as a whole.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">20.11 <U><B>Language Rules of Construction</B></U>. Unless the context otherwise clearly requires:
(a)&nbsp;the term &#147;third party&#148; shall be deemed to mean &#147;unaffiliated third party&#148;; (b)&nbsp;any pronoun
shall include the
corresponding masculine, feminine and neuter forms; (c)&nbsp;the term &#147;include,&#148; &#147;includes&#148; and
&#147;including&#148; shall be deemed to be followed by the words &#147;but not limited to&#148;; (d)&nbsp;the term &#147;will&#148;
shall be construed to have the same meaning and effect as the word &#147;shall&#148;; (e)&nbsp;any definition of
or reference to any agreement, instrument or other document herein shall be construed as referring
to such agreement, instrument or other document as from time to time amended, supplemented or
otherwise modified (subject to any restrictions on, or requirements with respect to, such
amendments, supplements or modification set forth herein or therein); (f)&nbsp;any reference herein to
any person, or to any person in a specified capacity, shall be construed to include such person&#146;s
successors and assigns or such person&#146;s successors in such capacity, as the case may be; (g)&nbsp;the
words &#147;herein,&#148; &#147;hereunder&#148; and other words of similar import refer to this Agreement as a whole
and not to any particular section, clause or other subdivision; and (h)&nbsp;any of the defined terms
may be used in the singular or the plural, depending on the reference. Licensor and Licensee
acknowledge and agree that references in this Agreement to Licensee&#146;s or GT&#146;s &#147;controlled
Affiliates&#148; or to &#147;Grupo Televisa&#148; are sometimes used for purposes of clarity, and that no such
references (or failure to include such references) shall operate, or be deemed to operate, to limit
or impair the rights afforded to Licensee with respect to GT and its controlled Affiliates under
<U>Section&nbsp;1.2(a)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">20.12 <U><B>Headings</B></U>. The subject headings of the sections and sub-sections of this
Agreement are included for purposes of convenience only, and shall not affect the construction or
interpretation of any of its provisions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">20.13 <U><B>Entire Agreement</B></U>. This Agreement, together with <U>Annex A</U> and the
Schedules hereto, the Amended and Restated 2011 Program License Agreement, the IPRA Amendment and
the Sales Agency Agreement contain a final and complete integration of all prior expressions by the
parties hereto with respect to the subject matter hereof and shall constitute the entire agreement
among the parties hereto with respect to the subject matter hereof, superseding all previous oral
statements and other writings, other than the Third Amended and Restated Program License Agreement
to the extent provided in <U>Section&nbsp;20.1(a)</U> of the Amended and Restated 2011 Program License
Agreement with respect thereto.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;<I>Signature page follows</I>&#093;
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->54<!-- /Folio -->
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">IN WITNESS WHEREOF, the parties have set their hands 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">VIDEOSERPEL, LTD.<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</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</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Attorney-in-Fact&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&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
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Joaqu&#237;n Balc&#225;rcel Santa Cruz</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Attorney-in-Fact&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">UNIVISION COMMUNICATIONS INC.<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/
Andrew W. Hobson&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">Andrew W. Hobson&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">Senior Executive Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;<I>Signature Page to Amended and Restated 2011 Mexico License Agreement</I>&#093;
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>Annex A</B></U>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The following terms shall have the following meanings:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Acquired Completed Content</U>&#148; means Audiovisual Content (other than a Novela or
Excluded Content), the Broadcast rights to which are or have been acquired by Univision Group from
a third party and with respect to which Univision Group had no involvement or arrangement of any
kind or nature (including no approvals or controls) relating to the development, production or
financing of such Audiovisual Content at any time.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Acquired Completed Novela</U>&#148; means a Novela, the Broadcast rights to which are or have
been acquired by Univision Group from a third party and with respect to which Univision Group had
no involvement or arrangement of any kind or nature (including no approvals or controls) relating
to the development, production or financing of such Novela at any time.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Acquired Other Content</U>&#148; means Audiovisual Content (other than Charitable/Religious
Content, a Novela, Excluded Content or a Mexican Soccer Game) originally produced in the Spanish
language or with Spanish subtitles, produced by a third party (other than with any Television
Broadcaster in the Territory, which will not be permitted under any circumstances) the Broadcast
rights to which are or have been acquired by Univision Group from a third party, and with respect
to which Univision Group has only one (1)&nbsp;of the following types of involvement: (a)&nbsp;providing a
portion of the production financing to such third party for the production of such Audiovisual
Content; or (b)&nbsp;providing equipment to such third party for use in the production of such
Audiovisual Content; or (c)&nbsp;permitting talent that is exclusive or proprietary to and under
contract to Univision Group to appear or participate in the production of such Audiovisual Content
by such third party.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Acquired Scripts</U>&#148; has the meaning set forth in <U>Section&nbsp;2.6(b)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Affiliate</U>&#148; of a person means any person that directly or indirectly controls, is
controlled by, or is under common control with the person in question. For the purposes of this
Agreement, &#147;control&#148;, when used with respect to any person, means the power to direct the
management and policies of such person, directly or indirectly, whether through the ownership of
voting securities, by contract or otherwise. Affiliate shall not mean, with respect to Licensor,
(a)&nbsp;a Network Affiliate, (b)&nbsp;any one of the investor groups, including Grupo Televisa, that owns
equity interests in BMPI or any person that controls any one of such investor groups (or any person
acquiring, whether by merger, sale or otherwise, all or any portion of such equity interests or the
equity interests of any such investor group, or any person that controls such acquiring person), or
(c)&nbsp;any person controlled by any of such investor groups (or such acquiring person) other than (i)
BMPI, Broadcast Media Partners Holdings, Inc. or Licensee, (ii)&nbsp;any subsidiary of, or other person
directly or indirectly controlled by, BMPI, Broadcast Media Partners Holdings, Inc. or Licensee or
(iii)&nbsp;any person formed by such investor groups (or such acquiring person) to own a direct or
indirect interest in Licensee. Affiliate shall not mean, with respect to either of Licensee, Grupo
Televisa or GT, (x)&nbsp;any person that controls GT, (y)&nbsp;any person under common control with, but not
directly or indirectly controlled by, GT, or (z)&nbsp;Licensor, Univision Group, or any of its
Affiliates.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Affiliate Payment</U>&#148; has the meaning set forth in <U>Section&nbsp;9.1</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Agreement</U>&#148; has the meaning set forth in the Preamble.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Amended and Restated 2011 Program License Agreement</U>&#148; has the meaning set forth in the
Recitals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Ancillary Content</U>&#148; means, with respect to Licensed Content, &#147;best of&#148; compilations,
deleted scenes, bloopers, B-roll footage, webisodes, mobisodes, behind-the-scenes material,
alternate endings, cast interviews, Short-Form&nbsp;Commercial Advertising promoting Licensed Content
(e.g., a commercial for a Novela) and other similar short-form Audiovisual Content, in each case,
that is related to, based on, or supplementary to such Licensed Content; <U>provided</U>, that
neither Univision Produced Clips nor Licensee Produced Clips shall constitute Ancillary Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Ancillary Content Budget</U>&#148; means the budget for any applicable production of Ancillary
Content, which budget shall be delivered by Licensor promptly following Licensee&#146;s delivery of a
notice requesting such production.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Arbitrable Matters</U>&#148; has the meaning set forth in <U>Section&nbsp;15.1(a)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Audiovisual Content</U>&#148; shall mean all forms of moving images with accompanying sound,
including novelas, musicals, variety shows, situation comedies, game shows, children&#146;s shows, news
shows, cultural and educational programs, sports programs, sporting events, reality shows, movies,
political conventions, election coverage, parades, pageants, fashion shows, &#147;how-to&#148; and other
informational programs, interviews, animation and demonstrative content. For the avoidance of
doubt, references herein to &#147;Audiovisual Content&#148; shall not include (a)&nbsp;Videogames; or (b)&nbsp;Short
Form&nbsp;Commercial Advertising for third party goods and services.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Availability Notice</U>&#148; has the meaning set forth in <U>Section&nbsp;7.2(a)</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>BMPI</U>&#148; has the meaning set forth in the Recitals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Broadcast</U>&#148; means to transmit, re-transmit, distribute, display, project, perform or
otherwise disseminate Audiovisual Content to, or for, reception by any form of viewing, display or
other reception device, whether now known or hereafter developed in the future.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Business Day</U>&#148; means any day that is not a Saturday, a Sunday or other day on which
banks are required or authorized by Law to be closed in the City of New York or Mexico City.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Cable Television System</U>&#148; shall have the same meaning as that set forth for a &#147;cable
system&#148; in 47 U.S.C. &#167; 522(7).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Carve Out Business</U>&#148; means a business (other than Publications and websites directly
related thereto) acquired as part of a larger acquisition, a significant aspect of which in terms
of prospects and either (a)&nbsp;operations or (b)&nbsp;results of operations, consists of Broadcast of
Spanish language Audiovisual Content in the Territory. Notwithstanding the foregoing, in the case
of a Carve Out Business that is a Start-Up Business, the standard for determining whether a
significant aspect of such business consists of Broadcast of Spanish language Audiovisual
Content in the Territory shall be based on either the prospects or proposed results or operations
of such business. For the avoidance of doubt, a &#147;Carve Out Business&#148; would not include any
Videogame business or opportunities.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Charitable/Religious Content</U>&#148; means any Audiovisual Content consisting exclusively of
(a)&nbsp;a religious service, or (b)&nbsp;charitable and non-commercial specials (e.g. telethons,
presidential speeches).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Clearances</U>&#148; shall mean (a)&nbsp;all consents, permissions and approvals for incorporation
into Licensed Content of the names, trademarks, likenesses and or biographies of all persons,
firms, products, companies and organizations depicted or displayed in such Licensed Content, (b)
all consents, permissions and approvals for incorporation into Licensed Content of any preexisting
film or video footage produced by third parties, and (c)&nbsp;all licenses, use and reuse rights,
synchronization licenses, digital rights, and other rights to use content incorporated into such
Licensed Content, including musical compositions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Clip Exchange Arrangements</U>&#148; means bona fide clip and highlight reel exchange
agreements involving no or de minimis cash consideration entered into from time to time between
Licensor or Licensee, on the one hand, and unaffiliated Television Broadcasters or other third
parties engaged in the Broadcast of Linear Television Channels, on the other hand, in the ordinary
course and consistent with industry custom and practice (including regarding clip duration) in the
Territory.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Co-Produced Content</U>&#148; means Audiovisual Content (other than a Novela, Acquired
Completed Novela, Acquired Completed Content, Acquired Other Content, Co-Produced Local Novela,
Mexican Soccer Game or Excluded Content) originally produced for Broadcast in the Spanish language
or with Spanish subtitles, by Univision Group and one or more unaffiliated third parties
(collectively, the &#147;Co-Production Partners&#148;), in each case, pursuant to a co-production agreement
between Univision Group and such Co-Production Partners (other than any co-production agreement
directly or indirectly between Univision Group and any Television Broadcaster in the Territory,
which will not be permitted under any circumstances) with respect to which (a)&nbsp;as between Univision
Group and the Co-Production Partners, at least one such Co-Production Partner must provide a
specific and significant contribution underlying such Audiovisual Content (examples of such
specific and significant contributions include Scripts, the provision of multiple essential
creative elements (e.g., several of key cast members, key artistic director, executive director
and/or executive producer) having no affiliation with Univision Group, but shall not include
financing or other contributions of a fungible nature); (b)&nbsp;at least one of such Co-Production
Partners meaningfully participates in, or exercises meaningful controls or approvals over, the
development and production of such Audiovisual Content; and (c)&nbsp;one or more of such Co-Production
Partners controls the licensing of the Broadcast rights in the Territory.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Co-Produced Local Novela</U>&#148; means a Novela (other than an Acquired Completed Novela) to
be Broadcast initially in a Spanish-Speaking Country (outside the Territory and the United States),
that is originally produced for Broadcast in the Spanish language or with Spanish subtitles in such
Spanish-Speaking Country (outside of the United States and the Territory) and
is co-produced by Univision Group with a third party (other than pursuant to a co-production
agreement directly or indirectly between Univision Group and any Television Broadcaster in the
Territory, which will not be permitted under any circumstances), in each case, pursuant to a
co-production agreement between Univision Group and such third party.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Co-Production Partners</U>&#148; has the meaning set forth in the definition of Co-Produced
Content.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Core Controls</U>&#148; has the meaning set forth in <U>Section&nbsp;4.1(b)(iii)</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Divested Script</U>&#148; has the meaning set forth in <U>Section&nbsp;2.6(b)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>DTO</U>&#148; means the &#147;a la carte&#148; sale or other similar transaction through Licensed Media
involving the sale of a permanent copy of Audiovisual Content embodied in any form other than Hard
Good Home Videograms, which transaction is consummated by means of Broadcast to any device whether
now known or hereafter devised (e.g., a set-top box, computer, cellular phone, mp3 player, PDA or
other storage device) from an outside source for subsequent unlimited viewing in perpetuity, as
determined by the applicable buyer or assignee.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>DTR</U>&#148; means the &#147;a la carte&#148; rental, lease or other similar transaction, or a
subscription based transaction, through Licensed Media, regarding a non-permanent copy of
Audiovisual Content embodied in any form other than Hard Good Home Videograms, (a)&nbsp;which
transaction is consummated by means of Broadcast to any device whether now known or hereafter
devised (e.g., a set-top box, computer, cellular phone, mp3 player, PDA or other storage device)
from an outside source for subsequent viewing during a limited time period, as determined by the
applicable lessor; and (b)&nbsp;with respect to which the applicable lessee pays a subscription,
per-episode or per-program fee for a temporary copy of such Audiovisual Content.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Effective Date</U>&#148; has the meaning set forth in the preamble.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Evaluation Period</U>&#148; has the meaning set forth in <U>Section&nbsp;4.3(b)(iii)</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Excluded Content</U>&#148; means:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(a)&nbsp;Univision Publications Content;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;Univision Produced Clips (<U>provided</U>, that Audiovisual Content underlying Univision
Produced Clips shall not be considered Excluded Content);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(c)&nbsp;Short Form&nbsp;Commercial Advertising, promoting any Univision Group business;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(d)&nbsp;Univision Training Content;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;clips obtained, licensed or acquired by Univision Group pursuant to Clip Exchange
Arrangements with respect to the Territory, which clips shall only be Broadcast by Univision Group
in the ordinary course in accordance with such Clip Exchange Arrangements; or
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(f)&nbsp;Univision New Business Content.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Force Majeure Event</U>&#148; has the meaning set forth in <U>Section&nbsp;20.2</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Free Television</U>&#148; means a Linear Television Channel that is Broadcast &#147;over-the-air&#148;
(whether in digital or analog format, standard definition or high definition, or otherwise) and
which originates in or through government-licensed or authorized broadcast stations (either as part
of a television network, as an affiliated station, as an individual station or otherwise) without a
charge being made to the viewer for the privilege of viewing the Audiovisual Content contained in
such over-the-air Broadcast (other than any tax, levy or fee imposed by any governmental,
administrative or other public authority in the Territory). For the avoidance of doubt, &#147;Free
Television&#148; shall also include any simultaneous (taking into account customary delays)
re-transmission or simulcasts in the Territory of such &#147;over-the-air&#148; Broadcast (or additional
national feeds to accommodate time zones) by means of any other Licensed Media (including pursuant
to MVPD Arrangements and permitted Sublicensing Arrangements).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>General Requirements</U>&#148; has the meaning set forth in <U>Section&nbsp;4.1(b)</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Grupo Televisa</U>&#148; means GT and its controlled Affiliates.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>GT</U>&#148; has the meaning set forth in the Preamble.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Hard Good Home Videogram</U>&#148; means a physical videocassette, cartridge, videodisc
(including any laser disk), tape, CD (in any format), Blu-ray, DVD (in any format), or other
similar physical format or storage device now known or hereafter devised (a)&nbsp;that is designed to be
used in conjunction with a reproduction apparatus which causes an audiovisual program to be visible
on the screen of a viewing device (it being understood that the Hard Good Home Videogram cannot
itself be the reproduction apparatus or the viewing device); (b)&nbsp;on which a single item of
Audiovisual Content or a reasonable (determined based on then prevailing industry standards)
collection of Audiovisual Content has been pre-loaded by the applicable manufacturer or
distributor; (c)&nbsp;that is encrypted or otherwise secured for copy protection to prevent duplication
and/or retransmission by consumers in a manner consistent with then prevailing industry standards;
and (d)&nbsp;that is delivered to the consumer by physical means (as opposed to a non-physical form of
delivery (e.g., a download or stream)). For the avoidance of doubt, Broadcast by means of a &#147;Hard
Good Home Videogram&#148; shall not include video-on-demand, DTO, DTR or any form of digital
distribution or other similar form of Broadcast now known or hereafter devised.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Indemnification Notice</U>&#148; has the meaning set forth in <U>Section&nbsp;13.3</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Indemnitee</U>&#148; has the meaning set forth in <U>Section&nbsp;13.3</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Indemnitor</U>&#148; has the meaning set forth in <U>Section&nbsp;13.3</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Information Tail Date</U>&#148; means the date that is the earlier of the termination of this
Agreement or the third (3rd) anniversary of a Televisa Sell-Down.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Informational Meetings</U>&#148; has the meaning set forth in <U>Section&nbsp;2.8(a)</U>.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>International Program Rights Agreement</U>&#148; means that certain Amended and Restated
International Program Rights Agreement dated December&nbsp;19, 2001, among Licensor, GT and Venevision.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Internet</U>&#148; means the internet or similar systems, now existing or hereafter developed.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>IPRA Amendment</U>&#148; has the meaning set forth in the Recitals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Law</U>&#148; means any statute, law, ordinance, regulation, rule, code, injunction, judgment,
decree, order or any other judicially enforceable legal requirement (including common law) of any
United States (federal, state or local), Mexico (federal, state or local) or foreign government, or
governmental, regulatory, judicial or administrative authority, agency, commission or court
(including the applicable stock exchange(s)).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Library Availability Notice</U>&#148; has the meaning set forth in <U>Section&nbsp;7.2(b)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Library Programs</U>&#148; means Licensed Content produced or acquired by Univision Group
prior to October&nbsp;4, 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Licensed Content</U>&#148; means, without duplication, all (a)&nbsp;Programs, (b)&nbsp;Movies, (c)
Univision Publications Content, (d)&nbsp;Ancillary Content; (e)&nbsp;Univision Produced Clips; (f)&nbsp;Licensee
Produced Clips; and (g)&nbsp;other Audiovisual Content licensed hereunder.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Licensed Media</U>&#148; means any and all means and media for the Broadcast of Audiovisual
Content, whether now known or hereafter devised, excluding (a)&nbsp;Radio; (b)&nbsp;Theatrical Exhibition;
(c)&nbsp;Hard Good Home Videograms; and (d)&nbsp;Videogames. For the avoidance of doubt, the exclusions from
&#147;Licensed Media&#148; under clauses (a)-(d) of the immediately preceding sentence are intended to
provide that Licensee will not have the right hereunder (i)&nbsp;with respect to Radio, to transmit,
re-transmit, distribute, perform or otherwise disseminate the audio portion of any Licensed Content
on Radio (other than as audio promotions to the extent permitted hereunder); (ii)&nbsp;with respect to
Theatrical Exhibition, to Broadcast any Licensed Content by means of Theatrical Exhibition; (iii)
with respect to Hard Good Home Videograms, to create, produce, distribute, sell or otherwise
exploit Hard Good Home Videograms embodying Licensed Content; and (iv)&nbsp;with respect to Videogames,
to develop, create, produce, distribute, sell or otherwise exploit Videogames based on Licensed
Content (e.g., to create Videogames based on the characters and plotlines contained in Licensed
Content).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Licensed Rights</U>&#148; has the meaning set forth in <U>Section&nbsp;1.1(a)</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Licensee</U>&#148; has the meaning set forth in the Preamble.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Licensee Facility Location</U>&#148; has the meaning set forth in <U>Section
3.7(a)(i)(A)</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Licensee Indemnitees</U>&#148; has the meaning set forth in <U>Section&nbsp;13.1</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Licensee Permitted Spillover Contour</U>&#148; has the meaning set forth in <U>Section
3.7(a)(i)(A)</U>.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT
THE OMITTED PORTIONS OF THIS DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION </B></div>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Licensee Produced Clips</U>&#148; means clips, vignettes, video recaps, highlight reels or
other similar short-form Audiovisual Content produced by Licensee that are composed of excerpts from
Programs and Movies licensed by Licensor to Licensee hereunder.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Licensee Spillover</U>&#148; has the meaning set forth in <U>Section&nbsp;3.7(a)(i)(A)</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Licensor</U>&#148; has the meaning set forth in the Preamble.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Licensor Facility Location</U>&#148; has the meaning set forth in <U>Section
3.7(a)(i)(B)</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Licensor Indemnitees</U>&#148; has the meaning set forth in <U>Section&nbsp;13.2</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Licensor Permitted Spillover Contour</U>&#148; has the meaning set forth in <U>Section
3.7(a)(i)(B)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Linear Television Channel</U>&#148; means a channel, network or programming service that
Broadcasts Audiovisual Content in a manner that is linear-streamed, programmed and transmitted to
viewers in a continuous and sequential manner, scheduled by the channel, network or programming
service (and not by the viewer) during a significant majority of each consecutive twenty-four hour
period.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Losses</U>&#148; has the meaning set forth in <U>Section&nbsp;13.1</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">***
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Mexican Rate</U>&#148; has the meaning set forth in <U>Section&nbsp;9.3</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Mexican Soccer Game</U>&#148; means any game played by any member of the group of Mexican
professional soccer clubs (and divisions of teams) governed by the Federaci&#243;n Mexicana de F&#250;tbol
Associaci&#243;n, along with any of its present or future Affiliates, subsidiaries, assigns and/or
successors.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>MOU</U>&#148; has the meaning set forth in the Recitals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Movies</U>&#148; means feature length motion pictures originally produced in the Spanish
language or with Spanish subtitles that are intended for initial Broadcast to the public by means
of Theatrical Exhibition or Hard Good Home Videograms.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Musical Concert</U>&#148; shall mean Audiovisual Content comprised exclusively of the musical
performances of one or more music performing artists (which for the avoidance of doubt shall not
include award shows or other variety shows or other live events that may contain musical
performances).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>MVPD</U>&#148; means a multichannel video programming distributor of Audiovisual Content, as
commonly understood in the media industry in the Territory (e.g., cable, SMATV, MDS, MMDS, OVS,
satellite or telecommunications distributor), or other entity that markets, offers and provides
video programming to its paying subscribers or paying customers (regardless of the technology
used).
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>MVPD Arrangement</U>&#148; means a distribution, retransmission consent, or other carriage or
channel license agreement or other distribution required by applicable Law (and any amendments
extensions and renewals thereof) between Grupo Televisa and any MVPD, in each case pursuant to
which, among other things, such distributor or other entity is authorized or required to
retransmit, distribute, exhibit or otherwise make available to its subscribers or customers, on a
linear basis, a Linear Television Channel provided by Grupo Televisa, on terms consistent with
industry practice. For the avoidance of doubt, a MVPD Arrangement may, consistent with industry
practice, also include arrangements with respect to non-linear Audiovisual Content offerings (e.g.,
on-demand) and interactive features (e.g., iTV) of the relevant MVPD, which arrangements may be
complementary or supplementary to the Linear Television Channel being provided by Grupo Televisa
thereunder.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>National Football League</U>&#148; means the group of American professional football clubs
understood in the United States to comprise the National Football League, along with any of its
present or future Affiliates, subsidiaries, assigns and/or successors.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Network Affiliates</U>&#148; means any third party television station, cable operator,
satellite operator or any other third party, in each case, that is party to a Network Affiliation
Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Network Affiliation Agreement</U>&#148; means a bona fide contractual agreement or arrangement
between Licensee and a third party with respect to the right to Broadcast by means of Free
Television all or six (6)&nbsp;hours or more per day of any Free Television channel.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Novela</U>&#148; means Audiovisual Content originally produced in the Spanish language or with
Spanish subtitles that is customarily understood by producers and distributors of Audiovisual
Content for Spanish-speaking audiences in the Territory to be a novela, consistent with the
examples of novelas set forth on <U>Schedule&nbsp;5</U> hereto.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Process Agent</U>&#148; has the meaning set forth in <U>Section&nbsp;15.6</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Programs</U>&#148; means all Audiovisual Content originally produced in the Spanish language
or with Spanish subtitles, whether live (i.e. contemporaneously Broadcast), filmed, taped or
otherwise recorded or available for Broadcast, to which Univision Group owns or controls Broadcast
rights in the Licensed Media during the Term in the Territory (whether produced by or for Univision
Group, co-produced by Univision Group or acquired or licensed by Univision Group), other than (a)
Excluded Content (it being understood that any Excluded Content that, at any time, ceases to
qualify under the definition thereof for any reason, and would otherwise satisfy the definition of
&#147;Programs&#148;, shall thereafter immediately and automatically constitute Programs); (b)&nbsp;Movies; (c)
Ancillary Content; or (d)&nbsp;any of Acquired Completed Novelas, Acquired Completed Content, Acquired
Other Content, Co-Produced Local Novelas, Univision Local Novelas or Co-Produced Content, in each
case, with respect to the items described in clause (d), only to the extent that Univision Group
does not own or control the right to Broadcast such Audiovisual Content in the Territory after
complying with the provisions of Section&nbsp;2. For the avoidance of doubt, to the extent Univision
Group owns or controls rights to Broadcast any of the Audiovisual Content described in clause (d)
in any Licensed Media in the Territory, whether now or in the future, such Audiovisual Content
shall constitute Programs to the extent it would otherwise satisfy the definition of &#147;Programs&#148; and
such rights shall be licensed by
Licensor to Licensee hereunder to the full extent of Univision Group&#146;s rights.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Promotional Obligations</U>&#148; means bona fide promotional obligations that Univision
Group&#146;s live event business has to one or more third parties (which may include venues or artists),
and that are required to be satisfied in connection with the exercise of live Internet streaming
Broadcast rights in the Territory to a live event (other than a live sporting event) owned or
controlled by Univision Group&#146;s live event business.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Proposed New Business</U>&#148; means a proposed new business (other than Publications and
websites directly related thereto) in a line of business involving the Broadcast of Spanish
language Audiovisual Content in the Territory that would be new for Licensee (Univision Group shall
not pursue any new business in a then existing line of business for Licensee), a significant aspect
of which in terms of the Proposed New Business&#146; proposed operations, results of operations or
prospects consists of Broadcast of Spanish language Audiovisual Content in the Territory (which,
for example and not in limitation, would include a proposed goods and services or informational
website(s) with complementary Audiovisual Content offerings that are a significant aspect of the
business, such as the example set forth on <U>Schedule&nbsp;6-1</U>, but would not include a proposed
business such as the example set forth on <U>Schedule&nbsp;6-2</U> that utilizes Audiovisual Content
primarily for advertising or promotional purposes only and/or for which Audiovisual Content does
not constitute a significant part of the business). For the avoidance of doubt, a &#147;Proposed New
Business&#148; would (i)&nbsp;include a proposed expansion of an existing non-Spanish language business into
a Spanish language business, provided that the other criteria of the definition of Proposed New
Business are satisfied; and (ii)&nbsp;not include any Videogame businesses or opportunities.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Proposed Transaction Notice</U>&#148; has the meaning set forth in <U>Section&nbsp;4.3(b)(i)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Publication</U>&#148; means a bona fide general circulation print and/or digital magazine,
journal or periodical that (a)&nbsp;is published on a regularly scheduled interval (subject to
&#147;refreshing&#148; of content from time to time); (b)&nbsp;contains a significant amount of text-based
stories, articles or other editorial content and/or photographic still images; (c)&nbsp;may contain
audio content, video content and/or Audiovisual Content that is related or complementary to the
textual stories, articles or other editorial content; and (d)&nbsp;is available to consumers either on a
paid subscription, access or per-issue basis, or on an advertiser supported basis.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Quality Standards</U>&#148; has the meaning set forth in <U>Schedule&nbsp;1</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Radio</U>&#148; means audio programming, unaccompanied by any moving images, transmitted,
re-transmitted, distributed, performed or otherwise disseminated to, or for, reception by any form
of listening or other reception device, including by way of satellite or the Internet in a digital
format.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Right of First Negotiation</U>&#148; means that, with respect to the applicable arrangement,
the parties shall negotiate in good faith and on a commercially reasonable basis for a period of
thirty (30)&nbsp;days; <U>provided</U>, that if no agreement has been reached during such period, the
party bearing the obligation to provide the Right of First Negotiation shall have no further
obligation to negotiate with the other party and shall be free to negotiate with third parties with
respect to the
applicable arrangement. The initial thirty (30)&nbsp;day negotiation period shall commence on a
date reasonably designated in writing by the party bearing the obligation to provide the Right of
First Negotiation after good faith consultation with the other party.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Right of First Negotiation / First Refusal</U>&#148; means that, with respect to the
applicable arrangement, the parties shall negotiate in good faith and on a commercially reasonable
basis for a period of thirty (30)&nbsp;days; <U>provided</U>, that if no agreement has been reached
during such period, the party bearing the obligation to provide the Right of First Negotiation /
First Refusal shall have no further obligation to negotiate with the other party and shall be free
to negotiate with third parties with respect to the applicable arrangement; <U>provided</U>,
<U>further</U>, that the party bearing the obligation to provide the Right of First Negotiation /
First Refusal shall not conclude any arrangement with any third party on the same terms or terms
that, taken together, are less favorable to it (all things considered) than those terms that have
been offered to the other party, without providing the other party five (5)&nbsp;Business Days to either
accept or reject the applicable arrangement on such new terms. The initial thirty (30)&nbsp;day
negotiation period shall commence on a date reasonably designated in writing by the party bearing
the obligation to provide the Right of First Negotiation / First Refusal after good faith
consultation with the other party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Rights Restrictions</U>&#148; means, with respect to any rights, any bona fide third party
reservation, holdback, limitation, or condition (a)&nbsp;binding under applicable Law or contractually
or unilaterally imposed by a third party (including any owner, holder, creator or performer of such
rights) upon Licensor as a licensee, purchaser or authorized user of intellectual property rights
from a third party; and (b)&nbsp;relating to the manner in which such rights may be exploited. As
illustrative examples, Rights Restrictions may include a restriction on the media, territory,
times, frequency, platforms, or languages in which such intellectual property rights or premises
may be exploited.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Sales Agency Agreement</U>&#148; has the meaning set forth in the Recitals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Script</U>&#148; means a script, format, production bible or other written similar
intellectual property which may be used as a primary source for production of any Audiovisual
Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Short Form&nbsp;Commercial Advertising</U>&#148; means advertising spots and commercials, banner
advertising, pop up advertising and any similar forms of display advertising, audio advertising,
text advertising or additional video advertising or audiovisual advertising or a combination of any
of the above, in each case, limited to a maximum duration of two (2)&nbsp;minutes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Spanish Language Platform</U>&#148; means an audiovisual platform (e.g., a Linear Television
Channel or network, linear programming service, non-linear programming service, website, mobile
platform, video-on-demand service or other similar platform whether now known or hereafter devised)
on which (a)&nbsp;any Audiovisual Content is then being Broadcast or, if such platform is owned by
Licensee, has previously been Broadcast during the time that Licensee owned such platform, or if
such platform is not owned by Licensee, has previously been Broadcast at any time; and (b)&nbsp;more
than a majority of the content thereon is comprised of Spanish language text (excluding closed
captioning, translation and other similar functionality), Spanish language audio (excluding any
secondary audio program (SAP)&nbsp;or other similar functionality), and/or Spanish language Audiovisual
Content.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Spanish-Speaking Country</U>&#148; means the Territory and any other country that has, or is
then generally recognized to have, Spanish as one of its official languages or primary languages.
For purposes of this Agreement, the United States shall not be deemed to be a Spanish-Speaking
Country.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Special Library Programs</U>&#148; has the meaning set forth in <U>Section&nbsp;8.1(b)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Specified Channels</U>&#148; means (a)&nbsp;the Televisa Channels; and (b)&nbsp;any additional existing
or new Spanish language Linear Television Channels owned or operated by Licensee (including any
Univision Group Spanish language Linear Television Channels licensed to Licensee hereunder) that
are distributed, transmitted and retransmitted in a manner consistent with the then current
distribution or transmission of the channels set forth in clause (a).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Stand Alone Business</U>&#148; means an existing stand alone business (other than Publications
and websites directly related thereto), a significant aspect of which in terms of prospects and
either (a)&nbsp;operations; or (b)&nbsp;results of operations, consists of Broadcast of Spanish language
Audiovisual Content in the Territory (which, for example, would include goods and services websites
with complementary Audiovisual Content offerings that are a significant aspect of the business,
such as the example set forth on <U>Schedule&nbsp;6-1</U>, but would not include companies such as the
example set forth on <U>Schedule&nbsp;6-2</U> that utilize Audiovisual Content primarily for
advertising or promotional purposes only and/or for which Audiovisual Content does not constitute a
significant part of the business). Notwithstanding the foregoing, in the case of a Stand Alone
Business that is a Start-Up Business, the standard for determining whether a significant aspect of
such business consists of Broadcast of Spanish language Audiovisual Content in the Territory shall
be based on either the prospects or the proposed operations or proposed results of operations of
such business. For the avoidance of doubt, a &#147;Stand Alone Business&#148; would not include any
Videogame businesses or opportunities.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Start-Up Business</U>&#148; means a business that has been in operation for less than three
(3)&nbsp;years.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Sublicensing Arrangement</U>&#148; means any sublicense or contractual arrangement to
sublicense or otherwise exploit by Grupo Televisa to any person that is not a controlled Affiliate
of Licensee any of the Licensed Rights in and to any Licensed Content, but excluding (a)&nbsp;Network
Affiliation Agreements; (b)&nbsp;MVPD Arrangements; (c)&nbsp;TIN Arrangements (including any arrangements for
TIN Branded Experiences); and (d)&nbsp;Clip Exchange Arrangements (i.e., none of the arrangements
referenced in (a)-(d) shall be considered Sublicensing Arrangements).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Technical Specifications</U>&#148; means the technical specifications for a Technological
Enhancement that are provided by Licensee.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Technological Enhancement</U>&#148; means, with respect to an item of Licensed Content, any
conversion, enhancement optimization, reformatting, coding, provisioning or other similar process
used to create such Licensed Content in, or convert or adapt such Licensed Content into, any format
that can be used for the Broadcast of Audiovisual Content. Notwithstanding the foregoing, the term
&#147;Technological Enhancement&#148; shall not include conversion from analog to digital formats.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Technology Services Budget</U>&#148; means the budget for any applicable conversion or
Technological Enhancement of an item of Licensed Content, which budget shall be (a)&nbsp;no greater than
the sum of the actual, out-of-pocket costs paid by Univision Group in order to complete such
digitization or Technological Enhancement, plus a reasonable internal overhead cost allocation
(consistent with Univision Group&#146;s standard practices for pricing such services for use among its
internal departments and divisions); and (b)&nbsp;delivered by Licensor promptly following Licensee&#146;s
delivery of a Technology Services Request. The amounts charged to Licensee shall be no greater
than the market price (i.e., on an arms length basis) for the services in question.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Technology Services Request</U>&#148; means a written notice requesting that a given item of
Licensed Content be converted into, or created in, a particular format by means of a digital
conversion or Technological Enhancement process, which notice shall include (a)&nbsp;any applicable
Technological Specifications; and (b)&nbsp;the desired schedule for the completion of such conversion or
Technological Enhancement, in each case, in detail reasonably specific and sufficient to permit
Licensor to evaluate Licensee&#146;s request.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Telefutura Network</U>&#148; means the Telefutura Spanish language television network of
affiliated television Broadcast stations, cable systems and other affiliated Broadcast outlets
Broadcasting the Telefutura Network in the Territory.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Telefutura Payment</U>&#148; has the meaning set forth in <U>Section&nbsp;9.1</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Channels</U>&#148; means all Linear Television Channels owned or controlled by GT or
its Affiliates as of the Effective Date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Televisa Interactive Network</U>&#148; shall mean (a)&nbsp;esmas.com and other Grupo Televisa owned
or controlled sites and platforms; and (b)&nbsp;TIN Branded Experiences.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Televisa
Sell-Down</U>&#148; has the meaning set forth in the Investment Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Televisa Spillover</U>&#148; has the meaning set forth in <U>Section&nbsp;3.7(a)(i)(B)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Television Broadcaster</U>&#148; means any person that engages in the Broadcast of Audiovisual
Content by means of Free Television channels (or a Linear Television Channel that has previously
been a Free Television channel) as one of its primary business platforms.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Term</U>&#148; has the meaning set forth in <U>Section&nbsp;14</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Territory</U>&#148; has the meaning set forth in the Recitals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Theatrical Exhibition</U>&#148; means, with respect to any feature length motion picture, the
commercial Broadcast of such motion picture by means of exhibition in theaters open to the general
public on a regularly scheduled basis where a fee is charged for admission to view such motion
picture.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Third Amended and Restated Program License Agreement</U>&#148; means the Third Amended and
Restated Program License Agreement, dated January&nbsp;22, 2009, by and between Licensor and Televisa,
S.A. de C.V.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Tie-Ins</U>&#148; has the meaning set forth in <U>Section&nbsp;11.3</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>TIN Arrangements</U>&#148; means digital distribution arrangements for the Broadcast of
Licensed Content on the Televisa Interactive Network.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>TIN Branded Experience</U>&#148; means a Licensee branded &#147;consumer experience&#148; third party
site, platform, RSS feed or application (e.g., branded widget, applet, etc.) delivered by means of
digital distribution that (a)&nbsp;prominently features one or more Licensee logos or trademarks; (b)
satisfies all General Requirements (including Licensee&#146;s retention of all Core Controls); (c)&nbsp;is
operated solely or controlled solely by Licensee (or under Licensee&#146;s express and sole direction);
(d)&nbsp;has a layout and &#147;look and feel&#148; controlled solely by Licensee (subject to any general
restrictions or required templates provided by the third party); (e)&nbsp;is commercialized solely by
Licensee or by Licensee and the third party; (f)&nbsp;is either a Spanish Language Platform or a
component of a non-Spanish Language Platform that would be a Spanish Language Platform if separated
therefrom; and (g)&nbsp;does not involve any express assignment or express license of Broadcast rights
by Licensee to the third party (it being understood that Licensee shall use good faith efforts not
to structure arrangements so as to frustrate the purposes of this clause (g)). For the avoidance
of doubt, &#147;TIN Branded Experiences&#148; shall not include (i)&nbsp;third party sites, platforms or
applications that feature Licensee logos or trademarks but do not have the operational and creative
controls described in this definition and (ii)&nbsp;MVPD Arrangements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Umpire</U>&#148; has the meaning in <U>Section&nbsp;15.1(b)(i)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>United States</U>&#148; means the United States of America, including all territories and
possessions thereof including Puerto Rico.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Univision Carve Out Business Content</U>&#148; has the meaning set forth in <U>Section
16.3(b)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Univision Channel</U>&#148; means any Linear Television Channel owned or controlled by
Univision Group and Broadcast by Univision Group in any Licensed Media, in each case, whether
existing on the date hereof or created hereafter.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Univision Channel Marks</U>&#148; has the meaning set forth in <U>Schedule&nbsp;1</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Univision Group</U>&#148; has the meaning set forth in the Recitals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Univision Local Novela</U>&#148; means a Novela (other than an Acquired Completed Novela) to
be Broadcast initially in a Spanish-Speaking Country (outside the Territory and the United States),
originally produced by a third party for Broadcast in the Spanish language or with Spanish
subtitles in such Spanish-Speaking Country outside of the United States and the Territory based on
a Script owned or controlled by Univision Group.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Univision New Business Content</U>&#148; means Univision Proposed New Business Content,
Univision Stand Alone Business Content and Univision Carve Out Business Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Univision Proposed New Business Content</U>&#148; has the meaning set forth in <U>Section
16.1(b)</U>.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Univision Produced Clips</U>&#148; means clips, vignettes, video recaps, highlight reels or
other similar short-form Audiovisual Content produced by Univision Group that are composed of
excerpts from Programs and Movies licensed by Licensor to Licensee hereunder, and that are (a)&nbsp;in
the case of Novelas, excerpts from any episode of a Novela no greater than thirty (30)&nbsp;seconds in
the aggregate in duration from any one episode; (b)&nbsp;in the case of sports events, excerpts from any
such event limited to highlights of such event of not more than two (2)&nbsp;minutes per highlight clip
and ten (10)&nbsp;minutes in the aggregate from such event; and (c)&nbsp;in the case of Programs (other than
Novelas and sports events) and Movies, excerpts from any episode or item (as applicable) of such
content, in each case, no greater than sixty (60)&nbsp;seconds in the aggregate in duration from any one
episode or item (as applicable) of such content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Univision Publication</U>&#148; means a Publication owned, controlled or licensed by Univision
Group including bona fide publications Univision Group may own, control or license in the future
(and extensions and complements of such Publications).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Univision Publications Content</U>&#148; means any Audiovisual Content originally produced in
the Spanish language or with Spanish subtitles, not including Novelas, live sports, or regularly
scheduled national news television Broadcasts (or any excerpt, portion or clip of any Novela, live
sports or regularly scheduled national news television Broadcast), that satisfies each of the
following criteria:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(a)&nbsp;has an aggregate duration of up to twelve (12)&nbsp;minutes (including commercials);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(b)&nbsp;is related or complementary to a Univision Publication;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;has not been Broadcast by Univision Group (or any other party with the permission,
authorization or consent of Univision Group) on any Linear Television Channel in a Spanish-Speaking
Country;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;either (i)&nbsp;is sports-related Audiovisual Content (e.g., interviews, profiles, press
conferences) that is not live and is not a clip or highlight of a sports event; or (ii)&nbsp;is not
similar to traditional long form television programs such as sitcoms (e.g., &#147;Everybody Loves
Raymond&#148; or &#147;Familia Peluche&#148;), dramas or series (e.g., &#147;24&#148;, &#147;Law and Order&#148; or &#147;Hermanos y
Detectives&#148;), long-form television documentaries (e.g., &#147;Planet Earth&#148; or &#147;El Alma de Mexico&#148;),
reality shows (e.g., &#147;Big Brother&#148;, &#147;Real Housewives&#148; or &#147;Dia de Perros&#148;), talent competition shows
(e.g., &#147;American Idol&#148; or &#147;Bailando Por Un Sueno&#148;) or long-form, linear, sequential television
music programming comprised of a combination of music video, concert and/or long-form music
programming (e.g., MTV or Palladia) and is more akin to sale of goods or services, social media
user generated content, or how-to, informational, interview or demonstrative content, in each case,
relating to travel, gaming, cooking, dating, nature, wilderness, fashion, beauty, health and/or
fitness, diet, history, biography, vehicles, astrology, science, research, social sciences,
economics, politics, interior design, architecture, education, teens&#146; and childrens&#146; interest,
lifestyle, technology or gadgets, business, celebrity gossip, parenting and music; and
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;without limiting anything contained in clauses (a)-(d) above, if the Audiovisual Content
relates to or is based on a comic book or similar publication, such Audiovisual Content shall not
have a narrative storyline or plot.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">It is understood and agreed that if, at any time, Audiovisual Content that otherwise satisfies
the definition of &#147;Univision Publications Content&#148; is Broadcast by Univision Group (or any other
party with the permission, authorization or consent of Univision Group) on any Linear Television
Channel in a Spanish-Speaking Country, then such Audiovisual Content shall thereafter immediately
and automatically (A)&nbsp;constitute Licensed Content (to the extent it otherwise meets the definition
of &#147;Licensed Content&#148;) and (B)&nbsp;cease to be Univision Publications Content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Univision Spoiler Content</U>&#148; means, with respect to a Program, any program or other
content, whether audio, visual, audiovisual, print publication or otherwise, that contains
information regarding (a)&nbsp;the last five (5)&nbsp;chapters of such Program (if such Program has
chapters), or (b)&nbsp;a pivotal scene (that reveals the final resolution of any major plot or conflict,
such as the death of a major character), in each case, to the extent that (x)&nbsp;the relevant portions
of such Program have not been Broadcast or otherwise made available by Licensee or its Affiliates
or permitted sublicensees in the Territory; and (y)&nbsp;the applicable information has not previously
been Broadcast or otherwise made available in the Territory by Licensee or any third party
authorized by Licensee (provided, that the foregoing shall not be deemed to be a grant to Licensee
of any right or authority to make or permit a third party to make such information available).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Univision Stand Alone Business Content</U>&#148; has the meaning set forth in <U>Section
16.2(b)</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<U>Univision Training Content</U>&#148; means Univision Group company training, personnel or
similar Audiovisual Content.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Venevision</U>&#148; has the meaning set forth in the Recitals.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Venevision Agreements</U>&#148; has the meaning set forth in the Recitals.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Venevision PLA</U>&#148; has the meaning set forth in the Recitals.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<U>Videogames</U>&#148; means games which include computer generated images and/or sound, electronic
games and any other interactive games (including massive multi-player virtual universe online games
or other multi-player or online games, whether subscription based or otherwise) created for any
existing or future platforms, where the user(s) or viewer(s) is (are)&nbsp;given interactive control
over the images displayed on-screen or any other types of games that may now exist or hereafter be
devised which include computer generated images and/or sound.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>SCHEDULE 1</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UNIVISION CHANNEL TRADEMARK LICENSE</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;Univision Group is the owner in the Territory, directly or indirectly, or authorized user
of numerous trademarks used, and/or associated, with the Univision Channels and other packaged
programming offerings including, without limitation, <I>Univision </I>and <I>Univision Design </I>(collectively,
and together with all other registered and common Law trademarks owned or licensed by Licensor or
its Affiliates in the Territory and used in connection with the Univision Channels and other
packaged programming offerings, and any stylized version thereof, together with all rights and
goodwill in the foregoing now owned, licensed or that may be acquired by Univision Group, the
&#147;<U>Univision Channel Marks</U>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;Pursuant to the terms and conditions and subject to the exceptions and exclusions of this
Agreement, Licensor grants to Licensee, and Licensee accepts, a nonexclusive, royalty free license
to use the Univision Channel Marks throughout the Territory during the Term solely in connection
with Licensee&#146;s exercise of the Licensed Rights (and all other rights and entitlements hereunder
attendant and appurtenant thereto).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;Licensee acknowledges that Univision Group is the sole and exclusive owner of all rights
in and to the Univision Channel Marks, and that Univision Group shall be responsible for
prosecuting and maintaining any trademark applications and/or registrations for the Univision
Channel Marks, and Licensee shall not contest, challenge, or attack Univision Group&#146;s rights in and
to the Univision Channel Marks. Licensee shall not use and/or apply to register any mark that is
identical or confusingly similar to the Univision Channel Marks, or obtain an Internet domain name
comprised of or containing the Univision Channel Marks or any confusingly similar variation of the
Univision Channel Marks. All use of the Univision Channel Marks by Licensee shall inure to the
benefit of Univision Group. Licensee, by this Amended and Restated 2011 Mexico License Agreement,
this <U>Schedule&nbsp;1</U> thereto or by use of the Univision Channel Marks, shall acquire no right,
title, or interest in or to the Univision Channel Marks or the goodwill associated with the
Univision Channel Marks.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;Licensee agrees to use the Univision Channel Marks only as expressly permitted herein,
only in a manner and form reasonably satisfactory to Licensor, and Licensee further agrees not to
use the Univision Channel Marks in any way that would intentionally damage the goodwill, reputation
or name of Licensor or its Affiliates, or confuse or mislead the public with regard to the separate
and distinct identities of Licensee and Licensor.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;Licensee acknowledges that it is familiar with the high quality of the services rendered
by Univision Group in connection with the Univision Channel Marks, and agrees that the use of the
Univision Channel Marks by Licensee in connection with this Agreement will conform to such high
quality standards (the &#147;<U>Quality Standards</U>&#148;). To ensure that the Univision Channel Marks
are used, and adhere at all times to, the Quality Standards, Licensee agrees to cooperate with
Licensor to facilitate Licensor&#146;s control of the nature and quality of Licensee&#146;s use of the
Univision Channel Marks, and, in connection therewith, shall provide Licensor with specimens
showing its use of the Univision Channel Marks, in the form of
audio/video tapes, advertising and promotional or other material, as reasonably requested by
Licensor from time to time (which shall be no more frequent than quarterly).
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(f)&nbsp;If Licensor disapproves of any such specimens submitted by Licensee, Licensor shall give
notice thereof in writing to Licensee within seven (7)&nbsp;business days after receipt thereof, and
Licensee agrees to revise such materials to Licensor&#146;s specifications. The parties agree that, if
Licensee receives no notice of Licensor&#146;s disapproval within ten (10)&nbsp;business days after
Licensor&#146;s receipt of any such specimens, approval shall be considered to have been granted.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(g)&nbsp;Licensee agrees to notify Licensor as soon as reasonably practicable in the event it
determines that any one of the Univision Channel Marks is being infringed or adversely affected by
unlicensed third parties in the Territory. In the event that either party determines that any one
of the Univision Channel Marks is being infringed or adversely affected by unlicensed third
parties, Licensee agrees that Licensor shall have the sole and exclusive right to abate such
infringement or adverse use and to retain any and all damages received therefrom. At Licensor&#146;s
request, Licensee shall provide reasonable assistance to Licensor in the event of any such
infringement or adverse use of the Univision Channel Marks. Licensee shall have no claim against
Licensor for damages if Licensor determines, in its sole discretion, that it is not in the best
interest of Licensor to initiate legal proceedings or otherwise take action to abate such
infringement or adverse use by third parties.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(h)&nbsp;Upon termination or expiration of this Amended and Restated 2011 Mexico License Agreement,
(i)&nbsp;all rights granted to Licensee hereunder shall terminate and automatically revert to Licensor,
and (ii)&nbsp;Licensee agrees to immediately (1)&nbsp;discontinue all use of the Univision Channel Marks and
any mark confusingly similar thereto, including but not limited to use of the Univision Channel
Marks as part of a domain name, and (2)&nbsp;destroy all advertising, packaging, promotional and other
written material bearing the Univision Channel Marks.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(i)&nbsp;Licensor hereby represents and warrants that it owns or has a license to use all rights in
and to the Univision Channel Marks and to grant all rights herein granted to Licensee with respect
to such Univision Channel Marks.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->S-2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>SCHEDULE 2</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>AUDIOVISUAL CONTENT NOT SUBJECT TO SECTION 2.3(G)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Latin Grammys

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">TodoBebe (aka Viva La Familia de TodoBebe)

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Mira Quien Baila

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Back in Wedding Shape (aka El Peso del Matrimonio)

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Reina por un D&#237;a

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Mariachi Festival

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Vidas Cruzadas

</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->S-3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>SCHEDULE 3</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>TIN BRANDED EXPERIENCE NOTICE</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Identity of the counterparty</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Describe the platform and/or site where the Licensed Content will be
distributed</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>What is the term of the TIN Arrangement?</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Describe all of the significant economic terms of the TIN Arrangement</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Describe any other significant Audiovisual Content-related
relationships between Licensee and the proposed third party and
related parties</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>If the third party has geographical limitations with the Territory,
specify the territory for distribution of the Licensed Content under
the TIN Arrangement</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>7</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Indicate whether geo-filtering technology will be used under the terms
of the proposed TIN Arrangement</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>8</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Describe the provisions regarding advertising, promotion and/or
sponsorship included in the TIN Arrangement (including those directly
related to Licensed Content)</B></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>9</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>In the case of DTO and/or DTR, specify at what cost per unit, Licensed
Content will be offered in the platform and/or site</B></DIV></TD>
</TR>

</TABLE>
</DIV><P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->S-4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>SCHEDULE 4</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTICES</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If to Licensee:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Videoserpel, Ltd.<BR>
c/o Grupo Televisa, S.A.B.<BR>
Av. Vasco de Quiroga, 2000<BR>
Edificio A, Piso 4<BR>
Col. Zedec Santa Fe<BR>
01210 Mexico, Distrito Federal<BR>
Attn: Joaqu&#237;n Balc&#225;rcel<BR>
Email: jbalcarcel@televisa.com.mx<BR>
Facsimile No.: (52)&nbsp;55.261.25.46&#093;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">With a copy to:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Wachtell, Lipton, Rosen &#038; Katz<BR>
51 West 52nd Street<BR>
New York, New York 10018<BR>
United States of America<BR>
Attn: Herbert M. Wachtell, Esq.<BR>
Joshua R. Cammaker, Esq.<BR>
Email: hmwachtell@wlrk.com<BR>
jrcammaker@wlrk.com<BR>
Facsimile No.: (212)&nbsp;403-2000
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If to Licensor:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Univision Communications, Inc.<BR>
5999 Center Drive<BR>
Los Angeles, California 90045<BR>
Attn: Phyllis Verdugo<BR>
Email: pverdugo@univision.net<BR>
Facsimile No.: (310)&nbsp;348-3677
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">With a copy to:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">O&#146;Melveny &#038; Myers LLP<BR>
1999 Avenue of the Stars, Suite&nbsp;700<BR>
Los Angeles, California 90067<BR>
Attn: Steven L. Grossman, Esq.<BR>
Christopher D. Brearton, Esq.<BR>
Email: slgrossman@omm.com<BR>
cbrearton@omm.com<BR>
Facsimile No.: (310)&nbsp;246-6727
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->S-5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>SCHEDULE 5</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOVELA EXAMPLES</B>
</DIV>

<P><DIV style="position: relative; float: left; width: 48%">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">ZACATILLO...UN LUGAR EN TU CORAZON<BR>
NI&#209;A DE MI CORAZON<BR>
SOY TU DUE&#209;A<BR>
LLENA DE AMOR<BR>
CUANDO ME ENAMORO<BR>
PARA VOLVER A AMAR<BR>
TERESA<BR>
VERANO DE AMOR<BR>
SORTILEGIO<BR>
MI PECADO<BR>
ATREVETE A SO&#209;AR<BR>
HASTA QUE EL DINERO NOS SEPARE<BR>
CAMALEONES<BR>
CORAZON SALVAJE<BR>
MAR DE AMOR<BR>
LAS TONTAS NO VAN AL CIELO<BR>
ALMA DE HIERRO<BR>
QUERIDA ENEMIGA<BR>
CUIDADO CON EL ANGEL<BR>
JURO QUE TE AMO<BR>
UN GANCHO AL CORAZON<BR>
EN EL NOMBRE DEL AMOR<BR>
MA&#209;ANA ES PARA SIEMPRE<BR>
LOLA... ERASE UNA VEZ<BR>
BAJO LAS RIENDAS DEL AMOR<BR>
MUCHACHITAS COMO TU<BR>
PASION<BR>
AMOR SIN MAQUILLAJE<BR>
AL DIABLO CON LOS GUAPOS<BR>
TORMENTA EN EL PARAISO<BR>
FUEGO EN LA SANGRE<BR>
HERIDAS DE AMOR<BR>
DUELO DE PASIONES<BR>
CODIGO POSTAL<BR>
MUNDO DE FIERAS<BR>
LAS DOS CARAS DE ANA<BR>
AMAR SIN LIMITES<BR>
DESTILANDO AMOR<BR>
YO AMO A JUAN QUERENDON<BR>
LA MADRASTRA<BR>
LA ESPOSA VIRGEN<BR>
PABLO Y ANDREA<BR>
EL AMOR NO TIENE PRECIO<BR>
BARRERA DE AMOR<BR>
ALBORADA<BR>
PEREGRINA<BR>
LA FEA MAS BELLA

</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 48%">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">CORAZONES AL LIMITE... UN RETO DE JUVENTUD<BR>
MUJER DE MADERA<BR>
RUBI<BR>
MISION S.O.S. AVENTURA Y AMOR<BR>
REBELDE<BR>
APUESTA POR UN AMOR<BR>
INOCENTE DE TI<BR>
SUE&#209;OS Y CARAMELOS<BR>
CONTRA VIENTO Y MAREA<BR>
BAJO LA MISMA PIEL<BR>
DE POCAS, POCAS PULGAS<BR>
VELO DE NOVIA<BR>
AMOR REAL<BR>
ALEGRIJES Y REBUJOS<BR>
TU HISTORIA DE AMOR<BR>
MARIANA DE LA NOCHE<BR>
CLAP, EL LUGAR DE TUS SUE&#209;OS<BR>
AMARTE ES MI PECADO<BR>
AMY LA NI&#209;A DE LA MOCHILA AZUL<BR>
PIEL DE OTO&#209;O<BR>
COMPLICES AL RESCATE<BR>
NI&#209;A AMADA MIA<BR>
QUE VIVAN LOS NI&#209;OS<BR>
LAS VIAS DEL AMOR<BR>
LA OTRA<BR>
ASI SON ELLAS<BR>
ENTRE EL AMOR Y EL ODIO<BR>
ATREVETE A OLVIDARME<BR>
AMIGAS Y RIVALES<BR>
EL NOVENO MANDAMIENTO<BR>
EL DERECHO DE NACER<BR>
AVENTURAS EN EL TIEMPO<BR>
MUJER BONITA<BR>
SIN PECADO CONCEBIDO<BR>
MARIA BELEN<BR>
EL MANANTIAL<BR>
EL JUEGO DE LA VIDA<BR>
NAVIDAD SIN FIN<BR>
SALOME<BR>
LA INTRUSA<BR>
CLASE 406<BR>
LA ANTORCHA ENCENDIDA<BR>
EL VUELO DEL AGUILA<BR>
CUNA DE LOBOS

</DIV>
</DIV>
<BR clear="all"><BR>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->S-6<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>SCHEDULE 6</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CORPORATE OPPORTUNITY EXAMPLE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>SCHEDULE 6-1</B></U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">WebMD

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>SCHEDULE 6-2</B></U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">GENERAL MOTORS

</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->S-7<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>AMENDED AND RESTATED MLA LICENSOR GUARANTY</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For and in consideration of the execution by VIDEOSERPEL, LTD. (&#147;<U>Licensee</U>&#148;) of that
certain Amended and Restated 2011 Mexico License Agreement (the &#147;<U>License Agreement</U>&#148;; terms
not defined herein shall have the meaning given to them in the License Agreement), between Licensee
and UNIVISION COMMUNICATIONS INC. (&#147;<U>Licensor</U>&#148;), of even date herewith, BROADCASTING MEDIA
PARTNERS, INC. (&#147;<U>Guarantor</U>&#148;) hereby agrees as follows:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">1. Guarantor confirms and joins in the representations and warranties made by Licensor in
<U>Section&nbsp;12.1</U> of the License Agreement;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">2. Guarantor guarantees the full performance by Licensor of all of its obligations under the
License Agreement and further agrees to be bound, and cause its Affiliates to be bound, by
the provisions of the License Agreement applicable to Licensor, Guarantor or the entities
comprising Univision Group, and guarantees the full performance by the entities comprising
Univision Group of all such obligations under the License Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">3. Guarantor irrevocably submits to the jurisdiction of any California State or United
States Federal court sitting in Los Angeles County in any action or proceeding arising out
of or relating to this Guaranty or the transactions contemplated hereby, and irrevocably
agrees that any such action or proceeding may be heard and determined only in such
California State or Federal court, except with respect to matters subject to <U>Section
15.1</U> of the License Agreement, in which case, Guarantor irrevocably submits to binding
arbitration by a single Umpire sitting in New York. Guarantor irrevocably waives, to the
fullest extent it may effectively do so, the defense of an inconvenient forum to the
maintenance of any such action or proceeding. Guarantor irrevocably appoints CT Corporation
System (the &#147;<U>Process Agent</U>&#148;), with an office on the date hereof at 818 West 7th
Street, Los Angeles, CA 90017 as its agent to receive on behalf of it and its property
service of copies of the summons and complaint and any other process which may be served in
any such action or proceeding. Such service may be made by delivering a copy of such
process to Guarantor in care of the Process Agent at the Process Agent&#146;s above address, and
Guarantor irrevocably authorizes and directs the Process Agent to accept such service on its
behalf. As an alternate method of service, Guarantor consents to the service of copies of
the summons and complaint and any other process which may be served in any such action or
proceeding by the mailing or delivering of a copy of such process to Licensor at its address
specified in or pursuant to <U>Section&nbsp;19</U> of the License Agreement. Guarantor agrees
that a final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by
Law.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">4. This Guaranty and the legal relations among the parties shall be governed by and
construed in accordance with the laws of the State of California applicable to contracts
between California parties made and performed in that State, without regard to conflict of
laws principles; except that the procedural Laws of the State of New York shall apply to the
Arbitration Procedures (as set forth in <U>Section&nbsp;15.1</U> of the License Agreement).
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">5. Guarantor agrees that its obligations hereunder (the &#147;<U>Obligations</U>&#148;) are
irrevocable, absolute, independent, unconditional and continuing, and shall not be subject
to any limitation, impairment or discharge for any reason, including any circumstance which
constitutes a legal or equitable discharge of a guarantor or surety other than indefeasible
performance in full of the Obligations. Guarantor hereby waives notice of acceptance of
this guaranty, presentments, notices of default, nonpayment, partial payments and protest,
all other notices or formalities, any right to require prosecution of collection or remedies
against Licensor or any other person or entity or to pursue any other remedy in Licensee&#146;s
power. Without limiting the generality of any other waiver or provision set forth herein,
Guarantor hereby waives, to the maximum extent such waiver is permitted by Law, any and all
defenses arising directly or indirectly under any one or more of California Civil Code &#167;&#167;
2808, 2809, 2815, 2819, 2839, 2849, 2850, 2899 and 3433. Guarantor agrees that one or more,
and successive and/or concurrent, actions may be brought against it, either in the same
action in which Licensor or any other person is sued on in separate actions and that the
cessation of the liability of Licensor for any reason, other than full payment and
performance of the obligations, shall not in any way affect the liability of the undersigned
hereunder.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">The rights, powers and remedies given to Licensee by this Guaranty are cumulative
and shall be in addition to and independent of all rights, powers and remedies given
to Licensee by virtue of any statute or rule of law or in the License Agreement.
Any forbearance or failure to exercise, or any delay by Licensee in exercising, any
right, power or remedy hereunder shall not impair any such right, power or remedy or
be construed to be a waiver thereof, nor shall it preclude the further exercise of
any such right, power or remedy.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">In case any provision in or Obligation under this Guaranty shall be invalid, illegal
or unenforceable in any jurisdiction, the validity, legality and enforceability of
the remaining provisions or Obligations, or of such provision or Obligation in any
other jurisdiction, shall not in any way be affected or impaired thereby.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">This Guaranty is a continuing guaranty and shall be binding upon Guarantor and its
successors and assigns. This Guaranty shall inure to the benefit of Licensee and
its successors and assigns.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">To the extent Guarantor is guaranteeing payment obligations of Licensor under the
terms of the License Agreement (&#147;<U>Payment Obligations</U>&#148;), this guaranty is a
guaranty of payment when due and not of collectability. Licensee may from time to
time, without notice or demand and without affecting the validity or enforceability
of this Guaranty or giving rise to any limitation, impairment or discharge of
Guarantor&#146;s liability hereunder, (i)&nbsp;settle, compromise, release or discharge, or
accept or refuse any offer of performance with respect to, or substitutions for, the
obligations of Licensor or any agreement relating thereto; (ii)&nbsp;have stayed or
enjoined, by order of court, by operation of law or otherwise, the exercise or
enforcement of, any claim or demand or any right, power or remedy with respect to
the obligations of Licensor or any agreement relating thereto; (iii)&nbsp;waive, amend or
modify, or consent to departure from, any of the terms or
provisions of the License Agreement; and (iv)&nbsp;omit or delay in doing any act or
thing, which may or might in any manner or to any extent vary the risk of Guarantor
as an obligor in respect of the obligations&#146;.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">Guarantor hereby waives, for the benefit of the Licensee: (i)&nbsp;any defense arising
by reason of the incapacity or lack of authority of Licensor; (ii)&nbsp;any defense based
upon any statute or rule of law which provides that the obligation of a surety must
be neither larger in amount nor in other respects more burdensome than that of the
principal; and (iii)&nbsp;any principles or provisions of law, statutory or otherwise,
which are or might be in conflict with the terms of this Guaranty and any legal or
equitable discharge of Guarantor&#146;s obligations hereunder.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">Until any Payment Obligations shall have been paid in full, Guarantor shall withhold
exercise of any right of subrogation. Guarantor further agrees that, to the extent
the withholding of its rights of subrogation as set forth herein is found by a court
of competent jurisdiction to be void or voidable for any reason, any rights of
subrogation Guarantor may have against Licensor shall be junior and subordinate to
any rights Licensee may have against Licensor.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">In the event that all or any portion of any Payment Obligations are paid by
Licensor, the obligations of Guarantor hereunder shall continue and remain in full
force and effect or be reinstated, as the case may be, in the event that all or any
part of such payment(s) are rescinded or recovered directly or indirectly from
Licensee as a preference, fraudulent transfer or otherwise, and any such payments
which are so rescinded or recovered shall constitute Payment Obligations for all
purposes under this Guaranty.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">6. Guarantor shall not be liable for or suffer any penalty or termination of rights
hereunder by reason of any failure or delay in performing any of its obligations hereunder
if such failure or delay is occasioned by compliance with governmental regulation or order,
or by circumstances beyond the reasonable control of Guarantor, including but not limited to
acts of God, war, insurrection, fire, flood, accident, strike or other labor disturbance,
interruption of or delay in transportation. Guarantor shall promptly notify Licensee in
writing of any such event of force majeure, the expected duration thereof, and its
anticipated effect on Licensee and make reasonable efforts to remedy any such event, except
Guarantor shall be under no obligation to settle a labor dispute.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">7. This Guaranty amends and restates that certain MLA Licensor Guaranty made as of December
20, 2010 by and between Guarantor and Licensee.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">DATED: February&nbsp;28, 2011, with effect as of January&nbsp;1, 2011
</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">BROADCASTING MEDIA PARTNERS, INC.<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/
Andrew W. Hobson&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">Andrew W. Hobson&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Accepted and Agreed:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD colspan="3" valign="top" align="left">VIDEOSERPEL, LTD.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Salvi Rafael Folch Viadero</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:&nbsp;Salvi Rafael Folch Viadero
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:&nbsp;&nbsp;&nbsp;Attorney-in-Fact</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Joaqu&#237;n Balc&#225;rcel Santa Cruz</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>Name:&nbsp;Joaqu&#237;n Balc&#225;rcel Santa Cruz</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top">Title:&nbsp;&nbsp;&nbsp;Attorney-in-Fact</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;<I>Signature Page to Amended and Restated MLA Licensor Guaranty</I>&#093;
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>AMENDED AND RESTATED MLA LICENSEE GUARANTY</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For and in consideration of the execution by UNIVISION COMMUNICATIONS INC.
(&#147;<U>Licensor</U>&#148;) of that certain Amended and Restated 2011 Mexico License Agreement (the
&#147;<U>License Agreement</U>&#148;; terms not defined herein shall have the meaning given to them in the
License Agreement), between Licensor and VIDEOSERPEL, LTD. (&#147;<U>Licensee</U>&#148;), of even date
herewith, GRUPO TELEVISA, S.A.B. (&#147;<U>Guarantor</U>&#148;) hereby agrees as follows:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">1. Guarantor confirms and joins in the representations and warranties made by Licensee in
<U>Section&nbsp;12.1</U> of the License Agreement;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">2. Guarantor guarantees the full performance by Licensee of all of its obligations,
including all Payment Obligations, under the License Agreement and further agrees to be
bound, and cause its Affiliates to be bound, by the provisions of the License Agreement
applicable to Licensee, Guarantor or the entities comprising Grupo Televisa, and guarantees
the full performance by the entities comprising Grupo Televisa of all such obligations,
including all Payment Obligations, under the License Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">3. Guarantor irrevocably submits to the jurisdiction of any California State or United
States Federal court sitting in Los Angeles County in any action or proceeding arising out
of or relating to this Guaranty or the transactions contemplated hereby, and irrevocably
agrees that any such action or proceeding may be heard and determined only in such
California State or Federal court, except with respect to matters subject to <U>Section
15.1</U> of the License Agreement, in which case, Guarantor irrevocably submits to binding
arbitration by a single Umpire sitting in New York. Guarantor irrevocably waives, to the
fullest extent it may effectively do so, the defense of an inconvenient forum to the
maintenance of any such action or proceeding. Guarantor irrevocably appoints CT Corporation
System (the &#147;<U>Process Agent</U>&#148;), with an office on the date hereof at 818 West 7th
Street, Los Angeles, CA 90017 as its agent to receive on behalf of it and its property
service of copies of the summons and complaint and any other process which may be served in
any such action or proceeding. Such service may be made by delivering a copy of such
process to Guarantor in care of the Process Agent at the Process Agent&#146;s above address, and
Guarantor irrevocably authorizes and directs the Process Agent to accept such service on its
behalf. As an alternate method of service, Guarantor consents to the service of copies of
the summons and complaint and any other process which may be served in any such action or
proceeding by the mailing or delivering of a copy of such process to Licensee at its address
specified in or pursuant to <U>Section&nbsp;19</U> of the License Agreement. Guarantor agrees
that a final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by
Law.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">4. This Guaranty and the legal relations among the parties shall be governed by and
construed in accordance with the laws of the State of California applicable to contracts
between California parties made and performed in that State, without regard to conflict of
laws principles; except that the procedural Laws of the State of New York shall apply to the
Arbitration Procedures (as set forth in <U>Section&nbsp;15.1</U> of the License Agreement).
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">5. Guarantor agrees that its obligations hereunder (the &#147;<U>Obligations</U>&#148;) are
irrevocable, absolute, independent, unconditional and continuing, and shall not be subject
to any limitation, impairment or discharge for any reason, including any circumstance which
constitutes a legal or equitable discharge of a guarantor or surety other than indefeasible
performance in full of the Obligations. Guarantor hereby waives notice of acceptance of
this guaranty, presentments, notices of default, nonpayment, partial payments and protest,
all other notices or formalities, any right to require prosecution of collection or remedies
against Licensee or any other person or entity or to pursue any other remedy in Licensor&#146;s
power. Without limiting the generality of any other waiver or provision set forth herein,
Guarantor hereby waives, to the maximum extent such waiver is permitted by Law, any and all
defenses arising directly or indirectly under any one or more of California Civil Code &#167;&#167;
2808, 2809, 2815, 2819, 2839, 2849, 2850, 2899 and 3433. Guarantor agrees that one or more,
and successive and/or concurrent, actions may be brought against it, either in the same
action in which Licensee or any other person is sued on in separate actions and that the
cessation of the liability of Licensee for any reason, other than full payment and
performance of the obligations, shall not in any way affect the liability of the undersigned
hereunder.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">The rights, powers and remedies given to Licensor by this Guaranty are cumulative
and shall be in addition to and independent of all rights, powers and remedies given
to Licensor by virtue of any statute or rule of law or in the License Agreement.
Any forbearance or failure to exercise, or any delay by Licensor in exercising, any
right, power or remedy hereunder shall not impair any such right, power or remedy or
be construed to be a waiver thereof, nor shall it preclude the further exercise of
any such right, power or remedy.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">In case any provision in or Obligation under this Guaranty shall be invalid, illegal
or unenforceable in any jurisdiction, the validity, legality and enforceability of
the remaining provisions or Obligations, or of such provision or Obligation in any
other jurisdiction, shall not in any way be affected or impaired thereby.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">This Guaranty is a continuing guaranty and shall be binding upon Guarantor and its
successors and assigns. This Guaranty shall inure to the benefit of Licensor and
its successors and assigns.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">To the extent Guarantor is guaranteeing payment obligations of Licensee under the
terms of the License Agreement (&#147;<U>Payment Obligations</U>&#148;), this guaranty is a
guaranty of payment when due and not of collectability. Licensor may from time to
time, without notice or demand and without affecting the validity or enforceability
of this Guaranty or giving rise to any limitation, impairment or discharge of
Guarantor&#146;s liability hereunder, (i)&nbsp;settle, compromise, release or discharge, or
accept or refuse any offer of performance with respect to, or substitutions for, the
obligations of Licensee or any agreement relating thereto; (ii)&nbsp;have stayed or
enjoined, by order of court, by operation of law or otherwise, the exercise or
enforcement of, any claim or demand or any right, power or remedy with respect to
the obligations of Licensee or any agreement relating thereto; (iii)&nbsp;waive, amend or
modify, or consent to departure from, any of the
terms or provisions of the License Agreement; and (iv)&nbsp;omit or delay in doing any
act or thing, which may or might in any manner or to any extent vary the risk of
Guarantor as an obligor in respect of the obligations&#146;.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">Guarantor hereby waives, for the benefit of the Licensor: (i)&nbsp;any defense arising
by reason of the incapacity or lack of authority of Licensee; (ii)&nbsp;any defense based
upon any statute or rule of law which provides that the obligation of a surety must
be neither larger in amount nor in other respects more burdensome than that of the
principal; and (iii)&nbsp;any principles or provisions of law, statutory or otherwise,
which are or might be in conflict with the terms of this Guaranty and any legal or
equitable discharge of Guarantor&#146;s obligations hereunder.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">Until any Payment Obligations shall have been paid in full, Guarantor shall withhold
exercise of any right of subrogation. Guarantor further agrees that, to the extent
the withholding of its rights of subrogation as set forth herein is found by a court
of competent jurisdiction to be void or voidable for any reason, any rights of
subrogation Guarantor may have against Licensee shall be junior and subordinate to
any rights Licensor may have against Licensee.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">In the event that all or any portion of any Payment Obligations are paid by
Licensee, the obligations of Guarantor hereunder shall continue and remain in full
force and effect or be reinstated, as the case may be, in the event that all or any
part of such payment(s) are rescinded or recovered directly or indirectly from
Licensor as a preference, fraudulent transfer or otherwise, and any such payments
which are so rescinded or recovered shall constitute Payment Obligations for all
purposes under this Guaranty.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">6. Guarantor shall not be liable for or suffer any penalty or termination of rights
hereunder by reason of any failure or delay in performing any of its obligations hereunder
if such failure or delay is occasioned by compliance with governmental regulation or order,
or by circumstances beyond the reasonable control of Guarantor, including but not limited to
acts of God, war, insurrection, fire, flood, accident, strike or other labor disturbance,
interruption of or delay in transportation. Guarantor shall promptly notify Licensor in
writing of any such event of force majeure, the expected duration thereof, and its
anticipated effect on Licensor and make reasonable efforts to remedy any such event, except
Guarantor shall be under no obligation to settle a labor dispute.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">7. This Guaranty amends and restates that certain MLA Licensee Guaranty made as of December
20, 2010 by and between Guarantor and Licensor.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">DATED: February&nbsp;28, 2011, with effect as of January&nbsp;1, 2011
</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 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</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Attorney-in-Fact&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&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
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Joaqu&#237;n Balc&#225;rcel Santa Cruz</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Attorney-in-Fact&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Accepted and Agreed:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD colspan="3" valign="top" align="left">UNIVISION COMMUNICATIONS INC.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Andrew W. Hobson&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:&nbsp;Andrew W. Hobson
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:&nbsp;&nbsp;&nbsp;Senior
Executive Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;<I>Signature Page to Amended and Restated MLA Licensee Guaranty</I>&#093;
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.30
<SEQUENCE>13
<FILENAME>c19172exv4w30.htm
<DESCRIPTION>EXHIBIT 4.30
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 4.30</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;4.30</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Univision Communications Inc.</B><BR>
5999 Center Drive<BR>
Los Angeles, California 90045
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Televisa S.A. de C.V.<BR>
Av. Vasco de Quiroga, 2000<BR>
Edificio A, Piso 4<BR>
Col. Zedec Santa Fe<BR>
01210 Mexico, Distrito Federal

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Re: Sales Agency Agreement, IPRA Amendment and Side Letter
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Ladies and Gentlemen:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This agreement (this &#147;<U>Agreement</U>&#148;) is entered by and among (a)&nbsp;Televisa, S.A. de C.V.
(&#147;<U>Televisa</U>&#148;); (b)&nbsp;Grupo Televisa, S.A.B. (&#147;<U>Grupo Televisa</U>&#148;); and (c)&nbsp;Univision
Communications Inc. (&#147;<U>Univision</U>&#148;), with reference to (i)&nbsp;that certain 2011 International
Sales Agency Agreement, dated December&nbsp;20, 2010, between Univision and Televisa (&#147;<U>Sales Agency
Agreement</U>&#148;); (ii)&nbsp;that certain Amendment to International Program Rights Agreement, dated
December&nbsp;20, 2010, between Univision and Grupo Televisa (&#147;<U>IPRA Amendment</U>&#148;); and (iii)&nbsp;that
certain side letter agreement re: Televisa Editing and Dubbing Appointee, dated December&nbsp;20, 2010,
between Univision and Televisa (&#147;<U>Side Letter</U>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;<U><B>References to Agreements under Sales Agency Agreement, IPRA Amendment and Side
Letter</B></U>. The parties acknowledge and agree that unless the context otherwise clearly requires,
any definition of or reference to any agreement, instrument or other document under the Sales
Agency Agreement, IPRA Amendment (other than references to the Existing IPRA under the IPRA
Amendment) or Side Letter shall be construed as referring to such agreement, instrument or other
document as it may be from time to time amended, supplemented or otherwise modified (subject to any
restrictions on, or requirements with respect to, such amendments, supplements or modification set
forth therein or in the Sales Agency Agreement, IPRA Amendment or Side Letter (as applicable)).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;<U><B>Effect on Sales Agency Agreement, IPRA Amendment and Side Letter</B></U>. Subject to the
foregoing, the Sales Agency Agreement, IPRA Amendment and Side Letter shall remain in full force
and effect in accordance with their terms.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;<U><B>Miscellaneous</B></U>. This Agreement may be executed by the parties hereto in separate
counterparts, each of which when so executed and delivered shall constitute an original, but all of
which when taken together shall constitute but one contract. Delivery of an executed counterpart
of this Agreement by facsimile or electronic (i.e., PDF) transmission shall be effective as
delivery of a manually executed counterpart of this Agreement. This Agreement shall be governed by
and construed in accordance with the laws of the State of California
applicable to contracts between California parties made and performed in that State, without regard
to conflict of laws principles.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;<I>Signature page follows</I>&#093;
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">IN WITNESS WHEREOF, the parties have executed this Agreement on February&nbsp;28, 2011.
</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">UNIVISION COMMUNICATIONS INC.<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/
Andrew W. Hobson&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">Andrew W. Hobson&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">Senior Executive Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Accepted and Agreed:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">TELEVISA, S.A. DE C.V.

</DIV>
<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="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Salvi Rafael Folch Viadero</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:&nbsp;Salvi Rafael Folch Viadero
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:&nbsp;&nbsp;&nbsp;Attorney-in-Fact</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Joaqu&#237;n Balc&#225;rcel Santa Cruz</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:&nbsp;Joaqu&#237;n Balc&#225;rcel Santa Cruz
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:&nbsp;&nbsp;&nbsp;Attorney-in-Fact</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">GRUPO TELEVISA, S.A.B.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Salvi Rafael Folch Viadero</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:&nbsp;Salvi Rafael Folch Viadero
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:&nbsp;&nbsp;&nbsp;Attorney-in-Fact</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Joaqu&#237;n Balc&#225;rcel Santa Cruz</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:&nbsp;Joaqu&#237;n Balc&#225;rcel Santa Cruz
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:&nbsp;&nbsp;&nbsp;Attorney-in-Fact</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.31
<SEQUENCE>14
<FILENAME>c19172exv4w31.htm
<DESCRIPTION>EXHIBIT 4.31
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 4.31</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;4.31</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Execution Copy</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PURCHASE AND<BR>
ASSIGNMENT AND ASSUMPTION AGREEMENT</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This PURCHASE AND ASSIGNMENT AND ASSUMPTION AGREEMENT, dated as of December&nbsp;20, 2010 (this
&#147;<U>Agreement</U>&#148;) is by and among PAY-TV VENTURE, INC. (the &#147;<U>Assignor</U>&#148;), TuTV LLC (the
&#147;<U>Company</U>&#148;), and UNIVISION COMMUNICATIONS INC. (the &#147;<U>Assignee</U>&#148;), solely for purposes
of Section&nbsp;1.4, Televisa, S.A. de C.V., as successor to Visat, S.A. de C.V. (&#147;<U>TSA</U>&#148;) and
Televisa Internacional, S.A. de C.V. (&#147;<U>Televisa Internacional</U>&#148;), and, solely for purposes
of Section&nbsp;1.5, Grupo Televisa, S.A.B. (&#147;<U>Grupo Televisa</U>&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>W I T N E S S E T H</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, a predecessor to the Assignor is party to that certain Limited Liability Company
Agreement of the Company, dated as of April&nbsp;28, 2003, as amended by Amendment No.&nbsp;1 to Limited
Liability Company Agreement, dated as of May&nbsp;2, 2003, Amendment No.&nbsp;2 to Limited Liability Company
Agreement, dated as of May&nbsp;29, 2003, and Amendment No.&nbsp;3 to Limited Liability Company Agreement,
dated as of November&nbsp;3, 2004 (as further amended and supplemented, the &#147;<U>LLC Agreement</U>&#148;;
capitalized terms used herein and not defined herein shall have the meanings set forth in the LLC
Agreement);
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, in connection with the execution of the LLC Agreement, (x)&nbsp;the Company and a
predecessor to the TSA entered into that certain Channel License Agreement, dated as of April&nbsp;28,
2003 (as amended and supplemented, the &#147;<U>Channel License Agreement</U>&#148;), and (y)&nbsp;the Company,
the Assignee, Grupo Televisa and Televisa Internacional entered into that certain Acknowledgment
Agreement, dated as of April&nbsp;28, 2003 (as amended and supplemented, the &#147;<U>Acknowledgment
Agreement</U>&#148;);
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Grupo Televisa is party to that certain DTH Agreement, by and among Grupo Televisa
and certain other parties thereto (the &#147;<U>DTH Parties</U>&#148;), dated as of October&nbsp;8, 2004 (as
amended and supplemented, the &#147;<U>DTH Agreement</U>&#148;) and is entitled to require certain of the
DTH Parties to carry two Televisa Channels (as defined in the DTH Agreement) on the Hispanic tier
(the &#147;<U>Hispanic Tier Puts</U>&#148;) on the terms and conditions in the DTH Agreement;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, as of the date hereof, the Assignor owns a Membership Interest in the Company that
represents a Percentage Interest of 50%, the Assignee owns a Membership Interest in the Company
that represents a Percentage Interest of 50%, and as a result of the Assignment (as defined below),
the parties intend that the Assignee shall own Membership Interests that represent a Percentage
Interest of 100%;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, this Agreement is being entered into in connection with, and as contemplated by, that
certain (x)&nbsp;Investment Agreement by and among the Assignor, Grupo Televisa and the Assignee and
certain affiliates of the Assignee, dated as of
December&nbsp;20, 2010 (the &#147;<U>Investment Agreement</U>&#148;), and (y)&nbsp;the Second Amended and
Restated Program License Agreement (in each case as defined in the Investment Agreement);
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, the Assignee (in its capacity as an existing Member of the Company) hereby consents
to the Assignment, as set forth in Section&nbsp;8.1 of the LLC Agreement;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, the Assignor and the Assignee (in each case in its capacity as a consenting Member)
hereby acknowledge and agree that no costs have been incurred by the Company in connection with the
Assignment and all other conditions to the recognition by the Company of the Assignment have been
satisfied, as contemplated by Section&nbsp;8.2 of the LLC Agreement;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, upon the Assignment, the Assignor will withdraw as a Member of the Company, as set
forth in Section&nbsp;8.2 of the LLC Agreement;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, the Assignor desires to assign and transfer to the Assignee all of its Membership
Interest in the Company (the limited liability company interest being assigned hereunder is
referred to as the &#147;<U>Assigned Interest</U>&#148; and the transfer of such Assigned Interest being
referred to as the &#147;<U>Assignment</U>&#148;) for an aggregate purchase price of $55,000,000 (the
&#147;<U>Purchase Price</U>&#148;); and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, the Assignor and certain of its Affiliates currently provide production and other
services to the Company and the parties wish to continue the provision of such services in the
future.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE I</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">PURCHASE, ASSIGNMENT AND ASSUMPTION OF ASSIGNED INTERESTS
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.1 <U>Sale and Assignment</U>. The Assignor hereby sells and assigns to the Assignee the
Assigned Interest, and the Assignor&#146;s right, title and interest in, to and under the LLC Agreement
to the extent of the Assigned Interest in exchange for the Purchase Price. The obligations of
Assignor to sell and assign the Assigned Interest shall be conditioned upon the satisfaction of the
conditions set forth in Articles V and VI of the Investment Agreement, and effective upon the
Closing (as defined in the Investment Agreement). The Purchase Price shall be paid by the Assignee
to the Assignor in immediately available funds at the Closing.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.2 <U>Purchase and Assumption</U>. The Assignee purchases and assumes the Assigned Interest
and agrees to perform any obligations of any kind of the Assignor under, and to be bound by all
terms and conditions of, the LLC Agreement to the extent of the Assigned Interest, whether now
existing or hereafter arising, known or unknown, determined or otherwise. The obligations of the
Assignee to purchase and assume the Assigned Interest shall be conditioned upon the satisfaction of
the conditions set forth in
Articles VI and VII of the Investment Agreement, and shall be effective upon the Closing.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONFIDENTIAL TREATMENT: GRUPO TELEVISA, S.A.B. HAS REQUESTED THAT THE OMITTED PORTIONS OF THIS
DOCUMENT, WHICH ARE INDICATED BY ASTERISKS, BE AFFORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. GRUPO TELEVISA, S.A.B. HAS SEPARATELY FILED THE
OMITTED PORTIONS OF THE DOCUMENT WITH THE SECURITIES AND EXCHANGE COMMISSION
</b></DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.3 <U>Further Agreements with respect to the Assigned Interest</U>. The parties acknowledge
and agree that (w)&nbsp;notwithstanding anything to the contrary contained in the LLC Agreement or the
Delaware Limited Liability Company Act (the &#147;<U>Act</U>&#148;), the withdrawal of the Assignor from the
Company shall not cause the dissolution of the Company under the Act, (x)&nbsp;there are no obligations
with respect to the Assigned Interest that are or will be outstanding as of the Closing, including,
without limitation, as to any capital contributions or distributions with respect to the Assigned
Interest, as contemplated by the LLC Agreement and the Assignor and its Affiliates are hereby
released from any and all damages, losses, liabilities, obligations, claims, interest or expenses
that it may have to the Company, the Assignee or their respective Affiliates under the LLC
Agreement or otherwise as a member of the Company, (y)&nbsp;each designee of the Assignor that serves on
the Executive Board shall be removed, effective as of the Closing and (z)&nbsp;notwithstanding such
withdrawal or removal, the Assignor will continue to be deemed to be a Member and the Assignor&#146;s
designees will continue to be deemed an Executive Board member for purposes of Article&nbsp;VI of the
LLC Agreement..
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.4 <U>Channel License Agreement and Acknowledgment Agreement</U>. The parties hereto
acknowledge and agree that the Channel License Agreement and the Acknowledgment Agreement are being
terminated on the date hereof, and in each case shall be of no further force and effect.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.5 <U>Continuation of Services</U>. ***
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.6 <U>TuTV Put</U>. ***
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.7 <U>Purchase Price Allocation</U>. Within ninety (90)&nbsp;days after the Closing (as defined
in the Investment Agreement), the Assignor shall prepare and deliver to the Assignee an allocation
of the Purchase Price and any other items that are treated as additional purchase price for tax
purposes among the assets of the Company in accordance with Section&nbsp;1060 of the Code (the
&#147;<U>Proposed Allocation</U>&#148;). The Assignee shall have thirty (30)&nbsp;days after receipt of the
Proposed Allocation to notify the Assignor in writing of any objections. If the Assignee does not
object in writing during such thirty (30)&nbsp;day period, then the Proposed Allocation shall be final
and binding on all parties. If the Assignee objects in writing during such thirty (30)&nbsp;day period,
then the parties shall cooperate in good faith to reach a mutually agreeable allocation of the
Purchase Price and any other items that are treated as additional purchase price for tax purposes,
which allocation shall be final and binding on all parties. The parties shall, and shall cause
their respective Affiliates to, use such final and binding allocation for all tax purposes, file
all tax returns in a manner consistent with such allocation and take no tax position contrary
thereto except to the extent otherwise required by a change in applicable tax Laws or a good faith
resolution of a tax contest. If the parties are unable to reach agreement regarding the Proposed
Allocation within sixty (60)&nbsp;days following the Assignee&#146;s receipt thereof, each party may use its
own allocation.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE II</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">REPRESENTATIONS AND WARRANTIES OF THE ASSIGNOR

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.1 <U>Organization and Good Standing</U>. The Assignor is duly organized, validly existing
and in good standing under the laws of its jurisdiction of organization. The Assignor has all
requisite power and authority to carry on its business as now conducted.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.2 <U>Authorization and Enforceability</U>. The execution, delivery and performance by the
Assignor of this Agreement and the transactions contemplated hereby have been duly authorized by
all necessary action on the part of the Assignor. This Agreement has been duly and validly
executed and delivered by the Assignor and (assuming due authorization, execution and delivery by
the other Parties hereto and thereto) shall constitute its valid and legally binding obligation,
enforceable against the Assignor in accordance with its terms, except to the extent the
enforceability thereof may be limited by bankruptcy laws, insolvency laws, reorganization laws,
moratorium laws or other laws affecting creditors&#146; rights generally or by general equitable
principles, regardless of whether enforcement is sought in a proceeding in equity or at law
(collectively, &#147;<U>Bankruptcy Laws</U>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.3 <U>Non-Contravention</U>. The execution, delivery or performance by the Assignor of this
Agreement does not violate any provision of the organizational documents of the Assignor or any law
applicable to the Assignor.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.4 <U>Ownership</U>. The Assignor owns 100% of the Assigned Interests, free and clear of
any Liens (as defined in the Investment Agreement) or preemptive rights.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.5 <U>Sole Representations and Warranties</U>. Except for the representations and
warranties set forth in this <U>Article&nbsp;II</U>, the Assignor makes no other representations or
warranties to the Assignee in connection with the Assignment.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE III</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">REPRESENTATIONS AND WARRANTIES OF THE ASSIGNEE
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.1 <U>Organization and Good Standing</U>. The Assignee is duly organized, validly existing
and in good standing under the laws of its jurisdiction of organization. The Assignee has all
requisite power and authority to carry on its business as now conducted.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.2 <U>Authorization and Enforceability</U>. The execution, delivery and performance by the
Assignee of this Agreement and the transactions contemplated hereby have been duly authorized by
all necessary action on the part of the Assignee. This Agreement has been duly and validly
executed and delivered by the Assignee and (assuming due authorization, execution and delivery by
the Assignor) shall constitute its valid and legally binding obligation, enforceable against the
Assignee in accordance with
its terms, except to the extent the enforceability thereof may be limited by Bankruptcy Laws.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.3 <U>Non-Contravention</U>. The execution, delivery or performance by the Assignor of this
Agreement does not violate any provision of the organizational documents of the Assignee or any law
applicable to the Assignee.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.4 <U>Sole Representations and Warranties</U>. Except for the representations and
warranties set forth in this <U>Article&nbsp;III</U>, the Assignee makes no other representations or
warranties to the Assignee in connection with the Assignment.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE IV</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">MISCELLANEOUS
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.1 <U>Counterparts</U>. This Agreement may be executed in any number of counterparts and by
different Parties hereto on separate counterparts, each of which counterparts, when so executed and
delivered, shall be deemed to be an original and all of which counterparts, taken together, shall
constitute but one and the same Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.2 <U>Amendments, Modifications, Waivers</U>. This Agreement may be waived, amended,
modified, extended, supplemented or waived only by an agreement in writing signed by the parties
hereto.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.3 <U>Governing Law</U>. This Agreement and the negotiation, execution, performance or
nonperformance, interpretation, termination, construction and all matters based upon, arising out
of or related to this Agreement, whether arising in law or in equity (collectively, the
&#147;<U>Covered Matters</U>&#148;), and all claims or causes of action (whether in contract or tort) that
may be based upon, arise out of or relate to the Covered Matters, except for documents, agreements
and instruments that specify otherwise, shall be governed by the laws of the State of Delaware
without giving effect to its principles or rules of conflict of laws to the extent that such
principles or rules would require or permit the application of laws of another jurisdiction.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.4 <U>Consent to Jurisdiction</U>. Each party to this Agreement, by its execution hereof,
(a)&nbsp;hereby irrevocably submits to the exclusive jurisdiction of the Chancery Court of the State of
Delaware (and if Chancery Court does not accept jurisdiction, the federal court located in Delaware
and if the federal court in Delaware does not accept jurisdiction, any other state court in
Delaware) for the purpose of any action, claim, cause of action or suit (in contract, tort or
otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement, the
Covered Matters, the transactions contemplated hereby or relating to the subject matter hereof, (b)
hereby waives to the extent not prohibited by applicable law, and agrees not to assert, and agrees
not to allow any of its affiliates to assert, by way of motion, as a defense or otherwise, in any
such action, any claim that it is not subject personally to the jurisdiction of the above-named
courts, that its property is exempt or immune from attachment or execution, that any such
proceeding brought in one of the above named courts is improper, or that this Agreement or the
subject matter hereof may not be enforced in or by such court,
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">and (c) hereby agrees not to commence or maintain any action, claim, cause of action or suit (in
contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon
this Agreement, the transactions contemplated hereby or relating to the subject matter hereof other
than before one of the above-named courts nor to make any motion or take any other action seeking
or intending to cause the transfer or removal of any such action, claim, cause of action or suit
(in contract, tort or otherwise), inquiry, proceeding or investigation to any court other than one
of the above-named courts whether on the grounds of inconvenient forum or otherwise.
Notwithstanding the foregoing, any party to this Agreement may commence and maintain an action to
enforce a judgment of any of the above-named courts in any court of competent jurisdiction in the
United States. Each party hereto hereby consents to service of process in any such proceeding in
any manner permitted by Delaware law, and agrees that service of process by registered or certified
mail, return receipt requested, at its address specified on <U>Schedule&nbsp;11.8</U> of the Investment
Agreement (which in the case of the Assignee refers to the address of Broadcasting Media Partners,
Inc.) is reasonably calculated to give actual notice.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">4.5 <U>Waiver of Jury Trial.</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Each of the parties hereto hereby waives, to the fullest extent permitted by applicable law, any
right it may have to a trial by jury in respect of any action, claim, cause of action or suit (in
contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon
this Agreement, the transactions contemplated hereby or relating to the subject matter hereof or
thereof. Each of the parties hereto (i)&nbsp;certifies that no representative of any other party has
represented, expressly or otherwise, that such other party would not, in the event of any such
litigation, seek to enforce the foregoing waiver and (ii)&nbsp;acknowledges that it has been induced to
enter into this Agreement by, among other things, the consideration received by such party pursuant
to the transactions contemplated by this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.6 <U>Headings</U>. The section headings used or contained in this Agreement are for
convenience of reference only and shall not affect the construction of this Agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;REMAINDER OF PAGE INTENTIONALLY LEFT BLANK&#093;
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the
date 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"><U>ASSIGNOR</U>:<BR>
<BR>
<B>PAY-TV VENTURE, INC.</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</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Attorney-in-Fact&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&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</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Attorney-in-Fact&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;SIGNATURE PAGE TO TUTV PURCHASE AGREEMENT&#093;
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><U>ASSIGNEE</U>:<BR>
<BR>
<B>UNIVISION COMMUNICATIONS INC.</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/
Andrew Hobson&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">Andrew Hobson&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">Senior Executive Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
 </TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;SIGNATURE PAGE TO TUTV PURCHASE AGREEMENT&#093;
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><U>COMPANY</U>:<BR>
<BR>
<B>TUTV LLC</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/
Rodrigo Salazar&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">Rodrigo Salazar&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;SIGNATURE PAGE TO TUTV PURCHASE AGREEMENT&#093;
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><U>Solely for purposes of Section&nbsp;1.5</U>:<BR><BR>


      <B>TELEVISA, S.A. DE C.V.</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</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&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;</TD>
    <TD align="left">Attorney-in-Fact&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<tr>
<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;</TD>
    <TD align="left">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">Title:&nbsp;</TD>
    <TD align="left">Attorney-in-Fact&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt"><!-- 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>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>TELEVISA INTERNACIONAL, S.A. DE C.V.</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;</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;</TD>
    <TD align="left">Attorney-in-Fact&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>



<TR valign="bottom" style="font-size: 10pt"><!-- 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>
    <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;</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;</TD>
    <TD align="left">Attorney-in-Fact&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<tr>
    <TD>&nbsp;</TD>
</TR>


<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><U>Solely for purposes of Section&nbsp;1.6</U>:<BR>

<BR>
<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</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&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;</TD>
    <TD align="left">Attorney-in-Fact&nbsp;</TD>
    <TD>&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;</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;</TD>
    <TD align="left">Attorney-in-Fact &nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;SIGNATURE PAGE TO TUTV PURCHASE AGREEMENT&#093;
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.32
<SEQUENCE>15
<FILENAME>c19172exv4w32.htm
<DESCRIPTION>EXHIBIT 4.32
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 4.32</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;4.32</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Summary in English of the Assignment Agreement with respect to the Shareholders&#146; and Share Purchase
Agreement (the &#147;</B><U><B>Assignment Agreement</B></U><B>&#148;)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Assignment Agreement was entered into on April&nbsp;7, 2011 by and between Mexico Media Investments
S.L., Sociedad Unipersonal, as assignor (the &#147;<U>Assignor</U>&#148;), and Corporativo Vasco de Quiroga,
S.A. de C.V., as assignee (the &#147;<U>Assignee</U>&#148;), with the consent of Grupo Salinas Telecom, S.A.
de C.V. (&#147;<U>GST</U>&#148;), GSF Telecom Holdings, S.A.P.I. de C.V. (&#147;<U>GSF</U>&#148;), Orilizo Holding
B.V. (&#147;<U>Orilizo</U>&#148;) and Grupo Iusacell, S.A. de C.V. (&#147;<U>GI</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">On April&nbsp;7, 2011 the Assignor assigned to the Assignee all of its rights and obligations (the
&#147;<U>Assignment</U>&#148;) under the Shareholders&#146; and Share Purchase Agreement entered into on December
16, 2010 by and between GST, the Assignor, GSF, Orilizo and GI (the &#147;<U>Shareholders&#146;
Agreement</U>&#148;). The Assignee assumed all the rights and obligations of the Assignor under the
Shareholders&#146; Agreement. As a result, the Assignee is considered the Holder of the Series&nbsp;B and BB
Shares for all purposes of the Shareholders&#146; Agreement. GST and GSF released the Assignor from any
and all liability arising under the Shareholders&#146; Agreement, and any and all rights and obligations
thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Each of GSF, GST, Orilizo and GI granted its full consent for the Assignment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The parties to the Assignment Agreement submitted to the applicable laws of Mexico and to the
jurisdiction of the courts sitting in Mexico City, Federal District.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Summary in English of the Shareholders&#146; and Share Purchase Agreement (the &#147;</B><U><B>Shareholders&#146;
Agreement</B></U><B>&#148;)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Shareholders&#146; and Share Purchase Agreement was entered into on December&nbsp;16, 2010, among Grupo
Salinas Telecom, S.A. de C.V. (the &#147;<U>Holder of the Series&nbsp;A and AA Shares</U>&#148;), Mexico Media
Investments, S.L., Sociedad Unipersonal,(the &#147;<U>Holder of the Series&nbsp;B and BB Shares</U>&#148; and,
together with the Holder of the Series&nbsp;A and AA Shares, the &#147;<U>Shareholders</U>&#148;), GSF Telecom
Holdings, S.A.P.I. de C.V. (the &#147;<U>Mexican Holding Company</U>&#148;), Orilizo Holding B.V. (the
&#147;<U>Non-Mexican Subholding Company</U>&#148;) and Grupo Iusacell, S.A. de C.V. (&#147;<U>Iusacell</U>&#148;) and
was amended on April&nbsp;7, 2011.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="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><I>A.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Capital Contribution by the Holder of the Series&nbsp;B and BB Shares</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Subject to the terms of the Shareholders&#146; Agreement, the Holder of the Series&nbsp;B and BB Shares will
contribute to the Mexican Holding Company up to U.S.$1,600,000,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Holder of Series&nbsp;B and BB Shares agrees to purchase (i)&nbsp;1,658,960 shares, representing
1.093875% of the outstanding stock of the Mexican Holding Company (the &#147;<U>Initial Series&nbsp;B and BB
Shares</U>&#148;) for a total of U.S.$35,004,000, and (ii)&nbsp;the Series&nbsp;1 Debentures and the Series&nbsp;2
Debentures (collectively, the &#147;<U>Debentures</U>&#148;). The portion of the Purchase Price payable in
respect of the Initial Series&nbsp;B and BB Shares and the Series&nbsp;1 Debentures is due on the date of
execution of the Shareholders&#146; Agreement. The portion of the Purchase Price payable in respect of
the Series&nbsp;2 Debentures is due no later than October&nbsp;31, 2011.<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The conversion of the Series&nbsp;1 Debentures and the Series&nbsp;2 Debentures into Series&nbsp;B and BB shares
of stock of the Mexican Holding Company entitles the Holder of the Series&nbsp;B and BB Shares to
acquire 49.45% of the outstanding capital stock of the Mexican Holding Company, and, together with
the purchase of the Initial Series&nbsp;B and BB Shares, entitles the Holder of the Series&nbsp;B and BB
Shares to acquire 50% of the outstanding capital stock of the Mexican Holding Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Holder of Series&nbsp;B and BB Shares will pay a premium of U.S.$400,000,000 (the &#147;<U>EBITDA
Premium</U>&#148;) if the combined EBITDA for the Mexican Holding Company and Iusacell reaches
U.S.$3,472,000,000 at any time during the period from 2011 to 2015. Such EBITDA shall be net of the
relevant subscriber acquisition cost. The determination as to whether such EBITDA has been achieved
will be based on the financial statements of the Mexican Holding Company and the consolidated
financial statements of Iusacell and its subsidiaries for the relevant fiscal year and, as the case
may be, the internal financial statements for such year, as reviewed by the external auditors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Series&nbsp;1 Debentures and the Series&nbsp;2 Debentures are convertible into 34,596,821 and 113,744,219
Series&nbsp;BB shares of common stock, respectively, representing 11.53% and 37.91% of the outstanding
shares of stock of the Mexican Holding Company, respectively. Upon conversion of all the
Debentures, the Holder of the Series&nbsp;A and AA Shares and the Holder of
the Series&nbsp;B and BB Shares will each own 50% of the outstanding shares of stock of the Mexican
Holding Company.
</DIV>


<DIV align="left">
<DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Note: As of June&nbsp;28, 2011, U.S.$600,000,000 of the
Purchase Price payable in respect of the Series&nbsp;2 Debentures had been paid, and
U.S.$600,000,000 remains to be paid.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">





<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>Guaranty Trust</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">As security for the performance of their respective obligations in the Shareholders&#146; Agreement,
concurrently with the execution of the Shareholders&#146; Agreement, the Holder of the Series&nbsp;A and AA
Shares and the Holder of the Series&nbsp;B and BB Shares will establish a guaranty trust (the
&#147;<U>Guaranty Trust</U>&#148;), and will transfer thereto all except one of the shares of stock of the
Mexican Holding Company owned by each of them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>Liquidated Damages</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">If the Holder of the Series&nbsp;B and BB Shares does not pay the portion of the Purchase Price payable
in respect of the Series&nbsp;2 Debentures (U.S.$1,200,000,000), on the terms of the Shareholders&#146;
Agreement and the indenture relating to the Debentures, it will forfeit all of its rights thereto,
and the Series&nbsp;B and BB Shares shall be cancelled. In addition, all amounts outstanding under the
Series&nbsp;1 Debentures will be deemed paid and the Mexican Holding Company will have no further
obligations in respect thereof. The Holder of the Series&nbsp;B and BB Shares shall not be deemed to
have defaulted with its payment obligations by virtue of paying an amount less than
U.S.$1,200,000,000 as a result of any adjustment to the Purchase Price pursuant to, or the exercise
of any right under, the Shareholders&#146; Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">If the Holder of the Series&nbsp;A and AA Shares interferes with the payment of the portion of the
Purchase Price payable in respect of the Series&nbsp;2 Debentures or the conversion of the Debentures or
takes any action to challenge the validity of the Debentures or certain related matters, the Holder
of the Series&nbsp;A and AA Shares and the Mexican Holding Company will be jointly and severally liable
to the Holder of the Series&nbsp;B and BB Shares for reimbursement of the portion of the Purchase Price
paid by the Holder of the Series&nbsp;B and BB Shares in respect of the Initial Series&nbsp;B and BB Shares
(U.S.$35,004,000) and the Series&nbsp;1 Debentures (U.S.$364,996,000), plus interest, plus
U.S.$400,000,000 on account of liquidated damages.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">If the Holder of the Series&nbsp;A and AA Shares does not pay the amount finally determined pursuant to
the Shareholders&#146; Agreement as an adjustment to the Purchase Price, or does not deliver the
information requested for purposes of determining such adjustment, it shall pay to the Holder of
the Series&nbsp;B and BB Shares, as liquidated damages, an amount equal to the adjustment in Purchase
Price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>Use of Proceeds</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The amounts actually paid to the Mexican Holding Company by the Holder of the Series&nbsp;B and BB
Shares will be contributed to IF Telecoms, S.A. de C.V. for their use in such manner consistent
with the business plan of the Mexican Holding Company and Iusacell and its subsidiaries as the
board of directors of the Mexican Holding Company may determine.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt">
<TABLE width="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><I>B.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Management of the Mexican Holding Company, the Non-Mexican Subholding Company, Iusacell and
its subsidiaries</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Until such time as the Condition Precedent (as defined below) shall have been satisfied, the board
of directors of the Mexican Holding Company and the executive committee of Iusacell and its
subsidiaries will be composed of four members, one of whom will be appointed by the Holder of the
Series&nbsp;B and BB Shares. Following the satisfaction of the Condition Precedent, the board of
directors and the executive committee will be composed of six and four members, respectively, half
of whom will be appointed by the Holder of the Series&nbsp;B and BB Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Certain matters specified in the Shareholders&#146; Agreement are subject to approval by the affirmative
vote of at least three of the four or five of the six members, as the case may be, of the board of
directors of the Mexican Holding Company, Iusacell or the relevant subsidiary of Iusacell, as the
case may be.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="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><I>C.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Advertising</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Iusacell will purchase advertising services with an aggregate value of U.S.$125,000,000 over the
five year period following the execution of the Shareholders&#146; Agreement.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B><I>D.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Financial Advisors</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Mexican Holding Company will pay financial advisory or other fees, commissions or consideration
for the negotiation and implementation of the purchase of the shares and/or the Debentures, and/or
ancillary services. These fees will be payable to the persons designated by the Holder of the
Series&nbsp;A and AA Shares and the Holder of the Series&nbsp;B and BB Shares.<SUP style="font-size: 85%; vertical-align: text-top">2</SUP>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="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><I>E.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Authorizations</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The conversion of the Debentures is subject to the Federal Competition Commission not issuing any
objection as with respect to the conversion of the Debentures by the Holder of the Series&nbsp;B and BB
Shares, on or before the Final Conversion Date for the Series&nbsp;2 Debentures (as such term is defined
in the indenture relating to the issuance of the Debentures) (the &#147;<U>Condition Precedent</U>&#148;).
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="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><I>F.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Impasse</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In the event of certain circumstances under which the parties fail to reach an agreement in
relation to certain matters specified in the Shareholders&#146; Agreement (an &#147;<U>Impasse</U>&#148;), either
party (the &#147;<U>Sender</U>&#148;) shall, subject to certain conditions, have the right to give the other
party (the &#147;<U>Recipient</U>&#148;) notice of the Impasse, setting forth a price per share in respect
of the shares of stock of the Mexican Holding Company. Following receipt of such notice, the
Recipient shall give the Sender notice of its intent to either sell to the Sender all of the shares
of stock of the Mexican Holding Company held by the Recipient, or purchase from the Sender all of
the shares of stock
of the Mexican Holding Company held by the Sender, at such price per share, upon which each party
shall be obliged to sell or purchase such shares to or from the other party, as the case may be, at
such price per share.
</DIV>


<DIV align="left">
<DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>It is expected that the persons designated to receive
these fees and other consideration will be independent advisors.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">





<DIV style="margin-top: 10pt">
<TABLE width="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><I>G.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Other Rights and Obligations</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">(i)&nbsp;The amount payable by the Holder of the Series&nbsp;B and BB Shares in respect of the Series&nbsp;2
Debentures, or (ii)&nbsp;the Purchase Price, will be U.S.$1,200,000,000 less the difference between
U.S.$140,000,000 and the decrease in liabilities attributable to the Notes whose holders shall have
joined certain reorganization plans by a certain date. The Holder of the Series&nbsp;B and BB Shares
will be liable for payment of any further decrease in the liabilities that is attributable to the
Notes whose holders join these reorganization plans by a certain later date.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="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><I>H.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Indemnification Obligations of the Holder of the Series&nbsp;A and AA Shares</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Holder of the Series&nbsp;A and AA Shares agrees to (i)&nbsp;indemnify the Holder of the Series&nbsp;B and BB
Shares for losses incurred by Iusacell and its subsidiaries from any discrepancy between the
information contained in the representations and warranties of the Holder of the Series&nbsp;A and AA
Shares and Iusacell and the outcome of the Review (as defined below), or any fact, act or omission
occurred prior to the date of execution of the Shareholders&#146; Agreement and (ii)&nbsp;indemnify Iusacell,
its subsidiaries and the Holder of the Series&nbsp;B and BB Shares against any claim resulting from a
discrepancy between such representations and warranties and the outcome of the Review.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="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><I>I.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Review</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Holder of the Series&nbsp;B and BB Shares is entitled to instruct auditors to perform a review (the
&#147;<U>Review</U>&#148;) of certain financial statements of Iusacell and its subsidiaries. The Purchase
Price shall be adjusted in the event that certain inaccuracies in such financial statements or in
certain representations and warranties of the Holder of the Series&nbsp;A and AA Shares and Iusacell are
identified. In addition, the Purchase Price may be adjusted if, subsequent to the Review, Iusacell
and/or any of its subsidiaries becomes aware of any fact or act predating the execution of the
Shareholders&#146; Agreement and resulting in a loss for Iusacell or any of its subsidiaries.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="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><I>J.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Termination</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Shareholders&#146; Agreement will terminate upon the transfer by any party, to any third party, of
all the shares of stock of the Mexican Holding Company, the Non-Mexican Subholding Company,
Iusacell, and the subsidiaries of Iusacell held by such party, or of its rights under the Guaranty
Trust, in accordance with the applicable bylaws, except transfers to certain pre-approved
transferees.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt">
<TABLE width="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><I>K.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Assignment of Rights and Obligations</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">No party may assign or transfer any of its rights and obligations under the Shareholders&#146;
Agreement, except to certain pre-approved transferees or with the prior written consent of the
other parties.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="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><I>L.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Change in Control</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">If (i)&nbsp;the Holder of the Series&nbsp;A and AA Shares or the Holder of the Series&nbsp;B and BB Shares
transfers any portion of its ownership interest in the Mexican Holding Company, the Non-Mexican
Subholding Company, Iusacell, or the subsidiaries of Iusacell, in violation of the Shareholders&#146;
Agreement or the corporate bylaws of any such entity, or (ii)&nbsp;the person or persons currently in
control of the Holder of the Series&nbsp;A and AA Shares or the Holder of the Series&nbsp;B and BB Shares,
ceases to exercise the control of either such shareholder, then the Holder of the Series&nbsp;A and AA
Shares or the Holder of the Series&nbsp;B and BB Shares who made such transfer or suffered such change
in control will pay to the other shareholder, as liquidated damages, an amount equal to the
consideration received by it as a result of such event, or U.S.$500,000,000, whichever is higher.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Holder of the Series&nbsp;B and BB Shares will not be deemed to have suffered a change in control if
a particular assignment or transfer is made to certain pre-approved transferees.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="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><I>M.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Applicable Law; Jurisdiction</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The parties submitted to the applicable laws of Mexico and to the jurisdiction of the courts
sitting in Mexico City, Federal District.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="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><I>N.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Certain Definitions</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#147;<U>EBITDA</U>&#148; shall mean the operating profit for any given year, as determined in accordance
with the financial reporting standards (<I>Normas de Informaci&#243;n Financiera</I>) issued by the Mexican
Council for the Research and Development of Financial Reporting Standards (<I>Consejo Mexicano para la
Investigaci&#243;n y Desarrollo de Normas de Informaci&#243;n Financiera</I>) (&#147;<U>Mexican NIF</U>&#148;), plus
depreciation and amortization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#147;<U>Notes</U>&#148; shall mean the Senior Secured Notes due 2013, issued by Iusacell, and the
Senior Subordinated First Lien Notes due 2011 and Senior Subordinated Second Lien Notes due 2012,
issued by Grupo Iusacell Celular, S.A. de C.V.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#147;<U>Purchase Price</U>&#148; shall mean the aggregate consideration payable in respect of the Series&nbsp;B
and BB Shares, the Series&nbsp;1 Debentures and the Series&nbsp;2 Debentures, irrespective of whether the
Series&nbsp;1 Debentures or the Series&nbsp;2 Debentures shall have been converted into shares of stock of
the Mexican Holding Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#147;<U>Series&nbsp;1 Debentures</U>&#148; shall mean the Series&nbsp;1 Debentures in the aggregate principal amount
of U.S.$364,996,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#147;<U>Series&nbsp;2 Debentures</U>&#148; shall mean the Series&nbsp;2 Debentures in the aggregate principal amount
of U.S.$1,200,000,000.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>




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<DOCUMENT>
<TYPE>EX-4.33
<SEQUENCE>16
<FILENAME>c19172exv4w33.htm
<DESCRIPTION>EXHIBIT 4.33
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 4.33</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;4.33</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Summary in English of the Assignment Agreement with respect to the Trust Agreement (the
&#147;</B><U><B>Assignment Agreement</B></U><B>&#148;)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Assignment Agreement was entered into on April&nbsp;7, 2011 as with respect to the Trust Beneficiary
Rights dated December&nbsp;16, 2010 (the &#147;<U>Trust Agreement</U>&#148;), by and between Mexico Media
Investments S.L., Sociedad Unipersonal, as assignor (the &#147;<U>Assignor</U>&#148;) and Corporativo Vasco
de Quiroga, S.A. de C.V., as assignee (the &#147;<U>Assignee</U>&#148;), with the consent of Grupo Salinas
Telecom, S.A. de C.V. (&#147;<U>GST</U>&#148;), GSF Telecom Holdings, S.A.P.I. de C.V. (&#147;<U>GSF</U>&#148;) and
Banco Invex, S.A., Instituci&#243;n de Banca M&#250;ltiple, Invex Grupo Financiero, as trustee for the Trust
(the &#147;<U>Trustee</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">On April&nbsp;7, 2011 the Assignor assigned to the Assignee all of its rights and obligations (the
&#147;<U>Assignment</U>&#148;) under the Trust Agreement. Each of GSF, GST and the Trustee granted its full
consent for the Assignment. GST waived any right of first refusal that it may otherwise be entitled
to exercise pursuant to the corporate bylaws of GSF, the Trust Agreement or any other agreement.
GST, GSF and the Trustee released the Assignor from any and all liability arising under the Trust
Agreement, and any and all rights and obligations thereunder. The Assignee assumed all the rights
and obligations of the Assignor under the Trust Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Upon the execution of the Assignment Agreement, the Assignee paid the Assignor U.S.$37,503,977 as
consideration for the Assignment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The parties to the Assignment Agreement submitted to the applicable laws of Mexico and to the
jurisdiction of the courts sitting in Mexico City, Federal District.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Summary in English of the Irrevocable Guaranty Trust Agreement (the &#147;</B><U><B>Trust Agreement</B></U><B>&#148; or
the &#147;</B><U><B>Trust</B></U><B>&#148;)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Irrevocable Guaranty Trust Agreement was entered into on December&nbsp;16, 2010 among Grupo Salinas
Telecom, S.A. de C.V., as settlor and second beneficiary (the &#147;<U>Series&nbsp;A Settlor</U>&#148;), M&#233;xico
Media Investments, S.L., as settlor and second beneficiary (the &#147;<U>Series&nbsp;B Settlor</U>&#148;), GSF
Telecom Holdings, S.A.P.I. de C.V., as first beneficiary (the &#147;<U>Mexican Holding Company</U>&#148;)
and Banco Invex, S.A., Instituci&#243;n de Banca M&#250;ltiple, Invex Grupo Financiero, as trustee (the
&#147;<U>Trustee</U>&#148;) and was amended on December&nbsp;16, 2010 and April&nbsp;7, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The purpose of the Trust Agreement is to secure the satisfaction of certain obligations specified
in the Trust Agreement (the &#147;<U>Secured Obligations</U>&#148;) of the Series&nbsp;A Settlor and the Series&nbsp;B
Settlor under a Shareholders&#146; and Share Purchase Agreement (the &#147;<U>Shareholders&#146; Agreement</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The estate of the Trust will include among other things: (i)&nbsp;the Series&nbsp;A and Series&nbsp;B shares of
common stock of the Mexican Holding Company transferred by the Series&nbsp;A Settlor and the Series&nbsp;B
Settlor to the Trustee for the Trustee to hold in the Trust (the &#147;<U>Initial Shares</U>&#148;), (ii)
the Series&nbsp;1 Debentures in the principal amount of U.S.$364,996,000 (the &#147;<U>Series&nbsp;1
Debentures</U>&#148;), and (iii)&nbsp;the Series&nbsp;B and Series&nbsp;BB shares of common stock of the Mexican
Holding Company, held by the Series&nbsp;B Settlor as a result of the conversion of the Series&nbsp;1
Debentures and the Series&nbsp;2 Debentures in the principal amount of U.S.$1,200,000,000 (the
&#147;<U>Series&nbsp;2 Debentures</U>&#148;) into shares of stock of the Mexican Holding Company (the
&#147;<U>Converted Shares</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Trust will have a technical committee (the &#147;<U>Technical Committee</U>&#148;) comprised of members
appointed by each Settlor. Unless and until the Trustee receives notice of the existence of a
default with respect to the Secured Obligations or certain unresolved matters under dispute
specified in the Trust Agreement (&#147;<U>Matters Under Dispute</U>&#148;), the Technical Committee will
have the sole and exclusive authority to instruct the Trustee as to the manner in which the Trustee
must exercise the Voting Rights at any general shareholders&#146; meetings of the Mexican Holding
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>A. Exercise of the Rights Conferred by the Shares</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Unless the Trustee receives a notice of default with respect to the Secured Obligations, (i)&nbsp;any
and all amounts paid in cash by the Mexican Holding Company (&#147;<U>Cash Distributions</U>&#148;) will be
forwarded by the Trustee to the Settlor that contributed the relevant shares to the Trust, (ii)&nbsp;any
and all in-kind distributions made by the Mexican Holding Company (&#147;<U>In-Kind Distributions</U>&#148;)
will be deemed transferred to the Trust by the Series&nbsp;A Settlor or the Series&nbsp;B Settlor, as the
case may be, and (iii)&nbsp;the Trustee will exercise the Voting Rights in accordance with the
instructions provided to it by the Technical Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">If a default with respect to the Secured Obligations of either Settlor occurs and such default is
not cured, each and all of the defaulting Settlor&#146;s rights in the preceding paragraph will
terminate automatically and (i)&nbsp;all Cash Distributions and all In-Kind Distributions will remain
for the benefit of the non-defaulting Settlor, (ii)&nbsp;the non-defaulting Settlor will have the sole
and exclusive right to instruct the Trustee as with respect to any matter pertaining to the Trust,
and
(iii)&nbsp;the Technical Committee will cease to exist and all of its rights, powers and authority will
be automatically assigned to the non-defaulting Settlor.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>B. Default with Secured Obligations</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">If the Trustee receives a notice of default with respect to certain Secured Obligations of either
Settlor involving an obligation to make a payment to the other Settlor, the Trustee will sell such
number of Series&nbsp;A Shares or Series&nbsp;B Shares, as the case may be, of the defaulting Settlor as may
be necessary to pay to the non-defaulting Settlor the amount owed to it pursuant to the
Shareholders&#146; Agreement on account of such Secured Obligations. The defaulting Settlor generally
has the right to cure the relevant default prior to the Trustee&#146;s sale of the shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">If the Trustee receives a notice of default with respect to the Secured Obligations of the Series&nbsp;B
Settlor as a result of the Series&nbsp;B Settlor&#146;s failure to pay in full the purchase price of the
Series&nbsp;2 Debentures, the Series&nbsp;B Shares and the certificate representing the Series&nbsp;1 Debentures
will be cancelled in lieu of the payment of liquidated damages by the Series&nbsp;B Settlor. The payment
by the Series&nbsp;B Settlor of an amount less than U.S.$1,200,000,000 as a result of an adjustment to
the purchase price or the satisfaction of any provision contained in or the exercise of any right
conferred by the Shareholders&#146; Agreement, will not be considered as a default by the Series&nbsp;B
Settlor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>C. Obligations of the Settlors</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Settlors will at all times: (i)&nbsp;satisfy when due their obligations under the Trust Agreement
and do all things necessary for it to be valid and enforceable, (ii)&nbsp;transfer to the Trustee any
shares of the Mexican Holding Company acquired or held by them in any manner, (iii)&nbsp;give the
Trustee immediate notice of any circumstance of which they may acquire knowledge and which may
affect the exercise of the rights of the Trustee under the Trust Agreement, (iv)&nbsp;give the Trustee
notice of any claim or proceeding which may directly or indirectly prevent the satisfaction of its
obligations under the Trust Agreement, and (v)&nbsp;provide the Trustee with any such funds as may be
necessary for the Trustee to retain the services of any person so as to achieve the purposes of the
Trust and the Shareholders&#146; Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>D. Liability of the Trustee</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Any and all obligations or other liability assumed or incurred by the Trustee with any third party
in connection with the performance of the duties under the Trust Agreement, will be assumed or
incurred by it on behalf of the Settlors without the Trustee being held directly liable therefor.
The Trustee will be subject to civil liability for any damages or losses resulting from the
violation by it of the terms and conditions of the Trust Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>E. Applicable Law and Jurisdiction</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The parties to the Trust Agreement submitted to the applicable laws of Mexico and to the
jurisdiction of the courts sitting in Mexico City, Federal District.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>F. Term</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Trust Agreement is irrevocable, but it will terminate (i)&nbsp;upon transfer of the Series&nbsp;B Shares
to the Mexican Holding Company for their cancellation pursuant to the default provisions of the
Trust Agreement or (ii)&nbsp;by the written consent of all parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>G. Certain Definitions</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#147;<U>Series&nbsp;A Shares</U>&#148; means the Series&nbsp;A Settlor&#146;s (i)&nbsp;49,999 Series&nbsp;A shares of common stock,
no par value, representing the minimum fixed portion of the Mexican Holding Company&#146;s capital, and
(ii)&nbsp;149,950,000 Series&nbsp;AA shares of common stock, no par value, representing the variable portion
of the Mexican Holding Company&#146;s capital.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#147;<U>Series&nbsp;B Shares</U>&#148; means the Series&nbsp;B Settlor&#146;s (i)&nbsp;49,999 Series&nbsp;B shares of common stock,
no par value, representing the minimum fixed portion of the Mexican Holding Company&#146;s capital, and
(ii)&nbsp;1,608,960 Series&nbsp;BB shares of common stock, no par value, representing the variable portion of
the Mexican Holding Company&#146;s capital.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#147;<U>Voting Rights</U>&#148; shall mean the voting and other corporate rights pertaining to the Shares.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.34
<SEQUENCE>17
<FILENAME>c19172exv4w34.htm
<DESCRIPTION>EXHIBIT 4.34
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 4.34</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;4.34</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Summary in English of the Assignment Agreement with respect to Debentures (the &#147;</B><U><B>Assignment
Agreement</B></U><B>&#148;)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Assignment Agreement was entered into on April&nbsp;7, 2011 by and between Mexico Media Investments
S.L., Sociedad Unipersonal, as assignor (the &#147;<U>Assignor</U>&#148;) and Corporativo Vasco de Quiroga,
S.A. de C.V., as assignee (the &#147;<U>Assignee</U>&#148;), with the consent of GSF Telecom Holdings,
S.A.P.I. de C.V. (&#147;<U>GSF</U>&#148;) and Deutsche Bank M&#233;xico, S.A., Instituci&#243;n de Banca M&#250;ltiple,
Divisi&#243;n Fiduciaria (the &#147;<U>Common Representative</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">On April&nbsp;7, 2011 the Assignor assigned to the Assignee all of its rights and obligations (the
&#147;<U>Assignment</U>&#148;) under certain unsecured debentures issued by GSF mandatorily convertible into
shares of capital stock of GSF, in the aggregate principal amount of U.S.$1,564,996,000, including
certain Series&nbsp;1 Debentures in the principal amount of U.S.$364,996,000 (the &#147;<U>Series&nbsp;1
Debentures</U>&#148;) and certain Series&nbsp;2 Debentures in the principal amount of U.S.$1,200,000,000 (the
&#147;<U>Series&nbsp;2 Debentures</U>&#148;). GSF granted its full consent to the Assignment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Upon execution of the Assignment Agreement, the Assignee paid the Assignor U.S.$364,996,000 as
consideration for the assignment of the Series&nbsp;1 Debentures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">GSF released the Assignor from any and all liability arising in connection with the Series&nbsp;1
Debentures and the Series&nbsp;2 Debentures, and any and all rights and obligations thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The parties to the Assignment Agreement submitted to the applicable laws of Mexico and to the
jurisdiction of the courts sitting in Mexico City, Federal District.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Summary in English of the Amended and Restated Indenture</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Amendment and Restatement of the Indenture dated December&nbsp;16, 2010 (the &#147;<U>Indenture</U>&#148;)
was entered into on April&nbsp;7, 2011, relating to the issuance of the Series&nbsp;1 and Series&nbsp;2 Debentures
by GSF Telecom Holdings, Sociedad An&#243;nima Promotora de Inversi&#243;n de Capital Variable (the
&#147;<U>Company</U>&#148;), with the consent of Deutsche Bank M&#233;xico, Sociedad An&#243;nima, Instituci&#243;n de
Banca M&#250;ltiple, Divisi&#243;n Fiduciaria, in its capacity as common representative for the Holders of
the Series&nbsp;1 Debentures and the Holders of the Series&nbsp;2 Debentures (the &#147;<U>Common
Representative</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>A. Amount of Issuance, Denomination and Issuance Price</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Indenture provides for the issuance by the Company of the Series&nbsp;1 Debentures and the Series&nbsp;2
Debentures (the &#147;<U>Debentures</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The &#147;<U>Series&nbsp;1 Debentures</U>&#148; are the 364,996 registered unsecured debentures of the Company,
par value U.S.$1,000 each, representing in the aggregate U.S.$364,996,000, issued against payment
in cash on April&nbsp;7, 2011 (the &#147;<U>Date of Issue</U>&#148;). The Series&nbsp;1 Debentures are mandatorily
convertible into Series&nbsp;BB shares representing 11.53% of the Company&#146;s capital.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The &#147;<U>Series&nbsp;2 Debentures</U>&#148; are the 1,200,000 registered unsecured debentures of the Company,
par value U.S.$1,000 each, representing in the aggregate U.S.$1,200,000,000, payable in cash by the
Holder no later than on October&nbsp;31, 2011 (in a single up-front installment or in multiple
installments).<SUP style="font-size: 85%; vertical-align: text-top">1</SUP> The Series&nbsp;2 Debentures are mandatorily convertible into Series&nbsp;BB
shares representing 37.91% of the Company&#146;s capital.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The effective terms of the Series&nbsp;1 Debentures and the Series&nbsp;2 Debentures commence on the Date of
Issue and on the date on which the Purchase Price payable in respect of the Series&nbsp;2 Debentures has
been paid in full, respectively, and expire, as the case may be, on one of the following dates: (i)
the date on which the relevant Debentures are redeemed; (ii)&nbsp;the date on which the relevant
Debentures are converted into the Company&#146;s shares; or (iii)&nbsp;the Final Conversion Date for the
Series&nbsp;1 Debentures or the Final Conversion Date for the Series&nbsp;2 Debentures, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>B. Redemption; Extension</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Series&nbsp;1 Debentures are not subject to redemption by the Company prior to the Final Conversion
Date for the Series&nbsp;1 Debentures. The Series&nbsp;2 Debentures are not subject to redemption by the
Company during the period from the date on which the Purchase Price payable in respect of the
Series&nbsp;2 Debentures has been paid in full, to the Final Conversion Date for the Series&nbsp;2
Debentures. If any Series&nbsp;1 Debentures or Series&nbsp;2 Debentures, as the case may be, remain
unredeemed or unconverted as of the Final Conversion Date for the Series&nbsp;1 Debentures or the Final
Conversion Date for the Series&nbsp;2 Debentures, as the case may be, such final conversion date will be
deemed extended for an additional six months without need for
further action. Six month extensions will continue to be granted if the Debentures remain
unredeemed or unconverted. The holder of the Debentures may also obtain an extension for successive
12&nbsp;month periods upon written notice to the Company. In addition, an extension may be obtained so
as to allow for the satisfaction of the conditions precedent for the conversion of the Debentures.
</DIV>


<DIV align="left">
<DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Note: As of June 28, 2011, U.S.$600,000,000 of the
Purchase Price payable in respect of the Series&nbsp;2 Debentures had been paid, and
U.S.$600,000,000 remains to be paid.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">





<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Debentures are not subject to early redemption by the Company under any circumstance, whether
in full or in part.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>C. Interest</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Series&nbsp;1 Debentures and the Series&nbsp;2 Debentures accrue interest at the rate of 2% per annum on
the principal outstanding amount thereof, payable on a quarterly basis. The Series&nbsp;1 Debentures and
the Series&nbsp;2 Debentures accrue interest from the Date of Issue and from each date on which a
payment of an installment of the Purchase Price payable in respect of the Series&nbsp;2 Debentures is
made, respectively, to any of the following dates: (i)&nbsp;the date on which the relevant Debentures
are redeemed; (ii)&nbsp;the date on which the relevant Debentures are converted into the Company&#146;s
shares; and (iii)&nbsp;the Final Conversion Date for the Series&nbsp;1 Debentures or the Final Conversion
Date for the Series&nbsp;2 Debentures, as the case may be. Interest accrued through the periods
specified in (ii)&nbsp;or (iii)&nbsp;of the previous sentence is not subject to capitalization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In the event of default, the Debentures accrue default interest at the rate of 10% per annum or the
rate obtained by multiplying by two the interest rate in respect of the 28&nbsp;day Treasury
Certificates (Certificados de Tesorer&#237;a, or CETES) in effect as of the relevant default date,
whichever is higher. Such interest accrues from the date of default to the date of actual payment
in full of all amounts owing under the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>D. Conversion</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>Series&nbsp;1 Debentures</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Subject to the satisfaction of conditions precedent, the Series&nbsp;1 Debentures are mandatorily
convertible into Series&nbsp;BB/1 Shares. Each Series&nbsp;1 Debenture shall be converted into 94.78684984
Series&nbsp;BB/1 Shares, provided that the Series&nbsp;BB/1 Shares shall at all times represent 11.53% of the
Company&#146;s aggregate number of shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Subject to the satisfaction of conditions precedent, the holders of the Series&nbsp;1 Debentures may
convert into Series&nbsp;BB/1 Shares all or part of the outstanding Series&nbsp;1 Debentures upon (1)&nbsp;any
default by the Company with its obligations under the Indenture or the certificates representing
the Series&nbsp;1 Debentures or (2)&nbsp;the expiration of the six-month period following the date of
execution of the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The conversion of the Series&nbsp;1 Debentures is contingent upon each and all of the holders of Series
1 Debentures agreeing to convert a pro rata share of the number of Series&nbsp;1 Debentures held by each
of them, on the same terms.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">If the holders of the Series&nbsp;1 Debentures do not convert their Debentures upon expiration of the
six-month period following the date of execution of the Indenture, the Series&nbsp;1 Debentures will
from that date and until their redemption or conversion accrue regular interest at the rate of 2%
per annum, and the holders retain the right to convert their Series&nbsp;1 Debentures at any time
thereafter. On the Final Conversion Date for the Series&nbsp;1 Debentures, the Company will pay to the
holders of any Series&nbsp;1 Debentures remaining unconverted as of such date any and all accrued and
unpaid interest on the Series&nbsp;1 Debentures. Interest on the Series&nbsp;1 Debentures is not subject to
capitalization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>Series&nbsp;2 Debentures</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Subject to the satisfaction of conditions precedent, the holder of the Series&nbsp;2 Debentures may
convert into Series&nbsp;BB/2 Shares, at any time, all or part of the Series&nbsp;2 Debentures previously
paid by it. Each Series&nbsp;2 Debenture shall be converted into 94.78684913 Series&nbsp;BB/2 Shares,
provided that the Series&nbsp;BB/2 Shares shall at all times represent 37.91% of the Company&#146;s aggregate
number of shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">If the holders of the Series&nbsp;2 Debentures do not convert their Series&nbsp;2 Debentures as specified in
the preceding paragraph, the Series&nbsp;2 Debentures will from that date and until their redemption or
conversion accrue regular interest at the rate of 2% per annum, and the holders retain the right to
convert their Series&nbsp;2 Debentures at any time thereafter. On the Final Conversion Date for the
Series&nbsp;2 Debentures, the Company will pay to the holders of any Series&nbsp;2 Debentures remaining
unconverted as of such date any and all accrued and unpaid Interest on the Series&nbsp;2 Debentures.
Interest on the Series&nbsp;2 Debentures is not subject to capitalization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>E. Conditions Precedent</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The conversion of each Debenture is subject to the Federal Competition Commission (<I>Comisi&#243;n Federal
de Competencia</I>) not issuing any objection to the conversion of the Debentures by the relevant
Holder, prior to the Final Conversion Date for the Series&nbsp;2 Debentures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>F. Transfer</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Any holder of Debentures is entitled to transfer any of the Debentures without need for the
Company&#146;s prior authorization to any entity in which the relevant holder of Debentures holds 99% of
the outstanding shares of stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>G. Shareholder&#146;s Meetings</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The approval of any of the following matters by the Company&#146;s general shareholders&#146; meeting shall
be subject to the prior written consent of all holders: (1)&nbsp;any change in the corporate purpose of
the Company, (2)&nbsp;the dissolution of the Company, (3)&nbsp;any merger or spin-off, (4)&nbsp;the payment of any
dividend or the refund of any amount to the Company&#146;s shareholders, (5)&nbsp;the transfer of or the
creation of any lien on any shares of stock or rights thereto held by the Company and (6)&nbsp;the
incurrence of any indebtedness, loan or financing by the Company.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>H. Applicable Law and Jurisdiction</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The interpretation, execution and enforcement of the Indenture is subject to the applicable laws of
Mexico and the jurisdiction of the competent courts sitting in Mexico City, Federal District.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>I. Certain Definitions</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#147;<U>Final Conversion Date for the Series&nbsp;1 Debentures</U>&#148; shall mean the fifth anniversary of the
execution of the Indenture or, in the event of renewal or extension of the conversion period
pursuant to the Indenture, the effective date of conversion of the Series&nbsp;1 Debentures into Series
BB/1 Shares; <I>provided, </I>that if the Final Conversion Date for the Series&nbsp;1 Debentures falls on a day
which is not a business day, then the Final Conversion Date for the Series&nbsp;1 Debentures shall be
the first business day immediately following that day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#147;<U>Final Conversion Date for the Series&nbsp;2 Debentures</U>&#148; shall mean the fifth anniversary of the
execution of the Indenture or, in the event of renewal or extension of the conversion period
pursuant to the Indenture, the effective date of conversion of the Series&nbsp;2 Debentures into Series
BB/2 Shares; <I>provided, </I>that if the Final Conversion Date for the Series&nbsp;2 Debentures falls on a day
which is not a business day, then the Final Conversion Date for the Series&nbsp;2 Debentures shall be
the first business day immediately following that day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#147;<U>Holder</U>&#148; means Mexico Media Investments, S.L., Sociedad Unipersonal, and or any of its
successors or assigns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#147;<U>Purchase Price</U>&#148; shall mean the aggregate consideration payable in respect of the Series&nbsp;B
and BB Shares, the Series&nbsp;1 Debentures and the Series&nbsp;2 Debentures, irrespective of whether the
Series&nbsp;1 Debentures or the Series&nbsp;2 Debentures shall have been converted into shares of stock of
the Company.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.35
<SEQUENCE>18
<FILENAME>c19172exv4w35.htm
<DESCRIPTION>EXHIBIT 4.35
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 4.35</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;4.35</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>TERM SHEET<BR>
LONG TERM CREDIT AGREEMENT</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following are the main terms and conditions pursuant to which Grupo Televisa, S.A.B. (&#147;Grupo
Televisa&#148;) and Banco Nacional de Mexico, S.A. integrante del Grupo Financiero Banamex (&#147;Banamex&#148;),
entered into a credit agreement dated March&nbsp;23, 2011 (the &#147;Loan Agreement&#148;).
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>TYPE OF TRANSACTION:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Long term loan (the &#147;Loan&#148;)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>BANK:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banco Nacional de Mexico, S.A. integrante del Grupo
Financiero Banamex</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>BORROWER:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grupo Televisa, S.A.B.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>USE OF PROCEEDS:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General corporate purposes</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>GUARANTIES:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>AGGREGATE AMOUNT:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ps.$400,000,000 (Four Hundred Million Pesos 00/100)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>DISBURSEMENT DATE:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;25, 2011</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>TERM:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10 (ten)&nbsp;years. The Loan Agreement matures on March
23, 2021</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>MATURITY DATES:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Aggregate Amount to be paid on March&nbsp;23, 2021</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>INTEREST RATE:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fixed annual interest rate equal to 9.40% payable on
a monthly basis</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>COVENANTS:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">As long as the Loan is outstanding and until payment
in full of the Aggregate Amount, Grupo Televisa
assumed, among others, the following covenants:</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a) Compliance with applicable laws and tax payments;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b) Existence and business conduct;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c) Disclosure obligations;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(d) Insurance;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(e) Accounting;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(f) Inspection rights;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(g) Compliance with obligations; and</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(h) Use of proceeds.</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>RESTRICTIVE COVENANTS:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pursuant to the Loan Agreement, Grupo Televisa
assumed certain restrictive covenants that limit its
ability to:</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a) Consummate (or permit that its Significant
Subsidiaries (as such term is defined in the Loan
Agreement) consummate) mergers, spin-offs,
liquidations or dissolutions;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b) Transfer fixed assets; and</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c) Incur liens.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>FINANCIAL RATIOS:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">As long as the Loan is outstanding and until payment
in full of the Aggregate Amount, Grupo Televisa
shall maintain the following financial ratios:</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Leverage Ratio: Grupo Televisa will not at any time
permit the ratio of (i)&nbsp;total consolidated debt to
(ii)&nbsp;Consolidated EBITDA at the end of any period of
4 (four)&nbsp;consecutive calendar quarters to be greater
than 4.00 to 1.00</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interest Coverage Leverage: Grupo Televisa will not
at any time, permit the Interest Coverage
(Consolidated EBITDA to consolidated interest
expense in any period of 4 (four)&nbsp;consecutive
calendar quarters) to be less than 1.50 to 1.00</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">For the aforementioned financial ratios,
Consolidated EBITDA means, for any period until
payment of the Aggregate Amount, the sum of the
amounts for such period of consolidated operating
income of Grupo Televisa and its subsidiaries for
such period, before depreciation and amortization
and other non recurring expenses or net income.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>EVENTS OF DEFAULT:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grupo Televisa shall be deemed to be in default upon
the occurrence of, among others, any of the
following events:</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a) Default in payment when due of Loan;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b) False or misleading representations, warranties
or certifications made under the Loan Agreement;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c) Default in payment, when due, of any principal
or interest, of any indebtedness in the aggregate
principal amount of US$100,000,000;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(d) Inability to pay its debts as they become due;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(e) Any governmental authority takes action to
condemn, seize, nationalize or appropriate any
substantial portion of the Company&#146;s assets;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(f) Any license, consent, authorization, concession,
registration or approval at any time necessary to
enable Grupo Televisa to comply with any of its
obligations under the Loan Agreement is revoked;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(g) Grupo Televisa fails to observe or perform
certain covenants, conditions or agreements and such
default continues unremedied for a period of 30
(thirty)&nbsp;or more days after notice thereof by
Banamex to Grupo Televisa;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(h) If any event or condition occurs and as
determined by Banamex in good faith, has or may have
a substantial adverse effect on the ability of Grupo
Televisa or its Significant Subsidiaries to pay the
credit or comply with the obligations resulting from
the Loan Agreement or its promissory note and such
effect is not remedied within 15 (fifteen)&nbsp;calendar
days from the date in which Banamex notifies Grupo
Televisa;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(i) A final judgment or judgments for the payment of
US$50,000,000 or more in the aggregate; or</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(j) If at any time and for any reason attributable
to Grupo Televisa (except for payment of the Loan or
compliance with existing obligations thereunder),
the Loan Agreement and/or its promissory note cease
to be in full force and effect, or Grupo Televisa
challenges the validity of the Loan Agreement and/or
its promissory note.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>JURISDICTION:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mexican federal courts located in Mexico City.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>GOVERNING LAW:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicable federal law in Mexico.</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.36
<SEQUENCE>19
<FILENAME>c19172exv4w36.htm
<DESCRIPTION>EXHIBIT 4.36
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 4.36</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">



<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;4.36</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>TERM SHEET<BR>
LONG TERM CREDIT AGREEMENT</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following are the main terms and conditions pursuant to which Grupo Televisa, S.A.B. (&#147;Grupo
Televisa&#148;) and Banco Nacional de Mexico, S.A. integrante del Grupo Financiero Banamex (&#147;Banamex&#148;),
entered into a credit agreement dated March&nbsp;23, 2011 (the &#147;Loan Agreement&#148;).
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>TYPE OF TRANSACTION:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Long term loan (the &#147;Loan&#148;)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>BANK:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banco Nacional de Mexico, S.A. integrante del Grupo
Financiero Banamex</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>BORROWER:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grupo Televisa, S.A.B.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>USE OF PROCEEDS:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General corporate purposes</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>GUARANTIES:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>AGGREGATE AMOUNT:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ps.$800,000,000 (Eight Hundred Million Pesos 00/100)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>DISBURSEMENT DATE:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;25, 2011</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>TERM:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10 (ten)&nbsp;years. The Loan Agreement matures on March
23, 2021</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>MATURITY DATES:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:41px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;The amount of Ps.$320,000,000 (Three Hundred
an Twenty Million Pesos 00/100) to be paid on March
23, 2017</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:41px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;The amount of Ps.$320,000,000 (Three Hundred
an Twenty Million Pesos 00/100) to be paid on March
23, 2019</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:41px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;The amount of Ps.$160,000,000 (One Hundred
an Sixty Million Pesos 00/100) to be paid on March
23, 2021</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>INTEREST RATE:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fixed annual interest rate equal to 9.06% payable on
a monthly basis</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>COVENANTS:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">As long as the Loan is outstanding and until payment
in full of the Aggregate Amount, Grupo Televisa
assumed, among others, the following covenants:</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a) Compliance with applicable laws and tax payments;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b) Existence and business conduct;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c) Disclosure obligations;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(d) Insurance;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(e) Accounting;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(f) Inspection rights;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(g) Compliance with obligations; and</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(h) Use of proceeds.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>RESTRICTIVE COVENANTS:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pursuant to the Loan Agreement, Grupo Televisa
assumed certain restrictive covenants that limit its
ability to:</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a) Consummate (or permit that its Significant
Subsidiaries (as such term is defined in the Loan
Agreement) consummate) mergers, spin-offs,
liquidations or dissolutions;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b) Transfer fixed assets; and</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c) Incur liens.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>FINANCIAL RATIOS:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">As long as the Loan is outstanding and until payment
in full of the Aggregate Amount, Grupo Televisa
shall maintain the following financial ratios:</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Leverage Ratio: Grupo Televisa will not at any time
permit the ratio of (i)&nbsp;total consolidated debt to
(ii)&nbsp;Consolidated EBITDA at the end of any period of
4 (four)&nbsp;consecutive calendar quarters to be greater
than 4.00 to 1.00</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interest Coverage Leverage: Grupo Televisa will not
at any time, permit the Interest Coverage
(Consolidated EBITDA to consolidated interest
expense in any period of 4 (four)&nbsp;consecutive
calendar quarters) to be less than 1.50 to 1.00</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">For the aforementioned financial ratios,
Consolidated EBITDA means, for any period until
payment of the Aggregate Amount, the sum of the
amounts for such period of consolidated operating
income of Grupo Televisa and its subsidiaries for
such period, before depreciation and amortization
and other non recurring expenses or net income.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>EVENTS OF DEFAULT:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grupo Televisa shall be deemed to be in default upon
the occurrence of, among others, any of the
following events:</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a) Default in payment when due of Loan;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b) False or misleading representations, warranties
or certifications made under the Loan Agreement;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c) Default in payment, when due, of any principal
or interest, of any indebtedness in the aggregate
principal amount of US$100,000,000;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(d) Inability to pay its debts as they become due;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(e) Any governmental authority takes action to
condemn, seize, nationalize or appropriate any
substantial portion of the Company&#146;s assets;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(f) Any license, consent, authorization, concession,
registration or approval at any time necessary to
enable Grupo Televisa to comply with any of its
obligations under the Loan Agreement is revoked;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(g) Grupo Televisa fails to observe or perform
certain covenants, conditions or agreements and such
default continues unremedied for a period of 30
(thirty)&nbsp;or more days after notice thereof by
Banamex to Grupo Televisa;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(h) If any event or condition occurs and as
determined by Banamex in good faith, has or may have
a substantial adverse effect on the ability of Grupo
Televisa or its Significant Subsidiaries to pay the
credit or comply with the obligations resulting from
the Loan Agreement or its promissory note and such
effect is not remedied within 15 (fifteen)&nbsp;calendar
days from the date in which Banamex notifies Grupo
Televisa;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(i) A final judgment or judgments for the payment of
US$50,000,000 or more in the aggregate; or</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(j) If at any time and for any reason attributable
to Grupo Televisa (except for payment of the Loan or
compliance with existing obligations thereunder),
the Loan Agreement and/or its promissory note cease
to be in full force and effect, or Grupo Televisa
challenges the validity of the Loan Agreement and/or
its promissory note.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>JURISDICTION:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mexican federal courts located in Mexico City.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>GOVERNING LAW:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicable federal law in Mexico.</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.37
<SEQUENCE>20
<FILENAME>c19172exv4w37.htm
<DESCRIPTION>EXHIBIT 4.37
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 4.37</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">



<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;4.37</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>TERM SHEET<BR>
LONG TERM CREDIT AGREEMENT</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following are the main terms and conditions pursuant to which Grupo Televisa, S.A.B. (&#147;Grupo
Televisa&#148;) and Banco Nacional de Mexico, S.A. integrante del Grupo Financiero Banamex (&#147;Banamex&#148;),
entered into a credit agreement dated March&nbsp;23, 2011 (the &#147;Loan Agreement&#148;).
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>TYPE OF TRANSACTION:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Long term loan (the &#147;Loan&#148;)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>BANK:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banco Nacional de Mexico, S.A. integrante del Grupo
Financiero Banamex</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>BORROWER:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grupo Televisa, S.A.B.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>USE OF PROCEEDS:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General corporate purposes</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>GUARANTIES:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>AGGREGATE AMOUNT:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ps.$400,000,000 (Four Hundred Million Pesos 00/100)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>DISBURSEMENT DATE:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;25, 2011</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>TERM:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7 (seven)&nbsp;years. The Loan Agreement matures on March
23, 2018</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>MATURITY DATES:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Aggregate Amount to be paid on March&nbsp;23, 2018</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>INTEREST RATE:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fixed annual interest rate equal to 8.77% payable on
a monthly basis</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>COVENANTS:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">As long as the Loan is outstanding and until payment
in full of the Aggregate Amount, Grupo Televisa
assumed, among others, the following covenants:</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a) Compliance with applicable laws and tax payments;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b) Existence and business conduct;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c) Disclosure obligations;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(d) Insurance;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(e) Accounting;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(f) Inspection rights;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(g) Compliance with obligations; and</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(h) Use of proceeds.</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>RESTRICTIVE COVENANTS:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pursuant to the Loan Agreement, Grupo Televisa
assumed certain restrictive covenants that limit its
ability to:</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a) Consummate (or permit that its Significant
Subsidiaries (as such term is defined in the Loan
Agreement) consummate) mergers, spin-offs,
liquidations or dissolutions;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b) Transfer fixed assets; and</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c) Incur liens.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>FINANCIAL RATIOS:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">As long as the Loan is outstanding and until payment
in full of the Aggregate Amount, Grupo Televisa
shall maintain the following financial ratios:</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Leverage Ratio: Grupo Televisa will not at any time
permit the ratio of (i)&nbsp;total consolidated debt to
(ii)&nbsp;Consolidated EBITDA at the end of any period of
4 (four)&nbsp;consecutive calendar quarters to be greater
than 4.00 to 1.00</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interest Coverage Leverage: Grupo Televisa will not
at any time, permit the Interest Coverage
(Consolidated EBITDA to consolidated interest
expense in any period of 4 (four)&nbsp;consecutive
calendar quarters) to be less than 1.50 to 1.00</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">For the aforementioned financial ratios,
Consolidated EBITDA means, for any period until
payment of the Aggregate Amount, the sum of the
amounts for such period of consolidated operating
income of Grupo Televisa and its subsidiaries for
such period, before depreciation and amortization
and other non recurring expenses or net income.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>EVENTS OF DEFAULT:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grupo Televisa shall be deemed to be in default upon
the occurrence of, among others, any of the
following events:</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a) Default in payment when due of Loan;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b) False or misleading representations, warranties
or certifications made under the Loan Agreement;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c) Default in payment, when due, of any principal
or interest, of any indebtedness in the aggregate
principal amount of US$100,000,000;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(d) Inability to pay its debts as they become due;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(e) Any governmental authority takes action to
condemn, seize, nationalize or appropriate any
substantial portion of the Company&#146;s assets;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(f) Any license, consent, authorization, concession,
registration or approval at any time necessary to
enable Grupo Televisa to comply with any of its
obligations under the Loan Agreement is revoked;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(g) Grupo Televisa fails to observe or perform
certain covenants, conditions or agreements and such
default continues unremedied for a period of 30
(thirty)&nbsp;or more days after notice thereof by
Banamex to Grupo Televisa;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(h) If any event or condition occurs and as
determined by Banamex in good faith, has or may have
a substantial adverse effect on the ability of Grupo
Televisa or its Significant Subsidiaries to pay the
credit or comply with the obligations resulting from
the Loan Agreement or its promissory note and such
effect is not remedied within 15 (fifteen)&nbsp;calendar
days from the date in which Banamex notifies Grupo
Televisa;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(i) A final judgment or judgments for the payment of
US$50,000,000 or more in the aggregate; or</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(j) If at any time and for any reason attributable
to Grupo Televisa (except for payment of the Loan or
compliance with existing obligations thereunder),
the Loan Agreement and/or its promissory note cease
to be in full force and effect, or Grupo Televisa
challenges the validity of the Loan Agreement and/or
its promissory note.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>JURISDICTION:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mexican federal courts located in Mexico City.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>GOVERNING LAW:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicable federal law in Mexico.</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.38
<SEQUENCE>21
<FILENAME>c19172exv4w38.htm
<DESCRIPTION>EXHIBIT 4.38
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 4.38</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">



<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;4.38</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>TERM SHEET<BR>
LONG TERM CREDIT AGREEMENT</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following are the main terms and conditions pursuant to which Grupo Televisa, S.A.B. (&#147;Grupo
Televisa&#148;) and BBVA Bancomer, S.A., Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero BBVA Bancomer
(&#147;BBVA&#148;), entered into a credit agreement dated March&nbsp;30, 2011 (the &#147;Loan Agreement&#148;).
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>TYPE OF TRANSACTION:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Long term loan (the &#147;Loan&#148;)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>BANK:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BBVA Bancomer, S.A., Instituci&#243;n de Banca M&#250;ltiple,
Grupo Financiero BBVA Bancomer</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>BORROWER:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grupo Televisa, S.A.B.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>USE OF PROCEEDS:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General corporate purposes</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>GUARANTIES:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>AGGREGATE AMOUNT:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ps.$2,500,000,000 (Two Thousand Five Hundred Million
Pesos 00/100)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>DISBURSEMENT DATE:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;31, 2011</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>TERM:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5 (five)&nbsp;years. The Loan Agreement matures on March
30, 2016</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>MATURITY DATES:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Aggregate Amount to be paid on March&nbsp;30, 2016</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>INTEREST RATE:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fixed annual interest rate equal to 8.095% payable
on a monthly basis</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>COVENANTS:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">As long as the Loan is outstanding and until payment
in full of the Aggregate Amount, Grupo Televisa
assumed, among others, the following covenants:</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a) Compliance with applicable laws and tax payments;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b) Existence and business conduct;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c) Disclosure obligations;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(d) Insurance;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(e) Accounting;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(f) Inspection rights;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(g) Compliance with obligations; and</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(h) Use of proceeds.</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>RESTRICTIVE COVENANTS:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pursuant to the Loan Agreement, Grupo Televisa
assumed certain restrictive covenants that limit its
ability to:</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a) Consummate (or permit that its Significant
Subsidiaries (as such term is defined in the Loan
Agreement) consummate) mergers, spin-offs,
liquidations or dissolutions;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b) Transfer fixed assets; and</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c) Incur liens.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>FINANCIAL RATIOS:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">As long as the Loan is outstanding and until payment
in full of the Aggregate Amount, Grupo Televisa
shall maintain the following financial ratios:</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Leverage Ratio: Grupo Televisa will not at any time
permit the ratio of (i)&nbsp;total consolidated debt to
(ii)&nbsp;Consolidated EBITDA at the end of any period of
4 (four)&nbsp;consecutive calendar quarters to be greater
than 4.00 to 1.00</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interest Coverage Leverage: Grupo Televisa will not
at any time, permit the Interest Coverage
(Consolidated EBITDA to consolidated interest
expense in any period of 4 (four)&nbsp;consecutive
calendar quarters) to be less than 1.50 to 1.00</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">For the aforementioned financial ratios,
Consolidated EBITDA means, for any period until
payment of the Aggregate Amount, the sum of the
amounts for such period of consolidated operating
income of Grupo Televisa and its subsidiaries for
such period, before depreciation and amortization
and other non recurring expenses or net income.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>EVENTS OF DEFAULT:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grupo Televisa shall be deemed to be in default upon
the occurrence of, among others, any of the
following events:</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a) Default in payment when due of Loan;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b) False or misleading representations, warranties
or certifications made under the Loan Agreement;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c) Default in payment, when due, of any principal
or interest, of any indebtedness in the aggregate
principal amount of US$100,000,000;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(d) Inability to pay its debts as they become due;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(e) Any governmental authority takes action to
condemn, seize, nationalize or appropriate any
substantial portion of the Company&#146;s assets;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(f) Any license, consent, authorization, concession,
registration or approval at any time necessary to
enable Grupo Televisa to comply with any of its
obligations under the Loan Agreement is revoked;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(g) Grupo Televisa fails to observe or perform
certain covenants, conditions or agreements and such
default continues unremedied for a period of 30
(thirty)&nbsp;or more days after notice thereof by BBVA
to Grupo Televisa;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(h) If any event or condition occurs and as
determined by BBVA in good faith, has or may have a
substantial adverse effect on the ability of Grupo
Televisa or its Significant Subsidiaries to pay the
credit or comply with the obligations resulting from
the Loan Agreement or its promissory note and such
effect is not remedied within 15 (fifteen)&nbsp;calendar
days from the date in which BBVA notifies Grupo
Televisa;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(i) A final judgment or judgments for the payment of
US$50,000,000 or more in the aggregate; or</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(j) If at any time and for any reason attributable
to Grupo Televisa (except for payment of the Loan or
compliance with existing obligations thereunder),
the Loan Agreement and/or its promissory note cease
to be in full force and effect, or Grupo Televisa
challenges the validity of the Loan Agreement and/or
its promissory note.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>JURISDICTION:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mexican federal courts located in Mexico City.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>GOVERNING LAW:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicable federal law in Mexico.</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.39
<SEQUENCE>22
<FILENAME>c19172exv4w39.htm
<DESCRIPTION>EXHIBIT 4.39
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 4.39</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">



<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;4.39</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>TERM SHEET<BR>
LONG TERM CREDIT AGREEMENT</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following are the main terms and conditions pursuant to which Grupo Televisa, S.A.B. (&#147;Grupo
Televisa&#148;) and HSBC M&#233;xico, S.A., Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC (&#147;HSBC&#148;),
entered into a credit agreement dated March&nbsp;28, 2011 (the &#147;Loan Agreement&#148;).
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>TYPE OF TRANSACTION:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Long term loan (the &#147;Loan&#148;)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>BANK:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC M&#233;xico, S.A., Instituci&#243;n de Banca M&#250;ltiple,
Grupo Financiero HSBC</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>BORROWER:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grupo Televisa, S.A.B.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>USE OF PROCEEDS:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General corporate purposes</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>GUARANTIES:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>AGGREGATE AMOUNT:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ps.$2,500,000,000 (Two Thousand Five Hundred Million
Pesos 00/100)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>DISBURSEMENT DATE:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;30, 2011</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>TERM:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7 (seven)&nbsp;years. The Loan Agreement matures on March
30, 2018</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>MATURITY DATES:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:41px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;The amount of Ps.$625,000,000 (Six Hundred
and Twenty Five Million Pesos 00/100) to be paid on
September&nbsp;30, 2016</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:41px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;The amount of Ps.$625,000,000 (Six Hundred
and Twenty Five Million Pesos 00/100) to be paid on
March&nbsp;30, 2017</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:41px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;The amount of Ps.$625,000,000 (Six Hundred
and Twenty Five Million Pesos 00/100) to be paid on
September&nbsp;30, 2017</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:41px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;The amount of Ps.$625,000,000 (Six Hundred
and Twenty Five Million Pesos 00/100) to be paid on
March&nbsp;30, 2018</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>INTEREST RATE:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Annual interest rate equal to the Mexican Interbank
Interest Rate Balance (TIIE)&nbsp;plus 117.5 (one hundred
and seventeen point five) basis points</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>COVENANTS:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">As long as the Loan is outstanding and until payment
in full of the Aggregate Amount, Grupo Televisa
assumed, among others, the following covenants:</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a) Compliance with applicable laws and tax payments;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b) Existence and business conduct;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c) Disclosure obligations;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(d) Insurance;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(e) Accounting;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(f) Inspection rights;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(g) Compliance with obligations; and</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(h) Use of proceeds.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>RESTRICTIVE COVENANTS:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pursuant to the Loan Agreement, Grupo Televisa
assumed certain restrictive covenants that limit its
ability to:</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a) Consummate (or permit that its Significant
Subsidiaries (as such term is defined in the Loan
Agreement) consummate) mergers, spin-offs,
liquidations or dissolutions;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b) Transfer fixed assets; and</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c) Incur liens.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>FINANCIAL RATIOS:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">As long as the Loan is outstanding and until payment
in full of the Aggregate Amount, Grupo Televisa
shall maintain the following financial ratios:</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Leverage Ratio: Grupo Televisa will not at any time
permit the ratio of (i)&nbsp;total consolidated debt to
(ii)&nbsp;Consolidated EBITDA at the end of any period of
4 (four)&nbsp;consecutive calendar quarters to be greater
than 4.00 to 1.00</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interest Coverage Leverage: Grupo Televisa will not
at any time, permit the Interest Coverage
(Consolidated EBITDA to consolidated interest
expense in any period of 4 (four)&nbsp;consecutive
calendar quarters) to be less than 1.50 to 1.00</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">For the aforementioned financial ratios,
Consolidated EBITDA means, for any period until
payment of the Aggregate Amount, the sum of the
amounts for such period of consolidated operating
income of Grupo Televisa and its subsidiaries for
such period, before depreciation and amortization
and other non recurring expenses or net income.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>EVENTS OF DEFAULT:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grupo Televisa shall be deemed to be in default upon
the occurrence of, among others, any of the
following events:</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a) Default in payment when due of Loan;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b) False or misleading representations, warranties
or certifications made under the Loan Agreement;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c) Default in payment, when due, of any principal
or interest, of any indebtedness in the aggregate
principal amount of US$100,000,000;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(d) Inability to pay its debts as they become due;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(e) Any governmental authority takes action to
condemn, seize, nationalize or appropriate any
substantial portion of the Company&#146;s assets;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(f) Any license, consent, authorization, concession,
registration or approval at any time necessary to
enable Grupo Televisa to comply with any of its
obligations under the Loan Agreement is revoked;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(g) Grupo Televisa fails to observe or perform
certain covenants, conditions or agreements and such
default continues unremedied for a period of 30
(thirty)&nbsp;or more days after notice thereof by HSBC
to Grupo Televisa;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(h) If any event or condition occurs and as
determined by HSBC in good faith, has or may have a
substantial adverse effect on the ability of Grupo
Televisa or its Significant Subsidiaries to pay the
credit or comply with the obligations resulting from
the Loan Agreement or its promissory note and such
effect is not remedied within 15 (fifteen)&nbsp;calendar
days from the date in which HSBC notifies Grupo
Televisa;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(i) A final judgment or judgments for the payment of
US$50,000,000 or more in the aggregate; or
</TD>
</TR>

<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
<TD align="left" valign="top">(j)&nbsp;If at any time and for any reason attributable
to Grupo Televisa (except for payment of the Loan or
compliance with existing obligations thereunder),
the Loan Agreement and/or its promissory note cease
to be in full force and effect, or Grupo Televisa
challenges the validity of the Loan Agreement and/or
its promissory note.</TD>
</TR>

<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>JURISDICTION:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mexican federal courts located in Mexico City.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>GOVERNING LAW:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicable federal law in Mexico.</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.40
<SEQUENCE>23
<FILENAME>c19172exv4w40.htm
<DESCRIPTION>EXHIBIT 4.40
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 4.40</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">



<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;4.40</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>TERM SHEET<BR>
LONG TERM CREDIT AGREEMENT</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following are the main terms and conditions pursuant to which Grupo Televisa, S.A.B. (&#147;Grupo
Televisa&#148;) and Banco Santander (M&#233;xico), S.A., Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero
Santander (&#147;Santander&#148;), entered into a credit agreement dated March&nbsp;30, 2011 (the &#147;Loan
Agreement&#148;).
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>TYPE OF TRANSACTION:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Long term loan (the &#147;Loan&#148;)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>BANK:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banco Santander (M&#233;xico), S.A., Instituci&#243;n de Banca
M&#250;ltiple, Grupo Financiero Santander</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>BORROWER:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grupo Televisa, S.A.B.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>USE OF PROCEEDS:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General corporate purposes</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>GUARANTIES:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>AGGREGATE AMOUNT:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ps.$2,000,000,000 (Two Thousand Million Pesos 00/100)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>DISBURSEMENT DATE:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;30, 2011</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>TERM:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5 (five)&nbsp;years. The Loan Agreement matures on March
30, 2016</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>MATURITY DATES:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Aggregate Amount to be paid on March&nbsp;30, 2016</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>INTEREST RATE:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fixed annual interest rate equal to 8.12% payable on
a monthly basis</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>COVENANTS:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">As long as the Loan is outstanding and until payment
in full of the Aggregate Amount, Grupo Televisa
assumed, among others, the following covenants:</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a) Compliance with applicable laws and tax payments;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b) Existence and business conduct;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c) Disclosure obligations;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(d) Insurance;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(e) Accounting;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(f) Inspection rights;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(g) Compliance with obligations; and</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(h) Use of proceeds.</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>RESTRICTIVE COVENANTS:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pursuant to the Loan Agreement, Grupo Televisa
assumed certain restrictive covenants that limit its
ability to:</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a) Consummate (or permit that its Significant
Subsidiaries (as such term is defined in the Loan
Agreement) consummate) mergers, spin-offs,
liquidations or dissolutions;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b) Transfer fixed assets; and</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c) Incur liens.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>FINANCIAL RATIOS:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">As long as the Loan is outstanding and until payment
in full of the Aggregate Amount, Grupo Televisa
shall maintain the following financial ratios:</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Leverage Ratio: Grupo Televisa will not at any time
permit the ratio of (i)&nbsp;total consolidated debt to
(ii)&nbsp;Consolidated EBITDA at the end of any period of
4 (four)&nbsp;consecutive calendar quarters to be greater
than 4.00 to 1.00</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interest Coverage Leverage: Grupo Televisa will not
at any time, permit the Interest Coverage
(Consolidated EBITDA to consolidated interest
expense in any period of 4 (four)&nbsp;consecutive
calendar quarters) to be less than 1.50 to 1.00</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">For the aforementioned financial ratios,
Consolidated EBITDA means, for any period until
payment of the Aggregate Amount, the sum of the
amounts for such period of consolidated operating
income of Grupo Televisa and its subsidiaries for
such period, before depreciation and amortization
and other non recurring expenses or net income.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>EVENTS OF DEFAULT:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grupo Televisa shall be deemed to be in default upon
the occurrence of, among others, any of the
following events:</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a) Default in payment when due of Loan;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b) False or misleading representations, warranties
or certifications made under the Loan Agreement;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c) Default in payment, when due, of any principal
or interest, of any indebtedness in the aggregate
principal amount of US$100,000,000;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(d) Inability to pay its debts as they become due;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(e) Any governmental authority takes action to
condemn, seize, nationalize or appropriate any
substantial portion of the Company&#146;s assets;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(f) Any license, consent, authorization, concession,
registration or approval at any time necessary to
enable Grupo Televisa to comply with any of its
obligations under the Loan Agreement is revoked;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(g) Grupo Televisa fails to observe or perform
certain covenants, conditions or agreements and such
default continues unremedied for a period of 30
(thirty)&nbsp;or more days after notice thereof by
Santander to Grupo Televisa;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(h) If any event or condition occurs and as
determined by Santander in good faith, has or may
have a substantial adverse effect on the ability of
Grupo Televisa or its Significant Subsidiaries to
pay the credit or comply with the obligations
resulting from the Loan Agreement or its promissory
note and such effect is not remedied within 15
(fifteen)&nbsp;calendar days from the date in which
Santander notifies Grupo Televisa;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(i) A final judgment or judgments for the payment of
US$50,000,000 or more in the aggregate; or</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(j) If at any time and for any reason attributable
to Grupo Televisa (except for payment of the Loan or
compliance with existing obligations thereunder),
the Loan Agreement and/or its promissory note cease
to be in full force and effect, or Grupo Televisa
challenges the validity of the Loan Agreement and/or
its promissory note.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>JURISDICTION:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mexican federal courts located in Mexico City.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>GOVERNING LAW:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicable federal law in Mexico.</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>24
<FILENAME>c19172exv8w1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 8.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;8.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Grupo Televisa, S.A.B.<BR>
Subsidiaries, Consolidated Variable Interest Entities, Joint Ventures and Associates<BR>
as of December&nbsp;31, 2010</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="75%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Company</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Country of Incorporation</B></TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Alektis Consultores, S. de R.L. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">TVU Enterprises, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><FONT style="white-space: nowrap">United States of America</FONT></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Bay City Television, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">United States of America</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">ET Publishing International, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">United States of America</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Sunny Isle, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">United States of America</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Pay-TV Venture, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">United States of America</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Saral Publications, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">United States of America</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Tarabu, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">United States of America</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Endemol Latino N.A., LLC (*)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">United States of America</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Televisa Internacional, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">United States of America</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Televisa International Marketing Group, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">United States of America</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Veneto, Inc. (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">United States of America</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Corporativo Vasco de Quiroga, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Alvafig, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cablem&#225;s, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Cable y Comunicaci&#243;n de Campeche, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Cable y Comunicaci&#243;n de Morelia, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Cablem&#225;s Telecomunicaciones, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Cable California, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Cablem&#225;s International Telecom, LLC. (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">United States of America</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">CCC Tecno Equipos, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">CM Equipos y Soporte, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Constructora Cablem&#225;s, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Inmobiliaria Cablem&#225;s, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Miracle TV Corporation. (*)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">United States of America</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Profesionales en Ventas y Mercadeo, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Servicios Administrativos Cablem&#225;s, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">TV Transmisiones de Chihuahua, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Construcciones Megapo de Acapulco, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Cuernam&#250;, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Mega Com-M Servicios, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Arretis, S.A.P.I. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Audiomaster 3000, S.A. de C.V. (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cable TV Internacional, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Televisi&#243;n Internacional, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Grupo Servicomunicaci&#243;n, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Multibip, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">R.H. Servicios Administrativos, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">R.H. Servicios Ejecutivos, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Servicios Telum, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Sintonia Fina, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">T&#233;cnica Avanzada en Cableados, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Telum, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Cable Sistema de Victoria, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Comunicable, S.A. de C.V. (*)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Comunicable de Valle Hermoso, S.A. de C.V. (*)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Telecable de Matehuala, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">CVQ Espect&#225;culos, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Club de F&#250;tbol Am&#233;rica, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Real San Luis F.C., S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Teatro de los Insurgentes, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Televisa en Vivo, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Videocine, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="75%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Company</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Country of Incorporation</B></TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Coyoac&#225;n Films, S.A. de C.V. (*)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Dibujos Animados Mexicanos Diamex, S.A. (*)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Editorial Cl&#237;o, Libros y Videos, S.A. de C.V. and subsidiary (*)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">En Vivo Espect&#225;culos, S. de R.L. de C.V. (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Eventicket, S.A. de C.V. (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">F&#250;tbol del Distrito Federal, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Grupo Comunicaci&#243;n y Esfuerzo Comercial, S.A. de C.V. (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Impulsora del Deportivo Necaxa, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Marcas y Desarrollos, S.A. de C.V. (*) (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">M&#225;s Fondos, S.A. de C.V. Sociedad Distribuidora de Acciones de Sociedades de Inversi&#243;n (*)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Operadora Dos Mil, S.A. de C.V. (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Productora Contadero, S.A. de C.V. (*) (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Promo-Certamen, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Quiroga TV, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">TV Santa Fe, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">San &#193;ngel TV, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DTH Europa, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Spain</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Editora Factum, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Digital TV, S.A. de C.V. (1) (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Empresas Cablevisi&#243;n, S.A.B. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Milar, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Argos Comunicaci&#243;n, S.A. de C.V. (*)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Cablebox, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Cablestar, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Bestel USA, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">United States of America</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Letseb, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:90px; text-indent:-15px">Bestphone, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:90px; text-indent:-15px">Operbes, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Servicios Operbes, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Servicios Letseb, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Cablevisi&#243;n, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Tercera Mirada, S.A. de C.V. (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Estudio Sevilla 613, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Grupo Mexicano de Cable, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Integravisi&#243;n de Occidente, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Servicios Cablevisi&#243;n, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Servicios T&#233;cnicos Cablevisi&#243;n, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Tecnicable, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Telestar del Pac&#237;fico, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Galavisi&#243;n DTH, S. de R.L. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">DTH M&#233;xico, S.A. de C.V. (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V. and subsidiary (*)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mednet, S.A. de C.V. (*)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Raspaf&#225;cil, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Telefon&#237;a Metropolitana, S.A. de C.V. (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Editorial Televisa, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Editorial Atl&#225;ntida, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Argentina</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Atl&#225;ntida Chile, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Chile</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Atl&#225;ntida Digital, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Argentina</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Desarrollos del Atl&#225;ntico, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Argentina</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Dewal, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Uruguay</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Ediciones Paparazzi, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Argentina</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Editorial Atl&#225;ntida Uruguay, S.R.L.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Uruguay</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Feria Puro Dise&#241;o, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Argentina</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Editorial GyJ Televisa, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="75%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Company</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Country of Incorporation</B></TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Editorial Motorpress Televisa, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Editorial Televisa Argentina, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Argentina</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Editorial Televisa Chile, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Chile</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Editorial Televisa Colombia, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Colombia</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Editorial Televisa Colombia Cultural, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Colombia</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Editorial C&#038;P S.A.S.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Colombia</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Editorial Televisa International, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Editorial Televisa Per&#250;, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Peru</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Editorial Televisa Puerto Rico, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Puerto Rico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Editorial Televisa Venezuela, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Venezuela</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mundo Ejecutivo Televisa, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Publicaciones Aquario, S. de R.L. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Vanipubli Ecuatoriana, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Ecuador</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">VeneTel Servicios Publicitarios, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Venezuela</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">En Vivo US Holding, LLC (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">United States of America</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Factum M&#225;s, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Comercial Televisa M&#225;s, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Comercio M&#225;s, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sky DTH, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Innova Holdings, S. de R.L. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Innova, S. de R.L. de C.V. (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Corporaci&#243;n Novaimagen, S. de R.L. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Corporaci&#243;n Novavisi&#243;n, S. de R.L. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:90px; text-indent:-15px">Novavision Group, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">United States of America</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:90px; text-indent:-15px">Novavisi&#243;n Honduras, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Honduras</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:90px; text-indent:-15px">Novavisi&#243;n Panam&#225;, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Panama</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:105px; text-indent:-15px">Media Visi&#243;n de Panam&#225;, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Panama</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:90px; text-indent:-15px">Ridge Manor, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Panama</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:105px; text-indent:-15px">Eminent Shine, Inc. (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Panama</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:105px; text-indent:-15px">Galaxy Nicaragua, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Nicaragua</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:105px; text-indent:-15px">Servicios Directos de Sat&#233;lite, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Costa Rica</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:90px; text-indent:-15px">Sky El Salvador, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">El Salvador</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:90px; text-indent:-15px">Televisi&#243;n Novavisi&#243;n de Guatemala, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Guatemala</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Corporaci&#243;n de Radio y Televisi&#243;n del Norte de M&#233;xico, S. de R.L. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Corporaci&#243;n Satelital Novavisi&#243;n Dominicana, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Dominican Republic</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Novabox, S. de R.L. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Nova Call-Center, S. de R.L. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Servicios Corporativos de Telefon&#237;a, S. de R.L. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Servicios Novasat, S. de R.L. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gestora de Inversiones Audiovisuales La Sexta, S.A. and subsidiaries (*)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Spain</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Grupo Distribuidoras Intermex, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Distribuidora Alfa, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Chile</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Distribuidora Bolivariana, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Peru</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Distribuidora de Revistas Bertr&#225;n, S.A.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Argentina</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Intercontinental Media, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Argentina</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Distribuidora Intermex, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Distribuidora Panamex, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Panama</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Distribuidoras Unidas, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Colombia</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gonarmex, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Samra, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Ecuador</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Distribuidora Los Andes, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Ecuador</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Grupo Telesistema, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Altavista Sur Inmobiliaria, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="75%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Company</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Country of Incorporation</B></TD>
</TR>


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<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Amber Capital, S.A. de C.V. SOFOM E.N.R.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Corporativo TD Sports, S.A. de C.V. and subsidiaries (*)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">G. Televisa-D, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inmobiliaria Amber, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Lab Brands International, LLC (*)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">United States of America</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Multimedios Santa Fe, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Producciones Nacionales Televisa, S.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Proyectos Especiales Televisa, S.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Recursos Corporativos Alameda, S.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Publicidad Virtual, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tarrague A.G.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Switzerland</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Teleinmobiliaria, S. de R.L. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tele Tips Digital, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televisa, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Centros de Conocimiento Tecnol&#243;gico. S.A. de C.V. and subsidiary (*)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Endemol M&#233;xico, S.A. de C.V. (*)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Espacio de Vinculaci&#243;n, A.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Televisat Digital, S.A. de C.V. (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">T&#038;V, S.A.S. (*)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">France</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televisa Consumer Products USA, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">United States of America</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televisa Mexico, Ltd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Switzerland</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Videopersel, Ltd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Switzerland</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Videoserpel, Ltd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Switzerland</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televisi&#243;n Independiente de M&#233;xico, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Baluarte Bienes Raices, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Canal XXI, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Canales de Televisi&#243;n Populares, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Desarrollo Milaz, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Editora San Angel, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Radio Televisi&#243;n, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Radiotelevisora de M&#233;xico Norte, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Teleimagen del Noroeste, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Telemercado Alameda, S. de R.L. de C.V. (*) (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Televimex, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Televisi&#243;n de Puebla, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Televisora de Mexicali, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Televisora de Navojoa, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Televisora de Occidente, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Televisora del Yaqui, S.A. de C.V. (*)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Televisora Peninsular, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">T.V. de los Mochis, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Terma, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">TT Digital, S.A. de C.V. (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kapa Capital, S.A. de C.V. SOFOM E.N.R.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kasitum, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Grupo Nueva Comercial TB, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Multimedia CTI, S.A. de C.V. (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Multimedia Telecom, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Broadcasting Media Partners, Inc. and subsidiaries (including Univision Comunications Inc. )(*)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">United States of America</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Comunicaciones Tieren, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">BMPI Services II, LLC. (4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">United States of America</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Promo-Industrias Metropolitanas, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Telestar de Occidente, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="75%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Company</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Country of Incorporation</B></TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sistema Radi&#243;polis, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cadena Radiodifusora Mexicana, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Radio Melod&#237;a, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Radio Tapat&#237;a, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">XEZZ, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Servicios XEZZ, S.A. de C.V. (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Radio Comerciales, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Radiotelevisora de Mexicali, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Servicios Radi&#243;polis, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Somos Televisa, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Borealis Comunicaci&#243;n, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cadena de las Am&#233;ricas, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Corporatel, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Corporaci&#243;n M&#225;s, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Desarrollo Vista Hermosa, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">ECO Producciones, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Empresas Baluarte, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Grupo Administrativo Tijuana, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Plataforma Digital, S.A. de C.V. (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sattora, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televisa Corporaci&#243;n, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televisa Producciones, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televisa Talento, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televisat, S.A. de C.V. (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">T.V. Conceptos, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Transmisiones Nacionales de Televisi&#243;n, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Telepar&#225;bolas, S.L.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Spain</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Telesistema Mexicano, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Imagen y Talento Internacional, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Televisa Argentina, S.A. (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Argentina</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Televisa Entretenimiento, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Ocesa Entretenimiento, S.A. de C.V. and subsidiaries (*)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Televisa Juegos, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Apuestas Internacionales, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Magical Entertainment, S. de R.L. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Televisa USA, S.A. de C.V. (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">TSM Capital, S.A. de C.V. SOFOM E.N.R. (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(*)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Associate or Joint Venture, for purposes of Mexican and/or International Financial Reporting Standards.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Without current operations.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Consolidated variable interest entity. The Company and/or any of its subsidiaries is deemed the primary beneficiary of the variable interest entity.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In process of liquidation.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Special purpose entity, for purposes of Mexican and/or International Financial Reporting Standards.</DIV></TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>25
<FILENAME>c19172exv12w1.htm
<DESCRIPTION>EXHIBIT 12.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 12.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;12.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATION OF CHIEF EXECUTIVE OFFICER<BR>
Pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">I, Emilio Azc&#225;rraga Jean, certify that:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I have reviewed this annual report on Form 20-F of Grupo Televisa, S.A.B.;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the company as of, and for, the periods presented in this report;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The company&#146;s other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the company and have:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information
relating to the company, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being
prepared;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted
accounting principles;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Evaluated the effectiveness of the company&#146;s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this report based on such
evaluation; and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Disclosed in this report any change in the company&#146;s internal control over financial
reporting that occurred during the period covered by the annual report that has materially
affected, or is reasonably likely to materially affect, the company&#146;s internal control over
financial reporting; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The company&#146;s other certifying officer(s) and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the company&#146;s auditors and the
audit committee of the company&#146;s board of directors (or persons performing the equivalent
functions):</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect
the company&#146;s ability to record, process, summarize and report financial information; and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any fraud, whether or not material, that involves management or other employees who
have a significant role in the company&#146;s internal control over financial reporting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Date:
June 28, 2011
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="58%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Emilio Azc&#225;rraga Jean
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Emilio Azc&#225;rraga Jean
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Title: Chairman of the Board, President and Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>26
<FILENAME>c19172exv12w2.htm
<DESCRIPTION>EXHIBIT 12.2
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 12.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;12.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATION OF CHIEF FINANCIAL OFFICER<BR>
Pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">I, Salvi Rafael Folch Viadero, certify that:
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I have reviewed this annual report on Form 20-F of Grupo Televisa, S.A.B.;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the company as of, and for, the periods presented in this report;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The company&#146;s other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the company and have:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information
relating to the company, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being
prepared;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Designed such internal controls over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted
accounting principles;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Evaluated the effectiveness of the company&#146;s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this report based on such
evaluation; and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Disclosed in this report any change in the company&#146;s internal control over financial
reporting that occurred during the period covered by the annual report that has materially
affected, or is reasonably likely to materially affect, the company&#146;s internal control over
financial reporting; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The company&#146;s other certifying officer(s) and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the company&#146;s auditors and the
audit committee of the company&#146;s board of directors (or persons performing the equivalent
functions):</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect
the company&#146;s ability to record, process, summarize and report financial information; and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any fraud, whether or not material, that involves management or other employees who
have a significant role in the company&#146;s internal control over financial reporting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Date:
June 28, 2011
</DIV>

<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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="68%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Salvi Rafael Folch Viadero
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Salvi Rafael Folch Viadero
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>27
<FILENAME>c19172exv13w1.htm
<DESCRIPTION>EXHIBIT 13.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 13.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;13.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>GRUPO TELEVISA, S.A.B.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>SECTION 906 CERTIFICATION OF CHIEF EXECUTIVE OFFICER</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">I, Emilio Azc&#225;rraga Jean, Chairman of the Board, President and Chief Executive Officer of Grupo
Televisa, S.A.B. (the &#147;Company&#148;), hereby certify, pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act
of 2002, that, to the best of my knowledge:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s annual report on Form 20-F for the fiscal year ended December&nbsp;31, 2010, to
which this statement is filed as an exhibit (the &#147;Report&#148;), fully complies with the
requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Date:
June 28, 2011
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="right"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Emilio Azc&#225;rraga Jean
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Emilio Azc&#225;rraga Jean
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:&nbsp;&nbsp;&nbsp;Chairman of the Board, President<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>28
<FILENAME>c19172exv13w2.htm
<DESCRIPTION>EXHIBIT 13.2
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 13.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;13.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>GRUPO TELEVISA, S.A.B.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>SECTION 906 CERTIFICATION OF CHIEF FINANCIAL OFFICER</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">I, Salvi Rafael Folch Viadero, the Chief Financial Officer of Grupo Televisa, S.A.B. (the
&#147;Company&#148;), hereby certify, pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, that, to the
best of my knowledge:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s annual report on Form 20-F for the fiscal year ended December&nbsp;31, 2010, to
which this statement is filed as an exhibit (the &#147;Report&#148;), fully complies with the
requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Date:
June 28, 2011
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="right"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Salvi Rafael Folch Viadero
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Salvi Rafael Folch Viadero
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>29
<FILENAME>c19172exv23w1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 23.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">



<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><U>Exhibit&nbsp;23.1</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">We hereby consent to the incorporation by reference in the Registration Statement on Form&nbsp;S-8 (No.
333-126827) of Grupo Televisa, S.A.B. of our report dated June&nbsp;28, 2011 relating to the financial
statements and the effectiveness of internal control over financial reporting, which appears in
this Form 20-F.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">PricewaterhouseCoopers, S.C.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">/s/ Miguel &#193;ngel &#193;lvarez

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">C.P.C. Miguel &#193;ngel &#193;lvarez<BR>
Audit Partner<BR>
M&#233;xico, D.F.<BR>
June&nbsp;28, 2011

</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
